Documente Academic
Documente Profesional
Documente Cultură
Reduction in Worries Reimbursement of losses Opportunity for investment Credit Enhancement Opportunity for Employment Temporary needs/threats Regular Savings Retirement
Benefits of Insurance
Shifting of Risks Providing Pecuniary Security Assuring expected Profits Safeguarding interest of Consumers Improving Credit Standing Providing Investment Opportunity Promoting Social Welfare Generating Employment Opportunities Capital Formation Encouraging Savings Helps Controlling Inflation
Classification/Types Of Insurance
1.Life Insurance 2. Non-life Insurance a. General Insurance Marine Insurance Fire Insurance Personal accident Insurance Motor Vehicle Insurance b. Miscellaneous Insurance Fidelity Guarantee Insurance Crop Insurance Burglary Insurance Cattle Insurance Cash in transit Insurance
Principles of Insurance
Principle of Insurable Interest Principle of Utmost Good Faith Principle of Indemnity Principle of Subrogation Principle of Contribution Principle of Causa Proxima Principle of Mitigation Of Loss
What is Insurance ?
"Insurance is a contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premiums, to pay the other party called insured a fixed amount of money on the happening of a certain event." Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection. A loss is paid out of the premiums collected from the insuring public and the Insurance Companies act as trustees to the amount collected
Adequate sum assured Rider benefit Claim history of company you are purchasing insurance Competitive price Administrative cost