Insurance PPT FINAL........

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NIKITA PUTHRAN

Introduction to Insurance:

Introduction to Insurance I nsurance in broad terms may be described as a method of sharing financial losses of few from a common fund who are equally exposed to the same loss. Insurance is a contract between two parties whereby one party agrees – to undertake the risk of another in exchange for consideration known as premium promises to pay a fixed sum of money to the other party on happening of an uncertain event

Division of Insurance Sector:

Division of Insurance Sector

PRINCIPLES OF INSURANCE :

Utmost Good Faith Insured must disclosed all relevant fact to the insurer Indemnity Underwriter agree to indemnity the insured against losses to the extent of amount insured Insurable interest The insurable interest must exist both at the time of effecting the insurance as well as at the time of the loss Subrogation The insurer after paying compensation to insured , become entitled to claim all the right of the insured against Third party Causa Proxima Losses resulting from fire , margin or some other related cause, being the proximate cause of losses are covered PRINCIPLES OF INSURANCE

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FIRE INSURANCE

INTRODUCTION TO FIRE INSURANE:

INTRODUCTION TO FIRE INSURANE In strict sense, a fire insurance contract is one: Whose principle object is insured against loss or damage occasioned by fire. The extent of insurer's liability being limited by the sum assured and not necessarily by the extent of loss or damage sustained by the insured. The insurer having no interest in the safety or destruction of the insured property apart from the liability undertaken under the contract.

SCOPE OF FIRE INSURANCE:

SCOPE OF FIRE INSURANCE FIRE INSURANCE BUSINESS: Loss Due To Fire, Lightening, Explosion, Implosion,, Riots & Strikes, Impact By Rail, Aircraft Damage, Earth Quake, Flood, Storm, Tempest, Tornado, Typhoon, Cyclones & Land Slide.

Insurable object in Fire Insurance:

Insurable object in Fire Insurance Building Electrical installation in buildings Machinery, Plant and equipment Goods ( raw materials, stocks in process, semi finished, finished etc ) in factories Godowns, Goods in open Contents in dwellings Shops, Hotels etc. Furniture, fixture and fittings, pipelines located inside or outside the compound etc.

Types of Fire Insurance Policy:

Types of Fire Insurance Policy

Valued POLICy :

Valued POLICy It is usually taken where it is not easy to ascertain the value of the property. In this policy the indemnity is a fixed amount agreed upon at the time of signing the contract. The insured is benefited when the market value of the property declines , but suffer loss when the market value appreciates. The valued insurance policy is usually offered for such items like jewellery, furs, or paintings, which value is difficult to estimate once they are damaged or destroyed by fire.

floating POLICy :

floating POLICy It is taken to cover loss on goods, which are lying in different places and the stock of which is almost continuously fluctuating. It is taken out for those goods which are frequently changing in a warehouse. Floating policies are suitable to those traders or products whose raw-materials or merchandise are lying at different localities or godowns. For example:-Some of the goods of other trader are kept in one godown, and few kept in another godown, some kept in the railway godown or some at the sea port open.

declaration POLICy :

declaration POLICy This policy is taken in respect of stock of inventory of the policyholder. Since the level of stock which are subject to frequent fluctuations in value the businessman takes a policy for a maximum amount considered to be at risk and the premium is paid accordingly. On a fixed date of every month the policyholder declares the amount of stock covered under the policy to the insurance company.

ADJUSTABLE POLICy :

ADJUSTABLE POLICy It is issued for existing stock. In this policy, premium rate shall be adjusted according to increase or decrease in the value of stock, this change will be notified to the insurer by the insured. In case of loss by fire, the amount notified by the insured at the maturity of the policy is taken as final and indemnified up to that limit. It is a contract limited to merchandise or stock in trade other than farming stock.

Specific Policy :

Specific Policy A specific policy is a type of policy in which the property is insured for a specific sum irrespective of its value. If there is loss, the stated amount will have to be paid to the policyholder. The actual value of the subject matter is not considered in this respect. For example: If a property is insured for Rs. 10000 though its actual value is Rs. 20000. In the event of loss to property, not more than Rs. 10000 can be recovered.

AVERAGE POLICy :

AVERAGE POLICy Where a property is insured for a sum which is less than its value, the policy contain a clause that the insurer shall not be liable to pay the full loss but only that proportion of the loss which the amount insured for, bears to the full value of the property. For example: A value of the property is Rs.1,00,000. It is insured for Rs.60,000 (60% of the total value) The amount of loss is Rs 60,000.The insurance company will not pay Rs.60,000 to the policyholder but will pay Rs.36,000 (60% of Rs.60,000).

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MARINE INSURaNCE

INTRODUCTION:

INTRODUCTION Introduced by British Insurers with the establishment of the first Company “SUN INSURANCE OFFICE LTD” in Kolkata in 1710. Subsequently many players came in. Subsidiaries of General Insurance Corporation Of India namely, New India Assurance, National Insurance, Oriental Insurance and United India Insurance conduct Marine Insurance Rationale for Marine Insurance is the enormous capital loss that the modern ships are, otherwise exposed to. Moreover, the banks who provide all financial resources for such Marine voyage also insist on Insurance as collateral security

Marine Insurance Contract:

Marine Insurance Contract “Under Mariner Insurance Act, 1963, Marine Insurance Contract is an agreement whereby the insurer undertakes to indemnify the assured, in the manner and to the extent thereby agreed, against losses incidental to Marine adventure.”

