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GENERAL INSURANCE

MISCELLANEOUSMISCELLANEOUS INSURANCE

1PRESENTATION BY RAMA CHANDRA

Personal Accident Insurance

Personal accident insurance covers the expenses from an accident with a lump sum payment, a daily or monthly amount or a payment for loss of life from an accident.

Several types of policies supplement an insurance program.

Often, accidental death and dismemberment is an inexpensive form of personal accident insurance.


Personal Accident Insurance

Other forms are similar to disability income, but they pay a cash sum when an injury due to an accident occurs.

There are several ways to buy personal accident insurance.

Some policies only pay for specific types of accident.


Cost Accidental death and dismemberment

insurance, one form of accident insurance, is often inexpensive.

The reason behind this is the fact that, it doesn't happen as frequently as death from an illness.

Traveler's accidental death insurance is also inexpensive for the same reason.


Cost Lump sum payments from an injury, not at

work, that seeks medical attention and miss work, costs more since there's a higher likelihood of that occurring.

The Policies, which includes Accidental Death, Disability and the Medical expenses being given at the time of Hospitalization, due to Accident will be expensive.

The Disabilities include Permanent Partial and Permanent Total Disabilities.


Payments Accident Insurance doesn't pay for

extended periods in the way disability does.

It offers lump sum payments for the loss of a limb.

Often accident insurance pays in percentage with the death receiving 100-percent payment, loss of both eyes or combination of one hand and foot or sight in one eye.


Payments

There are specific percentages for other losses.

For instance, you must lose a thumb and index finger on the same hand in order to get 25 percent of the policy face value.

Some policies increase payment if you had a seat belt on at the time of injury.


Coverage Accident insurance for those in the later years

is almost impossible to get.

As people age, their bones become more brittle

and a minor fall might cause death to someone older.

In India, the coverage of Accidental Insurance Policies are restricted, mostly, to the Age of 70 years.


Aviation Insurance Aviation Insurance was first introduced in

the early years of the 20th Century. The first aviation insurance policy was

written by Lloyd's of London in 1911. The company stopped writing aviation

policies in 1912 after bad weather and the resulting crashes at an air meet caused losses on many of those first policies.

The first aviation policies were underwritten by the marine insurance underwriting community. The first specialist aviation insurers emerged in 1924.


Warsaw convention

In 1929 the Warsaw convention was signed.

The Warsaw System is in force in India, by way of Carriage by Air Act, 1972.

The convention was an agreement to establish terms, conditions and limitations of liability of carrier for carriage by air. This was the first recognition of the airline industry as we know it today.


Montreal convention Liability Limit for domestic passengers

in the event of death or bodily injury continues to be at the old level of Rs.7,50,000 for passengers above 12 years of age and Rs.3,50,000 for below 12 years.

As regards damage to baggage compensation is Rs.4,000 per passenger for hand baggage and Rs.450 per kg for registered baggage .


Montreal convention

The Warsaw System, which is in force in India by way of Carriage by Air Act, 1972 had allowed four choices of jurisdiction for filing of a claim by the passenger,

1. place of issue of ticket,

2. principle place of business of the carrier,


Montreal convention

3. the place of destination of the passenger ,

4. the place of domicile of the carrier.

Through the Montreal Convention a fifth jurisdiction is added which is the place of domicile of the passenger, provided the airline has a presence there.

PRESENTATION BY RAMA CHANDRA 13

Types

HULL AVIATION INSURANCE Ground risk hull insurance not in motion Ground risk hull insurance in

motion(taxiing) In –flight insurance

LIABILITY AVIATION COVERAGE Public liability policy Passenger liability policy Combined Single Limit(CSL)


In-flight insurance

In-flight is from the time that the aircraft begins its take-off roll to when it has completed its landing roll.

In-flight coverage protects an insured aircraft against damage during all phases of flight and ground operation, including while parked or stored.

Naturally it is more expensive than non-in-motion coverage since most aircraft are damaged while in motion.


Exclusions

Pilots and Use – There is no coverage unless the aircraft is being operated by approved pilots and is being used as allowed by the policy,

include illegal use of an aircraft;

using an aircraft for purposes other than that described in the policy;


Exclusions

piloting the aircraft by someone not named in the policy;

operating an aircraft outside stipulated geographical boundaries.

There is no liability coverage for injury to YOU, the Named Insured. Liability coverage protects you against claims from other people in the event that you injure them or damage their property.


Exclusions There is no coverage for bodily injury to your

employees. If your employees are injured while they are working in their capacity as your employee, Worker’s Compensation Insurance may be the sole remedy for their injury.

There is no coverage for intentional losses. If you decide to destroy your airplane on purpose – no coverage.

There is no coverage for damage caused by aircraft due to noise or pollution generated by the airplane.


EXCLUSIONS War Exclusions :

War exclusions have been brought to the forefront of our thinking since the terrorist attacks of September 11, 2001 involving civil aircraft, but war risks have been excluded from insurance policies since the 1960’s :

War, martial law, or coup. Hostile detonation of atomic or nuclear

weapons. Strikes or riots.


