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Motor Vehicle Insurance is the insurance coverage of risk arising out of the use of motor vehicle such as car, truck or other vehicles causing damage and loss to oneself as well as other’s property in an accident.
Motor Insurance is mandatory as per the Motor Vehicles Act passed in the year 1938 and subsequently amended.
Motor Insurance provides coverage related to property damage, bodily injury, medical expenses and any other sort of compensation in legal proceedings.
It is also referred as Auto Insurance, Vehicle Insurance and Car Insurance.
Types of Motor Insurance are -
Private Car Insurance
Commercial Vehicle Insurance
Defense Vehicle Insurance
Two Wheeler Insurance
Motor Vehicle Insurance generally comprises of following two components –
Third party liability coverage is the part of insurance policy which protects you in case you are sued or asked compensation for any physical injury or damage to someone else’s property by your vehicle accidently.
Third party liability could be of following nature – Bodily injury liability and Property damage liability.
Factors affecting premium of Insurance Policy-
Type of vehicle
Physical condition of driver
Geographical area of use
Age of vehicle
Losses Covered under Motor Insurance -
Loss or damage by accident, fire, lightning, theft, malicious act, natural disaster
Third party liability in form of injury ,death and damage to property
Medical Expenses
Exclusions under Motor Insurance-
Normal wear and tear
Damage when person was driving without license
Damage when person was driving in influence of alcohol
Damage due to a war
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Part 7 claims procedure guide - motor vehicle insuranceOptimuminsurance
A motor vehicle claim form or verbal advice should be provided as soon as practical to your insurer broker or insurer. A quotation for repair is generally required. Some insurers have repair centres so if you are unsure where to take your vehicle to obtain a quote, they can assist you with either providing details of one of their preferred repairers or if they have an assessment centre, you can take your vehicle their and they will look after the repair process.
Part 7 claims procedure guide - motor vehicle insuranceOptimuminsurance
A motor vehicle claim form or verbal advice should be provided as soon as practical to your insurer broker or insurer. A quotation for repair is generally required. Some insurers have repair centres so if you are unsure where to take your vehicle to obtain a quote, they can assist you with either providing details of one of their preferred repairers or if they have an assessment centre, you can take your vehicle their and they will look after the repair process.
Marine insurance is a contract whereby the insurer undertakes to indemnify the assured, in manner and to the extent thereby by agreed, against marine losses, i.e. the losses incident to marine adventure
,
marine insurance
,
types of marine insurance policy
,
features of marine ins. contract
,
marine perils
,
general average loss vs particular average loss
,
differences bet. the marine and fire ins
Reinsurance is about transferring the risks of Insurance companies to third party organisations. This presentation focuses on the need, the types and the structures of reinsurance. Along with this, the paper also talks about the market in India.
General Insurance is defined as any insurance which is not determined as life insurance. There are various types of general insurance. Know about them here.
What is Fire Insurance. A fire insurance policy involves an insurance company agreeing to pay a certain amount equivalent to the estimated loss caused by fire to the insured, within the time specified in the contract
It is a power point presentation for fire insurance. It is mostly applicable for Iran's insurance industry but it also covers fire insurance for worldwide purposes.
Marine insurance is a contract whereby the insurer undertakes to indemnify the assured, in manner and to the extent thereby by agreed, against marine losses, i.e. the losses incident to marine adventure
,
marine insurance
,
types of marine insurance policy
,
features of marine ins. contract
,
marine perils
,
general average loss vs particular average loss
,
differences bet. the marine and fire ins
Reinsurance is about transferring the risks of Insurance companies to third party organisations. This presentation focuses on the need, the types and the structures of reinsurance. Along with this, the paper also talks about the market in India.
General Insurance is defined as any insurance which is not determined as life insurance. There are various types of general insurance. Know about them here.
What is Fire Insurance. A fire insurance policy involves an insurance company agreeing to pay a certain amount equivalent to the estimated loss caused by fire to the insured, within the time specified in the contract
It is a power point presentation for fire insurance. It is mostly applicable for Iran's insurance industry but it also covers fire insurance for worldwide purposes.
