The document discusses key concepts related to life insurance underwriting. It defines underwriting as the process by which an insurance company evaluates the risk of a potential client in order to set premium payments and specify coverage. Several factors are considered in life insurance underwriting, including sex, physical condition, medical history, family history, occupation, habits, and marital status. Underwriting is important as it helps prevent high-risk individuals from being insured, decides whether to offer or deny coverage, and sets the premium rate. The document also discusses different types of life insurance like term life, whole life, and endowment insurance.
The document provides an overview of life insurance policies in India. It discusses key terms like life insurance, whole life insurance policies, health insurance, and unit linked insurance plans (ULIPs). It also covers the history and development of life insurance in India, from early village co-operatives to the nationalization of life insurance in 1956 with the formation of LIC. The document outlines some advantages of life insurance like encouraging savings, easy payouts to beneficiaries, and tax benefits. It provides details on various types of policies and covers offered.
This document provides an overview of traditional and indexed life insurance. It discusses key questions people have when purchasing life insurance, such as how much is needed and what type to buy. It defines term and cash value life insurance, and describes various term and cash value policies. It also summarizes how life insurance is taxed, including premiums, dividends, loans/withdrawals, and modified endowment contracts. The document aims to help readers understand their options so they can select the best life insurance for their needs and objectives.
Life Insurance is a form of risk management primarily used to transfer the risk of uncertain loss.
It provides compensation for financial loss only not profit.
Life insurance is a protection against the RISK of financial loss that would result from the premature death of an insured. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured. The death benefit is paid by a life insurer in consideration of premium payments made by the insured.
This chapter discusses different types of life and health insurance. It describes life insurance, the underwriting process, and various life insurance policies like term life, whole life, and endowment. It also defines health insurance and explains key health insurance concepts such as deductibles, copays, coinsurance, and different types of health insurance plans including disability income, hospitalization, surgical, and regular medical. The primary purpose of life insurance is to financially protect a family if the primary income earner dies prematurely, while health insurance helps cover medical costs from sickness or injury.
This document provides an overview of the life insurance industry and Max New York Life Insurance Company. It discusses the different types of life insurance policies including term life, permanent life, whole life, universal life, and variable life. It then profiles Max New York Life, describing it as a joint venture between an Indian and American company. It outlines Max New York Life's distribution strategy, products, achievements including ISO certification and MDRT membership, vision, mission and focus on social responsibility through donations to organizations helping children.
This document provides an overview of life insurance, including how much coverage is needed, the different types of policies, taxation of life insurance benefits, and additional benefits that may be available. It discusses term life insurance, whole life insurance, universal life insurance, and cash value life insurance. The summary highlights the key factors to consider when determining how much coverage and what type of policy best fits an individual's needs and objectives.
This document provides an overview and comparison of different types of life insurance policies, including term life insurance, whole life insurance, universal life insurance, and indexed universal life insurance. It discusses features such as premium amounts, death benefit amounts, cash value accumulation, and guarantees for each type of policy. The document aims to help readers understand life insurance and choose the most appropriate policy based on their needs and objectives.
The document provides an overview of life insurance policies in India. It discusses key terms like life insurance, whole life insurance policies, health insurance, and unit linked insurance plans (ULIPs). It also covers the history and development of life insurance in India, from early village co-operatives to the nationalization of life insurance in 1956 with the formation of LIC. The document outlines some advantages of life insurance like encouraging savings, easy payouts to beneficiaries, and tax benefits. It provides details on various types of policies and covers offered.
This document provides an overview of traditional and indexed life insurance. It discusses key questions people have when purchasing life insurance, such as how much is needed and what type to buy. It defines term and cash value life insurance, and describes various term and cash value policies. It also summarizes how life insurance is taxed, including premiums, dividends, loans/withdrawals, and modified endowment contracts. The document aims to help readers understand their options so they can select the best life insurance for their needs and objectives.
Life Insurance is a form of risk management primarily used to transfer the risk of uncertain loss.
It provides compensation for financial loss only not profit.
Life insurance is a protection against the RISK of financial loss that would result from the premature death of an insured. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured. The death benefit is paid by a life insurer in consideration of premium payments made by the insured.
This chapter discusses different types of life and health insurance. It describes life insurance, the underwriting process, and various life insurance policies like term life, whole life, and endowment. It also defines health insurance and explains key health insurance concepts such as deductibles, copays, coinsurance, and different types of health insurance plans including disability income, hospitalization, surgical, and regular medical. The primary purpose of life insurance is to financially protect a family if the primary income earner dies prematurely, while health insurance helps cover medical costs from sickness or injury.
This document provides an overview of the life insurance industry and Max New York Life Insurance Company. It discusses the different types of life insurance policies including term life, permanent life, whole life, universal life, and variable life. It then profiles Max New York Life, describing it as a joint venture between an Indian and American company. It outlines Max New York Life's distribution strategy, products, achievements including ISO certification and MDRT membership, vision, mission and focus on social responsibility through donations to organizations helping children.
This document provides an overview of life insurance, including how much coverage is needed, the different types of policies, taxation of life insurance benefits, and additional benefits that may be available. It discusses term life insurance, whole life insurance, universal life insurance, and cash value life insurance. The summary highlights the key factors to consider when determining how much coverage and what type of policy best fits an individual's needs and objectives.
This document provides an overview and comparison of different types of life insurance policies, including term life insurance, whole life insurance, universal life insurance, and indexed universal life insurance. It discusses features such as premium amounts, death benefit amounts, cash value accumulation, and guarantees for each type of policy. The document aims to help readers understand life insurance and choose the most appropriate policy based on their needs and objectives.
The document provides an overview of the history and types of life insurance. It discusses that life insurance originated in India from the Vedas. The first Indian life assurance society was formed in 1870. There are various types of life insurance policies including term life insurance, permanent/whole life insurance, and unit linked insurance plans. The document also outlines the claims process, exclusions in accident benefits, top insurance companies in India, and current news in the life insurance sector.
