It will give you a basic idea about Insurance.

1. Introduction To
Insurance

2. Meaning and Definition of Insurance:
Premium
INSURED INSURER
Risk Cover

3. Important Terms
Insurer:
Insured:
Premium:

4.  Sum Assured/Risk Cover:
 Perils:
 Maturity Period:
 Maturity Benefit:

5.  Claim Payment:

6. Types Of Insurance
Classification On the basis of nature of
Insurance
 Life Insurance
 Fire Insurance
 Marine Insurance
 Social Insurance
 Miscellaneous

7. Classification from Business point of view:
 Life Insurance
 General Insurance
Classification from risk point of view:
 Personal Insurance
 Property Insurance
 Liability Insurance
 Fidelity Insurance

8. Life Insurance
Life Insurance may be defined as a contract in
which
 the insurer
 in consideration of a certain premium
 either in lump sum or by other periodical
payments
 agrees to pay to the assured or to the person
for whose benefit the policy is taken

9.  the assured sum of money
 on the happening of a specified event
contingent on the human life
 or at the expiry of certain period.
In life insurance, the risk ensured against is
death.
Life insurance provides protection to the family
at premature death or gives adequate amount
at the old age.
LI along with risk cover is also an investment

10. Fire Insurance
Fire insurance can be defined as a contract in
which
 The insurer
 In consideration of the premium paid
 Undertakes to make good any loss or damage
 Caused by fire
 During a specified period

11. A fire insurance policy is normally for one year after
which it is to be renewed from time to time.
Eg. of risk covered-Aircraft damage, riots, strikes,
storm, cyclone, busting and/or overflowing of water
tanks
Types Of Fire Insurance:
Specific Policy
Average Policy
Comprehensive Policy
Valued Policy
Floating Policy
Replacement or Reinstatement Policy

12. Marine Insurance
Marine Insurance contract is an agreement whereby
 The insurer undertakes to indemnify the insured
 In the manner and to the extent
 Thereby agreed upon marine loses
In this contract the insurer undertakes to compensate the
owner of the ship or cargo for complete or partial loss
at sea.
Eg. of losses – collision of ship with rocks, ship
attached by enemies, fire, capture by pirates, etc.

13. Types of Marine Insurance
 Hull Insurance
 Cargo Insurance
 Freight Insurance
 Liability Insurance

14. Types of Marine Insurance Policies
 Voyage Policy
 Time Policy
 Mixed Policy
 Valued Policy
 Open or Un-valued Policy
 Floating Policy
 Wagering or Honour Policy

15. Social Insurance
 Social Insurance has developed to provide
economic security to weaker sections of the
society are unable to pay the premium for
adequate insurance.
 Pension plans, disability benefits,
unemployment benefits, sickness insurance,
and industrial insurance are the various forms
of social insurance.

16. Miscellaneous Insurance
 Duty Insurance
 Accident Insurance
 Erection All Risks (EAR) Insurance
 Contractor’s All Risk Insurance (CAR)
 Machinery Breakdown Insurance
 Product Liability Insurance
 Refrigeration Plant Insurance
 Machinery Loss of Profits Policy
 Cash Insurance
 Business Premises Burglary Insurance
 Office Protection Insurance
 Shopkeeper’s Insurance Policy

17. Miscellaneous Insurance
 Motor Insurance
 Personal Package Insurance Policy for Executives/Businessmen
 Rural Insurance ( Cattle, sheep, Horticulture, Sericulture, Agriculture
etc.)
 House Holder’s Insurance Policy
 Domestic Travel Insurance
 Rajeswari Mahila Kalyan Bima Yojna
 Special Contingency policy
 Sports Insurance
 Amartya Siksha Yojana Insurance Policy
 Engineering Insurance

18. Classification from Business point of view:
•Life Insurance
•General Insurance
General Insurance includes fire, marine and
miscellaneous insurance business whether carried on
singly or in combination with one or more of them.
Classification from risk point of view:
•Personal Insurance
•Property Insurance
•Liability Insurance
•Fidelity Insurance