Auto insurance is beneficial at the risk of being in an accident or causing an accident. Any financial loss arised from such causes will be covered by an auto insurance. Here is a presentation on more benefits of Auto Insurance and how it helps and protects you and your family.
A two-wheeler insurance policy is one that helps you to cover financial expenses against any unforeseen circumstances including accidents, thefts or natural disasters, if you are an owner of a two-wheeler/bike.
The nature of the work of Commercial Vehicles is about going from one place to another every time. Due to this their wear and tear or damages is a big responsibility of the commercial vehicle owner or the driver. Also, it owns a huge amount of expenditure on the repairs and the maintenance of the commercial vehicles. To help the commercial vehicle owners in this regard the add-on covers are very useful and are of high value to them.
Buy/Renew your Car Insurance Policy with Reliance General Insurance and get complimentary Road Side Assistance with every policy. Take a Car Insurance Quote Now!! https://www.reliancegeneral.co.in/insurance/motor-insurance/private-car/features.aspx
Bajaj Allianz General Insurance offers add-on covers, which gives benefits like Depreciation Shield, Engine Protector & 24x7 Spot Assistance. These covers can be availed with the payment of an additional premium. Here's a presentation based on the add on packages that you can opt for with our motor insurance policy. Know more about our Car Insurance policies by visiting our website.
A Vehicle Insurance is the insurance policy which covers your vehicle against financial losses that you may face in case of physical damage to your vehicle. Most of the damage to a vehicle happens during accidents and hence insurances cover accidents too.
Blog: https://financebuddha.com/blog/complete-guide-to-vehicle-insurance
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This video covers top five things one must know related to bitcoin trading. It is gaining popularity as a whole new investment option with lucrative returns. (bitcoin meaning, how bitcoin works, apps for bitcoin trading, bitcoin returns)
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This tends to cover the basics of cash management in terms of its meaning, objectives, functions and tools explained in simple manner. ( cash management, motives for holding cash, objectives of cash management, cash budget, cash flow statement).
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This video enhances your knowledge on portfolio management. It explains the meaning, types, process and objective of managing portfolio which comprises of stocks, mutual funds, commodities, metal, real estate etc. diversified sort of investments.(portfolio management)
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This video gives a detail on "No Cost EMI" scheme where consumer durable items can be purchased on easy installments on product purchase price.
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All major aspects you need to know about Health Insurance is covered in the video.
Face Value is the original value of share issued mentioned in the share certificate at beginning when co. gets listed on stock exchange.
Face value does not change and stay constant unless stock is split.
Book Value is the Net worth of the Co.
Net worth = Total assets – Total liabilities.
Book value per Share equals : Net Worth / Total No. of O/s Shares
A company's book value is the amount that the shareholders would receive after all assets were liquidated and liabilities paid off.
Market Value is the current trading price of the stock quoted on exchange.
Market value is calculated by multiplying the total number of shares outstanding with the current market price of a share.
Book value and market value are both helpful in calculating whether a stock is fairly valued, overvalued or undervalued.
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Moratorium period refers to the particular duration in the loan tenure when the borrower is not required to make any repayment in form of EMI. This period is also known as EMI holiday. Moratorium in terms of law means delay or suspension of an activity in a legal context.
PURPOSE - Usually, such breaks are offered to help individuals facing temporary financial difficulties or to help them plan their repayment well.
INTEREST - Borrower can opt to serve interest during moratorium period or after moratorium period in form of higher EMI. Simple interest is charged for the number of months borrower have taken the moratorium on the loan principal amount outstanding.
Generally you will find moratorium period in home loan, education loan, project finance etc.
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Hire Purchase is a system through which a person hires the asset from seller for a time period by paying installments and can own the asset once last installment is paid at the end of contract. There are generally 3 parties involved in the whole hire purchase transaction.
HIRE VENDOR / SELLER – One who sells the asset to Hirer.
FINANCING COMPANY – The link of payment between seller and purchaser. Pays amount to the seller and accepts installments from hirer.
HIRE PURCHASER / HIRER – One who purchases the asset from Vendor.
