This document provides an overview of the claims processing process for an insurance company. It discusses the typical steps involved in handling different types of motor vehicle claims, including requirements for documentation. Key points include:
- The path of a motor vehicle claim with comprehensive coverage involves notifying the insurer, completing forms, providing estimates, assessments, repairs, and payments. Claims over $500 require two estimates.
- Claims with third party only coverage follow notification, forms, and a police report, then the insurer deals with liable parties or transfers to their insurer.
- Required documents vary but can include the driver's license, vehicle registration, insurance details, estimates, and police reports. Theft must be reported immediately with a notification
This document discusses an insurance policy with a sum insured of Rs. 9,00,000 and a premium of Rs. 23,531. It details a loss of Rs. 30,000 that occurred, with Rs. 20,000 recovered from a third party. The remaining Rs. 10,000 loss can be recovered using the principle of subrogation. It also provides an example of calculating payment using the average method, showing the insurer paying Rs. 10,000 for a Rs. 30,000 loss.
Define insurance.
Differentiate between compulsory and non-compulsory insurance
Why would businesses need insurance
Difference between insurance and assurance
principles of insurance
Concepts in insurance
Grade 12 subject content
This document provides an overview of the claims processing process for an insurance company. It discusses the typical steps involved in handling different types of motor vehicle claims, including requirements for documentation. Key points include:
- The path of a motor vehicle claim with comprehensive coverage involves notifying the insurer, completing forms, providing estimates, assessments, repairs, and payments. Claims over $500 require two estimates.
- Claims with third party only coverage follow notification, forms, and a police report, then the insurer deals with liable parties or transfers to their insurer.
- Required documents vary but can include the driver's license, vehicle registration, insurance details, estimates, and police reports. Theft must be reported immediately with a notification
This document discusses an insurance policy with a sum insured of Rs. 9,00,000 and a premium of Rs. 23,531. It details a loss of Rs. 30,000 that occurred, with Rs. 20,000 recovered from a third party. The remaining Rs. 10,000 loss can be recovered using the principle of subrogation. It also provides an example of calculating payment using the average method, showing the insurer paying Rs. 10,000 for a Rs. 30,000 loss.
Define insurance.
Differentiate between compulsory and non-compulsory insurance
Why would businesses need insurance
Difference between insurance and assurance
principles of insurance
Concepts in insurance
Grade 12 subject content
Ranjan took out a life insurance policy but failed to disclose that he had previously been confined for acute mania when asked if he had any history of mental illness or derangement. When Ranjan later made a claim on the policy, the insurer refused to pay, arguing there was a material concealment. The case law suggests that the insurer would not be liable to pay out because the contract was void, as Ranjan was not of sound mind when he entered into the insurance agreement due to failing to disclose his medical history of acute mania.
The document provides an overview of motor insurance policies in India. It discusses key aspects such as the types of motor insurance policies (liability-only and package), factors that determine premium rates (vehicle age, cubic capacity, geographical zone), discounts provided (no-claim bonus), and policy terminologies (drivers clause, endorsements). It also summarizes the sections in the motor insurance tariff and the methods used to determine the insured declared value of vehicles.
The document discusses various types of insurance contracts in India including life, fire, and marine insurance. It outlines key elements such as insurable interest, indemnity, disclosure requirements, and types of policies for each. For life insurance, it describes who can have an insurable interest and different types of life policies. For fire insurance, it discusses the average clause, insurable interest, and types of fire policies. For marine insurance, it discusses insurable interest, maritime perils, and types of marine policies.
This document provides an overview of the nature of insurance. It defines insurance as an agreement where individuals facing similar risks can share losses through transferring risks to an insurer. The insurer collects premiums from many policyholders and uses these funds to pay losses of the unlucky few. This allows for losses to be shared across all policyholders rather than borne solely by those who experience losses. It also discusses key concepts like insurable risks, premium calculation, functions of insurance, and differences between life and other forms of insurance.
Insurance is a contract where an insurer agrees to compensate a policyholder in the event of a specified loss or liability in exchange for premium payments. Key principles of insurance include utmost good faith, indemnity, and insurable interest. There are various types of insurance like life, fire, marine, personal accident, health, and property insurance which are governed by the general principles of contract law and aim to socialize risk while protecting policyholders from financial losses.
1. The document discusses the history and development of the insurance sector in India. It traces insurance in India back to 1818 and discusses key developments like nationalization of insurance in 1956 and privatization in 1999.
2. The roles, types (life, general, health etc.), and major players (both public and private) of insurance are described. It also compares the market share and business of public sector giant LIC versus private insurers.
3. Benefits of insurance planning and investment opportunities in insurance are highlighted. Laws and regulations governing the insurance sector in India are also briefly outlined.
