Syllabus_IR&RM_PUMBA
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This document discusses the evolution and classification of insurance as well as the history and types of insurance including life and general insurance. It also covers topics such as insurance agents, underwriting, claims management, insurance intermediaries, financial management, marketing strategies, product design and development, regulation and the role of the Insurance Regulatory and Development Authority.
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The document discusses key terms beginners need to know when choosing life insurance, such as coverage, policy, sum insured, and premium. It also provides an overview of mutual funds, including how they work, ways to earn money through them, and strategies for managing a portfolio of mutual funds successfully with time, discipline and patience. Contact information is provided for a forensic accounting firm in Dubai that can advise further on life insurance terms.
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The document discusses key terms beginners need to know when choosing life insurance, such as coverage, policy, sum insured, and premium. It also provides an overview of mutual funds, including how they work, ways to earn money through them, and strategies for managing a portfolio of mutual funds successfully with time, discipline and patience. Contact information is provided for a forensic accounting firm in Dubai that can advise further on life insurance terms.
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The Federation of European Risk Management Associations (FERMA) and the European Federation of Insurance Intermediaries (BIPAR) have signed a protocal on the trnasparency on intermlediation on business insurance.
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Gloria Cacciatore Turan, President of Jos. Cacciatore & Co. Insurance Agency, has earned the Certified Insurance Service Representative (CISR) designation by completing five insurance courses and examinations. The CISR designation, awarded by the Society of CISR, requires annual continuing education and has over 27,000 designees nationwide. Mrs. Turan holds three additional insurance degrees and is commended for her commitment to professionalism and education in the field.
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- The Indian government nationalized private insurance companies in 1956.
- The government began privatizing insurance in the 1990s, opening it up to private players.
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The document provides an introduction to life insurance and the insurance industry in India. It discusses the origins of insurance dating back to 12th century practices of risk-sharing. It outlines the history of the insurance industry in India including the nationalization of life and non-life insurance in 1956 and 1972, and the establishment of regulatory authority IRDA in 1999 which opened the industry to private players. The duties of IRDA include regulating terms of insurance contracts, monitoring solvency, and advising on regulations.
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- Early methods of risk sharing date back to 3rd millennium BC in China and 2000 BC in Babylon, but modern insurance began in 14th century Genoa and London.
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This document presents information about the insurance sector in India. It discusses the privatization of insurance, the growth of major private players in the sector, and the key driving factors such as rising incomes and demand from semi-urban populations. It also outlines some of the challenges and opportunities in the Indian insurance market since privatization, such as the need for effective mass marketing strategies and leveraging new technologies. Overall, the privatization of insurance has led to increased competition, new products, and higher salaries compared to when it was previously dominated by state-owned providers.
Privatization of insurance
The document discusses the history and development of the insurance sector in India. It notes that insurance was initially nationalized and state-owned companies dominated the market. Liberalization in the 1990s allowed private companies to enter the sector. Now there are many private life, health, and general insurance companies operating alongside state-owned insurers, increasing competition and improving customer choice, services and products. However, some risks remain, such as companies prioritizing profits over customers.
Privatisation in insurance sector
The document discusses the insurance sector in India. It covers the introduction and history of insurance in India, the privatization of insurance in the 1990s, and the major effects of privatization. Some key points include:
- Insurance provides protection against risks by distributing losses across many individuals.
- The Indian government nationalized private insurance companies in 1956.
- The government began privatizing insurance in the 1990s, opening it up to private players.
- Since privatization, the insurance sector has grown significantly, with the number of policies and premium income rising sharply. Top private players have also experienced strong growth.
- Privatization has led to increased competition, new products, better technology and customer service. It has
Privatisation of life insurance sector in india
This project is related to life insurance business in India. This study is mainly related to privatization of life insurance sector. LIC was monopoly in insurance sector till 2000.
