2. What is insurance and insurance
management?
Insurance is a contract, called a policy, between an
individual or institution (the insured) and an insurance
company (the insurer), in which the insurer agrees to
pay a specific amount of money to the insured in the
event of a covered loss. The insured pays a premium
to the insurer in exchange for this protection. There are
many different types of insurance, each covering
different types of losses.
3. Why Insurance management is necessary
to underarm for a marketing manager?
Insurance management, while not the core responsibility of a marketing manager, can offer valuable
knowledge and skills that can indirectly benefit their role. Here's why:
Risk Mitigation and Proactive Approach:
- Understanding insurance coverage
-Identifying insurable risks
Informed Decision Making:
-Budgeting and cost control
-Negotiation and vendor contracts
Crisis Management and Reputation Protection:
-Data privacy and security
-Product liability and intellectual property
4. What is a micro finance company?
A micro finance company, also known as a
microfinance institution (MFI), is a type of
financial institution that provides financial
services, such as small loans, savings accounts,
insurance, and sometimes financial education,
to individuals who typically lack access to
traditional banking services.
5. Role of micro finance company?
-Financial Inclusion
-Poverty Alleviation
-Entrepreneurship Development
-Risk Management
-Access to Financial Services
6. Different micro finance company
-Suryoday Small Finance Bank: Established in 1998
-Ujjivan Small Finance Bank: Established in 2003
-Jana Small Finance Bank: Established in 2000
-Bandhan Bank: Established in 2006
-Equitas Small Finance Bank: Established in 2007
-AU Small Finance Bank: Established in 1997
-North-East Small Finance Bank: Established in 2017
-Capital Small Finance Bank: Established in 2008
7. Different types of insurance
-Life Insurance:
1. Term Life Insurance
2. Endowment Plans
3. Whole Life Insurance
4. Unit Linked Insurance Plans (ULIPs)
-General Insurance:
1. Health Insurance
2. Motor Insurance
3. Home Insurance
4. Travel Insurance
8. Different types of policies
Different types of policies:-
1. Type of Life Insurance Policies in India:
- Term Insurance
- Term Return of Premium (TROP)
- Whole life Insurance
2. Investment Plans:
- Market Linked Systematic Investment Plan (ULIP)
- Guaranteed Return Plan (Endowment Policy)
- Retirement Plans
- Child Plan