The Insurance Act of 1938 was the first legislation governing all forms of insurance in India and provided strict state control over the insurance business. It aimed to safeguard policyholder interests and establish norms for smoothly conducting the insurance business and minimizing disputes. Subsequent acts like the Insurance Regulatory and Development Authority Act of 1999 established regulatory authorities to further protect policyholders, regulate the industry, and ensure its orderly growth.
Tony Short was the project manager for the construction of a new Tiger Bills restaurant in Consett, North East England. The building was previously abandoned and run down, and Shorco Electrical transformed it into a restaurant seating 200 people inside and out, making it the largest Tiger Bills location to date. The project was completed on time and on budget in December 2013. So far, customers have left excellent reviews on TripAdvisor for the unique East-meets-West menu and dining experience offered at Tiger Bills Consett.
Ranjan took out a life insurance policy but failed to disclose that he had previously been confined for acute mania when asked if he had any history of mental illness or derangement. When Ranjan later made a claim on the policy, the insurer refused to pay, arguing there was a material concealment. The case law suggests that the insurer would not be liable to pay out because the contract was void, as Ranjan was not of sound mind when he entered into the insurance agreement due to failing to disclose his medical history of acute mania.
The document provides an overview of motor insurance policies in India. It discusses key aspects such as the types of motor insurance policies (liability-only and package), factors that determine premium rates (vehicle age, cubic capacity, geographical zone), discounts provided (no-claim bonus), and policy terminologies (drivers clause, endorsements). It also summarizes the sections in the motor insurance tariff and the methods used to determine the insured declared value of vehicles.
The document discusses various types of insurance contracts in India including life, fire, and marine insurance. It outlines key elements such as insurable interest, indemnity, disclosure requirements, and types of policies for each. For life insurance, it describes who can have an insurable interest and different types of life policies. For fire insurance, it discusses the average clause, insurable interest, and types of fire policies. For marine insurance, it discusses insurable interest, maritime perils, and types of marine policies.
This document provides an overview of the nature of insurance. It defines insurance as an agreement where individuals facing similar risks can share losses through transferring risks to an insurer. The insurer collects premiums from many policyholders and uses these funds to pay losses of the unlucky few. This allows for losses to be shared across all policyholders rather than borne solely by those who experience losses. It also discusses key concepts like insurable risks, premium calculation, functions of insurance, and differences between life and other forms of insurance.
Insurance is a contract where an insurer agrees to compensate a policyholder in the event of a specified loss or liability in exchange for premium payments. Key principles of insurance include utmost good faith, indemnity, and insurable interest. There are various types of insurance like life, fire, marine, personal accident, health, and property insurance which are governed by the general principles of contract law and aim to socialize risk while protecting policyholders from financial losses.
1. The document discusses the history and development of the insurance sector in India. It traces insurance in India back to 1818 and discusses key developments like nationalization of insurance in 1956 and privatization in 1999.
2. The roles, types (life, general, health etc.), and major players (both public and private) of insurance are described. It also compares the market share and business of public sector giant LIC versus private insurers.
3. Benefits of insurance planning and investment opportunities in insurance are highlighted. Laws and regulations governing the insurance sector in India are also briefly outlined.
The Insurance Act of 1938 was the first legislation governing all forms of insurance in India and provided strict state control over the insurance business. It aimed to safeguard policyholder interests and establish norms for smoothly conducting the insurance business and minimizing disputes. Subsequent acts like the Insurance Regulatory and Development Authority Act of 1999 established regulatory authorities to further protect policyholders, regulate the industry, and ensure its orderly growth.
Tony Short was the project manager for the construction of a new Tiger Bills restaurant in Consett, North East England. The building was previously abandoned and run down, and Shorco Electrical transformed it into a restaurant seating 200 people inside and out, making it the largest Tiger Bills location to date. The project was completed on time and on budget in December 2013. So far, customers have left excellent reviews on TripAdvisor for the unique East-meets-West menu and dining experience offered at Tiger Bills Consett.
The State Museum of Nature of Armenia was founded in 1952 and reopened in 2004 to reflect Armenia's natural diversity. It contains over 6,000 exhibits including zoological, botanical and geological specimens as well as artwork depicting mammals, birds, reptiles, fish and insects, many of which are endangered species listed in Armenia's Red Book. The museum serves as an environmental education center where children learn how to conserve nature and protect animals.
3. Բարև՛ Ձմեռ պապիկ ջան: Դուք ինձ
երբեք չեք անտեսել, միշտ նվերներ
եք բերել: Իսկ այս տարի ես շատ եմ
ցանկանում ունենալ
հեռակառավարման վահանակով
ինքնաթիռ: Ես խոստանում եմ միշտ
լավ սովորել և արժանանալ Ձեր
բերած նվերին: