introduction of insurance ppt

The owner of the commodity must practice risk avoidance, just as the insurance company must make good legitimate losses. 3. Basic Types 5. Business of …  INSURANCE is a practice or arrangement by which company or government agency provides a guarantee of compensation for specified loss, damage, illness or death in return for a payment of a premium. -Indemnification Means that the insured is restored to his or her approximate financial position prior to the occurrence of the loss. introduction to engineering insurance and reinsurance. Industry: Insurance Industry. Principles of Insurance 54 5.0 INTRODUCTION After studying, the life insurance and its importance, the over aspect of insurance other than ‘Life Insurance’ would is General Insurance. Chapter One Introduction Insurance is a social device for spreading the chance of financial loss among a large number of people. Key challenges 3. This fee is called a premium. Basics of Insurance. 2. Many of these professionals have … The Ins… 1. -Payment of fortuitous losses A fortuitous loss is one that is unforeseen and unexpected and occurs as a result of chance. Introduction to Risk Management (Theory & Practice) DCU Risk & Compliance Officer November 2015 . See our User Agreement and Privacy Policy. This was done to protect the interests of policyholders. Insurance protects against pure risk. 2003 cas annual meeting new orleans, la john gaines, fcas, Insurance PowerPoint Template Generate a creative presentation using the Insurance PowerPoint Template. Presenting at The insurance company guarantees to cover a portion of the medical bill and in doing that substantially reduces financial risks associated with negative health shocks. Microinsurance characteristics 2. Government Insurance, cnosist of social insurance and other Government insurance programs. This presentation is trying to give you a basic introduction of the Australian insurance industry. planning process. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. Direct writers 2. a brief introduction to blockchain nancy liao ’05 john r. raben/sullivan & cromwell executive director . Risk and Insurance. Underwriting: The process of selecting certain types of risks that have historically produced a profit. In return, the policyholder must pay a fee to the insurance company for this protection. yls associate research scholar in law Principles of Insurance. - Insurable Risk Insurer normally insure only pure risk. The user can make use of the colorful and engaging clipart to showcase the information to the audience. Introduction to Insurance Principles of Insurance 22 2.5 NEED OF INSURANCE (a) To provide Security and Safety The Life Insurance provides security against premature death and payment in old age to lead the comfortable life. Presentation Type: Company Slide. A sense of security may be the next basic goal after food, clothing, and shelter. NOTE – There are two editions of this text. There are two types of agents: 1. If you continue browsing the site, you agree to the use of cookies on this website. Nature 4. Before acting as an insurance agent for distributing general insurance products, the person or company must register with the Agents Registration Board (ARB), which is under the General Insurance Association (GIA) of Singapore. The following shorthand is used for the three required text books published by The Institutes: CPCU 520 – x indicates Assignment x from . Meaning of Insurance: If one goes by the word meaning insurance is a contract between two parties whereby the insurer agrees to indemnify the insured […] PRINCIPLES OF LAW OF INSURANCE.ppt - Free ebook download as Powerpoint Presentation (.ppt), PDF File (.pdf), Text File (.txt) or view presentation slides online. It is intended for companies and underwriters who as yet have no profound experience in this fascinating field. Basically you can think of insurance as a kind of shield, protecting yourself financially from unfortunate events, for … Looks like you’ve clipped this slide to already. Ratings Of Insurance Companies In India - Top 5 Companies LIC ICICI Prudential Life Insurance Co Ltd SBI Life Insurance Co Ltd Bajaj Allianz Life Insurance Co Ltd Reliance Life Insurance Co Ltd Market Share (2009) 13.10/0 9.8 Market Share (2008) 8.93% 6.99% 7.36% 2.96% (Source: Insurance review) Dr. Amit Gupta 1 / 1 0/201 8 40 | PowerPoint PPT presentation | free to view Create a presentation that relates visually with the audience, calling the importance of insurance to attention. How does insurance work? Working 8. RISK AND INSURANCE I. Type of Slide: Org Chart. Introduction to microinsurance Opportunities and barriers Craig Churchill Microinsurance Innovation Facility International Labour Organization A member of the Overview of Presentation 1. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Meaning of Insurance 2. LIC of India formed in 1956 after. If you continue browsing the site, you agree to the use of cookies on this website. Concluding thoughts Types of Insurance: Private insurance, consist of health insurance, property and liabilty insurance. Insurance Practice and Procedure Life Insurance. nationalization of life insurance. It is intended to provide temporary insurance protection to the consumer pending a formal policy being issued by the insurance company. Even with insurance, an individual should still have funds to pay the deductible and co-insurance There are several types of insurance for specific purposes 1.10.1.G1 INTRODUCTION People seek security. That is, the person whose risks are insured is called insured. Types of Insurance. Insurance agents, crop and livestock consultants, livestock nutritionists, marketing specialists, lenders, attorneys and others are available and well qualified to help with risk management planning, depending upon the specific need. Chapter 01 concepts and principles of insurance, Chapter 03 principles and practice of lifeinsurance, No public clipboards found for this slide, Student at Mehran University Of Engineering and Technology, Pakistan. Insurance is not same as hedging. It should be noted that agents work exclusively for the insurance company. Clipping is a handy way to collect important slides you want to go back to later. Accident, fire, and theft are common perils. Functions. Insurance policies do not cover intentional losses -Risk Transfer Risk transfer means that a pure risk is transferred from the insured to the insurer,who typically is in a stronger Financial position to pay the loss than the insured. Maryam Sholevar Jimma University. insurance contract.  In some sense, it’s a thing providing protection against a possible eventuality. • Future losses are predicted based on law of large number. See our Privacy Policy and User Agreement for details. Engineering insurance – historical reflections 7 From 1920 to 1930, some German and British companies introduced a contrac- Adverse Selection: Is the tendency of person with a higher than average chance of loss to seek insurance at the average state, which if not Controlled by underwriting, result in higher than expected Loss levels. Clipping is a handy way to collect important slides you want to go back to later. by Maryam Sholevar Any discussion of insurance would be moot, if we didn’t understand what insurance was. • Key mechanism is “law of large number”. Now customize the name of a clipboard to store your clips. Insurance Act of 1938. fire, earthquake etc. Types of Insurance. Post liberalization, the industry was opened up. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. You can change your ad preferences anytime. Here is the original slide introducing the top team: This slide just uses a list of points. Century -'accident' classes -personal accident -engineering -fidelity -employers' liability & workers' compensation -general liability Introduction to Marine Insurance• Maritime insurance was the earliest well-developed kind of insurance, with origins in the Greek and Roman maritime loan. Hazard: Anything that increases the seriousness of a loss or increases the likelihood that a loss will occur. Insurance is a contract between two parties. Note • Pooling of loss is the spreading of losses incurred by the few over the entire group so that in the process average loss is substituted for actual loss. Insurance Insurance is defined as a contract, which is called a policy, in which an individual or organisation receives financial protection and reimbursement of damages from the insurer or the insurance company. INTRODUCTION OF INSURANCE Insurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. An entity which provides insurance is known as an insurer, insurance company, or insurance carrier. One party is the insured and the other party is the insurer. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. History of Insurance. Basic Principles of Insurance. Introduction of insurance of LIC Risk can be of two kinds: speculative or pure And only pure risks are insurable Pure risk involves only two possible outcomes: loss or no loss, with no possibility of gain or profit Speculative Risk involves three possible outcomes: loss, no loss or profit The Law of Large Numbers: The average of the results obtained from a large number of trials should be close to the expected value. What is insurance? See our Privacy Policy and User Agreement for details. Captive Agents: Captive agents represent a single insurance company Let us try and make this slide more engaging and visual by adding relevant images of the team. 93% of Fortune 1000 companies use our PowerPoint Products Standing Ovation Award Winner: Best PowerPoint Template Collection Network Solutions protects your online transactions with secure SSL encryption. Similarly in general Insurance, the property can be insured against any contingency i.e. Need 6. General Insurance Introduction to General Insurance AUGUST 2014 . Insurance is a social device for spreading the chance of financial loss among a large number of people. Definition of Insurance 3. Insurance is a means of protection from financial loss. At a very basic level, it is some form of protection from any possible financial losses. You can change your ad preferences anytime. Risk Management Sections 1) Aims of presentation 7) Tips for success 2) What is Risk Management (RM)? General insurance products may be sold by general insurance agents or broking staff of insurance brokers. Characteristics 7. 