Insurance | Finance
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In one or the other form, we all have taken Insurance policies. It can be property, health, life, auto, liability etc. “Insurance is a type of risk management in which the insured transfers the cost of potential loss to another entity in exchange for monetary compensation known as the premium”. Copy the link given below and paste it in new browser window to get more information on Insurance:- www.transtutors.com/homework-help/finance/insurance.aspx
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General insurance
Fire insurance protects people from financial losses caused by fires. It involves sharing fire-related losses incurred by some through contributions to a common fund by all who are exposed to fire risk. Fire insurance pays for losses that are unexpected and occur due to chance. It aims to restore the insured's financial position prior to the loss through the principle of indemnity.
Principles of insurance
Insurance involves the equitable transfer of risk, where an insurer agrees to compensate an insured for a potential loss in exchange for a premium payment. The key parties are the insurer (the company), the insured (the policyholder), and the premium (the amount charged). Insurance is governed by acts and involves a contract between the insurer and insured regarding a specific insurable risk, with defined terms and conditions. For a risk to be insurable, it must be measurable, accidental in nature, and not catastrophic. Common types of insurance include life, property, liability, and guarantee policies.
Types of insurance
Powerpoint, adapted from a powerpoint available on the web by the Texas Department of Insurance. Review of the basic types of insurance and their reasons.
Insurance
Insurance protects individuals and businesses from financial loss by paying compensation for damage to or loss of valuable property and assets. It works by pooling risks among many policyholders, so that the costs of claims made by a few are shared among all. There are important principles that govern insurance, such as insurable interest, utmost good faith, indemnity, contribution, subrogation and average clauses.
Six Principles of Insurance
The six principles of insurance are: 1) Utmost good faith, which requires full disclosure between the applicant and insurer; 2) Insurable interest, which requires the insured to have a stake in the insured property or subject; 3) Indemnity, which provides compensation up to but not exceeding the actual loss amount; 4) Proximate cause, which determines liability based on the original or primary cause of loss; 5) Subrogation, which allows the insurer to recover losses from responsible third parties; and 6) Contribution, which requires multiple insurers to share liability when more than one policy covers a loss. These principles represent the legal guidelines for insurance contracts and claims handling.
Insurance introduction
The document provides an introduction to various concepts in insurance including the life insurance contract, principles of insurance, utmost good faith, insurable interest, and different types of insurance policies like term insurance, whole life insurance, endowment policies, and annuities. It explains that a life insurance contract is a valid legal agreement between the insurer and insured where the insurer agrees to pay claims on the happening of an insured event in exchange for premiums paid by the insured.
Reinsurance
It is an topic related to insurance subject. In this presentation it has been explained very well. Please read it.
Child plan presentation
The document provides information on various child insurance plans offered by different insurance companies, including eligibility requirements, benefits, premium amounts, and additional features of traditional and unit-linked plans. Key details covered include plan types, riders, minimum and maximum entry ages, premium and sum assured ranges, maturity proceeds, and tax benefits. The plans aim to help parents save and secure their child's future financial needs and education.
Recommended
General insurance
Fire insurance protects people from financial losses caused by fires. It involves sharing fire-related losses incurred by some through contributions to a common fund by all who are exposed to fire risk. Fire insurance pays for losses that are unexpected and occur due to chance. It aims to restore the insured's financial position prior to the loss through the principle of indemnity.
Principles of insurance
Insurance involves the equitable transfer of risk, where an insurer agrees to compensate an insured for a potential loss in exchange for a premium payment. The key parties are the insurer (the company), the insured (the policyholder), and the premium (the amount charged). Insurance is governed by acts and involves a contract between the insurer and insured regarding a specific insurable risk, with defined terms and conditions. For a risk to be insurable, it must be measurable, accidental in nature, and not catastrophic. Common types of insurance include life, property, liability, and guarantee policies.
Types of insurance
Powerpoint, adapted from a powerpoint available on the web by the Texas Department of Insurance. Review of the basic types of insurance and their reasons.
Insurance
Insurance protects individuals and businesses from financial loss by paying compensation for damage to or loss of valuable property and assets. It works by pooling risks among many policyholders, so that the costs of claims made by a few are shared among all. There are important principles that govern insurance, such as insurable interest, utmost good faith, indemnity, contribution, subrogation and average clauses.
Six Principles of Insurance
The six principles of insurance are: 1) Utmost good faith, which requires full disclosure between the applicant and insurer; 2) Insurable interest, which requires the insured to have a stake in the insured property or subject; 3) Indemnity, which provides compensation up to but not exceeding the actual loss amount; 4) Proximate cause, which determines liability based on the original or primary cause of loss; 5) Subrogation, which allows the insurer to recover losses from responsible third parties; and 6) Contribution, which requires multiple insurers to share liability when more than one policy covers a loss. These principles represent the legal guidelines for insurance contracts and claims handling.
