insurance ; concept, principle, its relevance in developing country like india and attitude towards...
TRANSCRIPT
PRINCIPAL AND PRACTICE OF INSURANCE
TOPIC
INSURANCE ; CONCEPT, PRINCIPLE, ITS
RELEVANCE IN DEVELOPING COUNTRY LIKE
INDIA AND ATTITUDE TOWARDS THE
INSURANCE COVER.
CONTENTS
INTRODUCTION
IMPORTANT TERMS IN INSURANCE
SCOPE OF INSURANCE
FUNCTION OF INSURANCE
KINDS OF INSURANCE
PRINCIPLE OF INSURANCE
RELEVANCE OF INSURANCE
INSURANCE AND ECONOMIC DEVELOPMENT
ATTITUDE TOWARDS INSURANCE
INTRODUCTION
Defination of insurance contents the following feature;
It is a contract
Whereby an insurer assumes the risk of insured
And promises to pay a certain amount of money
On the happening of a specified event
In consideration of the premium paid by insured
IMPORTANT TERMS IN INSURANCE
o Insurance policy
o Insurer
o Insured
o Premium
o Compensation
o Insured amount
o contingency
SCOPE OF INSURANCE
Sharing of risk
Co-operative instrument
Evaluation of risk
Payment is linked to contingency
Contract
Consideration
Good faith
The amount
Functions of insurance
Primary function
Secondary function
Other function
KINDS OF INSURANCE
LIFE INSURANCE GENERAL
INSURANCE
GENERAL INSURANCE
Marine insurance
Fire insurance
Social insurance
Double insurance
Reinsurance
Over insurance
Other insurance
PRINCIPLE OF INSURANCE
Principle of insurable interest
Principle of indemnity
Principle of subrogation
Principle of causa proxima
Principle of contribution
Principle of utmost good faith
Principle of mitigation of losses
RELEVANCE OF INSURANCE
Relevance and useful for individual
Relevance and useful for business
Relevance and useful for society
RELEVANCE AND USEFULNESS FOR INDIVIDUAL
Provides saftey and security
Acts as movitor
Encourages saving
Eliminates dependency
Profitable investment
Fulfills needs of a person
RELEVANCE AND USEFUL FOR BUSINESS
Uncertainty of business losses is contained
Helpful in raising loans
Helpful in raising motivation
Helpful in partnership concerns
Welfare of employee
RELEVANCE AND USEFUL TO SOCIETY
Helpful in economic growth
Protection of wealth
INSURANCE AND ECONOMIC DEVELOPMENT
Providing fund for development
Helping international trade
Safety and security of property
Encouraging saving
Availability of capital
Better creditworthiness
Helping financial institutions
Helping the service sector
Protection against risk
ATTITUDE TOWARDS INSURANCE
GENERAL ATTITUDES
FROM SOCIAL POINT OF VIEW
COMMOM PERECEPTION
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