General Insurance & TAC

MSF 512

Insurance

Risk Mitigation

Wealth Creation

Life Insurance (term Insurance

Life Insurance (endowment, UL, Pension)

General Insurance (Fire, Machinery BD, Marine etc.)

Pricing & TAC

Follows One risk One Rating policy.
All assets under one place will be rated equally for a similar kind of risk. Perils like earthquake etc will be rated separately & charged additionally for each risk. All rates will be as per rates specified for each risk by Tarrif Advisory committee (TAC

Tarrif Advisory Committee

Tariff Advisory Committee is the nodal agency for fixing the rate at which a risk can be insured. Its formed under the purview of the IRDA Recommend a standard pricing per mile of a specific risk assumed. Its members are appointed by IRDA from the representatives of various insurance companies and trade bodies.

Factors affecting ratings

Tariff Advisory Committee is the nodal agency for fixing the rate at which a risk can be insured. Its formed under the purview of the IRDA Recommend a standard pricing per mile of a specific risk assumed. Its members are appointed by IRDA from the representatives of various insurance companies and trade bodies.

What you must know

Risk of Trade and Trade Risk Utmost Good Faith Insurable interest When it must exist.
It must exist at the time of taking the policy and at the time of the loss for fire or misc insurance. It need not exist at the time of policy taking for marine insurance

Warranty Assignment Indemnity Excess or franchise Salvage Subrogation Contribution Proximate Cause

Assignment
Transfer of rights and liabilities of an insured to another person who has acquired insurable interest in the property insured. Property with the consent of the insurer, Marine freely assignable. Endorsement needs to be passed. Two type absolute & conditional Possible to assign a policy in favor of 2 or more parties.

Subrogation
The transfer of rights and remedies of the insured to the insurer who has indemnified the insured in respect of the loss. The right of subrogation is implied in all contracts of indemnity.

Contribution
One risk may be insured by several insurers. In case of loss all insurers have to contribute in the same proportion as insured. Lead insurer and co insurer.