Term Life InsuranceLife and Health Insurance FIN 3660Chapte.docxmehek4
Term Life Insurance
Life and Health Insurance FIN 3660
Chapter 5
Outline
Needs Met by Life Insurance
Personal Needs
Business Needs
Term Life Insurance
Characteristics of Term Life Insurance Products
Plans of Term Life Insurance Coverage
Features of Term Life Insurance Policies
2
Needs Met by Life Insurance
Personal Needs
Most common personal needs that life insurance can meet are:
Dependents’ support
Estate planning
Paying debts and final expenses
3
Dependents Support
Life insurance can provide funds to support the family members of a deceased loved one until they obtain new methods of support or until they adjust to living on a lower income.
The proceeds can also be used to supplement the family’s income.
In many jurisdictions, the beneficiary of a lump sum of money after the death of a loved one is usually not taxed on the money they receive.
4
Estate Planning
Estate- the accumulated assets an individual owns when he/she dies.
Will- a legal document that directs how the individual’s property is to be distributed after his death.
The executor is the person who is a personal representative of the person who has died with a valid will. (administrator if they person died without a valid will)
Estate Plan- considers the amount of assets and debts that he/she is likely to have when he/she dies and how best to preserve those assets so that they can be distributed as she desires.
Life insurance is an important part of the estate plan.
Can leave home to one child and life insurance policy to the other.
5
Debts and Final Expenses
A person’s death generally does not extinguish his/her debts.
In some cases the deceased estate isn’t large enough to pay his/her debts and final expenses.
If a life insurance policy is included in the estate plan, the proceeds can help pay those remaining debts.
6
Business needs
Two reasons for a business to purchase life insurance:
To provide funds to ensure that the business continues in the event of the death of an owner, partner, or other key person.
To provide benefits for its employees.
7
Business Continuation Insurance
An insurance plan designed to enable a business owner(s) to provide for the business’ continued operation if the owner or a key person dies.
Key Person Life Insurance- individual life insurance that a business purchases on the life of a key person.
The business owner is the beneficiary of the insurance policy if the person dies.
Buy-Sell Agreement- an agreement in which one party agrees to purchase the financial interest that a second party has in a business following the second party’s death and the second party agrees to direct his estate to sell his interest in the business to the purchasing party.
8
Characteristics of Term Life Insurance Products
Provides a death benefit only is the insured dies during the period specified in the policy.
The length of the policy term varies considerably from one policy to another.
Another common type of term life insurance cover the insured un ...
The document discusses different types of life and health insurance. It describes key types of life insurance including term insurance, whole life insurance, endowment insurance, and annuity contracts. It also outlines types of health insurance such as disability income insurance and medical expense insurance, including hospitalization expense contracts, surgical contracts, regular medical contracts, and major medical contracts. The document provides details on benefits, premium structures, and exclusions for different insurance policies.
This document provides information about a life insurance assignment submitted by a student. It includes an executive summary of the report, definitions of life insurance and the main types (term and whole life), features of life insurance policies, the role of insurance in Bangladesh's economic growth, prospects for growth in human life insurance, and challenges and opportunities for insurance in Bangladesh's business sector. The conclusion reiterates that insurance contributes significantly to social and economic development and outlines steps to further develop the insurance sector in Bangladesh.
This is the brief document about Birla Sun Life Group..which include almost all its insurance plans, and policies. This documents also help those students and people how are seeking to get to know about BSLI. I provide all the detailed history about birla group in this documents..:)
This document provides an overview of key concepts in life insurance. It discusses:
- The main types of life insurance policies, including protection policies that provide lump sum payments for specified events, and investment policies that facilitate capital growth.
- Key principles of life insurance, including insurable interest, indemnity, subrogation, contribution, and loss minimization.
- Approaches to assessing insurance needs, such as rule-of-thumb based on income, income replacement to fund lost future earnings, and needs-based to cover expenses.
The document provides information about different types of life insurance policies. It defines life insurance as a contract between a policy owner and insurer where the insurer agrees to pay a sum of money upon the death of the insured. It discusses term life insurance, which provides coverage for a set period of time, and permanent insurance like whole life, which provides lifetime coverage. It also summarizes different types of term policies, endowment policies, whole life policies, and unit linked plans. Finally, it provides an overview of life insurance claims processes.
Health Insurance products offering by life insurersJaswanth Singh G
- The document discusses health insurance and various related topics such as whether it is necessary, differences between health insurance offered by life insurers versus general insurers, key proposed regulatory amendments regarding health insurance, and popular riders available under health insurance policies.
- It provides an overview of health insurance policies offered by life insurers versus general insurers, explaining that life insurers typically offer fixed-benefit plans while general insurers offer indemnity plans.
- It also summarizes some key proposed regulatory changes such as requiring uniform premiums for 3 years and incentives for policyholders who maintain good health.
Project report on tata aig life insurance company.saurabhmahour
The document provides a table of contents for chapters in a book or document on insurance. Chapter 1 introduces concepts of insurance including definitions, types of life insurance, functions and importance. It also discusses the regulatory authority for insurance in India. Chapter 2 introduces the Indian insurance industry, provides a brief history and discusses milestones. It outlines the major players in the industry before and after reforms. The summary provides a high-level overview of the topics covered in the first two chapters.
Life insurance provides a death benefit to beneficiaries and replaces lost income if the insured passes away. There are several types of life insurance including term, whole, universal, and variable policies. Term insurance provides coverage for a set period of time, whole life provides permanent coverage, universal offers flexible premiums and coverage amounts, and variable policies allow investing premiums in markets. Life insurance proceeds are not taxed and there is no tax on cash value accumulated over age 65.
Life insurance provides a death benefit to beneficiaries and replaces lost income if the insured passes away. There are several types of life insurance including term, whole, universal, and variable policies. Term insurance provides coverage for a set period of time, whole life provides permanent coverage, universal offers flexible premiums and coverage amounts, and variable policies allow investing premiums in markets. Life insurance proceeds are not taxed and there is no tax on cash value accumulated over age 65.
