2. AGENDA:
The actual agenda of the presentation is to
Study the given sector,
Analyze the business requirements,
Find the business rules,
Draw ER Diagram and
Normalized Relational Schema.
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3. INSURANCE:
Protection against loss for which you pay a certain
sum periodically in exchange for a guarantee that
you'll be compensated under stipulated conditions
for any specified loss by fire, accident, death, etc
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4. HISTORY:
Insurance is probably one of the oldest human
economic activities.
Developed as a way of protecting merchants from
unforeseen events (natural catastrophes, robberies,
etc.).
There is evidence of traders using insurance for risk
management as early as the third millennium BCE
(“before the common era”).
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5. Cont.,
1818 First life insurance company Oriental Life
Insurance Company (in Calcutta).
1850 First general insurance company Tritan
Insurance Company (in Calcutta).
Till 1956/1972 life and general insurance industry
grown in terms of number of companies the volume
of premium, investible resources, and so on.
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6. Cont.,
Currently there are 21 registered Life Insurers and
20 General Insurers.
There are also various Insurers who provide specific
insurance alone.
The insurance was regulated through the Insurance
Act, 1938.
Nowadays, insurance is one of the most complex
areas of the financial sector, covering a wide range
of risks for both personal and business activities.
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7. MAJOR TYPES OF INSURANCE:
Life Insurance:
Health.
Life.
Accidental death and dismemberment insurance
General Insurance:
Property.
Automobile insurance.
Crop insurance.
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8. LIFE INSURANCE:
It is a written contract between the insured and the
insurer.
That provides for the payment of the insured sum on
the date of the maturity of the contract or on the
unfortunate death of the insured, whichever occurs
earlier
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9. GENERAL INSURANCE:
It is a non life insurance policies, including
automobile and homeowners policies, provides
payments depending on the loss from a particular
financial events.
General insurance typically comprises any insurance
that is not determined to be life insurance.
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10. BUSINESS RULES:
A person can’t be insured if he/she is over the age of
65-70 (based on the Insurance company).
Single vehicle can’t be insured twice.
Drunken drive can’t claim vehicle insurance.
For payment of the suicide death, the period of the
insurance must have crossed 365 days.
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11. NEED FOR INSURANCE:
The need for insurance arises out of the risks we all
run in the course of living our daily lives.
Insurance is a way of managing risks.
Insurance is vital to good financial planning and
security but you would need to assess your personal
risk and long term commitments.
Insurance stands a person in good stead throughout
life and can be used in case of emergencies during a
life time by requesting a withdrawal or loan.
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12. ADVANTAGES:
Providing Security
Government Regulation Provide Saftey
Risk Cover
Mortage Redemption
Tax Advantage
Source for Collecting Funds
Encourage Savings
Planning for future needs
Assured income through annuities
Protection against rising health problem
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13. DISADVANTAGES:
It may be due to agents, when we work with an
agent we have to pay commission to him, this may
lead extra cost.
If we cut the middlemen then we can save money
then it can be paid as premium for insurance.
Lack of consumer awareness
Buying Life Insurance when you have no need
Buying Complex Life Insurance Products
Buying Expensive Insurance Product
Usage of insurance as investment product
Incompetent personnel and facilities in industry
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14. INSURANCE COMPANIES IN INDIA
Bajaj Allianz Life Insurance Company Ltd.
Birla Sun Life Insurance Co. Ltd.
HDFC Standard Life Insurance Co. Ltd.
ICICI Prudential Life Insurance Co. Ltd.
ING Vysya Life Insurance Company Ltd.
Life Insurance Corporation of India.
Met Life India Insurance Company Ltd.
Kotak Mahindra Old Mutual Life Insurance Limited.
SBI Life Insurance Co. Ltd.
Tata AIG Life Insurance Company Limited.
Reliance Life Insurance Company Limited.
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15. BUSINESS REQUIREMENTS:
Every customer may have as many number of
policies as he/she wishes.
The customer may even have more than one life
insurance on his name.
Each customer may be facilitated by one or more
agents.
The customer may also hold a policy without the
middleman(agent).
Every agent facilitates n number of customers.
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18. TABLES:
Customer Details:
Cus_Id CName DOB AGE PhNo Address
Agent Details:
LicenseNo AName DOB AGE PhNo Address
Policy Details:
PolicyId Name Term_Period Total_Premium Type
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19. PIT:
Policy No Policyid Cus_id Agent_id Policy_date Exp_date
Payment Details:
Payment No Policyid Cus_id Premium_A Payment
mount Date
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20. Claim Details:
Claim_i Policy_ Claim_da Sanc_da Reaso Inc_dat Report_no Chq_no
d no te te n e
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