War Exclusions

Terrorist acts. Sabotage. Confiscation or seizure by any

government. Hi-Jacking.

Note: War exclusions can be “written back” on most policies for additional premium.


EXCLUSIONS Losses caused by mechanical or electrical

breakdown or failure, deterioration or freezing are excluded. Also excluded – losses to any part that is designed to wear out (tires, brakes, fading of paint) and losses due to mechanical breakdown of the engine or any of its components.

This exclusion does not apply to

“downstream damage” from these failures or breakdowns. 21

PRESENTATION BY RAMA CHANDRA

Auto Insurance

Auto insurance protects against financial loss due to an accident.

It is a contract between the individual and the insurance company.

One agrees to pay the premium and the Insurance company agrees to pay for the losses as defined in the policy.


Auto Insurance

Auto insurance provides property, liability andmedical coverage:

Property coverage pays for damage to or theft of your car.

Liability coverage pays for your legal responsibility to others for bodily injury or property damage.

Medical coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.


Auto Insurance

Ohio’s Financial Responsibility Law :

The law requires drivers to be insured or have other arrangements to pay for injuries or damages they cause in the event of a crash.

The law provides protection against irresponsible drivers.


Auto Insurance Policy Policy covers :

1. Bodily Injury Liability 2. Medical Payments or Personal Injury

Protection (PIP) 3. Property Damage Liability4. Collision 5. Comprehensive 6. Uninsured and Underinsured Motorist

Coverage 25PRESENTATION BY RAMA CHANDRA

Motor Vehicle Policies

Liability only motor policy

Mandatory motor vehicle policy

Package motor policy

Motor policy additionally insures loss and damage of the motor vehicle due to theft and accidents along with third party risk is called a package motor policy.


Personal Line Insurances

House holders policyShop keepers policyPersonal accident policyGroup personal accident policyFidelity guarantee policy


Liability Insurances

Compulsory public liability policyPublic liability policyProducts liability policyProfessional indemnity policyLift (third party) policyDirector’s liability policyEmployer’s liability policy


Rural Insurance Policies

Cattle policy

Poultry policy

Agricultural pump set policy

Crop insurance


Engineering Insurances

Machinery Breakdown Insurance Loss of Profits (Machinery Breakdown) Insurance Electronic Equipment Insurance Erection All Risk Insurance (EAR) Storage cum Erection Insurance (SCE)


Engineering Insurances

Contractors All Risk Insurance (CAR)

Contractors Plant and Machinery Insurance (CPM)

Boiler and Pressure Plant Insurance

Loss of Profits (Boiler Explosion) Insurance

Deterioration of Stocks Insurance.31PRESENTATION BY RAMA CHANDRA

IRDA

Insurance Regulatory & Development Authority is the controlling and regulatory apex body in the country for insurance sector and its chairman and members are appointed by Government of India.

IRDA’s HQ is located at Hyderabad.


Insurance Regulations(Regulations issued by IRDA)

IRDA Actuarial Report and Abstract 2000 IRDA Registration of Indian Insurance

Companies 2000 IRDA Insurance Advertisement and

Disclosure 2000 IRDA The IRDA (Meetings) 2000 IRDA Investments (Life and General) 2000 IRDA Statements of Accounts 2000



IRDA The Insurance Advisory Committee (Meetings) Regulations, 2000

IRDA Assets, Liabilities, and Solvency Margin of Insurers Regulations, 2000

IRDA Obligations of Insurers to Rural Social Sectors Regulations, 2000

IRDA Licensing of Insurance Agents Regulations, 2000

IRDA Appointed Actuary 2000



IRDA General Insurance - Reinsurance Regulations, 2000

IRDA The IRDA (Staff) 2000 IRDA Surveyors and Loss Assessors 2000 IRDA Reinsurance –Life 2000 IRDA Revised Investment Regulations in April

2001


Insurance Regulations

IRDA (third party administrators) regulations 2001

IRDA (protection of policyholder’s interest ) regulations, 2002

IRDA ( licensing of corporate agents) regulations 2002


Insurance Regulations

IRDA (manner of receipt of premium) regulation 2002

IRDA (licensing of brokers) regulation 2002

IRDA (micro-insurance) regulations, 2005 IRDA (Treatment of Discontinued Linked

Insurance Policies) Regulations, 2010 IRDA (Sharing of Database for Distribution

of Insurance Products) Regulations, 2010


IRDA Guidelines on Corporate Governance for the Insurance Sector

IRDA vide letter no. IRDA/F&A/CIR/025/2009-10 dated 05-08-2009 has issued detailed guidelines to all insurers on corporate governance for the insurance sector for compliance with effect from 01-04-2010 and an Amendment No.1 has been issued vide letter no. IRDA/F&I/CIR/F&A/014/01/2010 dated 29-01-2010


Growth of Insurance Business

Life Insurance Premium from Rs.400 crores in 1956 to Rs.2,21,791 crores in 2008-09 with 10.15 % growth over 2007-08

General Insurance Premium from Rs.200 crores in 1972 to Rs.38,182 crores in 2009-10 with 16.55 % growth over 2008-09


Queries


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