Available with host of additional rider benefits. The payout should be at an age when the child requires it the most, i.e., when he/she wants to enter his/her dream college or needs to start his/her career. Contact IRMI. The classification of … Endowment Plans are an ideal choice for the risk -averse customers. Need 6. nationalization of life insurance. Prohibited Content 3. Before uploading and sharing your knowledge on this site, please read the following pages: 1. Explain the concept of Health Insurance. The amount of sum selected by the customer is the highest amount of the policy cover. It is available as money-back plans also. Classification of Insurance Companies By: Margaret Zechlin, Executive Vice President - Alternative Markets Head Insurance companies are classified according to five attributes: 1. Motor Insurance. Meaning of Insurance: If one goes by the word meaning insurance is a contract between two parties whereby the insurer agrees to indemnify the insured […] The major segments covered under general Insurance Policy India are: (it is like property insurance which may include with other things). Transfer. There is a life insurance council that decides entire norms relating to life insurance in India; In fact life insurance plays different type of roles. Content Filtration 6. Some life insurance policies even offer financial compensation after retirement or a certain period of time. Nature 4. Covers life for a longer period of time. A Home Insurance Policy protects your valuable and other assets. Content Guidelines 2. History of Insurance. Changing one factor has possible implications on other factors. Finally, within Product Costs, we have Conversion Costs: these are the costs incurred in the factory that are incurred in the conversion of materials into finished goods. Cashless hospitalization in all major hospitals pan India. Subject to condition that all the premiums stand paid, at the end of the term the policy holder receives the sum assured plus accrued/guaranteed bonuses that have been declared over the years, as a lump sum. CLASSIFICATION OF RISK 2. It serves twin purposes saving as well as support in the case of need in old age. This agent who procures the proposal remains abase/service agent for the proposal. Also, read: Digital Insurance: Insights on Digital Trends in Insurance Industry What is Life Insurance. As conceived by the Life Insurance council the Life Insurance is the key to good financial planning. Insurance is a mechanism that helps to reduce such adverse consequences through pooling, spreading and sharing of risk. These pure risk plans cover life at a nominal cost Term plans also let avail the benefit to cover outstanding debts like mortgage, home loan etc. Single premium payment option available, and. Gone are the days when people were not able to get timely medical aid and the death rate was very high. 1. Working 8. Such plans offer better returns than traditional endowment plans and offer a great deal of flexibility along with great returns making them finest product offerings. Insurance. So while we cannot protect our interests against all risks, we can opt for some insurance. In case of something happens the financial burden is borne by the insurance company and not the loved ones. – It offers a way to replace the loss of income that occurs when the insured person dies, usually the person who is the majority income provider of the family. When we talk about general insurance it is meant insurance other than life insurance. World's Best PowerPoint Templates - CrystalGraphics offers more PowerPoint templates than anyone else in the world, with over 4 million to choose from. It is necessary because the features of every policy vary from product to product. This type of plan allows to save regular amounts of money for a peaceful retirement. Huge Collection of Essays, Research Papers and Articles on Business Management shared by visitors and users like you. The child must remain covered throughout even if something happens to parents. Meaning of Risk: In simple words risk is danger, peril, hazard, chance of loss, amount covered by insurance, person or object insured. Child plan helps to build corpus for child’s future growth. INTRODUCTION Insurance is a contract in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. After retirement most of the people are not able to re-join any other employment because of the old age or for any other reason. While driving a vehicle by such a person if due some accident any other person either a pedestrians or occupant of other vehicles, and outsiders other than passengers of the vehicle in question are injured or died, these are known as third persons. You will need to compare costs and benefits before choosing a plan. The person who is driving the insured vehicle with valid driving license without the influence of intoxication is known as first party. These type of plans do not have any maturity period or maturity value. ADVERTISEMENTS: After reading this article you will learn about:- 1. http://www.koffeefinancial.com/Static/Learn.aspx. Plagiarism Prevention 5. See our Privacy Policy and User Agreement for details. 1. 