Insurance ; concept, principle, its relevance in developing country like india and attitude towards...
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Transcript of Insurance ; concept, principle, its relevance in developing country like india and attitude towards...
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PRINCIPAL AND PRACTICE OF INSURANCE
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TOPIC
INSURANCE ; CONCEPT, PRINCIPLE, ITS
RELEVANCE IN DEVELOPING COUNTRY LIKE
INDIA AND ATTITUDE TOWARDS THE
INSURANCE COVER.
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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
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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
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IMPORTANT TERMS IN INSURANCE
o Insurance policy
o Insurer
o Insured
o Premium
o Compensation
o Insured amount
o contingency
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SCOPE OF INSURANCE
Sharing of risk
Co-operative instrument
Evaluation of risk
Payment is linked to contingency
Contract
Consideration
Good faith
The amount
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Functions of insurance
Primary function
Secondary function
Other function
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KINDS OF INSURANCE
LIFE INSURANCE GENERAL
INSURANCE
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GENERAL INSURANCE
Marine insurance
Fire insurance
Social insurance
Double insurance
Reinsurance
Over insurance
Other insurance
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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
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RELEVANCE OF INSURANCE
Relevance and useful for individual
Relevance and useful for business
Relevance and useful for society
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RELEVANCE AND USEFULNESS FOR INDIVIDUAL
Provides saftey and security
Acts as movitor
Encourages saving
Eliminates dependency
Profitable investment
Fulfills needs of a person
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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
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RELEVANCE AND USEFUL TO SOCIETY
Helpful in economic growth
Protection of wealth
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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
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ATTITUDE TOWARDS INSURANCE
GENERAL ATTITUDES
FROM SOCIAL POINT OF VIEW
COMMOM PERECEPTION
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THANK YOU