Insurance introduction
The document provides an introduction to various concepts in insurance including the life insurance contract, principles of insurance, utmost good faith, insurable interest, and different types of insurance policies like term insurance, whole life insurance, endowment policies, and annuities. It explains that a life insurance contract is a valid legal agreement between the insurer and insured where the insurer agrees to pay claims on the happening of an insured event in exchange for premiums paid by the insured.
Reinsurance
It is an topic related to insurance subject. In this presentation it has been explained very well. Please read it.
Child plan presentation
The document provides information on various child insurance plans offered by different insurance companies, including eligibility requirements, benefits, premium amounts, and additional features of traditional and unit-linked plans. Key details covered include plan types, riders, minimum and maximum entry ages, premium and sum assured ranges, maturity proceeds, and tax benefits. The plans aim to help parents save and secure their child's future financial needs and education.
Introduction to reinsurance
This document provides an introduction to reinsurance. It begins by explaining that reinsurance exists because insurance companies need ways to manage large risks that exceed their individual capacities. Reinsurance allows insurance companies to transfer portions of risks to reinsurers. The document then defines reinsurance as "insurance for insurance companies" whereby a reinsurer takes on part of the liability from an insurer for a given policy. The main purposes and functions of reinsurance are then outlined as increasing insurers' underwriting capacity, providing financial stability, and strengthening insurers' finances. The document concludes by briefly describing the main types and methods of reinsurance.
Principles of insurance
This document outlines 8 key principles of insurance:
1) Insurable interest requires the insured to have a financial stake in the insured property/subject.
2) Uberrima fidei requires utmost good faith, where fraud or misrepresentation can void the contract.
3) Material facts must be disclosed about the insured property/subject.
4) Indemnity provides compensation to return the insured to their pre-loss status, without the potential for profit.
5) Contribution prevents double recovery where multiple insurance applies to the same loss.
6) Subrogation allows the insurer to recover costs from liable third parties.
7) Loss minimization requires the insured take reasonable steps to reduce
Auto insurance final presentation
The document discusses various types of auto insurance, including what they cover and factors that influence premium rates. It explains that auto insurance has grown rapidly in India due to increasing vehicle ownership and is now compulsory by law. The document also outlines the key components of mandatory third party liability insurance in India.
Types of insurance
Any risk that can be quantified can potentially be insured. See the exhaustive lists of the many different types of insurance that exist.
Fire insurance ppt
Fire insurance provides coverage against losses from fire and other specified risks. There must be an actual loss for a claim to be made, and the fire must be accidental. Fire insurance policies are typically valid for one year and involve a written contract between the insurer and insured. The insured can recover the actual amount of loss up to the sum insured, but is not allowed to profit from insurance. Fire insurance provides a protection element but lacks an investment component.
motor insurance.ppt
The document provides an overview of motor insurance history and the motor insurance industry in India. It discusses how motor insurance first began in the UK in the late 19th century and was introduced in India in 1939 with the passing of the Motor Vehicles Act. It then covers the growth of the motor insurance sector in India, which now accounts for over 45% of general insurance premiums. Factors like rising incomes and growth of the automobile industry are driving increased vehicle ownership and demand for insurance. The document also examines the types of motor insurance policies, common claim procedures, and issues like high road accident rates in India.
Insurance
This document provides an overview of insurance concepts and types of insurance in India. It defines insurance as a contract where one party agrees to indemnify another for financial losses from uncertain future events in exchange for premium payments. There are two main types of insurance in India - life insurance and general insurance, which includes fire, marine, and miscellaneous. Life insurance protects against risks to life, while fire insurance indemnifies for property damage or loss from fire. Marine insurance covers losses from sea perils during ocean transit.
Insurance Contract
An insurance contract is an agreement between an insurer and a policyholder where the insurer agrees to provide compensation or benefits to the policyholder in exchange for premium payments. The basic elements of a contract include consideration, meeting of the minds, capacity to contract, and offer and acceptance. An insurance contract is considered a unilateral, conditional, aleatory, and contract of adhesion. A policy is the written agreement that details all terms of the insurance contract, including the rights and obligations of both parties. It contains details like policy clauses, general provisions, provisions related to the insured, and other important information.
2. Insurance - Classification of Insurance
Details on 2 insurance categories - Life and Non Life insurance. http://www.koffeefinancial.com/Static/Learn.aspx
Unit 3 insurance intro sem-1
This document provides an overview of insurance contracts and their importance. It defines insurance as a cooperative device to spread risk among many exposed to the same risks. An insurance contract involves one party agreeing to pay a specified sum if an event occurs, in exchange for the other party paying a premium. The document outlines key elements of insurance contracts including insurable interest, utmost good faith, indemnity, subrogation and warranties. It also discusses the history of insurance and highlights the advantages of insurance for individuals, businesses and society, such as security, protection from risk, and encouragement of savings and investment.
Chapter 1: Introduction to Insurance
Insurance is a social device for spreading the chance of financial loss among
a large number of people. Insurance protects against pure risk.
Risk is the possibility of losing economic security.
Risk can be of two kinds: speculative or pure And only pure risks are insurable
Pure risk involves only two possible outcomes:
loss or no loss, with no possibility of gain or profit
Speculative Risk
involves three possible outcomes: loss, no loss or profit
The Law of Large Numbers:
The average of the results obtained from a large number of trials should
be close to the expected value.