OWNERSHIP & POSSESSION - Hirer will immediately get possession of the asset after making down-payment but ownership will remain with the seller till the last installment is paid.
INSTALLMENT - Through Hire Purchase system, Hirer can make payment of purchased asset’s price in installment over an agreed period.
RETURN OF ASSET – The Hirer has the right to return the asset, before end of the agreement and stop making future payment.
TRANSFER OF ASSET – Hirer cannot transfer or sell the asset to another party until the last installment is made.
DEFAULT IN PAYMENT – In case the hirer defaults on any installment payment, the seller is entitled to take away the asset with him.
ASSET INVOLVED – Car, Bikes, Computer, Electrical Goods, Furniture, Machinery Equipment, Refrigerator etc.
DOWNPAYMENT – Generally downpayment ranges between 15 – 20% of the purchase price.
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Infrastructure refers to the physical structure and facilities needed for development of an area and operation of economy & society.
Major projects covered under definition of infrastructure are roads, bridges, highways, port, railways, airport, sanitation, sewerage system, industrial park, broadband network, telecommunication network and internet setup.
In earlier days development of infrastructure was considered to be responsibility of government and there was no role of private sector involvement.
Due to drawbacks like limited capital, slow development and quality of service, private companies were engaged in this sector.
This led to existence of Public Private Partnership Model (PPP Model) which involved contractual partnership between government and private sector companies to operate infrastructure projects.
Infrastructure Financing
With growing prominence of infrastructure in economic development, big corporates like Tatas, Birlas and Ambanis invested capital in setting up of infrastructure development companies.
Compared to other sectors, the demand for bank loan from infrastructure projects was huge and this came as an opportunity for banks to encash big projects.
To provide huge loan requirements for these infra projects, banks started the concept of corporate funding like consortium finance, loan syndication which involved multiple banks coming together to advance the credit/ loan.
As per RBI guidelines the amount of loan sanctioned should be within overall ceiling of prudential exposure as prescribed for infrastructure financing.
RBI also mentioned that the Banks/ FIs should have the requisite expertise for credit evaluation of infra projects in terms of financial viability, technical feasibility, risk & sensitivity analysis, due diligence.
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Banks need to recover the money lent to the borrowers. In case the funds lend becomes npa; it hampers whole banking business and decrease profitability.
“Recovery” is defined as the process of regaining and saving something lost and “Management” is the process of planning, organizing and controlling activities to achieve the objectives of business efficiently.
Recovery Management is thus concerned with designing and implementing a collection of strategy to recover the debts without losing customers.
Recovery measures could be legal and non-legal :- Banks could adopt legal measures to recover loans by filing a suit in civil court or filing an application before the DRTs. Before taking legal actions banks generally give frequent reminders by calls, messages, mails and visit to borrower’s place which is considered as non-legal measures without intervention of court.
Major reasons behind defaults :- Lack of credit evaluation, Inadequacy of collateral security/ equitable mortgage against loan, Lack of follow up measures, Default due to natural calamities etc.
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DIRECTOR – According to Companies Act, A director may be defined as a person having control over the direction, conduct, management or superintendence of the affairs of a company. Anyone one who is in the power to perform the duties and responsibilities of a director will be called as director by virtue of his function irrespective of, by what name he is called.
BOARD OF DIRECTORS - A board of directors include all directors elected by a corporation's shareholders to represent their interests and ensure that the company's management acts on their behalf. The Board has extensive power to manage a company, delegate decision making power to executives and ensure that company’s objectives are achieved in compliance with the provisions of the Articles of Association. The board shall exercise its power subject to provisions contained in Articles, Memorandum, Central Govt. and Company law board.
EXECUTIVE DIRECTOR – The full time working director of the company responsible towards shareholder’s interest and company’s profitability.
NON-EXECUTIVE DIRECTOR – They are not involved in everyday working of the company. They take part in planning, policy-making and attends board meeting of the company.
INDEPENDENT DIRECTOR – They are the directors who do not have any relationship with the company which might influence their decisions or judgments. They are the person with integrity, experience and expertise.