The decision by IRDA to grant licences to private pledgers in life and non-life sector is expected to increase the insurance business in India. This is bound to board to force existing player to become more competitive thus the buyer can now expect better deals form its insurance agents.
Privatization
Privatization refers to the transfer of ownership of public assets or services to private entities. This can increase efficiency and competition by reducing government involvement and political interference in commercial activities. Main methods of privatization include share issues, asset sales, and voucher programs. Privatization has led to improved infrastructure like toll roads and ports in some cases. However, private entities prioritize profits over community interests, and may not serve rural areas.
Privatisation
Privatization in key sectors like banking, insurance and education in India has led to both benefits and concerns. In banking, privatization has increased efficiency, branches and credit availability but some argue public sector banks are not truly "sick". In insurance, privatization has spurred fast growth and rising premiums with more private players. However, there are worries about profit priorities overserving needs. In education, privatization was driven by demands for improved quality and technology but there is concern it could worsen inequality. Overall, privatization's impact in India depends on balancing economic and social goals.
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Insurance is a form of risk management used to hedge against uncertain losses by spreading risk among many. In India, the first life insurance company started in 1818 and the Insurance Act of 1938 first regulated the industry. The industry was nationalized in 1956 with the formation of LIC. Common insurance services include fire, marine, and other policies. Marketing involves product mixes, pricing based on risk, sales through agents and digital means, and promotions using various media. Emerging services include online payments, call centers, partnerships with banks, and customer relationship management.
Corporate agents
The document discusses corporate agents in the life insurance industry in India. It introduces corporate agents as intermediaries used to increase insurance coverage among populations that previously lacked access. Corporate agents are corporate entities authorized to source policies for one specific insurance company. They train their own employees to sell policies, unlike bancassurance arrangements where insurance company employees do the selling. To become a corporate agent, the agency must employ qualified individuals licensed to solicit policies on its behalf. Potential corporate agents mentioned include organizations with large rural customer bases, NGOs, new NBFCs, retailers, and brokers.
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This document provides an overview of insurance and microfinance companies. It defines insurance as a contract between an insured and insurer where the insurer agrees to pay a specified amount if a covered loss occurs, and the insured pays a premium. Insurance management can benefit marketing managers by helping mitigate risks, support decision making, and manage crises. A microfinance company provides financial services like loans and savings accounts to individuals without access to traditional banking. Several prominent microfinance companies in India are discussed. Different types of insurance like life, health, motor and home insurance are outlined as well as insurance policies.
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Insurance intermediaries serve as the critical link between insurance companies and consumers. They facilitate the placement and purchase of insurance and provide services to both insurers and policyholders. There are two main types of intermediaries - insurance agents, who represent insurers, and insurance brokers, who represent policyholders. Intermediaries advise consumers, present insurance options, and assist with placing coverage, claims management, and risk management. They are an essential part of insurance supervision and distribution.
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The document provides an overview of insurance regulations in India set by the Insurance Regulatory and Development Authority (IRDA). It discusses IRDA's history, mission, powers and duties in regulating the insurance industry. It also outlines various IRDA regulations for life insurance companies regarding capital requirements, investments, rural policies, agent commissions and more. The document concludes with sections on claims processing, types of claims, claim documentation and preventing insurance fraud.
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Check out global insurance industry insights, with trending technologies in Insurance and marketing of its services. Visits us for Digital Marketing Consusting Services in Insurance
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This document provides a table of contents for a report on consumer behavior towards insurance products with ICICI Prudential as a case study. The executive summary introduces the topics to be covered, including the need for insurance, company profile of ICICI Prudential, vision and products offered, stress management, findings and suggestions. The introduction section provides background on life insurance including its origin and development in India. It outlines the key regulations established by the Insurance Regulatory and Development Authority.
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This document summarizes a presentation on the Insurance Regulatory and Development Authority of India (IRDA). It discusses what insurance is, the roles of insurers and insured. It outlines the evolution and nationalization of insurance in India. It describes the organizational structure, duties, and tenure of IRDA. It discusses ombudsmen for handling complaints, intermediaries like agents and brokers, and recent regulatory changes and criticisms of IRDA.
