Contents:• Introduction to INSURANCE POLICIES:

Primary factor of risk and uncertainty. Primary principle of pooling of risks. Meaning Of An Insurance Policy. Legal Principles To An Insurance Policy.

• Types of INSURANCE POLICIES: Life Insurance. General Insurance (fire, marine, health, motor)

• Statistics for INSURANCE POLICIES: Life Insurance.(industry stats, market updates, distribution, products ) General Insurance (industry stats, market updates, distribution, products )

Meaning of Insurance Insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.

Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment..

The Factor Of Risk And Uncertainty

Primary Factor

Risk and uncertainty are incidental to life. Man may meet untimely death.

Whenever there is uncertainty, there is risk as well as insecurity.

It is to provide against risk and insecurity that insurance came into being.

Primary Principle

The main principle

underlying insurance

is the pooling of risks .

Insurance policy:An insurance policy is:

A contract by which a person,

in consideration of a sum of money , undertakes to make good the loss of another against a specific risk, e.g., fire, or to compensate him or his

estate on happening of a specified event, e.g.,

accident or death.

Parties to the policy:The person undertakes the risk is called the insurer , assuror or underwriter.

The person whose loss is to be made good is called the insured or assured

Legal principles

Indemnity: The insurance company indemnifies the insured.

Insurable Interest: The requirement of an insurable interest is what

distinguishes insurance from gambling. Utmost Good Faith: The insured and the insurer are bound by good faith

Contribution: Insurers contribution towards the insured.

Subrogation: Legal rights with the insurance company to get recoveries for the insured

Proximate Cause: Identification of the right cause of loss.

Mitigation: Incase of losses the owner of the assets must keep the losses to the minimum

Types of insurance policies

Insurance Industry In India

Motor Insurance

Fire Insurance

Health Insurance

Marine Insurance

Life Insurance

General Insurance

1.Life insurance: Life insurance is a route for providing financial support for your family even after your demise.

Mode of a sound and structured financial planning.

Helps you do your savings in order to achieve your long term goals.

There are many types of Life insurance Policies or Plans.

The main idea or motive of a Life insurance service: is to provide maximum benefits for the policy holders family/sub-ordinates after his/her death.

2.General insurance:Definition: Insurance contracts that do not come under the ambit of life insurance are called general insurance. The different forms of general insurance are fire, marine, motor, accident and other miscellaneous non-life insurance. 

Description: The tangible assets are susceptible to damages and a need to protect the economic value of the assets is needed. For this purpose, general insurance products are bought as they provide protection against unforeseeable contingencies like damage and loss of the asset. Like life insurance, general insurance products come at a price in the form of premium. 

Types of general insurance

Motor Insurance

Fire Insurance

Health Insurance

Marine Insurance

a. motor insurance This is an insurance policy designed for vehicles/automotives.

The auto insurance policy offers a safety coverage for every insured vehicle that has underwent some damage.

Though any vehicle is insured does not mean it will receive compensation very easily.

The investigator investigates into the matter and checks the details very minutely

b. fire insuranceFire insurance Fire insurance is a insurance that cover property, such as home shop or other fixed asset protection against fire, burn Etc..

It also cover distraction of property due to fire

c. Health insurance A health insurance is also referred as Medical insurance.

Though the medical or health insurance plan is taken by single person, it can be useful for all the concerned members of his or her family.

d. Marine insuranceMarine insurance Marine insurance and marine cargo insurance cover the loss or damage of vessels at sea or on inland waterways, and of cargo in transit, regardless of the method of transit.

When the owner of the cargo and the carrier are separate corporations, marine cargo insurance typically compensates the owner of cargo for losses sustained from fire, shipwrecked., but excludes losses that can be recovered from the carrier or the carriers insurance.

Top 5 Life insurance Providers in India

Bajaj Allianz Life Insurance Company

Birla Sunlife Insurance Company Ltd

HDFC Standard Life Insurance co.Ltd

ICICI Prudential Life Insurance LTD.

Life Insurance Corporation Of India

Life Insurance:Industrial Statistics

Life Insurance:Market updates, Distribution & Products

• Market Updates: Potential new entrants Mergers And Acquisitions. Company news and financial results.

• Distribution & Products: Including the nationwide distribution of all life insurances Some Of the recent product launches in the indian market.

General Insurance:Industrial Statistics

General insurance:Market updates, Distribution & Products

• Market Updates: Insurers Other market developments.

• Distribution & Products: Including the nationwide distribution of all life insurances Some Of the recent product launches in thee Indian market.

bibliography

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