Underwriting:
The process of selecting certain types of risks that have historically
produced a profit.
Peril:
A potential cause of loss. Accident, fire, and theft are common perils.
Hazard:
Anything that increases the seriousness of a loss or increases
the likelihood that a loss will occur.
Adverse Selection:
Is the tendency of person with a higher than average chance
of loss to seek insurance at the average state, which if not
Controlled by underwriting, result in higher than expected
Loss levels.
Insurance is not same as gambling. Gambling is creat a new
speculative risk and socially is unproductive but insurance
Deals with pure risk and socially is productive.
Insurance is not same as hedging. Insurance involves the
Transfer of pure risk and reduce objective risk but hedging
Involves just the transfer of speculative risk not risk
Reduduction.
Types of Insurance:
Private insurance, consist of health insurance, property and
liabilty insurance.
Government Insurance, cnosist of social insurance and other
Government insurance programs.
How does insurance work?
You pay a fee called a premium, and in exchange,
the insurance company agrees to pay you a certain
amount of money
-Basic Characteristics Of Insurance
Pooling of losses
Payment of fortuitous losses
Risk transfer
Indemnification
-Pooling of losses
Spreading of losses incurred by the few over the entire group.
• Key mechanism is “law of large number”.
• Future losses are predicted based on law of large number.
Note
• Pooling of loss is the spreading of losses incurred by the few over the
entire group so that in the process average loss is substituted for actual loss.
• The primary purpose of pooling is to reduce the variation in possible
Outcomes , which reduces risk.
-Payment of fortuitous losses
A fortuitous loss is one that is unforeseen and
unexpected and occurs as a result of chance.
Insurance policies do not cover intentional losses
-Risk Transfer
Risk transfer means that a pure risk is transferred from
the insured to the insurer,who typically is in a stronger
Financial position to pay the loss than the insured.
-Indemnification
Means that the insured is restored to his or her approximate
financial position prior to the occurrence of the loss.
- Insurable Risk
Insurer normally insure only pure risk.
Why Life Insurance is Required ?
The document discusses the concepts of insurance and life insurance. It defines insurance as protecting the economic value of assets by compensating for losses. Insurance works by pooling together individuals exposed to similar risks - if one person suffers a loss, others share the burden. Life insurance specifically promises to pay a sum of money if the insured person dies or experiences another specified event. It is needed to cover the financial loss to dependents if a person's death or disability reduces their earnings potential early in life.
nature of insurance
This document provides an overview of the nature of insurance. It defines insurance as an agreement where individuals facing similar risks can share losses through transferring risks to an insurer. The insurer collects premiums from many policyholders and uses these funds to pay losses of the unlucky few. This allows for losses to be shared across all policyholders rather than borne solely by those who experience losses. It also discusses key concepts like insurable risks, premium calculation, functions of insurance, and differences between life and other forms of insurance.
Insurance Presentation
The document discusses various types of insurance and risk management strategies. It provides information on auto, health, property, life and disability insurance. It also covers insurance terminology like premiums, deductibles, and factors that influence policy costs. Additionally, the document discusses estate planning tools like wills, trusts, and powers of attorney to transfer assets and minimize taxes after death.
Risk management in insurance sector
The document discusses risk management in the insurance sector. It covers topics such as how global events have forced insurers to improve risk management of assets and liabilities. It also discusses how insurers utilize derivatives to hedge risks. The document outlines the process of risk management, including identification, measurement, monitoring and controlling of financial risks. It provides examples of risk assessment and management at an insurance company. It discusses emerging challenges for the insurance industry and key areas of risk management and insurance planning.
Types of insurance
Contract of Insurance, Insurance, Life Insurance, Fire Insurance, Marine Insurance, Types of Insurance
Chapter 01 concepts and principles of insurance
The document defines insurance as a social device where individuals transfer risk to an insurer who pools losses to make statistical predictions and provide payments from premium contributions. Legally, it is a contract where an insurer provides security to an insured against specified events in exchange for a premium proportionate to the risk. Key elements are risk transfer from insured to insurer, insurance as a business to meet costs and make profit, and an insurance contract as a legally enforceable agreement. Fundamental principles include utmost good faith, indemnity, subrogation, contribution, and proximate cause. There are various types of insurance and governing laws regulate the insurance sector in India.
property insurance
The document summarizes property insurance, including that it provides protection against risks like fire, theft, and weather damage. It describes the main types of property insurance like home insurance and discusses what is covered (e.g. theft protection, home replacement) and perils covered (e.g. lightning, explosion). It also outlines exclusions like war damage and how to promote property insurance through community meetings, brochures, and seminars. In conclusion, it finds that many apartments are underinsured and lack security, with fire being a main peril.
Insurance Industry Overview
While insuretech has become a major area of interest among VCs, we recognize that few investors in the space have comprehensive knowledge of the industry. To better understand the complexities and opportunities in the space, we have compiled the research report posted below. The report provides an overview of the auto, homeowners, life, and health insurance sectors. We hope you find the presentation insightful and welcome comments and questions.
