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It
finds mention in the
Writings of Manu ( Manusmrithi ),
Yagnavalkya ( Dharmasastra ) and
Kautilya ( Arthasastra ).
The writings talk in terms of pooling of resources
that could be re-distributed in times of calamities
such as fire, floods, epidemics and famine. This was
probably a pre-cursor to modern day insurance.
Ancient Indian history has preserved the earliest
traces of insurance in the form of marine trade
loans and carriers’ contracts. Insurance in India has
evolved over time heavily drawing from other
countries, England in particular.
Purpose and Need for Insurance
Reduction in worries
Reimbursement of losses
Opportunity for investment
Credit enhancement
Opportunity for employment
Useful tool for Temporary needs/threats,
Regular savings, Investment & Retirement
Benefits of Insurance
Shifting of risks
Providing pecuniary security (sense of
security in case of death or otherwise)
Assuring expected profits
Safeguarding interest of consumers
Improving Credit standing
Providing investment opportunity
Encouraging savings & Capital formation
Generating employment & social welfare
Helping controlling inflation
Classification of
Insurance
Life Insurance
Non-Life Insurance – Marine, Fire, Personal
accident, Motor vehicle; Misc – Fidelity
guarantee, Crop, Burglary, Cattle & Cash in
Transit Insurance
Life Insurance
A contingent contract insuring human life
against consideration of a certain premium
Insurable interest in the life of insured
Utmost good faith – to disclose material facts
Warranties as a part of insurance contract
Assignment and nomination
Certainty of the event
Premium & Terms of policy
Advantages of Life
Assurance
Protection
Aids thrift
Enhances creditworthiness
Tax relief
Provides liquidity
Types of Life insurance
plans
Whole Life Plans – Limited payment, Single
premium (Jeevan Anand, Jeevan Tarang)
Endowment Assurance Plans (Double/Triple
cover)
Term Assurance Plans, Money Back Plans
Pension Plans, Unit Linked Plans
Children Plans
Plans for Handicapped Dependents
Group Insurance – Term insurance, Gratuity,
Superannuation, Social security schemes for
krishi, shiksha etc
Health Insurance
Individual mediclaim or hospitalization benefit
policy
Hospital cash daily allowance policy
Critical illness policy, Health guard, Shield
Overseas mediclaim policy
Others Fidelity Guarante, Property, Building,
Earthquake, Flood, Burglary, Cattle,
Engineering (machinery, plant breakdown),
Third Party liability and Crop Insurance
Non-Life Insurance
Fire Insurance – Principles of Indemnity,
insurable interest, good faith, causa proxmia,
subrogation and contribution
Types –Specific, Valued, Average, Floating,
Reinstatement, Comprehensive,
Consequential, Declaration and Adjustable
policy
Assignment of policy and settlement of claims
Non-Life Insurance
Marine Insurance – Hull Insurance, Cargo,
Freight and Third party liability insurance
Principles – Non-life contract, insurable
interest, Utmost good faith, contract of
indemnity, principles of subrogation and
contribution, principle of Warranty
Types of Policies – Voyage, Times (mixed),
Valued, Unvalued, Floating, Construction risk,
Port Risk and duty Policy.
Non-Life Insurance
Motor Vehicle Insurance – Need for
Insurance against third party risks, Insurance
of motor vehicles carrying hazardous goods,
Consequences of driving uninsured vehicle
Taxonomy of Motor Vehicles –
Private cars, Motorcycles, scooters,
Commercial vehicles carrying goods,
passengers and other misc vehicles like
ambulances, fire tenders etc