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The present book is a great step in forward direction of Indian Insurance sector ; and I have no doubt that after studying this book in detail and getting through the examination successfully, the insurance agent will gain substantially in accomplishing the tasks that are assigned to him or her. I would keenly look forward to its huge success in the Indian insurance domain in the days to come.
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Actuaries apply mathematical and statistical skills to problems involving uncertain future events, such as those in the takaful (Islamic insurance) industry. They play key roles in product design, pricing, reserving, investment strategy, and financial analysis. As appointed actuaries, they advise boards and management, monitor finances continuously, and value assets and liabilities annually. They also work in investment portfolio management and personal financial planning. The document provides an overview of the Muhanna Group, the largest actuarial consulting firm in the Arab world, and its services in takaful, insurance supervision, software solutions, education, and ratings.
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The document provides an introduction to life insurance and the insurance industry in India. It discusses the origins of insurance dating back to 12th century practices of risk-sharing. It outlines the history of the insurance industry in India including the nationalization of life and non-life insurance in 1956 and 1972, and the establishment of regulatory authority IRDA in 1999 which opened the industry to private players. The duties of IRDA include regulating terms of insurance contracts, monitoring solvency, and advising on regulations.
Insurance Presentation
- Insurance is a form of risk management that transfers the risk of a potential loss from one entity to another in exchange for payment of a premium.
- Early methods of risk sharing date back to 3rd millennium BC in China and 2000 BC in Babylon, but modern insurance began in 14th century Genoa and London.
- Today, insurance covers a vast array of risks for individuals, businesses, marine, aviation, agriculture, life, health and more. Virtually anything can be insured.
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Insurance is a written contract , taken with the insuring company , that transfers the risk of loss to the insurer according to the terms of the contract.
Insurance risk
The document discusses various topics related to risk in the insurance industry including types of risk like investment, investor, and insurance risks. It outlines regulatory bodies like IRDA that govern the industry and ensure compliance. It also covers fraud risk management, advertising standards, and guidelines around corporate governance in insurance companies.
Principles of insurance
This document provides an overview of insurance principles including:
- The history of insurance dating back over 5000 years in China and the formation of major insurance companies in India.
- Key concepts in insurance including risk, peril, hazards, and methods of managing risk such as prevention, reduction, retention, and transfer.
- The main classes of insurance like life, general, and reinsurance.
- Components of the insurance market including different types of companies, intermediaries, specialists, and regulatory bodies.
- Key elements of an insurance contract between the insurer and policyholder including insurable interest, indemnity, proximate cause, subrogation, contribution, and utmost good faith.
Insurance sector advertising
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Syllabus_IR&RM_PUMBA
- 1. Evolutionandfeaturesof insurance, classificationof insurance,double insurance andreinsurance, Conditionsrelatingtorisk,Selectionof Risk Insurance Agent Historyof Insurance,Privatization,Typesof Insurance –Life andGeneral insurance Life insurance –Principles,Contacts,Risk,Policies,Marketing,Privatizationof Life insurance business Role andperformance of LIC vis-à-visPrivate insurance companies Introductiontogeneral Insurance: Practice of non- life insurance - Fire,Automobile,Marine,Health,Rural,Social and Miscellaneous insurances PublicandPrivate insurance companies Managementof Insurance Companies Functionsandorganizationof insurers Underwriting ClaimsManagement Insurance intermediaries Financial ManagementinInsurance companies InformationtechnologyinInsurance business Featuresof Financial Statementsof Insurance companies Marketingof Insurance companies ProductdesignandDevelopment,Insurancepricing,Insurance Marketing,Comparisonof Marketing Strategiesof publicandprivate insurance companies Bank assurance Regulationof Insurance businessandIRDA Its role – Classificationof Insurance lawsinsurance legislation –IRDA Act – Ombudsman