Lecture slide chapter 2 insurance and risk management
The document provides an overview of key concepts in insurance contracts and principles. It discusses:
1. The nature of insurance as an aleatory contract between an insurer and insured based on principles of utmost good faith and indemnity.
2. Key principles of insurance contracts including insurable interest, utmost good faith, indemnity, subrogation, warranties, proximate cause, return of premium, and assignment.
3. Elements of a valid contract including offer/acceptance, consideration, competency, and lawful object.
4. Distinct characteristics of insurance contracts and methods of providing indemnity for losses.
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Money laundering is the process of making illegally obtained money appear legitimate. It involves three stages: placement, layering, and integration. Billions of dollars are laundered annually through financial institutions. Money laundering undermines legitimate business and financial markets. It can distort economies and cause revenue losses. To prevent money laundering, financial institutions monitor for suspicious transactions and maintain compliance software. Countries need strong anti-money laundering frameworks and collaboration between regulators and firms.
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This document provides an introduction to reinsurance. It begins by explaining that reinsurance exists because insurance companies need ways to manage large risks that exceed their individual capacities. Reinsurance allows insurance companies to transfer portions of risks to reinsurers. The document then defines reinsurance as "insurance for insurance companies" whereby a reinsurer takes on part of the liability from an insurer for a given policy. The main purposes and functions of reinsurance are then outlined as increasing insurers' underwriting capacity, providing financial stability, and strengthening insurers' finances. The document concludes by briefly describing the main types and methods of reinsurance.
Principles of insurance
This document outlines 8 key principles of insurance:
1) Insurable interest requires the insured to have a financial stake in the insured property/subject.
2) Uberrima fidei requires utmost good faith, where fraud or misrepresentation can void the contract.
3) Material facts must be disclosed about the insured property/subject.
4) Indemnity provides compensation to return the insured to their pre-loss status, without the potential for profit.
5) Contribution prevents double recovery where multiple insurance applies to the same loss.
6) Subrogation allows the insurer to recover costs from liable third parties.
7) Loss minimization requires the insured take reasonable steps to reduce
Auto insurance final presentation
The document discusses various types of auto insurance, including what they cover and factors that influence premium rates. It explains that auto insurance has grown rapidly in India due to increasing vehicle ownership and is now compulsory by law. The document also outlines the key components of mandatory third party liability insurance in India.
Types of insurance
Any risk that can be quantified can potentially be insured. See the exhaustive lists of the many different types of insurance that exist.
Fire insurance ppt
Fire insurance provides coverage against losses from fire and other specified risks. There must be an actual loss for a claim to be made, and the fire must be accidental. Fire insurance policies are typically valid for one year and involve a written contract between the insurer and insured. The insured can recover the actual amount of loss up to the sum insured, but is not allowed to profit from insurance. Fire insurance provides a protection element but lacks an investment component.
motor insurance.ppt
The document provides an overview of motor insurance history and the motor insurance industry in India. It discusses how motor insurance first began in the UK in the late 19th century and was introduced in India in 1939 with the passing of the Motor Vehicles Act. It then covers the growth of the motor insurance sector in India, which now accounts for over 45% of general insurance premiums. Factors like rising incomes and growth of the automobile industry are driving increased vehicle ownership and demand for insurance. The document also examines the types of motor insurance policies, common claim procedures, and issues like high road accident rates in India.
Insurance
This document provides an overview of insurance concepts and types of insurance in India. It defines insurance as a contract where one party agrees to indemnify another for financial losses from uncertain future events in exchange for premium payments. There are two main types of insurance in India - life insurance and general insurance, which includes fire, marine, and miscellaneous. Life insurance protects against risks to life, while fire insurance indemnifies for property damage or loss from fire. Marine insurance covers losses from sea perils during ocean transit.
Insurance Contract
An insurance contract is an agreement between an insurer and a policyholder where the insurer agrees to provide compensation or benefits to the policyholder in exchange for premium payments. The basic elements of a contract include consideration, meeting of the minds, capacity to contract, and offer and acceptance. An insurance contract is considered a unilateral, conditional, aleatory, and contract of adhesion. A policy is the written agreement that details all terms of the insurance contract, including the rights and obligations of both parties. It contains details like policy clauses, general provisions, provisions related to the insured, and other important information.
2. Insurance - Classification of Insurance
Details on 2 insurance categories - Life and Non Life insurance. http://www.koffeefinancial.com/Static/Learn.aspx
Unit 3 insurance intro sem-1
This document provides an overview of insurance contracts and their importance. It defines insurance as a cooperative device to spread risk among many exposed to the same risks. An insurance contract involves one party agreeing to pay a specified sum if an event occurs, in exchange for the other party paying a premium. The document outlines key elements of insurance contracts including insurable interest, utmost good faith, indemnity, subrogation and warranties. It also discusses the history of insurance and highlights the advantages of insurance for individuals, businesses and society, such as security, protection from risk, and encouragement of savings and investment.
