Introduction to insurance

Insurance 1
YOGESH NAMDEO INGLE.,MBA
(FINANCE), NET
(MANAGEMENT), Ph.D (WIP), G.D.C
&A, NCMP.

Insurance 2
(FINANCE), NET (MANAGEMENT),
Ph.D (WIP), G.D.C &A, NCMP.

Insurance 3

Insurance 4
(FINANCE), NET
&A, NCMP.

Insurance 5
(FINANCE), NET
&A, NCMP.

Insurance 6

 Dr. Pfeffer defined Insurance as a device for the
reduction of the uncertainty of one party called
the insured, through the transfer of particular
risks to another party called the insurer, who
offers, a restoration at least in part of economic
losses suffered by the insured.
Insurance 7
(FINANCE), NET
&A, NCMP.

 The party bearing the risk is known as the
„insurer‟ or „assurer‟ and the party whose risk
is covered is known as the „insured‟ or
„assured‟.
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 Speculative risks are not insurable.
 Pure risk is insurable.
Insurance 9
(FINANCE), NET
&A, NCMP.

 It is a contract between two parties whereby
one party agrees to undertake the risk of
another in exchange for consideration known
as premium and promises to pay a fixed sum
of money to the other party on happening of an
uncertain event (death) or after the expiry of a
certain period (in case of life insurance) or to
indemnify the other party on happening of an
uncertain event (in case of general insurance).
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 This Act came into force on 1st July 1939.
 This law is applicable to all the insurance
companies and other entities participating in
the insurance industry in India
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 registration compulsory
 Deposit
 Disclosure
 Inspection
 Guidelines
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(FINANCE), NET
&A, NCMP.

 IRDA is the regulator of the insurance industry
in India and was constituted by an Act of
Parliament in 1997.
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 Issuance of certificate of
registration, renewal, modification, withdraw, sus
pend or cancel such registration
 Protection of the policyholders interest
 Laying down qualifications, training and code of
conduct for intermediaries
 Laying down code of conduct for Surveyors
 Control of the rates, terms etc. offered by general
insurers in respect of business not
 controlled by Tariff Advisory Committee (TAC)
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 Regulation of investment of funds by insurers
 Supervise TAC
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 Life Insurance
 Non- Life Insurance
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 Utmost good faith
 Insurable Interest:
 Indemnity
 Subrogation
 Contribution
Insurance 17
(FINANCE), NET
&A, NCMP.

Insurance 18

 The first Life Insurance Company which came
into existence in India was “The Oriental Life
Insurance Company”, established in 1818. This
was a British company.
 The first Indian insurance company
subsequently came into being in 1871 called the
“Bombay Mutual Life Assurance Society”.
 Life insurance in India was nationalized on
January 19, 1956
Insurance 19
(FINANCE), NET
&A, NCMP.

 Triton Insurance Company Ltd.” (the first
general insurance company) was formed in the
year 1850 in Kolkata by the British.
 The first Indian general insurer to commence
operations was the “Indian Mercantile
Insurance Company” in the year 1907.
Insurance 20
(FINANCE), NET
&A, NCMP.

Insurance 21

Introduction to insurance

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Introduction to insurance