NOMINEE DIRECTOR – They are appointed in a company to ensure that the affairs of the company are conducted in a manner dictated by the laws governing companies and there is no oppression or mismanagement.
ALTERNATE DIRECTOR – Appointed to attend, speak and vote in a board meeting on behalf of the director of a company who would be unable to attend.
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Inventory means stock of goods like raw material, work in progress, stores of finished goods, consumables etc.
Inventory management means planning, organizing, handling and storing adequate level of inventory with optimized cost to meet consumer’s demand.
There are two most significant costs involved in managing inventory (ordering cost and carrying cost)
Inventory occupy 50–80% of the total current assets of the business concern. It is very essential part of working capital management and production management.
ECONOMIC ORDER QUANTITY
Economic Order Quantity (EOQ) refers to the optimum level of inventory at which the total cost of inventory comprising ordering cost and carrying cost is minimum maintaining the forecasted demand adequacy.
FORMULA : EOQ = √2AO / C
A - Annual consumption, O - Ordering cost per order, C - Carrying cost (expressed in percentage terms of purchase price per unit)
A-B-C ANALYSIS OF INVENTORY
It is the inventory management technique that divide inventory into three categories based on the value and volume of the inventories.
In most inventories a small proportion of items accounts for substantial usage and high monetary value while a large proportion of items accounts for small usage and low monetary value.
ABC analysis advocates a selective approach to classify and focus greater concentration on inventory items accounting for high monetary value and bulk usage.
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Money market is component of financial system where money or its equivalent assets can be traded. Money here represents liquidity.
It is place where public, large corporates and government manage their short term cash needs.
Short term borrowing and lending is done by financial institutions and dealers with liquid instruments having short term maturities (fortnight to one year).
Thus, money market is a market where short term obligations such as treasury bills, commercial papers and bankers acceptances are bought and sold.
FEATURES OF MONEY MARKET
It is a market purely for short-term funds having a maturity period less than one year only.
Transactions have to be conducted without the help of brokers.
It comprises of several sub-market like call money market, acceptance bill market, treasury bill market etc.
The players in the money market include commercial banks, government, corporates and NBFC (Non-Banking Financial Companies).
Transactions take place through phone i.e., oral communication. Relevant documents and written communications can be exchanged subsequently. There is no formal place like stock exchange as in the case of a capital market.
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The quantum of fund required by big businesses/ corporates for various purposes like expansion, equipment purchase, plant set up, working capital etc. is huge which involves high risk for a single bank to provide the loan required.
Consortium finance is the way by which few banks come together and extend the loan facilities by sharing the loan amount between themselves.
This is also known as joint financing. Loan requirements of government and public sector units are also financed through consortium.
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The term ‘bank’ is derived from the French word ‘Banco’ which means a Bench or Money exchange table.
A bank is a financial institution that provides banking and other financial services to their customers such as accepting deposits, lending loans, money transfer and selling third party products like insurance, mutual fund and portfolio management.
When banks accept deposits its liabilities increase as it has to pay interest to the customer but when it provides loans/ advances its assets increases as it earns interest.
As financial intermediaries, banks stand between depositors who supply capital and borrowers who demand capital.
The functions of commercial banks can be broadly categorized into : a) Primary functions b) Secondary functions
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Customer Relationship Management Model defines framework to manage customer relationship through stages from acquisition till retention.
CRM Model lays down strategy to develop customer relationship by focusing on :-
Customer Satisfaction
Building Customer Loyalty
Enhancing Customer experience through customized product/ service
Providing competitive advantage
Establishing strong multi-channel communication network
CRM MODELS- IDIC Model, QCI Model, Value Chain Model, 5 Forces Model.
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ACCOUNTING CONCEPTS:-
1. SEPARATE ENTITY CONCEPT – According to this concept, business is considered as a separate legal entity which has its distinct identity separate from its owner. This concept is extremely useful in keeping business affairs strictly free from private affairs of owner. This is the reason why withdrawal by owner from business is treated as drawing.
