This document provides an overview of the insurance industry. It defines insurance as a risk management technique where the insured pays a fee to have risks covered by an insurer in the event of losses. The key parties in an insurance contract are the insured and insurer. There are various types of insurance like vehicle, property, health, life, and travel insurance. Insurance provides important benefits such as financial security, encouraging savings, and tax benefits. It also outlines several principles of insurance like utmost good faith, indemnity, insurable interest, and loss minimization.

1. Technology Independent Expertise
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TechnoFunc Presents
Overview of
Insurance Industry

2. Overview of Insurance sector
What is Insurance :
 Risk management technique under which
insured conservatively cover the risk which
may arise on account of some unforeseen
event or losses in future.
 It is a contract between two parties,
 Parties are called the insurer and the
insured,
 In this contract the insurer agrees to cover
the risk of the insured in exchange for a
payment.

3. PARTIES IN THE CONTRACT OF
INSURANCE
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Contract of
Insurance
Insured Insurer

4. Types of Insurance
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Vehicle Insurance
Property Insurance
Health Insurance
Life Insurance
Travel Insurance
Credit Insurance

5. IMPORTANCE OF INSURANCE
BENEFITS OF INSURANCE ?
Hedge against rising Health Expenses
Provides Financial Security
Encourages Savings
Planning for Life Stage Needs
Safe & Profitable Long Term Investment
Tax Benefits
Assured Income through Annuities

6. PRINCIPLES OF INSURANCE
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Principle of Utmost Good Faith ( Uberrimae Fidei )
Principle Of Indemnity
Principle of Insurable Interest
Principle of Subrogation
Principle of Contribution
Principle of Proximate Cause
Principle of Loss Minimization

7. Insurance Glossary
Common terms used in Insurance
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Insurer
Insured
Policy
Premium
Claim
Actuary
Reinsurance
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