Life insurance is a legal agreement between an insurance policy holder and an insurance company. The policy holder pays a fixed premium amount regularly, and in the event of their death, the insurance company pays a designated beneficiary a sum of money. There are several types of life insurance policies, including term life (pays out if the policy holder dies within a specified term), whole life (pays out upon death at any time), and endowment policies (pays out a predefined amount either on death or at a set maturity date). Life insurance offers tax benefits under Indian tax laws and helps secure the financial future of a policy holder's family.
- The document discusses the values and benefits of whole life insurance, including guaranteed death benefits, cash value accumulation, tax advantages, and leaving a legacy for loved ones.
- It explains how whole life insurance works, how companies determine pricing, how dividends and cash value can benefit policyholders, and how the death benefit protects beneficiaries.
- The document provides examples showing how cash value and death benefits can grow over time both with and without dividends, leaving beneficiaries with potentially larger legacies.
This document provides an introduction to life insurance. It discusses what life insurance is, who should buy it, and the different types available. It also covers additional uses of life insurance beyond providing for dependents. The key components of how life insurance works are the death benefit, which is paid out to beneficiaries when the insured dies, and the premiums paid by the policyholder. Permanent life insurance also includes a cash value component. The document provides numerous examples and details on different types of policies and circumstances where life insurance is appropriate.
Types of Insurance.ppt in insurance mgmtShitalVyas3
Life insurance provides protection against death and critical illness by paying a death benefit to beneficiaries. It has longer terms than general insurance and requires more complex underwriting that may involve medical exams. In contrast, general insurance covers non-life assets and events through shorter-term annual policies, with underwriting focused on risk assessment of particular assets or events. While life insurance claims typically only require a death certificate, general insurance claims involve more documentation and investigation, and have longer processing times.
The document summarizes Amit Das's six-week industry training project at Birla Sun Life Insurance. It includes an introduction to the insurance industry, an overview of the training experience, and appendices that provide details of the project scope, bonafide certificate, and acknowledgements. The training provided insight into the insurance world and covered various Birla Sun Life insurance plans and their features. It concluded with the author gaining knowledge of the insurance sales procedure and pioneering features of Birla Sun Life Insurance.
The document discusses various types of insurance, including life, general, health, and property insurance. It provides definitions and classifications of insurance, explains concepts like premiums and insurers, and gives examples of specific insurance policies and plans like health, home, and renter's insurance. Key details covered include classifications of insurance, definitions of terms, common policy elements and exclusions, health insurance initiatives and schemes in India, and importance of property and health insurance.
Strategies for Effective Upskilling is a presentation by Chinwendu Peace in a Your Skill Boost Masterclass organisation by the Excellence Foundation for South Sudan on 08th and 09th June 2024 from 1 PM to 3 PM on each day.
The document provides an overview of the history and types of life insurance. It discusses that life insurance originated in India from the Vedas. The first Indian life assurance society was formed in 1870. There are various types of life insurance policies including term life insurance, permanent/whole life insurance, and unit linked insurance plans. The document also outlines the claims process, exclusions in accident benefits, top insurance companies in India, and current news in the life insurance sector.
Term Life InsuranceLife and Health Insurance FIN 3660Chapte.docxmehek4
Term Life Insurance
Life and Health Insurance FIN 3660
Chapter 5
Outline
Needs Met by Life Insurance
Personal Needs
Business Needs
Term Life Insurance
Characteristics of Term Life Insurance Products
Plans of Term Life Insurance Coverage
Features of Term Life Insurance Policies
2
Needs Met by Life Insurance
Personal Needs
Most common personal needs that life insurance can meet are:
Dependents’ support
Estate planning
Paying debts and final expenses
3
Dependents Support
Life insurance can provide funds to support the family members of a deceased loved one until they obtain new methods of support or until they adjust to living on a lower income.
The proceeds can also be used to supplement the family’s income.
In many jurisdictions, the beneficiary of a lump sum of money after the death of a loved one is usually not taxed on the money they receive.
4
Estate Planning
Estate- the accumulated assets an individual owns when he/she dies.
Will- a legal document that directs how the individual’s property is to be distributed after his death.
The executor is the person who is a personal representative of the person who has died with a valid will. (administrator if they person died without a valid will)
Estate Plan- considers the amount of assets and debts that he/she is likely to have when he/she dies and how best to preserve those assets so that they can be distributed as she desires.
Life insurance is an important part of the estate plan.
Can leave home to one child and life insurance policy to the other.
5
Debts and Final Expenses
A person’s death generally does not extinguish his/her debts.
In some cases the deceased estate isn’t large enough to pay his/her debts and final expenses.
If a life insurance policy is included in the estate plan, the proceeds can help pay those remaining debts.
6
Business needs
Two reasons for a business to purchase life insurance:
To provide funds to ensure that the business continues in the event of the death of an owner, partner, or other key person.
To provide benefits for its employees.
7
Business Continuation Insurance
An insurance plan designed to enable a business owner(s) to provide for the business’ continued operation if the owner or a key person dies.
Key Person Life Insurance- individual life insurance that a business purchases on the life of a key person.
The business owner is the beneficiary of the insurance policy if the person dies.
Buy-Sell Agreement- an agreement in which one party agrees to purchase the financial interest that a second party has in a business following the second party’s death and the second party agrees to direct his estate to sell his interest in the business to the purchasing party.
8
Characteristics of Term Life Insurance Products
Provides a death benefit only is the insured dies during the period specified in the policy.
The length of the policy term varies considerably from one policy to another.
Another common type of term life insurance cover the insured un ...
The document discusses different types of life and health insurance. It describes key types of life insurance including term insurance, whole life insurance, endowment insurance, and annuity contracts. It also outlines types of health insurance such as disability income insurance and medical expense insurance, including hospitalization expense contracts, surgical contracts, regular medical contracts, and major medical contracts. The document provides details on benefits, premium structures, and exclusions for different insurance policies.
This document provides information about a life insurance assignment submitted by a student. It includes an executive summary of the report, definitions of life insurance and the main types (term and whole life), features of life insurance policies, the role of insurance in Bangladesh's economic growth, prospects for growth in human life insurance, and challenges and opportunities for insurance in Bangladesh's business sector. The conclusion reiterates that insurance contributes significantly to social and economic development and outlines steps to further develop the insurance sector in Bangladesh.
