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INSURANCE
Since the actual opening up of Insurance sector in India has preceded by a
Keen debate about the positive and negative aspects of the liberalization, it is
analyzed here in some detail especially the Indian perception
• Emerging trends the world over , the think tank for India are now
clear
►Insurance is a contract between two parties whereby one party called insurer,
Takes a fixed sum called premiums, in exchange to pay the other party on the
► People purchase insurance for various reasons – old age security, risk coverage
Tax rebate, money for child’s marriage and money for child’s education
► BENEFITS OF INSURANCE
Global Market today $2100 billion with an annual premium collection of $7.2 billion
The industry must learn different technique for rural business in areas like Product
Multiple touch points have emerged – contact centers, email, facsimile, websites
Insurance industry in India only in past 2 years have given employment to the tune
It is clear that the face of insurance in India is changing but with the changes, come
A host of Challenges, and it is the credible players with a long term vision and
Surely be exciting
FUNDAMENTALS / PRINCIPLES OF INSURANCE
• INSURABLE INTEREST
• INDEMNITY
• SUBORGATION
• CONTRIBUTION
• PROXIMATE CAUSE
• BENEFITS OF GLOBALISATION
• ADEQUACY OF CAPITAL
• TRAINING OF SPECIALISTS
• COST – CONSCIOUSNESS
• TECHNOLOGICAL UPGRADATION
• ACCOUNTING PRACTICES
• SCALE OF OPERATIONS
• GLOBAL INTEGRATION
• EMPHASIS ON TRAINING
• CHANGE IN LIFESTYLE
• POLITICAL RISK
• ENVIOURMENTAL RISK
• HEALTH COVER
• SOCIAL INSURANCE
• PRODUCT DEVELOPEMNT
• CUSTOMER SATISFACTION
• CLAIMS SETTLEMENT
• ROLE OF SURVEYERS
• OPPORTUNITY TO APPEAL