2. It depends on the nature of the policy of insurance if some additional covers are also included in the agreement of policy. Introduction Introduction Life Insurance Marine Insurance Fire Insurance Miscellaneous Insurance Prospects of Insurance Business Insurance Legislation 5. This type of insurance covers all the risks in case of motor insurance as contained in the Motor Vehicle Act, plus loss or damage caused to the vehicle due to any reason as explained in the policy. The term of policy depend upon the type of vehicles like Private Car, Taxi, Two wheeler, Commercial vehicle. insurance plan or a “one-size-fits-all” policy. The sum assured under such plans are not paid during the life time of an insured person. When it is said as whole life plan it means the whole life insurance plans that provide cover throughout the life time. The third party insurance covers such type of risks for unlimited amounts. Additionally, the investment decisions are regulated to a large extent by IRDA rules and regulations, ensuring stable returns with minimal risk. Such type of plans contain provisions for converting a sum of money into a guaranteed series of payments for definite period or for life. Investment income is distributed amongst the policy holders through annual bonus. 1. Distribution System Licensing Status Privacy Policy 9. At the end of the term of the policy, the client gets the sum assured as part of the maturity benefit under life insurance policies. Disability Insurance Disability insurance, also known as disability income insurance, is another type of medical coverage. Insurance. The traditional policies offer in-built guarantees and define maturity benefits through variety of products such as guaranteed maturity value. Details on 2 insurance categories - Life and Non Life insurance. ADVERTISEMENTS: After reading this article you will learn about:- 1. Proposal made or obtained by any authorized agent is subject to approval by the insurance company. Such an agreement or Policy the insurer companies agrees to cover the client for the sum assured. There are no certainties or guarantees in life. Licensing Status 2. Classification, Insurance Management, Insurance, Classification of Insurance. 1. The word General Insurance appears to be a right term to understand the concept of such type of insurance activities. Depending on the type of claim the policy is either terminated or is kept in force. Ownership 5. Uploader Agreement. Report a Violation 11. Coverage of all major day care treatments. It pays part of your income if you become ill or injured and need Copyright 10. Any written information regarding it is insurance correspondence. Wealth plans are always looked as investment plans. Type of insuranceLife Insurance Home Insurance Property Insurance Auto Insurance Health Insurance 4. Keeping in view the life expectancy it has become more important and that is why retirement policies are becoming more and more popular. Life Insurance plans, unlike mutual funds, are beneficial when this is looked upon as a long term avenue of investment which also offers protection through life cover. Next comes the number of years for which policy cover is required in other word what shall be term of the policy in question. In return to which the insured pay premium for a fixed period of time. Term life insurance is a type of life insurance that provides a death benefit to … It is a contract between an insurer and an insured. Children’s Plan ensure a secured financial future for children. Classification of Insurance• Life Insurance• Non Life Insurance. Define nature of Insurance s per third school of thought. Both life insurance (including Health insurance) and general insurance are main types of insurance but different companies come out with different insurance products and provide different type of nomenclature to such products to show that there are various types of insurances. Definition of Insurance 3. Most common example of insurance. Account Disable 12. In case the vehicle is not self-driven and is being driven by an employee say driver or other persons the injury to these persons including death is also covered. Pages in category "Types of insurance" The following 92 pages are in this category, out of 92 total. Terms of Service 7. Motor insurance refers to policies that offer financial assistance in the event of … Mutual companies are owned by their policyholders, while share- / stockholders (who may or may not own policies) own stock insurance companies. Such assured sum is paid in case of unfortunate death of the insured person, to the family of the policyholder. 2. 3. The investment risk in traditional life insurance policies is borne by the life insurance companies. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. This insurance class deals with all the non-life aspects of an insured like his/her house, health, land, office, cargo, etc., which might bring financial loss. These type of plans also offer additional rider benefits. In the absence of fire insurance, the fire waste … The simplest life insurance business cycle looks like this: Anyone willing to take a life insurance policy does not know how to avail the facility. If you continue browsing the site, you agree to the use of cookies on this website. Characteristics 7. In such cases the passengers of the vehicle and pillion riders are also deemed covered. Insurance companies provide different type of investment plans like: Term Insurance helps the customers in safeguarding their families from financial worries that arise due to unfortunate circumstances. Factors to be kept in mind while purchasing children policy: 1. The life expectancy is increasing day by day. This article throws light upon the two types of insurance. On one hand, it safeguards money and on the other, ensures its growth, thus providing with complete financial well being. Life insurance policies are broadly categorized into two types one a Traditional Plan and second Unit linked insurance plan (popularly known as ULIPs). Essays, Research Papers and Articles on Business Management, Risk Retention in Insurance: Meaning and Types, Notes on Insurance: Meaning, Need and Functions, Notes on Depositing Cash or a Cheque in Your Bank Account, Advantages and Disadvantages of Franchising. A health insurance policy also gives the benefit of covering loved ones under one plan to avoid any financial constraints arising on account of a medical emergency. What is third party? Classification of risk 1. Endowments are long- term, regular saving plans with a built-in life cover. Since your needs and financial situation change over time, it is important to understand and review your insurance policies on a regular basis … 3. If you continue browsing the site, you agree to the use of cookies on this website. Some of these can be classified as follows: All above different type of names given to particular type of general insurance. Fire Insurance. 