This is the brief document about Birla Sun Life Group..which include almost all its insurance plans, and policies. This documents also help those students and people how are seeking to get to know about BSLI. I provide all the detailed history about birla group in this documents..:)
This document provides an overview of key concepts in life insurance. It discusses:
- The main types of life insurance policies, including protection policies that provide lump sum payments for specified events, and investment policies that facilitate capital growth.
- Key principles of life insurance, including insurable interest, indemnity, subrogation, contribution, and loss minimization.
- Approaches to assessing insurance needs, such as rule-of-thumb based on income, income replacement to fund lost future earnings, and needs-based to cover expenses.
The document provides information about different types of life insurance policies. It defines life insurance as a contract between a policy owner and insurer where the insurer agrees to pay a sum of money upon the death of the insured. It discusses term life insurance, which provides coverage for a set period of time, and permanent insurance like whole life, which provides lifetime coverage. It also summarizes different types of term policies, endowment policies, whole life policies, and unit linked plans. Finally, it provides an overview of life insurance claims processes.
Health Insurance products offering by life insurersJaswanth Singh G
- The document discusses health insurance and various related topics such as whether it is necessary, differences between health insurance offered by life insurers versus general insurers, key proposed regulatory amendments regarding health insurance, and popular riders available under health insurance policies.
- It provides an overview of health insurance policies offered by life insurers versus general insurers, explaining that life insurers typically offer fixed-benefit plans while general insurers offer indemnity plans.
- It also summarizes some key proposed regulatory changes such as requiring uniform premiums for 3 years and incentives for policyholders who maintain good health.
Project report on tata aig life insurance company.saurabhmahour
The document provides a table of contents for chapters in a book or document on insurance. Chapter 1 introduces concepts of insurance including definitions, types of life insurance, functions and importance. It also discusses the regulatory authority for insurance in India. Chapter 2 introduces the Indian insurance industry, provides a brief history and discusses milestones. It outlines the major players in the industry before and after reforms. The summary provides a high-level overview of the topics covered in the first two chapters.
Life insurance provides a death benefit to beneficiaries and replaces lost income if the insured passes away. There are several types of life insurance including term, whole, universal, and variable policies. Term insurance provides coverage for a set period of time, whole life provides permanent coverage, universal offers flexible premiums and coverage amounts, and variable policies allow investing premiums in markets. Life insurance proceeds are not taxed and there is no tax on cash value accumulated over age 65.
Life insurance provides a death benefit to beneficiaries and replaces lost income if the insured passes away. There are several types of life insurance including term, whole, universal, and variable policies. Term insurance provides coverage for a set period of time, whole life provides permanent coverage, universal offers flexible premiums and coverage amounts, and variable policies allow investing premiums in markets. Life insurance proceeds are not taxed and there is no tax on cash value accumulated over age 65.
Life insurance is a legal agreement between an insurance policy holder and an insurance company. The policy holder pays a fixed premium amount regularly, and in the event of their death, the insurance company pays a designated beneficiary a sum of money. There are several types of life insurance policies, including term life (pays out if the policy holder dies within a specified term), whole life (pays out upon death at any time), and endowment policies (pays out a predefined amount either on death or at a set maturity date). Life insurance offers tax benefits under Indian tax laws and helps secure the financial future of a policy holder's family.
- The document discusses the values and benefits of whole life insurance, including guaranteed death benefits, cash value accumulation, tax advantages, and leaving a legacy for loved ones.
- It explains how whole life insurance works, how companies determine pricing, how dividends and cash value can benefit policyholders, and how the death benefit protects beneficiaries.
- The document provides examples showing how cash value and death benefits can grow over time both with and without dividends, leaving beneficiaries with potentially larger legacies.
This document provides an introduction to life insurance. It discusses what life insurance is, who should buy it, and the different types available. It also covers additional uses of life insurance beyond providing for dependents. The key components of how life insurance works are the death benefit, which is paid out to beneficiaries when the insured dies, and the premiums paid by the policyholder. Permanent life insurance also includes a cash value component. The document provides numerous examples and details on different types of policies and circumstances where life insurance is appropriate.
Types of Insurance.ppt in insurance mgmtShitalVyas3
Life insurance provides protection against death and critical illness by paying a death benefit to beneficiaries. It has longer terms than general insurance and requires more complex underwriting that may involve medical exams. In contrast, general insurance covers non-life assets and events through shorter-term annual policies, with underwriting focused on risk assessment of particular assets or events. While life insurance claims typically only require a death certificate, general insurance claims involve more documentation and investigation, and have longer processing times.
The document summarizes Amit Das's six-week industry training project at Birla Sun Life Insurance. It includes an introduction to the insurance industry, an overview of the training experience, and appendices that provide details of the project scope, bonafide certificate, and acknowledgements. The training provided insight into the insurance world and covered various Birla Sun Life insurance plans and their features. It concluded with the author gaining knowledge of the insurance sales procedure and pioneering features of Birla Sun Life Insurance.
The document discusses various types of insurance, including life, general, health, and property insurance. It provides definitions and classifications of insurance, explains concepts like premiums and insurers, and gives examples of specific insurance policies and plans like health, home, and renter's insurance. Key details covered include classifications of insurance, definitions of terms, common policy elements and exclusions, health insurance initiatives and schemes in India, and importance of property and health insurance.
Strategies for Effective Upskilling is a presentation by Chinwendu Peace in a Your Skill Boost Masterclass organisation by the Excellence Foundation for South Sudan on 08th and 09th June 2024 from 1 PM to 3 PM on each day.
Main Java[All of the Base Concepts}.docxadhitya5119
This is part 1 of my Java Learning Journey. This Contains Custom methods, classes, constructors, packages, multithreading , try- catch block, finally block and more.
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
আমাদের সবার জন্য খুব খুব গুরুত্বপূর্ণ একটি বই ..বিসিএস, ব্যাংক, ইউনিভার্সিটি ভর্তি ও যে কোন প্রতিযোগিতা মূলক পরীক্ষার জন্য এর খুব ইম্পরট্যান্ট একটি বিষয় ...তাছাড়া বাংলাদেশের সাম্প্রতিক যে কোন ডাটা বা তথ্য এই বইতে পাবেন ...
তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
বিসিএস ও ব্যাংক এর লিখিত পরীক্ষা ...+এছাড়া মাধ্যমিক ও উচ্চমাধ্যমিকের স্টুডেন্টদের জন্য অনেক কাজে আসবে ...
How to Make a Field Mandatory in Odoo 17Celine George
In Odoo, making a field required can be done through both Python code and XML views. When you set the required attribute to True in Python code, it makes the field required across all views where it's used. Conversely, when you set the required attribute in XML views, it makes the field required only in the context of that particular view.
How to Fix the Import Error in the Odoo 17Celine George
An import error occurs when a program fails to import a module or library, disrupting its execution. In languages like Python, this issue arises when the specified module cannot be found or accessed, hindering the program's functionality. Resolving import errors is crucial for maintaining smooth software operation and uninterrupted development processes.
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
Executive Directors Chat Leveraging AI for Diversity, Equity, and InclusionTechSoup
Let’s explore the intersection of technology and equity in the final session of our DEI series. Discover how AI tools, like ChatGPT, can be used to support and enhance your nonprofit's DEI initiatives. Participants will gain insights into practical AI applications and get tips for leveraging technology to advance their DEI goals.
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
1. CHAPTER FIVE: LIFE AND HEALTH INSURANCE
LIFE INSURANCE
Human life values are greater and more significant than all
other property values.
The true wealth of nation lies not in its natural resources
or its accumulated property,But in the inherent capability
of its population and the way in which this population is
employed.
1
2. CHAPTER FIVE: LIFE AND HEALTH INSURANCE
Premature Death & Economic Justification of Life
Insurance
Premature death is the death of a family head with
unfulfilled financial obligations.
The primary purpose of life insurance is to protect
financially the insured’s family during premature death.
Life insurance is an insurance coverage that provides a
monetary benefit to an insured person's family.
2
3. CHAPTER FIVE: LIFE AND HEALTH INSURANCE
Underwriting life insurance
Underwriting is the process through which an insurance
company evaluates the risk of a potential client.
This process allows the company to set payments and specify
coverage to the individual.
Life insurance underwriting consists of both medical underwriting
as well as non-medical underwriting.
As part of the underwriting process, health information may be
used in making two related decisions:
i. Whether to offer or deny coverage; and
ii. What premium rate to set for the policy. 3
4. CHAPTER FIVE: LIFE AND HEALTH INSURANCE
Factors considered in life insurance underwriting (Fundining)
1. Sex: Empirical studies indicate that women live longer than men.
This may influence the underwriter lower premium payments for women
higher for men.
2. Current Physical Condition: This refers to the insured’s current
physical and health condition regarding pulse rate, heart condition,
blood pressure, lungs, nervous system, body build, weight, etc.
3. Personal Medical History: The insured’s past medical history is
examined to check for any previous illness.
4. Family Medical History: Medical history of insured family to
discover any hereditary diseased or deficiencies.
4
5. CHAPTER Six: LIFE AND HEALTH INSURANCE
5. Occupation: Affect chance of suffering accidents of
premature death. Some are hazardous, and increase the risk of
death. For example a coal miner risk > manager or an
accountant.
6. Insurable Interest: This involves identifying any
relationship b/n the insured & named beneficiary.
7. Habits: Habits such as drug or alcohol consumption and
smoking could lead to accidents.
8. Marital status and number of children
Hobbies (such as race car driving,
5
6. CHAPTER Five: LIFE AND HEALTH INSURANCE
Sources of Information for Underwriting
Pertinent information needed for underwriting is obtained from
the following sources:
Proposal Form
Medical Report
Attending Physicians Statement
Agent’s/ Salesman’s Report
Questionnaires and Interview
Underwriting Manuals
Inspection Report 6
7. CHAPTER Five: LIFE AND HEALTH INSURANCE
Why Underwriting Important?
The main purposes of life insurance underwriting are:
To prevent individuals who have a higher –than –average.
To decide whether to offer or deny the coverage and
To set the premium rate for the policy
To identify uninsurable Diseases such as:
Cancer Heart disease
Diabetes Blood pressure
Overweight and underweight etc.
7
8. CHAPTER Five: LIFE AND HEALTH INSURANCE
Some unique characteristics of life insurance
A.The event insured against is an eventual certainty
B.There is no possibility of partial loss in life insurance.
C.Life insurance is not a contract of indemnity
D.The requirement of insurable interest is applied somewhat
differently than in property and liability insurance.
Types of life insurance: The major types are:
Term life insurance
Whole-life insurance
Endowment insurance and Annuities.
8
9. CHAPTER Fve: LIFE AND HEALTH INSURANCE
1. Term insurance policy
It is a contract of life insurance protection for a limited
number of years.
The face value of the policy being payable only if
death occurs within a specified period and nothing
being paid if the insured survives.
Term insurance provides a limited number of
years/temporary protections.
9
10. CHAPTER Five LIFE AND HEALTH INSURANCE
Term life insurance provides the insured d/t options.
A. Decreasing term life insurance: It provides the
beneficiary with less and lesser continues each year.
If the death occurs in the first policy years, the
beneficiary receives the face amount. If the death occurs in a
succeeding years, the proceeds will be less.
10
Age/Sex: 35, male
Year Age Annual premium Death benefit
1 35 100 $ 90,000 $
2 36 100 $ 80,000 $
3 37 100 $ 70,000 $
4 38 100 $ 60,000 $
Company illustration of decreasing value term insurance for Mr. X
11. CHAPTER Five: LIFE AND HEALTH INSURANCE
B. A level term policy: pays the same amount of benefits if
death occurs while the policy is in force.
And also the premium remains the same each year.
Company illustration of level term insurance for Mr, Y.
11
Age/Sex: 35, male ,smoker
Year Age Annual premium Death benefit
1 35 114 $ 100,000 $
2 36 114 $ 100,000 $
3 37 114 $ 100,000 $
4 38 114 $ 100,000 $
5 39 114 $ 100,000 $
12. CHAPTER Five: LIFE AND HEALTH INSURANCE
C. Renewable term policies: allow the insured to continue the coverage age
regardless of the status of the insured’s health or other relevant factors
occupation.
The most common is yearly renewable term insurance.
Yearly renewable term insurance is issued for a one-year. Premiums increase
with the increase in age.
D. Convertible term life insurance policies: allow the insured the option of
converting the policy to a whole life policy.
When is the use of term insurance appropriate?
It is appropriate when income is limited, or temporary needs.
Term insurance can also be used to guarantee future insurability.
12
13. CHAPTER Five: LIFE AND HEALTH INSURANCE
2. Endowment insurance
Insurance coverage is paid if the insured dies within a
specified period; if the insured survives to the end of the
endowment period, the face amount is paid to the policy
owner at that time.
Whole life insurance
The policy provides lifetime protection.
It is a type of permanent insurance coverage that provides
payment upon the death of the insured.
It promises to pay the beneficiary whenever death occurs.13
14. CHAPTER Five: LIFE AND HEALTH INSURANCE
There are various forms of whole life insurance.
A. Ordinary life insurance (also called straight life,
continuous premium whole life, level-premium whole life) -
provides lifetime protection with premiums that are payable
for the whole life.
Premiums are to be paid at regular interval until the death
of the insured or until the achievement of a specified age limit,
100 years.
It gives permanent protection at the lower cost.
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15. CHAPTER Five: LIFE AND HEALTH INSURANCE
B. Limited Payment Whole Life Insurance
Under this insurance scheme, premiums are paid for a
definite period of time, which is determined in advance.
That is for 10, 15, 20, and 25, 30 years or up to age 65. After
the expiration of the specified time, the policy is said to be
paid-up.
The policy remains in full force for the whole of life
but premiums are payable for a limited years only.
Since premiums are to be paid for a limited period, they are
usually higher than those under the straight life insurance.
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16. CHAPTER Five: LIFE AND HEALTH INSURANCE
Rate Making for Life Insurance/ Premium determination
Ratemaking refers to the pricing of insurance. An insurance
rate is the price per unit of insurance. The process of
predicting future losses and future expenses and allocating
these to costs among the various classes of insured is called
ratemaking. Life insurance rates are influenced by three
major determinants:
A.Expected mortality rates in the insured population
B.Investment income earned by insurer from premium income
C.Expenses incurred in operating & providing services by insurer.
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17. CHAPTER FIVE: LIFE AND HEALTH INSURANCE
Mortality Table
Mortality table is a table that shows the number of
deaths per 1000 and expectation of life at various ages.
The probability of death expressed in a mortality table
is based on insured lives and not the whole population.
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18. CHAPTER Five: LIFE AND HEALTH INSURANCE
Example, Exhibit: Commissioners 1980 Standard Ordinary
Mortality Table, Male Lives
18
Age at
Beginni
ng
of Year
Number
Living
of Beginning
of
Designated
year
Number
Dying
During
Designated
Year
Age at
Beginni
ng
of Year
Number
Living
at Beginning
of
Designated
year
Number
Dying during
Designated
year
0 10,000,000 41,800 25 9,663,007 17,104
1 9,958,200 10,655 26 9,645,903 16,687
2 9,947,545 9,848 27 9,629,216 16,466
19. CHAPTER Five: LIFE AND HEALTH INSURANCE
1. Net Single Premium
When the total net premiums paid as a single sum at the
beginning of the contract, it is called the Net Single Premium.
The net single premium (NSP) can be defined as the present
value of the future death benefit.
The NSP is based on three basic assumptions:
1.Premiums are paid at the beginning of the policy year,
2.Death claims are paid at the end of the policy
year, and
3.The death rate is uniform throughout the year. 19
20. CHAPTER FIVE: LIFE AND HEALTH INSURANCE
Net Annual Level Premium
The policyholder pays the same amount of premium each
year. Most life insurance policies are not purchased with
a single premium because of the large amount of cash
required.
Consumers generally find it more convenient to pay for their
insurance in installment payments.
If premiums are paid annually, the net single premium must
be converted into a net annual level premium.
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21. CHAPTER Five: LIFE AND HEALTH INSURANCE
Gross Premium (GP)
When portion of all the insurer’s costs of running the
business are added to the Net Premium is called the
GP
The addition of the insurer’s costs of doing business
to the Net Premium is called Loading.
Three types of loading allowance:
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22. CHAPTER FIVE: LIFE AND HEALTH INSURANCE
(1) Production Expenses: Production expenses are the expenses incurred before
the agent delivers the policy, such as policy printing costs, underwriting
expenses, and the cost of the medical examination.
(2) Distribution Expenses: Distribution expenses are largely selling expenses,
such as the first year commission, advertising, and agency allowances.
(3) Maintenance Expenses: Maintenance expenses are the expenses incurred
after the policy is issued, such as renewal commissions, costs of collecting
renewal premiums, & taxes.
22
23. CHAPTER FIVE: LIFE AND HEALTH INSURANCE
HEALTH INSURANCE
The following are selected to be dealt in this section
1. Medical expense insurance
2. Disability income insurance
1. Medical expense insurance
Provides cost of medical care for sickness and injury.
Used to meet the expanses of physical hospital
nursing, surgical expanse, and related services.
23
24. CHAPTER FIVE: LIFE AND HEALTH INSURANCE
Medical expanses insurance is paid
under the following specific coverage’s
Hospital insurance
Surgical insurance
Physicals expanse insurance
Major medical insurance
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25. CHAPTER FIVE: LIFE AND HEALTH INSURANCE
Hospital insurance
Pays for medical expenses for insured in a hospital.
Provides two basic benefits.
A daily benefit is paid for room and board charges.
There are three basic approaches.
Indemnity approach: The plan pays the actual costs of the daily services up to
some maximum limit.
Valued approach: A fixed amount is paid for each day of hospitalization
regardless of the actual cost of the services.
Service approach: Provides Service benefits rather than cash benefits.
