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PPts Overview of Insurance
PPts Overview of Insurance
What is insurance?
We face a lot of risks in our daily lives. Some of these lead to financial losses. Insurance is a way of protecting against these financial losses. For a payment (premium), an insurance company will take the responsibility of compensating your financial losses.
Definition Of Insurance
A contract or policy in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients' risks to make payments more affordable for the insured.
OR
The act of insuring, or assuring, against loss or damage by a contingent event; a contract whereby, for a stipulated consideration, called premium, one party undertakes to guarantee another against loss by certain specified risks.
Life Insurance
General Insurance
Life Insurance
A contract in which an insurance company agrees to pay money to a designated beneficiary upon the death of the policy holder. In exchange, the policyholder pays a regularly scheduled fee, known as the insurance premiums. OR A regular income, in absence of insured persons. Life insurance is being secured a income, after the death of insured person/persons.
General Insurance
General Insurance.
For Examples :
Insuring property like house and belongings against fire and theft. Vehicles against accidental damage or theft. Injury due to accident Hospitalization for illness and surgery. Liabilities to others arising out of the law can also be insured and is compulsory in some cases like motor third party insurance.
The person or the company which gets the protection against the financial losses, by paying the Premium is called as Insured.
Insurer
The company which provides the protection against the financial losses, by taking the Premium is called as Insured.
Term Life Insurance Group Term Life Insurance Permanent insurance Money Back Insurance Endowment Assurance
Homeowners Policies Renter's Insurance Liability Insurance Miscellaneous Hospital Insurance Student Health Insurance
Baggage Insurance Bhagyashree Insurance Bloodstock Insurance Director's and Officer's Liability Insurance Doctor's Composite Package Scheme Gun Insurance Policy Travel Insurance Car Rental Insurance Margh Bandhu Insurance
Mobile Phone Insurance Naada Lahiri Insurance Pager Insurance Policy Pedal Cycle Insurance Portable Equipment Insurance Professional Indemnity Insurance Suhana Safar Insurance Policy Television Insurance Wedding Bells Policy
Definition of Premium:
The periodic payment made on an Insurance Policy is
called as Premium Or
The sum paid by a policyholder to keep an insurance policy
in force
For Example
Premium Calculation for Life Insurance Depends On
Age of the Insured person If the Insured person is suffering from any Health Problems/Diseases Risk of the Insured persons life
Depends On
Placement of the Property like distance from Fire Dept., Risk of Flood and/or Earthquake
persons that is enforceable by law Floating Policy:- an insurance policy covering loss of movable property (e.g. jewelry) regardless of its location
Coverage : The amount to be covered in case of any financial loss of the insured property or person.
The extent of protection afforded by an insurance policy. The amount of funds reserved to meet liabilities.
Overview Of ALSTATE
replace one Legacy application called Alstar running successfully in North Brooke. Alliance is more user friendly than Alstar. Property Insurance.
Auto is a compulsory one where as Property is an optional one. This application contains the sub modules as Household,
There are two modes of this Application named as Full Quote and New
Business.
Full Quote is designed to give a general idea about the kind of Policies
When the Policy is decided to be taken then New Business comes into
picture.
to be insured, the details of any other Insurance taken for the same property or any other property by Alstate or other Insurance Company and to collect the Information about the Credit Report and the Loss of the customer before providing a Policy.
There are four different channels through which the Policy can be
taken such as Exclusive Agent, Independent Agent, National Support Centre and Customer Information Centre.
implement.
To enhance this Application there are two more different