SCOPE OF MARINE INSURANCE:

SCOPE OF MARINE INSURANCE HULL INSURANCE : Hull Insurance involves insurance of ships including vessel machinery. Perils usually covered under Hull Insurance includes stranding, sinking, fire and collision as well as includes construction risk when the vessel is under construction. CARGO INSURANCE : Goods and commodities transported by sea is the subject matter of Cargo Insurance. Two alternatives: Special Policy and Open Policy

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Types of MARINE Insurance Policy

Voyage policy :

Voyage policy It is issued to cover the risk involved in particular transit from a particular point to another. For eg : Policy covering a risk of transit from Mumbai to London. Such a policy is generally used for Cargo Insurance and rarely for Hull Insurance Time policy The purpose of this policy is to give cover for a specified period of time.It also covers risk of vessel under conconstruction . For eg : Policy period till 1 st Jan 2011 It is generally taken for 1 year.

Mixed policy:

Mixed policy Also termed as Voyage and Time policy. It’s a combination of the two policies. It covers risk during a particular voyage for a specified time. For eg : A vessel may be insured for voyages between Mumbai and London for a period of 1 year. Valued policy This policy specifies the agreed value of the subject matter insured, which may not necessarily be the actual value of the subject matter. This agreed value is referred to as the Insured Value. These policies are not very common.

Unvalued policy:

Unvalued policy Time of effective insurance Insurable value Insurers Liability limited Floating policy Long term contract Terms & condition of insurance contract Customary manner Consignment within the terms of policy

Wagering policy:

Wagering policy To establish any insurable interest Policy contains words like PPI or interest or no interest Annual /open cover policy This policy is most popular among importer & exporter and also avoiding the effects Business involves regular dispatch of goods Agreement between assured & underwriter

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Types of MARINE LOSSES

Types :

Types Total loss:- Actual total loss can occur in any form. It may mean physical destruction Partial loss:- A partial loss occurs when the subject-matter of insurance is partially destroyed or damaged.

HEALTH INSURANCE:

HEALTH INSURANCE

WHAT IS HEALTH INSURANCE?:

WHAT IS HEALTH INSURANCE? A product in written to provide protection against the policyholder's losses for the injury, illness or disability. A health insurance policy is a contract between an insurance company and an individual or his sponsor (e.g. an employer). The contract can be renewable annually or monthly.

REASONS FOR HEALTH INSURANCE:

REASONS FOR HEALTH INSURANCE Lifestyles have changed Rare non-communicable diseases are now common Medical care is unbelievably expensive Indirect costs add to the financial burden Incomplete financial planning

TYPES OF HEALTH INSURANCE:

TYPES OF HEALTH INSURANCE Individual Claim Family Floater Policy Unit Link Health Plan

A. Individual Claim :

A. Individual Claim Covers the hospitalization expenses for an individual for upto the sum assured limit. Insurance premium is dependent on the sum assured value Example: Suppose u have 3 family members you can get an individual cover of Rs. 2 lacs each. In this case each of you are covered for 2lacs, if 3 members face a need for hospitalization , all 3 of them can get expenses recovered upto Rs.2 Lacs . All the 3 policies are independent

B. Family Floater Policy :

B. Family Floater Policy Sum assured value floats among the family members. i.e each opted family member comes under the policy, and it covers expenses for the entire family up to the sum assured limit. Premium for family floater plans is typically less than that for separate insurance cover for each family member. Example : In this case if suppose there are 3 family members , you can take a Family floater policy for Rs 6 lacs in total . Now anyone can claim upto 6 lacs in expenses , but then the cover will go down by that much amount for that year . So if one of the family member is hospitalised and the expenses are 4.5 lacs . It will be paid and then the cover will be reduced to 1.5 lacs for that particular year . Next year again it will start from fresh 6 lacs . Family floater makes sense for a family because that way each one in family gets a big cover and probability of more than 1 getting hospitalized in same year is too low untill and unless whole family is travelling together most of the times in a year

C .Unit Link Health Plan :

C .Unit Link Health Plan This plan combine health insurance with investment and pay back an amount at the end of the insurance term. Returns of course are dependent on market performance. So if you are single, opt for an Individual Mediclaim policy and if you have family, opt for a Family Floater policy.

BANCASSURANCE:

BANCASSURANCE

“There is no stronger force than an idea whose time has come.” :

“There is no stronger force than an idea whose time has come.” Banks & Insurers across the World have realized Bancassurance is the distribution channel, which would help them achieve economies of scale and boost their revenues in the 21 st Century. Victor Hugo (19 th Century French Novelist)

BANCASSURANCE - DEFINITION:

BANCASSURANCE - DEFINITION The sale of insurance and other similar products through a bank. This can help the consumer in some situations; for example, when a bank requires life insurance for those receiving a mortgage loan, the consumer could purchase the insurance directly from the bank.

POTENTIAL OF BANCASSURANCE IN INDIA… :

POTENTIAL OF BANCASSURANCE IN INDIA… Banks are major players in the Indian Financial System: -> 67,000 branches(32,000 rural and 14,700 semi urban) -> Enormous retail account base of 450 mn Deposit A/c -> Total deposit base of Rs. 14 trillion (USD 300 bn ) Brick & Mortar Model of Banking Approximately 80% of Banking Transactions are done at the Bank Branches Very High Trust in the Banking System Bank Managers looked upon as “Financial Advisors”

FORMS OF BANCASSURANCE ARRANGEMENTS :

FORMS OF BANCASSURANCE ARRANGEMENTS Strategic Alliance: There is a tie-up between a bank and an insurance company. The bank only markets the products of the insurance company. Full Integration: This arrangement entails a full integration of banking and insurance services. The bank sells the insurance products under its brand acting as a provider of financial solutions matching customer needs. Mixed Models: Under this approach, the marketing is done by the insurer's staff and the bank is responsible for generating leads only. In other words, the database of the bank is sold to the insurance company.

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