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26. CHAPTER FIVE: LIFE AND HEALTH INSURANCE
2. Surgical Expense Insurance
The insurer covers for surgical expanses, such as physicians’
fees associated with surgeries.
3. Physician’s expanse insurance
Insurance pays a benefit for non-surgical care provided
by a physician in the hospital, the patient’s home, or in
the doctor’s office.
Some plans also pay for diagnostic X-ray and laboratory
expenses performed outside the hospital.
26
27. CHAPTER FIVE: LIFE AND HEALTH INSURANCE
4. Major medical insurance
This insurance is also designed to pay a large
proportion of the covered expanses of a
catastrophic illness or injury.
27
28. CHAPTER Seven: Non life insurance
TYPES OF NON-LIFE INSURANCE POLICES
1. MOTOR INSURANCE
Motor insurance is a major class of insurance
providing the highest insurance premiums for EIC
during the past several years.
The policy provides two types of insurance cover:
Comprehensive Cover the insured for losses.
Third Party Liability which gives cover against third
party liability death or bodily injury. 28
29. CHAPTER Seven: Non life inurance
Additional Risks
Motor insurance policies can include Personal
Accident Benefits, (PAB) and Bandits, Shiftas &
Guerillas, (BSG) risks.
BSG Cover
A Comprehensive Motor policy; subject to additional
premium, arising out of direct or indirect actions of
bandits, Shiftas and guerillas, but excluding any third
party liability.
29
30. CHAPTER Seven: Non life inurance
CLASSIFICATION OF MOTOR POLICIES
The main classifications are Private Vehicles Policy
and Commercial Vehicles Policy.
PRIVATE VEHICLE POLICY
Motor vehicles that are exclusively used for private
purposes: social, domestic, pleasure or professional.
Motor vehicles used for hiring, racing, speed, testing
and the like are excluded from this policy.
30
31. CHAPTER Seven: Non life insurance
The policy does not provide payment to the insured
in respect of:
Losses arising outside the geographical areas.
Wear and tear or depreciation of any vehicle
Mechanical or electrical breakdown of the vehicle
Damages caused by catastrophes like flood,
windstorm, earthquake, war, invasion, etc.
Any loss/damage caused by such fundamental risks
as: flood, windstorm, earthquake, war, invasion, etc.
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32. CHAPTER Seven: Non life insurance
2. COMMERCIAL VEHICLE POLICY
A wide range of vehicles used for transporting goods
and passengers are covered by this policy.
Premium rates differ depending on the type and use
of the vehicles insured.
The motor vehicles under this policy are classified
as follows:
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33. CHAPTER Seven: Non life insurance
1. Goods Carrying Vehicles
Vehicles primarily manufactured for carrying goods.
Two types
A. Own Goods: vehicles used for carrying solely the
insured’s goods, and
B. General Cartage: vehicles used for carrying goods
for hire-light vehicles and heavy vehicles.
2. Tankers: Vehicles that transport liquid substances.
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34. CHAPTER Seven: Non life insurance
3. Buses: These include passenger carrying vehicles
including omnibuses and micro buses which
accommodate more than 12 people including the
driver.
4. Taxis, Car-Hero Cycles: Maximum passenger seats
for taxis and car-hire is 12, including the driver’s seat.
Motorcycles are either two or three wheeled.
34
35. CHAPTER Seven: Non life insurance
1.Special Type Vehicles: These include mobile
cranes, earth moving equipment, Ambulances,
agricultural vehicles, dumpers, fire brigade vehicles,
etc… In this policy, liability for death or bodily
injuries is excluded to:
any person in the employment of the insured
A member of the insured’s household.
Any person being carried in the insured vehicle at
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36. CHAPTER Seven: Non life insurance
2. BURGLARY & HOUSEBREAKING INSURANCE
This is a policy to protect property from loss by
theft.
This policy provides cover for two categories of
risk: Private Residence and Business Premises.
The policy may be issued for a maximum one year.
The property to be insured may include stocks and
materials.
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37. CHAPTER Seven: Non life insurance
3. FIRE & LIGHTNING POLICY.
This policy provides indemnification to the insured for
loss or damages to property by fire or lightning.
The policy is not normally issued on a long-term basis.
The policy does not cover:
Losses by theft during or after occurrence of a fire.
Loss/damage to property arising out of climatic
conditions, chemical reaction, etc…
Burning of property by order of any public authority.
Fundamental risks.
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38. CHAPTER Seven: Non life insurance
4. ALL RISKS POLICY
All items to be insured are listed in the Schedule
including the specification and the sum insured for
each item.
The property manly insured include gold & silver,
funs, pictures, and other jeweler items.
The maximum period for the issuance of this policy
is one year.
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39. CHAPTER Seven: Non life insurance
5. PUBLIC LIABILITY POLICY
This policy make payment legal liability of insured.
The Policy is issued for a maximum one year.
If the insured dies while the policy is in force, the
insurer will indemnify the personal representative of
the insured in respect of the liability incurred by the
insured.
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40. CHAPTER Seven: Non life insurance
6. MONEY POLICY
This policy gives cover for any loss of money.
There are two types protects from money risk: Transit
Risks and Premise Risks.
Transit Risks refer to loss of money while it is in transit
either to the premises or from premises or carrying the
money to other places for making disbursement.
In this case, insurance cover is applicable for a period of
time until the transit activity is accomplished. 40
41. CHAPTER Seven: Non life insurance
Premise risks refer to the possibility of loss of
money kept in locked safes in the premise by
burglars, housebreakers or thieves.
The insurer, however, will not be liable for losses
caused by :
1.War and war like operations.
2.Dishonesty of any messenger or employee of the
insured
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42. CHAPTER Seven: Non life insurance
7. FIDELITY GUARANTEE POLICY
This policy protects employers from all direct losses
arising from any act or acts of fraud or dishonesty
committed by any of the employees.
The insured is, then, indemnified up to the amount
guaranteed by the insurer, subject to the terms and
conditions of the policy.
The insurance cover shall not exceed one year.
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43. CHAPTER Seven: Non life insurance
8. PLATE GLASS POLCIY
This policy protects the insured against the destruction or
breakage of the glass
The policy does not provide compensation for:
Damages directly or indirectly traceable to fire explosion,
earthquake, volcanic eruption, hostilities, sticks etc.