Chapter 1: Introduction to Insurance
Insurance is a social device for spreading the chance of financial loss among
a large number of people. Insurance protects against pure risk.
Risk is the possibility of losing economic security.
Risk can be of two kinds: speculative or pure And only pure risks are insurable
Pure risk involves only two possible outcomes:
loss or no loss, with no possibility of gain or profit
Speculative Risk
involves three possible outcomes: loss, no loss or profit
The Law of Large Numbers:
The average of the results obtained from a large number of trials should
be close to the expected value.
Underwriting:
The process of selecting certain types of risks that have historically
produced a profit.
Peril:
A potential cause of loss. Accident, fire, and theft are common perils.
Hazard:
Anything that increases the seriousness of a loss or increases
the likelihood that a loss will occur.
Adverse Selection:
Is the tendency of person with a higher than average chance
of loss to seek insurance at the average state, which if not
Controlled by underwriting, result in higher than expected
Loss levels.
Insurance is not same as gambling. Gambling is creat a new
speculative risk and socially is unproductive but insurance
Deals with pure risk and socially is productive.
Insurance is not same as hedging. Insurance involves the
Transfer of pure risk and reduce objective risk but hedging
Involves just the transfer of speculative risk not risk
Reduduction.
Types of Insurance:
Private insurance, consist of health insurance, property and
liabilty insurance.
Government Insurance, cnosist of social insurance and other
Government insurance programs.
How does insurance work?
You pay a fee called a premium, and in exchange,
the insurance company agrees to pay you a certain
amount of money
-Basic Characteristics Of Insurance
Pooling of losses
Payment of fortuitous losses
Risk transfer
Indemnification
-Pooling of losses
Spreading of losses incurred by the few over the entire group.
• Key mechanism is “law of large number”.
• Future losses are predicted based on law of large number.
Note
• Pooling of loss is the spreading of losses incurred by the few over the
entire group so that in the process average loss is substituted for actual loss.
• The primary purpose of pooling is to reduce the variation in possible
Outcomes , which reduces risk.
-Payment of fortuitous losses
A fortuitous loss is one that is unforeseen and
unexpected and occurs as a result of chance.
Insurance policies do not cover intentional losses
-Risk Transfer
Risk transfer means that a pure risk is transferred from
the insured to the insurer,who typically is in a stronger
Financial position to pay the loss than the insured.
-Indemnification
Means that the insured is restored to his or her approximate
financial position prior to the occurrence of the loss.
- Insurable Risk
Insurer normally insure only pure risk.
Why Life Insurance is Required ?
The document discusses the concepts of insurance and life insurance. It defines insurance as protecting the economic value of assets by compensating for losses. Insurance works by pooling together individuals exposed to similar risks - if one person suffers a loss, others share the burden. Life insurance specifically promises to pay a sum of money if the insured person dies or experiences another specified event. It is needed to cover the financial loss to dependents if a person's death or disability reduces their earnings potential early in life.
nature of insurance
This document provides an overview of the nature of insurance. It defines insurance as an agreement where individuals facing similar risks can share losses through transferring risks to an insurer. The insurer collects premiums from many policyholders and uses these funds to pay losses of the unlucky few. This allows for losses to be shared across all policyholders rather than borne solely by those who experience losses. It also discusses key concepts like insurable risks, premium calculation, functions of insurance, and differences between life and other forms of insurance.
Insurance Presentation
The document discusses various types of insurance and risk management strategies. It provides information on auto, health, property, life and disability insurance. It also covers insurance terminology like premiums, deductibles, and factors that influence policy costs. Additionally, the document discusses estate planning tools like wills, trusts, and powers of attorney to transfer assets and minimize taxes after death.
Risk management in insurance sector
The document discusses risk management in the insurance sector. It covers topics such as how global events have forced insurers to improve risk management of assets and liabilities. It also discusses how insurers utilize derivatives to hedge risks. The document outlines the process of risk management, including identification, measurement, monitoring and controlling of financial risks. It provides examples of risk assessment and management at an insurance company. It discusses emerging challenges for the insurance industry and key areas of risk management and insurance planning.
Types of insurance
Contract of Insurance, Insurance, Life Insurance, Fire Insurance, Marine Insurance, Types of Insurance
Chapter 01 concepts and principles of insurance
The document defines insurance as a social device where individuals transfer risk to an insurer who pools losses to make statistical predictions and provide payments from premium contributions. Legally, it is a contract where an insurer provides security to an insured against specified events in exchange for a premium proportionate to the risk. Key elements are risk transfer from insured to insurer, insurance as a business to meet costs and make profit, and an insurance contract as a legally enforceable agreement. Fundamental principles include utmost good faith, indemnity, subrogation, contribution, and proximate cause. There are various types of insurance and governing laws regulate the insurance sector in India.
property insurance
The document summarizes property insurance, including that it provides protection against risks like fire, theft, and weather damage. It describes the main types of property insurance like home insurance and discusses what is covered (e.g. theft protection, home replacement) and perils covered (e.g. lightning, explosion). It also outlines exclusions like war damage and how to promote property insurance through community meetings, brochures, and seminars. In conclusion, it finds that many apartments are underinsured and lack security, with fire being a main peril.