2. GOING CONCERN CONCEPT – According to this concept, it is assumed that business is established and will continue for a fairly long time in future. This is the reason why while valuing assets of firm current resale value is not taken into account instead depreciation is charge on basis of their expected life.
3. MONEY MEASUREMENT CONCEPT – According to this concept, accounting should necessarily record only those transactions which can be expressed in monetary terms. This is the reason why qualitative facts like change in management are not recorded in books of account.
4. COST CONCEPT – This concept is closely related to going concern concept and emphasizes that asset should be recorded at its cost price and not market price which keeps on changing.
5. DUAL ASPECT CONCEPT – The dual aspect concept states that every business transaction requires recordation in two different accounts. The concept is derived from the accounting equation, which states that: Assets = Liabilities + Equity .The accounting equation is made visible in the balance sheet, where the total amount of assets listed must equal the total of all liabilities and equity.
6. ACCOUNTING PERIOD CONCEPT – According to this concept, accounting should measure transactions at regular intervals for a specified period of time called accounting period. Necessary financial disclosures and reporting need to be made at the end of accounting period which may be quarterly, half-yearly or yearly.
7. MATCHING CONCEPT – This concept is also known as periodic matching of cost and revenue. According to this concept, profits made by business in particular accounting period can be ascertained only when the revenues earned during the period are compared with the expenses incurred in earning the revenue.
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NBFC are institutions or entities that provide financial / banking services but do not hold banking license.
These entities are registered under Companies Act.
Provides banking services like facilitating loan, financial advisory, wealth management, investment, leasing, underwriting, merger activities, general insurance etc.
Cannot accept demand deposits i.e. Current A/c and Saving A/c.
Examples – Bajaj Finserv, Muthoot Finance Ltd, IL&FS, Aditya Birla Finance Ltd. Etc.
Also referred as Shadow banking system
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NPCI, an initiative of the Reserve Bank of India (RBI) and Indian Banking Association (IBA) is an umbrella organization for operating retail payments and settlement systems in India.
It functions under provision of Payment and Settlement Systems Act, 2007.
It is a not-for-profit organization set up under the provisions of Section 25 of Companies Act, 1956 (amended as Sec 8 of Companies Act 2013).
Facilitates easy access to online payment services with variety of banking products and services.
Products offered by NPCI
IMPS (Immediate Payment Service) is an instant payment inter-bank electronic funds transfer system in India. Unlike NEFT and RTGS, the service is available 24*7 throughout the year.
NFS (National Financial Switch) is the largest network of shared ATMs in India facilitating convenience banking.
AePS (Aadhaar-enabled Payment Service) is a bank led model that allows financial transaction at PoS of any bank using the Aadhaar authentication through the retail merchant.
CTS (Cheque Truncation System) facilitates uses of digital signature or encryption methods to prevent manipulation of data during transition of cheque clearance.
UPI (Unique Payments Interface) is a system that makes multiple bank accounts to be accessed from a single mobile application using mobile no. or UPI id as unique transaction address.
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Credit monitoring is the continuous process of reviewing and following loan accounts, asset quality and credit reports to judge the accuracy and standard of loan asset.
Whenever loan is granted to customer, banker is required to ensure that it remains a standard asset and does not turn out to be non-performing asset.
Pre-disbursement Care
Sanction letter shall be issued detailing various terms and conditions on which the loan has been approved.
Acknowledgement letter should be obtained from borrower stating that he/she has well understood and noted the terms of sanction.
Security documents along with acknowledgement letter should be kept aside properly.
Credit report should be reviewed periodically to ensure that there are no adversity causing risk to loan recovery.
Documentation should be done in proper format with all signatures as a part of due diligence.
End use verification to ensure legality of purpose.
Post-disbursement Care
Post-disbursement monitoring involves both onsite monitoring (visiting the unit) and offsite monitoring (scrutiny of records)
OFFSITE MONITORING INVOLVES :-
Study of Quarterly Information System, Monthly Select Operational Data, Cash Budget and Financial Statements
Stock Statement Verification
Scrutiny of the register and bills
Annual report containing director’s report, management discussion analysis, auditor’s report and financial statements
Comparison of actual financials with projected one on the basis of which loan was sanctioned
ONSITE MONITORING INVOLVES :-
Physical verification of stock
Check whether all machinery are working in good condition
Checking of Register Books ( Sales register, Purchase register, Production register, Stock register)
Invoices and utility bills
No. of skilled and unskilled workers in the unit
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A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...
