Seminar by Gajendra Ranganathan.

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Ô mnsurance is perceived by the common man as

a risk protection measure.
Ô mn technical term , insurance is a means of
protection against monetary loss from any kind
of peril(i.e)fire,floods,earthquakes etc.
Ô A human life is also considered as an income
generating asset, exposed to such periles like
sickness,disabilities or early death.
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Ô ahe well insured man has a certain peace of

mind
Ô He knows that if his factory or house burns, or
his property is damaged, his insurance
company will indemnify him for all or part of the
loss, according to the policy.
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Ô can be defined as the unforeseen element

which may impede your progress in achieving
the objective.
Ô mn insurance jargon they term RmSK as an
uncertainty regarding loss or what is termed as
a FORa maO S risk.
Ô Concept of chance and risk can be expressed
in a single mathematical term called
´Probabilityµ.
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Ô a V x 100 where
Ô a
total losses reported
Ô V
refers to the total values

Ô the product of the above analysis is called

aaw of averages or the doctrine of probability.
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Ô Can be defined as ´ compensation for loss or

injury sustainedµ or ´ to make good the loss or
damageµ .
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Ô Cash payment
Ô Repair

Ô Replacement

Ô Reinstatement
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Ô ahis is the oldest branch of mnsurance

comprising H aa & CARGO.

Ô Hull mnsurance deals the aoss associated with

floating crafts, Cargo insurance provides cover
in respect of loss or damage to goods during
transit by rail, road, sea or air.
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Ô ainly includes the motor business, accident,

aviation , engineering and guarantee
insurances
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Ô Auto insurance
Ô Home insurance
Ô Health
Ô Accident, Sickness and nemployment mnsurance
Ô Casualty
Ô aife
Ô Property
Ô credit
Ô Other types
Ô Closed community self-insurance
Auto insurance provides property,
liability and medical coverage: Ô Auto insurance protects you
1. Property coverage pays for against financial loss if you
damage to or theft of the car.
have a vehicle accident.
2. aiability coverage pays for the
legal responsibility to others for bodily
injury or property damage.

3. edical coverage pays for the

cost of treating injuries, rehabilitation
and sometimes lost wages and
funeral expenses.

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mn some geographical areas, the
standard insurances exclude certain
types of disasters, such as flood and
Ô Home insurance provides
earthquakes, that require additional
coverage. aintenance-related
compensation for damage
problems are the homeowners'
responsibility. ahe policy may include or destruction of a home
inventory,
from disasters
Or this can be bought as a separate
policy, especially for people who rent
housing.

mn some countries, insurers offer a

package which may include liability
and legal responsibility for injuries
and property damage caused by
members of the household, including
pets

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Dental insurance, like
medical insurance, is
Ô Health insurance policies
coverage for individuals to will cover the cost of
protect them against
dental costs. mn the .S. medical treatments.
and Canada, dental
insurance is often part of
an employer's benefits
package, along with
health insurance.

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mt provides monthly support to help
pay such obligations as mortgage Ô Disability insurance policies
loans and credit cards
provide financial support in the
Disability overhead insurance allows
business owners to cover the
event the policyholder is unable
overhead expenses of their business
while they are unable to work.
to work because of disabling
illness or injury
aotal permanent disability insurance
provides benefits when a person is
permanently disabled and can no
longer work in their profession, often
taken as an adjunct to life insurance.

Workers' compensation insurance

replaces all or part of a worker's
wages lost and accompanying
medical expenses incurred because
of a job-related injury.

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Crime insurance is a form of
casualty insurance Ô Casualty insurance insures
ahat covers the policyholder
against accidents, not
against losses arising from the
criminal acts of third parties. For
necessarily tied to any
example, a company can obtain
crime insurance to cover losses
specific property
arising from theft or
embezzlement.

Political risk insurance is a form

of casualty insurance that can
be taken out by businesses with
operations in countries in which
there is a risk that revolution or
other political conditions will
result in a loss.