Insurance Industry Overview
While insuretech has become a major area of interest among VCs, we recognize that few investors in the space have comprehensive knowledge of the industry. To better understand the complexities and opportunities in the space, we have compiled the research report posted below. The report provides an overview of the auto, homeowners, life, and health insurance sectors. We hope you find the presentation insightful and welcome comments and questions.
Lecture slide chapter 2 insurance and risk management
The document provides an overview of key concepts in insurance contracts and principles. It discusses:
1. The nature of insurance as an aleatory contract between an insurer and insured based on principles of utmost good faith and indemnity.
2. Key principles of insurance contracts including insurable interest, utmost good faith, indemnity, subrogation, warranties, proximate cause, return of premium, and assignment.
3. Elements of a valid contract including offer/acceptance, consideration, competency, and lawful object.
4. Distinct characteristics of insurance contracts and methods of providing indemnity for losses.
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Lecture slide chapter 2 insurance and risk management
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Money laundering is the process of making illegally obtained money appear legitimate. It involves three stages: placement, layering, and integration. Billions of dollars are laundered annually through financial institutions. Money laundering undermines legitimate business and financial markets. It can distort economies and cause revenue losses. To prevent money laundering, financial institutions monitor for suspicious transactions and maintain compliance software. Countries need strong anti-money laundering frameworks and collaboration between regulators and firms.
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The document defines mergers and consolidations, with mergers absorbing one firm into another which retains its name and identity, and consolidations creating an entirely new firm. Mergers are legally straightforward but require shareholder approval. Types of mergers include stock acquisitions through tender offers contingent on obtaining a percentage of shares, and asset acquisitions requiring a shareholder vote but avoiding potential minority shareholders. The goal of mergers and acquisitions is to increase size and market value, with the latter being more difficult to achieve.
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Every individual earns an income for his living. From that earning, Government takes a share so that it can maintain the general utility facilities. This share is called income tax. Some philosophers also say Income Tax to be a compulsory extortion of money. Copy the link given below and paste it in new browser window to get more information on Income Tax Filing:- www.transtutors.com/homework-help/finance/income-tax-faling.aspx
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Earnings: It is appropriate to understand the word ‘earnings’ before learning about earnings multiple or earning multiplier model. Earnings is defined as the Net Profit after deducting all expenses including taxation. Copy the link given below and paste it in new browser window to get more information on Earnings Multiplier Model:- www.transtutors.com/homework-help/finance/earnings-multiplier-model.aspx
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The document discusses stress management techniques suggested by CustomSoft. It suggests practicing good time management, taking time out to rest when stressed, asking for help if stress is affecting health, identifying the causes of stress, and getting some exercise. CustomSoft conducted a survey on stress management and values employees, helping to reduce stress through sessions and activities.
Share Pricing | Finance
Capital for a company is not usually injected by a single investor. Generally, the capital is brought together from several investors for two reasons – the main reason being the difficulty in finding large amount of money by a single person and the second reason is to spread the business risk among several investors. Copy the link given below and paste it in new browser window to get more information on Present Value:- www.transtutors.com/homework-help/finance/share-pricing.aspx
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Any expenditure which is incurred in acquiring or increasing the value of a fixed asset is termed as capital expenditure. As such, the amount spent on the purchase of land and building, plant and machinery, furniture, etc. is capital expenditure. Copy the link given below and paste it in new browser window to get more information on Capital Expenditure:- www.transtutors.com/homework-help/finance/capital-expenditure.aspx
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Put simply, economic models are simplified versions of reality. The situation in any given economy is very complex because there are several variables having great interdependence among them. Copy the link given below and paste it in new browser window to get more information on Economic Models:- www.transtutors.com/homework-help/economics/economic-models.aspx
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Risk transfer typically involves paying an insurance premium in exchange for protection from substantial financial losses. For example, property insurance protects companies from costs incurred due to damaged buildings, while professionals can purchase errors and omissions insurance to protect against lawsuits from clients claiming poor advice. The insurance company accepts ownership and impact of the risk in exchange for a risk premium payment. While risk transfer does not eliminate risk, it reduces the direct financial impact on the project or company.
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This document discusses key concepts and principles of insurance. It explains that insurance works by transferring risk from individuals to a group, where losses are shared equitably among members. Premium contributions are calculated based on past loss experience to determine expected losses. Insurance companies collect premiums in advance from a large number of policyholders to compensate the few who suffer losses, using statistical data and probability theory to set accurate premium rates. The document defines insurance and outlines its nature as a risk-sharing cooperative device where payments are made contingent on specified events.
Commercial Insurance
Commercial insurance provides coverage for businesses against a variety of risks and losses. There are four main types of commercial insurance: general liability insurance, which protects against claims of negligence and injuries; product liability insurance, which covers losses from defective products; professional liability insurance, also known as errors and omissions insurance, which protects against malpractice and negligence in providing services; and commercial property insurance, which covers losses and damage to business property from events like fire or storms. It is important for businesses to have adequate insurance to protect against financial losses that could devastate the company.
