This document provides an overview of insurance concepts in India. It discusses the definition of insurance as a contract where one party takes on the risk of another party in exchange for a fee. It outlines the key characteristics of insurance as being based on two parties, utmost good faith, a cooperative system, and freedom from expected risk. The document then categorizes the main types of insurance in India as life insurance and general insurance, listing some major companies that provide these services. It concludes by detailing several principles of insurance and advantages it provides such as protection, investment, risk distribution, and encouragement of savings.

1. PPT ON INSURANCE

2. TOPIC :
INSURANCE : CONCEPT,
PRINCIPLES, ITS RELEVANCE IN
DEVELOPING COUNTRY LIKE
INDIA, ATTITUTE TOWARDS THE
INSURANCE COVER

3. CONTENTS
 Introduction
 Characteristics of Insurance
 Types of Insurance
 Life Insurance Companies
 General Insurance Companies
 Principles of Insurance
 Types of Insurance Contract
 Reinsurance vs Double Insurance
 Insurance vs Assurance
 Advantages of Insurance
 Insurance of Other Risks

4. INTRODUCTION
 It is a Contract where One Party takes the
Responsibilities of the Risk of Other Party in
Exchange of some Fixed Fee.
 As per this Contract, the First Party, which is
taking the Responsibility of Risk of Another
Party, promises to Pay a Fixed Amount of
Money to the Second Party.
 At the End of a Fixed Period or at the
Happening of Some Events.

5. CHARACTERISTICS OF
INSURANCE
 Two Parties
 Based on the Utmost Good Faith
 Based on Cooperative System
 Free from Expected Risk
 Various Types of Insurance
 Ownership Not Compulsory

6. TYPES OF INSURANCE
 Life Insurance
 General Insurance
(i). Fire Insurance
(ii). Theft Insurance
(iii). Marine Insurance

7. LIFE INSURANCE COMPANIES
 Aviva Life Insurance Co. India Pvt. Ltd.
 Bajaj Allianz Life Insurance Co. Ltd.
 Bharti AXA Life Insurance Co. Ltd.
 Birla Sun Life Insurance Co. Ltd.
 Kotak Mahindra Old Mutual Life Insurance
Ltd.
 Life Insurance Corporation of India
 Max New York Life Insurance Co. Ltd.
 Met Life India Insurance Co. Ltd.

8. GENERAL INSURANCE
COMPANIES
 Bajaj Allianz General Insurance Co. Ltd.
 Bharti AXA General Insurance Co. Ltd.
 Reliance General Insurance Co. Ltd.
 Tata-AIG General Insurance Co. Ltd.
 Shriram General Insurance Co. Ltd.
 ICICI Lombard General Insurance Co. Ltd.
 IFFCI Tokyo General Insurance Co. Ltd.
 HDFC ERGO General Insurance Co. Ltd.

9. PRINCIPLES OF INSURANCE
 Principle of the Utmost Good Faith
 Principle of Insurable Interest
 Principle of Imdemnity
 Principle of Warranty
 Principle of Contribution
 Principle of Subrogation
 Principle of Mitigation of Loss
 Principle of Proximate Cause

10. TYPES OF INSURANCE
CONTRACT
 Contract of Imdemnity
 Life Insurance Contract

11. REINSURANCE VS DOUBLE
INSURANCE
Basis of Difference Reinsurance Double insurance
Relation
It is related with the
Insurer
(The Insurance
Company)
It is related with the
Original Insured
Number of Insurers
In this Case, the Number
of Original Insurer is
restricted to One
In this Case, the Same
Risk is Insured with more
than One Insurers.
Position of Original
Insurer
The Original Insurer
cannot claim
Compensation from the
Reinsurer
The Original Insurer can
claim the Compensation
from all the Insurers, but
not more than the
Amount of Actual Loss
Utility
It is Beneficial for
Insurance Companies
It is Beneficial for the
General Public in case of
Life Insurance Only

12. INSURANCEVS ASSURANCE
Basis of Difference Insurance Assurance
Relation
It is related to Fire and
Marine Insurance
It is related to Life
Insurance
Payment of
Compensation
The Compensation is
paid only on happening
of an Event
The Compensation is
paid whether the Event
happens or not.
Nature of Risk
It is used when the Risk
is of Uncertain Nature,
it may or may not
happen
It is used when the Risk
is of Certain Nature,
i.e., it is bound to
happen
Condition to claim
Compensation
The Insured must suffer
a Loss to claim the
Compensation
The Insurance
Company is bounded to
pay whether the
insured suffers a Loss

13. ADVANTAGES OF INSURANCE
 Providing Protection
 Investment Element
 Distribution of Risk
 Loan Facility
 Encouragement to Savings
 Helpful in Economic Development of the
Country
 More Employment
 Rebate in Income Tax

14. INSURANCE OF OTHER RISKS
 Health Insurance
 Fidelity Insurance

15. THANK YOU 