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aER m
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CE Ô aife insurance policies often allow
Only when the person dies the
money is paid the option of having the proceeds
paid to the beneficiary either in a
KEY A
insurance ² the lump sum cash payment or an
company will pay the money ( it
is for the value of the post of annuity.
work) where nominee is
company

PARa
ERSHmP m
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mf any partner dies the insurance
will be paid to the partner

WHOaE amFE POamCY

Any time a person dies the
money will be given


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Ô Allianz Bajaj aife mnsurance Co. atd.
Ô AP Sanmar Assurance Co. atd.
Ô Birla Sun aife mnsurance Co. atd.
Ô Dabur CG aife mnsurance Company Pvt.atd.
Ô HDFC Standard aife mnsurance Co. atd.
Ô mCmCm Prudential aife mnsurance Co. atd.
Ô m
G Vysya aife mnsurance Co. Pvt. atd.
Ô aife mnsurance Corporation of mndia.
Ô ax
ew York aife mnsurance Co. atd.
Ô etlife mndia mnsurance Co. Pvt. atd.
Ô Om Kotak ahindra aife mnsurance Co. atd.
Ô SBm aife mnsurance Co. atd.
Ô aata AmG aife mnsurance Co. atd.
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Ô Bajaj Allianz General mnsurance Co. atd.
Ô mCmCm aombard General mnsurance Co. atd.
Ô mFFCO aokyo General mnsurance Co. atd.
Ô
ational mnsurance Co. atd.
Ô
ew mndia Assurance Co. atd.
Ô Oriental mnsurance Co. atd.
Ô Reliance General mnsurance Co. atd.
Ô Royal Sundaram Alliance mnsurance Co. atd.
Ô aata AmG aife mnsurance Co. atd.
Ô nited mndia mnsurance Co. atd
ahis includes specialized forms of
insurance such as fire insurance,
flood insurance, earthquake
Ô Property insurance provides
insurance, home insurance, inland
marine insurance or boiler insurance.
protection against risks to
Boiler insurance (also known as
property, such as fire, theft
boiler and machinery insurance or
equipment breakdown insurance)
or weather damage.
insures against accidental physical
damage to equipment or machinery.

Crop insurance "Farmers use crop

insurance to reduce or manage
various risks associated with growing
crops. Such risks include crop loss or
damage caused by weather, hail,
drought, frost damage, insects, or
disease, for instance

 

ortgage insurance Ô Credit insurance repays some
insures the lender against
default by the borrower. or all of a loan when certain
ortgage insurance is a things happen to the borrower
form of credit insurance,
although the name credit
such as unemployment,
insurance more often is disability, or death.
used to refer to policies
that cover other kinds of
debt.

any credit cards offer

payment protection plans
which are a form of credit
insurance

 

edia mnsurance is designed to cover
professionals that engage in film, Ô Several other insurance like
video and aV production.
travel insurance , media

uclear incident insurance covers
damages resulting from an incident
insurance , purchase insurance
involving radioactive materials and is
generally arranged at the national
etc come under other types
level

Purchase insurance is aimed at

providing protection on the products
people purchase. Purchase insurance
can cover individual purchase
protection, warranties, guarantees,
care plans and even mobile phone
insurance. Such insurance is
normally very limited in the scope of
problems that are covered by the
policy.


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A number of religious groups,
including the Amish and some
Ô Some communities prefer to create
uslim groups, depend on support
provided by their communities when
virtual insurance amongst
disasters strike. ahe risk presented themselves by other means than
by any given person is assumed
collectively by the community who all contractual risk transfer, which
bear the cost of rebuilding lost
property and supporting people
assigns explicit numerical values to
whose needs are suddenly greater risk
after a loss of some kind. mn
supportive communities where others
can be trusted to follow community
leaders, this tacit form of insurance
can work. mn this manner the
community can even out the extreme
differences in insurability that exist
among its members. Some further
justification is also provided by
invoking the moral hazard of explicit
insurance contracts.

 


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