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This presentation is all about insurance. It will cover some topics.
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Insurance companies face various risks including technical risk from inaccurate risk assessment, credit risk from policyholder loans, market risk from investments, and operational risks. They assess and mitigate risks through techniques like reinsurance, hedging, controlling large losses, and smoothing results. Regulations require controls for higher risk customers and transactions to prevent money laundering and terrorism financing. Risk management aims to allocate capital proportionate to risks for consistent returns.
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This document defines insurance and outlines key terminology used in the insurance industry such as policy, premium, insured, and indemnity. It discusses various principles of insurance contracts including utmost good faith, indemnity, insurable interest, and proximate cause. The document also categorizes different types of insurance like life, fire, marine, and general insurance. It provides examples of life and general insurance policies. Additionally, it defines roles of insurance intermediaries like agents, brokers, surveyors, and TPAs. Finally, the document outlines different types of risks covered by insurance like systematic, unsystematic, credit, country, and foreign exchange risk.
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Business insurance protects a company from financial losses and includes policies like general liability, property, and workers' compensation. It works by sharing the company's risks with an insurance provider in exchange for premium payments. If a loss occurs, the insurer pays claims up to the policy limits after the business pays its deductible. The specific types of coverage a business needs depends on factors like its size and operations. An independent insurance agent can help tailor the right policies from multiple providers.
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This document provides an overview of insurance. It defines insurance as a means of protection from financial loss through risk management. The key characteristics of insurance are pooling of losses, payment of fortuitous losses, risk transfer, and indemnification. There are six prerequisites for an insurable risk, including that the loss must be accidental, determinable, and not catastrophic. The types of insurance discussed include life, non-life, general, marine, fire, personal accident, vehicle, and others. The benefits of insurance to society include indemnification for loss, less worry and fear, investment funds, loss prevention, and credit enhancement. The document also discusses insurance products, reinsurance, bancassurance, and provides a definition
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If two or more than two forces are acting on a single plane then the forces are known as System of Coplanar Forces and if they are acting on different planes then the forces are called as Non-Coplanar Forces. Copy the link given below and paste it in new browser window to get more information on Resultant of Coplanar Parallel Forces:-
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The force of attraction exerted by the earth on a solid body is known as Gravitational Force. It acts in a vertically downward direction and is known as weight of the body. Thus, the weight of the body is assumed to act at a point which is known as Centre of Gravity of a body. Copy the link given below and paste it in new browser window to get more information on The Centroidal Axis:-
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System Of Coplanar Forces | Mechanical Engineering
A force is a physical quantity that tends to change the behavior of a solid body when applied upon. This change in behavior may be change in shape of the body or motion of the body in the direction of its action. The force is a vector quantity since it has magnitude and direction. Copy the link given below and paste it in new browser window to get more information on System Of Coplanar Forces:-
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Resultant of Two Unlike and Unequal Parallel Forces | Mechanical Engineering
A force is an external agent which changes or tends to change the behavior of any solid body. It is a vector quantity since it is designated with magnitude and direction. The forces may be of tensile or compressive in nature. Copy the link given below and paste it in new browser window to get more information on Resultant of Two Unlike and Unequal Parallel Forces:-
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SFD Load Diagram Examples | Mechanical Engineering
Beam is a structural member whose lateral dimensions are much smaller than the longitudinal dimension and used to carry loads perpendicular to the longitudinal axis. The beams are generally used in buildings, bridges, trusses, etc., Copy the link given below and paste it in new browser window to get more information on SFD Load Diagram Examples:-
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Principle Of Transmissibility | Mechanical Engineering
A force is an external agent acting on another body. This force may moves or tends to move the body in the direction of its action. The force is a vector quantity since it is represented by its magnitude and direction. The force may be of pulling or pushing type. Copy the link given below and paste it in new browser window to get more information on Principle Of Transmissibility:-
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Law Of Polygon | Mechanical Engineering
If a body is subjected to many forces on its plane at a single point then they are called as Coplanar Concurrent Forces. The effect of the forces acting on the body is unknown. It is necessary to determine the resultant force of the coplanar forces to know this effect. Copy the link given below and paste it in new browser window to get more information on Law Of Polygon:-
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In many aspects, leadership and management are almost known as Synonymous but both the words mean different. Similarities between Leadership and ManagementLeadership is an important and essential part of management. Without leadership, the meaning of management won’t be completed. Copy the link given below and paste it in new browser window to get more information on Similarities between Leadership and Management:-
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Ranked Positional Weight Method | Management
The Ranked Positional Weight Method is a technique used for assembly line balancing that takes into account precedence relationships and task processing times. It involves calculating a Ranked Positional Weight for each work element based on duration and precedence, arranging them in descending order, and then assigning them to workstations to optimize time, machinery, labor and output. The example shows the steps of constructing a precedence diagram, calculating RPW values, ordering by RPW, and assigning elements to six workstations with the goal of minimizing idle time.