Cracked or imperfect glass
Damage to window frames and other fittings.
Consequential losses and any legal liability, etc…
43
44. CHAPTER Seven: Non life insurance
9. MARINE INSURANCE
Marine insurance provide protection for the insured
for loss of or damages to the property arising out of
sea perils.
The various classes of insurance policy that are
issued under marine insurance are: Hull, Cargo and
Freight.
44
45. CHAPTER Seven: Non life insurance
TYPES OF MARINE POLICIES
1.Time policy: The contract begins at a specified date
and terminates at a specified date.
2.Voyage Policy: Give protection to the insured from
port of departure to port of destination.
The policy terminates when the ship reaches the
desired port safely.
This policy is in most cases issued to cover cargos.
45
46. CHAPTER Seven: Non life insurance
3. Mixed Policy (Time and Voyage Policy) : It combines
time and Voyage Policies
4. Valued Policy: It eliminates the disagreement exist
between the Insured and the Insurer as to the value of the
property when a loss occurs. The insurable value is declared
at the beginning of the policy
5. Unvalued Policy (Open Policy): The value is left to be
proved later upon the occurrence of a loss or damage.
The Insurable value is the basis for making compensation
46
47. Meaning of Re-insurance
Reinsurance is the shifting of part or all of the
insurance originally written by one insurer to another.
The insurance company that initially writes the policy
for the insured is called the primary insurer (ceding
company), and the insurance company that accepts
part or all of the insurance from the ceding company is
the reinsurer.
47
48. The amount of the insurance that the primary/ceding
insurer retains is called the retention limit (net
retention), and the amount insurance that is ceded to
the reinsurer is known as the cession.
The reinsurer may transfer some of the insurance to
another reinsurer.
The process by which a reinsurer passes risks to
another reinsurer is known as retrocession.
48
49. Reasons for Reinsurance
The main purposes of reinsurance are the following:
1. To increases the capacity of the insurer;
2. To stabilize profits
3. To reduce the unearned premium reserve
4. To protect against a catastrophic loss
49
50. Types of Re-insurance Agreement
There are two: Facultative and Treaty Reinsurance.
1. Facultative Reinsurance
Facultative Reinsurance is an optional, case-by-case
method that is used when the ceding company receives
an application for insurance that exceeds its retention
limit. If a willing reinsurer can be found, the primary
company and reinsurer can enter into a valid contract.
50
51. 2. Treaty (Automatic) Reinsurance
Treaty (Automatic Reinsurance) involves a standing
agreement with a particular reinsurer. Treaty
reinsurance means the primary insurer has agreed to
cede insurance to the reinsurer and the reinsurer has
agreed to accept the business. The amount of
insurance sold by the primary insurer that is
transferred and the services provided by both parties
51
52. •Types of automatic treaties
(1) Quota share treaty (2) Surplus share treaty
(3) Excess of loss treaty (4) Reinsurance pool
1. Quota Share Treaty: Under a quota-share treaty,
the ceding company and reinsurer agree to share
premiums and losses based on some proportion. The
ceding insurer’s retention limit is stated as a
percentage rather than as a Birr amount. Premiums and
52
53. Pro-rata reinsurance (quote-share treaty) is the
proportionate sharing of premiums, losses, and
expenses between the primary insurer and the
reinsurer.
For example, the primary insurer may decide to retain
70% of new business and transfer 30% to the
reinsurer, and dividing income, losses, and expenses
by the same proportion.
53
54. 2. Surplus Share Treaty: Under a surplus-share
treaty, the reinsurer agrees to accept insurance in
excess of the primary insurer’s retention limit, up to
some maximum amount.
For example, suppose that ABC property insurance has a
retention limit of Birr 200,000 (called a line) for a single
policy and those four lines or 800,000 are ceded to XYZ
reinsurer.
Assume that Birr 500,000 property insurance is issued.
54
55. Then ABC property insurance takes the first Birr
200,000 of insurance or two-fifths (2/5) and XYZ
reinsurer takes the remaining 300,000 or three-fifths
(3/5).
These fractions then determine the amount of loss paid
by each party.
If a Birr 50,000 loss occurs, ABC property insurance
pays 20,000 (two-fifths) and XYZ reinsurer pays the
remaining Birr 30,000 (three-fifths). 55
56. Amount of Policy ABC Property Insurance (line) XYZ Reinsurer
500,000 Br. 200,000 Br. 300,000
Amount of loss
Birr 50,000 20,000(50,000 x 2/5) 30,000(50,000 x 3/5)
3. Excess of Loss Treaty: An excess-of-loss treaty is designed
largely for a catastrophe loss.
Losses in excess of the primary company’s retention limit
are paid by the reinsurer up to some maximum limit.
An excess-of-loss treaty can be used to provide protection
against a catastrophic loss. 56
57. 3. Excess of Loss Treaty:
An excess-of-loss treaty is designed largely for a
catastrophic loss.
Losses in excess of the primary company’s retention
limit are paid by the reinsurer up to some maximum
limit.
An excess-of-loss treaty can be used to provide
protection against a catastrophic loss.
57
58. Example, assume that the reinsurer agrees to pay all losses in
excess of Birr 50,000 up to a further Birr 200,000; the way in
which various losses are divided is as follow:
loss is Birr Primary Insurer Pays Excess Reinsurers Pay
40,000 40,000 Nil
50,000 50,000 Nil
100,000 50,000 50,000
250,000 50,000 200,000
58
59. 4. Reinsurance Pool:
A Reinsurance Pool is an organization of insurers
that underwrites insurance on a joint basis.
Pools are formed because a single insurer alone may
not have the financial capacity to write large amounts
of insurance, but the insurers as a group can combine
their financial resources to obtain the necessary
capacity.
59
60. Each pool member agrees to pay a certain
percentage of every loss.
Another arrangement is similar to the excess-of-loss
reinsurance treaty.
Pool members are responsible for their own losses
below a certain amount.
Losses exceeding that amount are shared by all pool
members.
60