2. Handbook Life Health Motor Property Travel Intermediaries Life Insurance Riders Householders & Shopkeepers Package Grievance Redressal System Insurance Surveyors and Loss Assessors Introduction to Insurance Employment Opportunities in Insurance Sector Handbook on Insurance Crop Insurance 200,000+ satisfied customers worldwide! Chapter 01 concepts and principles of insurance, No public clipboards found for this slide. Benefits of Insurance. Risk Management and Principles of Insurance • Two ways to purchase commercial insurance 1. Risk is the possibility of losing economic security. The report therefore can be viewed as an introduction to the The objective of insurance is to financially guard against unpredictable life occurrences. Insurance was created in response to a pervasiv e need for protection against the risk of losses. The Nature and Importance of Insurance - 2. introduction. insurance.It serves as an introduction to health insurance from the point of view of consumers under the age of 65 who purchase a health insurance plan.2 No background in health insurance is assumed, and all terms are defined. Two state-owned insurance companies were thus created: the Life Insurance Corporation in 1956, and the General Insurance Corporation in 1972 for the non-life insurance business. Ajit Kumar BBA Introduction 2. Introduction to Insurance. the insurance production processoverview of insurance An Introduction to Private Mortgage Guaranty Insurance - . It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.. An entity which provides insurance is known as an insurer, insurance company, insurance carrier or an underwriter.A person or entity who buys insurance is known as an insured or as a policyholder. ADVERTISEMENTS: After reading this article you will learn about:- 1. Emerging innovations a) Products b) Delivery channels c) Establishing trust 4. Peril: A potential cause of loss. The history of India’s insurance industry reflects the history of India’s economy. Insurance is in effect a partnership between the owner of the commodity who wishes to avoid or minimize the risk of loss or damage, and the insurance company that will take on that risk against payment of a fee. You pay a fee called a premium, and in exchange, the insurance company agrees to pay you a certain amount of money -Basic Characteristics Of Insurance Pooling of losses Payment of fortuitous losses Risk transfer Indemnification -Pooling of losses Spreading of losses incurred by the few over the entire group. Risk can be of two kinds: speculative or pure And Maryam Sholevar Jimma University If you continue browsing the site, you agree to the use of cookies on this website. If you continue browsing the site, you agree to the use of cookies on this website. Department of Banking and Finance Looks like you’ve clipped this slide to already. Introduction To Insurance Australia - Check Out this presentation to know about the insurance industry in Australia. Introduction of insurance of LIC - Free download as Powerpoint Presentation (.ppt), PDF File (.pdf), Text File (.txt) or view presentation slides online. Insurance Operations, Edited by Susan Kearney . Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Insurance involves the Transfer of pure risk and reduce objective risk but hedging Involves just the transfer of speculative risk not risk Reduduction. Introduction to Insurance Basics. Introduction to Insurance. PowerPoint Templates > Insurance . Now customize the name of a clipboard to store your clips. Gambling is creat a new speculative risk and socially is unproductive but insurance Deals with pure risk and socially is productive. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. Risk is the possibility of losing economic security. Insurance is not same as gambling. Insurance companies in India were nationalised during pre-liberalisation. See our User Agreement and Privacy Policy. An individual with economic security is fairly certain that he can satisfy his needs (food, shelter, medical care, and so on) in … • The primary purpose of pooling is to reduce the variation in possible Outcomes , which reduces risk. Insurance protects against pure risk. Insured is the person whose life or property is insured with the insurer.