This document provides an overview of insurance planning for a student named Sourv Singh. It defines insurance as a contract where one party agrees to pay another party a premium in exchange for compensation for losses. It outlines key principles of insurance like utmost good faith and indemnity. It describes characteristics like risk transfer, pooling of risk, and payment at contingency. It explains the primary functions of providing certainty and protection and secondary functions like prevention of loss and providing capital. It provides details on types of insurance like life insurance, health insurance, and general insurance which covers property, motor, travel, home, and marine insurance.

1. Insurance
Planning
NAME- SOURAV SINGH
CLASS – TYBMS
ROLL NO. – 59
EXAM SEAT NO. – BMS5138
SUBJECT – WEALTH MANAGEMENT

2. o Insurance
● It is a contract or agreement in which one party (the insured)
agrees to pay another party (the insurer) an agreed sum of money
(premium) when something of worth in which the insured has a
pecuniary stake is lost, damaged, or injured. And, in exchange for
the premium paid by the insured, the insurer/insurance company
agrees to assume the risk of the unforeseen catastrophe and
compensate the insured up to the agreed-upon amount.

3. o Principle of Insurances:
o Principle Utmost Good faith
o Principle of Indemnity
o Principle of Indemnity
o Principle of Contribution
o Principle of Subrogation
o Principle of Proximate cause
o Principle of Mitigation of Loss

4. o CHARACTERISTICS OF INSURANCE
• Transfer of Risk
• Pooling of Risk
• Co-operative Device
• Value of Risk in advance
• Payment at contingency(emergency)
• Amount of payment
• It is not a charity

5. o Function of Insurance
A) Primary Function
1. Insurance Provides Certainty
2. Insurance Provides Protection
3. Risk-Sharing
B) Secondary Function
1. Prevention of loss
2. It provides Capital
3. It Improves Efficiency
4. It boosts Savings

6. o Types of Insurance
1. Life insurance:
● Life insurance is a contract in which the insurer agrees to pay the assured, or the person for whose
benefit the policy is taken, the assured sum of money on the occurrence of a specified event contingent
on human life or at the expiration of a specified period, in exchange for a certain premium, either in a
lump sum or by other periodical payments.
● The policy is the written version of the agreement or contract that contains all of the terms and
conditions.
● The insured is the one whose life is protected.
● The insurance company is the insurer and the consideration paid by the insured is the premium.
● The premium can be paid in instalments over time.

7. 2. Health Insurance
Health insurance is a contract that requires an insurer to pay some or all
of a person's healthcare costs in exchange for a premium. More
specifically, health insurance typically pays for medical, surgical,
prescription drug, and sometimes dental expenses incurred by the
insured. Health insurance can reimburse the insured for expenses
incurred from illness or injury, or pay the care provider directly.

8. • General insurance covers insurance of property against fire , theft , personal insurance (
health , travel , and accident ) , etc. .
• It includes :-
• Fire Insurance
• Motor Insurance
• Health Insurance
• Travel Insurance
• Home Insurance
• Marine Insurance
o GENERAL INSURANCE

9. THANK YOU