Motor Insurance
1. DEVTECH FINANCE
GENERAL INSURANCE MODULE
MOTOR
INSURANCE
MEANING OF MOTOR
INSURANCE
TYPES OF POLICIES &
COVERAGE
ADD ON COVERS &
EXCLUSIONS
THIRD PARTY LIABILITY
2. INTRODUCTION
• Motor Vehicle Insurance is the insurance coverage of risk arising out of the use
of motor vehicle such as car, truck or other vehicles causing damage and loss to
oneself as well as other’s property in an accident.
• Motor Insurance is mandatory as per the Motor Vehicles Act passed in the year
1938 and subsequently amended.
• Motor Insurance provides coverage related to property damage, bodily injury,
medical expenses and any other sort of compensation in legal proceedings.
• It is also referred as Auto Insurance, Vehicle Insurance and Car Insurance.
3. TYPES OF MOTOR INSURANCE
• Private Car Insurance
• Commercial Vehicle Insurance
• Defense Vehicle Insurance
• Two Wheeler Insurance
Private Car
Insurance
Commercial
Vehicle
Insurance
Defense
Vehicle
Insurance
Two wheeler
Insurance
4. THIRD PARTY LIABILITY
Motor Vehicle Insurance generally comprises of following two components –
Third party liability coverage is the part of insurance policy which protects you in
case you are sued or asked compensation for any physical injury or damage to
someone else’s property by your vehicle accidently.
Third party liability could be of following nature – Bodily injury liability and Property
damage liability.
Third Party Liability
(mandatory)
Owner’s Damage
(optional)
5. FACTORS AFFECTING PREMIUM
• Type of vehicle
• Physical condition of driver
• Geographical area of use
• Age of vehicle
Type of
vehicle
Physical
condition of
driver
Geographical
area of use
Age of
vehicle
6. COVERAGE AND EXCLUSIONS
LOSS/DAMAGE COVERED
• Loss or damage by accident,
fire, lightning, theft, malicious
act, natural disaster
• Third party liability in form of
injury ,death and damage to
property
• Medical Expenses
EXCLUSIONS
• Normal wear and tear
• Damage when person was
driving without license
• Damage when person was
driving in influence of alcohol
• Damage due to a war
7. ADD ON COVERS
• Zero depreciation cover - You get the whole cost of repairs to external car body
damages irrespective of the depreciation amount. Since this is an add-on cover, you pay
a higher premium. Your insurer pays for the repairs/ replacement of the plastic and fibre
components of your car.
• Engine protection cover - An engine protection cover is an add-on to your Car
Insurance policy, that is meant to cover any damages to the engine through leakage,
water damage, physical damage etc. It thus compensates you for the repair/replacement
of your engine.
• Roadside assistance cover - A roadside assistance in insurance cover keeps your
insurer at your service so that you can contact your insurer immediately after the
accident or in any emergency. It provides roadside services such as repair on the spot,
emergency fuel delivery, flat tyre service, driver disability, shipment of spares, towing to
nearest repair centre, accommodation and cab service.
8. ADD ON COVERS
• Consumable cover - Car insurance usually does not compensate or pay for any of the
car’s consumables damage. At the time of claims, you are supposed to pay yourself for
the replacement of these consumables. To avoid this, you could opt for a Consumables
Cover in Motor Insurance. A Consumables Cover is an add on insurance cover that pays
for the cost of consumables like nut and bolts in Car Insurance required to be replaced
or refilled in the event of an accident of your car.
• Return to invoice cover - In case of incidents where you lost your car completely due
to fire or theft, your insurance company would pay you only upto the IDV (Insured
Declared Value) which is much lower than the Invoice value of the car. With a return to
invoice protect add-on cover, you could get as much as the invoice value of your car, in
case of total loss of the car.