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ABC Cost Hierarchy | Management
The document discusses the levels of an activity-based costing (ABC) system. It explains that under ABC, costs are first assigned to activities and then traced to products. There are four levels of costs: unit, batch, product, and facility. Unit costs are directly proportional to the number of units produced. Batch costs are proportional to the number of batches produced regardless of batch size. Product costs can be traced to a product line. Facility costs are incurred for the plant as a whole and cannot be traced to specific units or products. The document provides examples for each cost level.
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In today’s competitive world the term Speed to Market plays an important role for everyone. So, Speed to Market means the pace of introducing any change, innovation, creativity, any market practice for the purpose of increasing the Promotion of the product as quickly as possible in the market. Copy the link given below and paste it in new browser window to get more information on Speed To Market:-
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The document discusses the concept of managerial hubris, which refers to excessive pride or self-confidence held by senior managers that can lead to cognitive biases and poor decision making. Managerial hubris can result in empire building within an organization as managers seek to expand their power and influence. It is also related to mergers and acquisitions if acquiring company managers overestimate their ability to manage target companies. This can lead to winners' curse, where the winning bid exceeds the true value of the target. The hubris hypothesis suggests managerial hubris in acquisitions can result in bids over the intrinsic value and ultimately lower shareholder returns.
Conductance | Electrical Engineering
Conductance is an ability of a material to allow the passage of current or fluid or temperature through different materials. It is opposite of resistance through a path, higher the conductivity of material lower is its resistance. It is most commonly used with electrical circuits, though it is also used in fluid and thermals. Copy the link given below and paste it in new browser window to get more information on Conductance:-
http://www.transtutors.com/homework-help/electrical-engineering/conductance.aspx
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Digital Electronics circuits are those which operate with digital signals. These are discrete signals which are sampled from analog signal. Digital circuits use binary notation for transmission of signal. Copy the link given below and paste it in new browser window to get more information on Advantages and Disadvantages of Digital Electronics:-
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Stabilization Of Operating Point | Electrical Engineering
This document discusses the stabilization of operating point in BJTs. It defines the load line and operating point, and explains that the operating point depends on factors like current gain, temperature, and supply voltage variations. An increase in current gain or temperature will shift the operating point towards saturation. It also describes different bias circuit types - fixed bias, collector base bias, fixed bias with emitter resistance, and voltage divider bias - and provides their basic equations.
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Curves are of different types and for different purposes. Some of the curves are utility curve, margin curves, demand and supply curve, offer curves, etc. International trade is based on international specialization. Copy the link given below and paste it in new browser window to get more information on Offer Curves:-
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Fixed Exchange Rate | Economics
Currency is any form of money in general circulation in a country. Foreign exchange is money denominated in the currency of another country or a group of countries. Simply, an exchange rate is defined as the rate at which the market converts one currency into another. Copy the link given below and paste it in new browser window to get more information on Fixed Exchange Rate:-
http://www.transtutors.com/homework-help/international-economics/economic-policy-in-open-economy/fixed-exchange-rate/
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One of the great advantages of high-level programming languages such as c, c++, and java is that they are machine independent. Programs written in the high-level languages can run on any machine. This is possible because of the compiler. Copy the link given below and paste it in new browser window to get more information on Compilers computer program:-
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Insurance | Finance
- 1. Insurance
- 2. What is Insurance? “Insurance is a type of risk management in which the insured transfers the cost of potential loss to another entity in exchange for monetary compensation known as the premium”. It allows people, organizations and other entities to protect themselves against significant potential losses and financial problems at a reasonably affordable rate. Insurance is a means of protection from financial loss.
- 3. Importance of Insurance It protects an individual or organization from extreme loss or hardships It provides relief and security It accelerates economic growth of the company It reduces inflation It increases business efficiency It helps in tax saving
- 4. Functions of Insurance Insurance provides certainty of payment at the uncertainty of loss Insurance provides protection against the probable chances of loss Risk-Sharing is one of the main function of insurance Insurance prevents losses It provides capital to the society It improves efficiency It helps in economic progress
- 5. Types of Insurance Policies Auto Insurance Health Insurance Disability Insurance Casualty Insurance Life Insurance Property Insurance Liability Insurance Credit Insurance
- 6. Insurance Company The Insurance Company provides compensation resulting from loss, damages, injury, treatment or hardship in exchange for premium payments. Insurance company calculates the risk of occurrence then determines the amount payable for the loss to determine the premium amount.
- 7. Underwriting Company Insurance underwriters are employed by insurance companies to help value life insurance, health insurance, commercial liability insurance and homeowners insurance, among others. Underwriters use computer programs and actuarial data to decide the probability and size of a claims payout over the life of the policy. Assessing a policyholder’s risk prior to the policy period and at renewal is an important function of an underwriter.
- 8. Hey Friend, This was just a summary on Insurance. For more detailed information on this topic, please type the link given below copy it from the description of this PPT and open it in a browser window. www.transtutors.com/homework-help/finance/insurance.aspx