This document provides an overview of different types of insurance. It defines insurance as an arrangement where a company or government agency provides compensation for specified losses in exchange for premium payments. It then discusses several types of insurance in more detail, including: life insurance, which reimburses for death or illness; general insurance, which covers non-life risks like property damage; fire insurance; health insurance; and marine insurance, which covers goods and freight during transport. For each type, it provides a brief definition and examples of what is covered. It also lists some general insurance companies.
Definition and basic characteristics of insurance. Requirements of an insurable risk. Types of insurance. Benefits and Costs of insurance to society. Fundamental legal principles of insurance. Functions of insurer. IRDA and recent trends in insurance sector in India.
Definition and basic characteristics of insurance. Requirements of an insurable risk. Types of insurance. Benefits and Costs of insurance to society. Fundamental legal principles of insurance. Functions of insurer. IRDA and recent trends in insurance sector in India.
this ppt is about the financial services .whats the financial services, types of financial services,functions of financial services,importance of financial services,features of financial services,Indian financial system as well as international financial management.
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.
this ppt is about the financial services .whats the financial services, types of financial services,functions of financial services,importance of financial services,features of financial services,Indian financial system as well as international financial management.
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.
Navigating Financial Protection: Understanding Insurance with Mike Baumannmikebaumannfinancial
Join financial planner Mike Baumann as he delves into the world of insurance, exploring its various types, importance, and why it's essential for your financial well-being. Whether you're a novice or seeking to deepen your understanding, Mike breaks down complex concepts into digestible insights, empowering you to make informed decisions about protecting your assets and loved ones.
PRESENTATION ON “ STUDY OF SALES PROMOTION’’ AND “ANALYSIS OF INSURANCE B...Muthoot finance Ltd
Meaning of INSURANCE ,Indian Insurance Industry Overview Types of Insurance ,Examples of INSURANCE Company ,How does insurance work?, tax benefits on insurance
This presentation is all about insurance. It will cover some topics.
1-What is Insurance ?
2-Why Insurance ?
3- Type of Insurance
4-What is Risk?
5- Peril and Hazard
6- Transfer of Risk ?
7- Mitigation
8-WHAT IS GENERAL INSURANCE ?
9- Type Of General Insurance
10- Insurance Company Operations
11- Underwriting, Claims Settlement
12- Reinsurance
Presentation on Fire Insurance for the benefit of law students, different types of insurance with their definitions and their functions, history with brief detail of fire insurance
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2. INSURANCE is a practice or arrangement
by which company or government agency
provides a guarantee of compensation for
specified loss, damage, illness or death in
return for a payment of a premium.
In some sense, it’s a thing providing
protection against a possible eventuality.
3. A contract in which an individual or entity
receives financial protection or
reimbursement against losses from an
company. The company pools clients’ risks to
make payments more affordable for the
insured .
4. Provides protection against occurrence of
uncertain events.
Co-operative method of spreading risks.
Facilitates international trade.
Serves as an agency of capital formation.
Financial support.
Medical support.
Source of employment.
7. Life insurance-:
Life insurance is a contract between the
policy owner and the insurer,
Where the insurer agrees to reimburse the
occurrence of the insured individual’s death
or other event such as terminal illness or
critical illness.
The insured agrees to pay the cost in terms of
insurance premium for the service.
Specific exclusions are often written in the
contract to limit the liability of the insurer.
For example-: claims related to suicide, fraud ,
war and civil commotion is not covered.
10. General insurance -:
Insuring anything other than human life is called as
general insurance.
Examples are insuring property like house and
belongings against accidental damage or theft.
Injury due to accident or hospitalisation for illness
and surgery can also be insured.
General insurance or non- life insurance policies,
including automobiles and homeowners policies,
provide payments depending on the loss from a
particular financial event.
13. What is fire insurance…?
A fire insurance is a contract under
which the insurer in return for a
consideration agrees to indeminfy the
insured for the financial loss which the
latter may suffer due to destruction of or
damage the property or goods, caused
by fire, during a specified period.
15. What is health insurance…?
A type of insurance coverage that pays for
medical and surgical expenses that are
incurred by the insured.
Health insurance can either reimburse the
insured for expenses incurred from illness or
injury or pay the care provider directly.
Health insurance is often included in
employer benefit packages as a means of
enticing quality employees.
17. What is marine insurance…?
This policy covers goods, freight and other
interests against loss or damage to goods
which is transported through road ,sea or
air.
Marine insurance covers the loss of ships ,
cargo,terminals and any other transportor
cargo by which property is transferred.
