Presented By: CHESTA PURTIKA SHEENA SAKSHI

INSURANCE IS A CONTRACT BETWEEN THE INSURER AND INSURED REQUIRING ALL THE ESSENTIAL OF A VALID CONTRACT ACCORDING TO THE LAW OF CONTRACT

 A CONTRACT UNDER WHICH THE INSURER IN CONSIDERATION OF A SUM OF MONEY PAID BY THE INSURED AGREES TO : 1) MAKE GOOD THE LOSS SUFFERED BY THE INSURED AGAINST THE SPECIFIC RISK. 2) TO PAY APRE FIXED AMOUNT TO THE INSURED OR HIS/HER BENEFICIARIES ON THE HAPPENING OF A SPECIFIED EVENT.

PRINCIPLE OF INSURABLE INTEREST INSURABLE INTEREST MEANS THAT THE PERSON OPTING FOR INSURANCE MUST HAVE PECUNIARY INTEREST IN THE PROPERTY WHICH HE IS GOING TO GET INSURED AND WILL SUFFER FINANCIAL LOSS ON THE OCCURRENCE OF THE INSURED EVENT.
PRINCIPLE OF UTMOST GOOD FAITH THE INSURANCE CONTRACT MUST BE BASED ON GOOD AND FAIH IF THE INSURANCE CONTRACT IS OBTAINED BY WAY OF FRAUD CONCEALMENT OF FACTS OR MISREPRESENTATION IT IS VOID. PRINCIPLE OF INDEMNITY THE INSURANCE CONTRACT SHOULD BE SUCH THAT IN CASE OF LOSS DUE TO EVENTUALITIES MENTIONED IN THE CONTRACT THE INSURED SHOULD BR NEITHER BETTER OF NOR WORSE OF AFTER RECEIVING THE INSURED AMOUNT

PRINCIPLE OF CAUSA PROXIMA ACC. TO IT THE INSURER IS LIABLE ONLY FOR THOSE LOSSES WHICH HAS BEEN MOST CLOSELY AND DIRECTLY CAUSED BY THE PERIL INSURED AGAINST.
PRINCIPLE OF MITIGATION OF LOSS ON THE OCCURRENCE OF THE EVENT COVERED BY THE INSURANCE POLICY IT IS THE DUTY OF THE INSURED TO TAKE ALL THE POSSIBLE STEPS TO MITIGATE OR MINIMISE THE LOSS TO THE SUBJECT MATTER OF INSURANCE.

SUBMISS ION OF PROPOS AL FORM

SUBMIS SION OF AGENTS REPORT

DOCTOR S REPORT

CERTIFICATI ON OF AGE

SCRUTINY OF DOCUMENT S

PAYMENT OF FIRST PREMIUM

ACCEPTANC E OF PROPOSALS

LIFE INSURANCE

NON LIFE INSURANCE

Life Insurance can be termed as an agreement between the policy owner and the insurer, where the insurer for a consideration agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness, critical illness or maturity of the policy.

USAGE

INDIVIDUALS

BUSINESS

MORTGAGE PROTECTION
The proceeds of a life insurance policy can pay off the balance of a mortgage or provide an income stream to pay monthly mortgage or rent payments.

TAX RELIEF Life Insurance is the best way to enjoy tax deductions on income tax and wealth tax. This is available for amounts paid by way of premium for life insurance subject to income tax rates in force.

DEBT
Personal bills, credit card debt, student loans, and personal notes can be covered by life insurance in the event of an individual's death.

EDUCATION
Life insurance proceeds can ensure that the education costs of the insured's children are covered.

DONATION/GIFTS
An individual can use a life insurance policy to fund a donation to a charity or leave a gift to a family member.

INCOME REPLACEMENT
In the event of an individual's death, life insurance proceeds can provide a supplemental income stream to ensure that the surviving family members are able to maintain the same standard of living.

KEY PERSON
A life insurance policy can be used to protect a business from the loss of income and profits caused by the death of a key employee

BUSINESS CONTINUATION
Life insurance can be used to fund a buy/sell agreement or stock redemption plan to determine enable a partner or group of employees to buy the business interest of a deceased partner.

EMPLOYEE BENEFIT
Life insurance protection for employees is commonly included in company employee benefits plans.

BUSINESS LOANS
Life insurance protection on a key employee or business owner can be used to pay off the debts of a business in the event of that individual's death.

NON LIFE INSURANCE IS A CONTRACT WHEREBY THE INSURER IN CONSIDERATION OF A PREMIUM PAID BY THE INSURED AGREES TO INDEMNIFY HIM FOR THE FINANCIAL LOSS SUFFERED BY HIMDUE TO AN ADVERSE EVNT WHICH IS COVERED BY THE TERM OF THE POLICY.

LIFE INSURANCE
1) IT IS TERMED AS ASSURANCE 2) IT APLLIES ON HUMAN BEINGS. 3) LOSS DEFINITELY OCCURES SOONER OR LATER. 4) MATURITY PERIOD IS CONTINOUS BASIS. 5) IN THIS THERE IS SECURITY+ INVESTMENT COMPONENT 6) THIS POLICY CAN BE SURRENDERED BEFORE MATURITY. 7) PRINCIPLE OF INDEMINITY APPLIES

NON LIFE INSURANCE

IT IS TERMED AS INSURANCE IT APPLIES ON NON HUMAN BEINGS. THERE IS NO CERTAINITY ABOUT OCCURRENCE OF LOSS. MATURITY PERIOD IS ANNUAL BASIS. BUT IN NON LIFE THERE IS ONLY SECURITY COMPONENT. THIS POLICIES CANT BE SURRENDERED BEFORE MATURITY PRINCIPLE OF INDEMINTY DOESNOT APPLIES.