3. The plan should provide a regular source of income so that child does not have to compromise on his/her dreams and aspirations. It is a comprehensive package policy that covers all valuables. General Insurance. ULIPs, on the other hand provide a combination of risk cover and investment. 2. Next comes the matter of sum for which a policy is required. For different kinds of an insurance policy; suitable and conditions are added which are called insurance contract clauses. Systematic Risk 1. The risk is an event or happening which is not planned but eventually happens […] Class of Expenses covered under Health Insurance 1. The types are: 1. Under these type of plans the premium paid by subscribers are invested in to the equity, debt, and cash markets by allocating units, which like any other mutual funds have a NAV. Insurance can be one of the most important ongoing purchases you make to protect yourself and your family from financial hardship. And also tax benefits as per existing laws. This type of insurance can be further classified into specialized forms as follows: Most of the General Insurance Companies provide a wide range of insurance products and services. Accident Insurance After studying this topic the learners would be able to know about the different types of Accidental The Group Insurance covers a group of people, usually members of societies, employees of a common employer, or professionals. LIC of India formed in 1956 after. See our User Agreement and Privacy Policy. Such plans include investment funds ranging from index funds to mid-cap funds and debt market linked funds. Classification of Insurance - Life• Life Insurance – It is a contract between the insured person and the company or "carrier" that is providing the insurance. Place of Incorporation 3. Choice of open market option i.e., an option to purchase an immediate annuity from the existing insurance company or any other life insurance company that is recognized by IRDA. 1. Once a proposal is approved by the company it enters into a legal agreement (popularly known as Insurance Policy) between the insurer company and the client. 2. TYPES OF LIFE INSURANCE POLICIES IN INDIA 1. These policies are ideal for policy holders who are not market savvy and do not wish to take investments risks. Market Risk : Market Risk is the risk that the value of an investment will decrease due to … It provides an alternative to normal retirement known as superannuation. General Insurance is looked after by General Insurance Council of India (popularly known as GIC). Lastly, family insurance can refer to money given to direct relatives and dependents, specifically, children, in the event of death. Image Guidelines 4. You can change your ad preferences anytime. Insurance is a mean of protection from risk or loss. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. After the death of insured, his/her nominee receives the insured amount. Life Insurance 2. Classification of life insurance policy Whole life insurance policy: Whole life insurance policy is defined as an insurance in which the insured person pays the premium in the installment basis for full duration of his/her life. Non-Life insurance products include property or casualty, health insurance or house, fire, marine insurance etc. 2. But when life insurance is not the subject matter of such type of insurance it should not be called non-life insurance. Let us take a look at concepts of insurance and functions of an insurance company. Risk classification is only one factor in an entire set of factors which bear on private, voluntary insurance programs. Classification of Products – On the Basis of Durability, Tangibility and Use . Other factors--such as marketing, underwriting and administration--combine with risk classification to provide an entire system of insurance. Life insurance policies are broadly categorized into two types one a Traditional Plan and second Unit linked insurance plan (popularly known as ULIPs). 3. He tries round about and comes across an agent who is authorised by the insurance company and has also qualified a test arranged under the law of IRDA to functions as an agent. Now customize the name of a clipboard to store your clips. These names may differ from company to company but the basics of all types of insurances remains the same to cover the losses, damages occurred due to natural calamity, accident, human error or otherwise. Introduction to non life insurance short course, Types of Insurance - Life & General Insurance, Organizational citizenship behavior (ocb), No public clipboards found for this slide, 2. Thus life insurance business is complimentary to the Government efforts in social management. This type of plan allows to switch between one fund to another depending on the risk factor one is ready to bear. There is option of paying single premium or regular premiums. 2. Insurance today offers a very simple assurance in terms of monetary and a child and family in case of death or disability of parent and helps ensure that the shortage of funds never hamper dreams or aspirations of children. Life Insurance• Life insurance provides a monetary benefit to a descendants family or other designated beneficiary, and may specifically provide for income to an insured persons family, burial, funeral and other final expenses. 2. There is no guarantee that the business will not suffer an unexpected loss or damages. Insurance - Classification of Insurance. Coverage of pre and post hospitalization expense. How Covid-19 Might Affect Your Auto Insurance - As with some other types of insurance, Covid-19 won’t necessarily have an impact upon your auto policy, but you might find yourself struggling to keep up with the payments. However in case of general Insurance it should be understood that it is not only confined to cars only but all type of general insurances. In addition to this the client will get the maturity bonus and any other benefits depending on the product feature. insurance company or the insurer, agrees to compensate the loss or damage sustained by another party, i.e. International Risk Management Institute, Inc. 12222 Merit Drive, Suite 1600 Dallas, TX 75251-2266 (972) 960-7693 (800) 827-4242 Retirement plans are meant to provide social security to those who are likely to retire from the jobs that provided employment to them. The base agent gets commission for the policy. Durability and Tangibility Classification: (a) Non-durable goods- Non-durable goods are tangible goods normally consumed in one or a few uses. Disclaimer 8. The premium could be paid for as long as a lifetime or for a limited period. Term plans are pure risk cover plans with or without maturity benefits. Insurance refers to a contractual arrangement in which one party, i.e. Basic Types 5. Meaning of Insurance 2. Health insurance helps pay for all medical expenses. The basic risk covered is financial. Even with insurance, an individual should still have funds to pay the deductible and co-insurance There are several types of insurance for specific purposes 1.10.1.G1 It should be kept in mind that all these different types of polices constitute the basic functions of insurance only whether life insurance or be it general insurance. Term Life Insurance. the insured, by paying a definite amount, in exchange for an adequate consideration called as premium. Business … All employees or members are included under one “Master Policy” owned by the employer/nodal agency. The purpose of health insurance is to help overcome unforeseen emergencies without compromising on any other financial goal. Marketers have traditionally classified products on the basis of three characteristics- durability, tangibility and use. 2. 4. The Occupational Injury and Illness Classification Manual (OI&ICM) provides a classification system for use in coding the case characteristics of injuries and illnesses in the Occupational Safety and Health (OSH) program and the Census of Fatal Occupational Injuries (CFOI) program. This list may not reflect recent changes (). LIFE INSURANCE POLICIES IN INDIA 1 2. Option to avail a host of additional rider benefits. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. This type of annuity has two main phases, the accumulation phase which permits to invest and save money through the account and on the other hand there is pay out plan which is converted into regular annuity installments and payments are received. This sector covers almost everything related to property, vehicle, cash, household goods, health and also one’s liability towards others. Ensure that the child himself/herself is not forced to pay the premiums of the policy. Classification of Insurance: Insurance companies are generally classified as either mutual, or stock companies, but this is a traditional distinction as true mutual companies are becoming very rare. Life Insurance can be termed as an agreement between the policy owner and the insurer, where the insurer for a consideration agrees to pay a sum of money upon the occurrence of the insured individual’s death or other event, such as terminal illness, critical illness or maturity of the policy. The insurer makes payment against the claim after verification. 3. Functions. Financial security against loans and mortgages, 3. Elaborate the type of expenses that are covered under Health Insurance Classroom teaching, PPT’s 5. Systematic Risk Market Risk Interest Rate Risk Purchasing Risk Unsystematic Risk Business risk Financial Risk 3. Child plans help to build funds … Group insurance covers both life and savings products along with options like Superannuation and health. 4. This agent prepares a proposal which contain the details of the proposed policy holder like his income, medical history, products (the products are explained by the agent to the proposed policy holders in detail so as to make him able to select a policy of his choice). Elements of Insurance Contracts are basically 2 types; (1) the elements of the general contract, and (2) the element of special contract relating to insurance. If this is the case for you, there are a couple of things you can do to ease the financial burden, and one thing you mustn’t do: | PowerPoint PPT presentation | free to view Every insurance company has its own way of evaluating risk methods which are usually done by the central processing centre of the company. A whole Life Insurance plan assumes that the family of the insured person remains protected against financial losses that could occur on his death. 1. Looks like you’ve clipped this slide to already. Digit Insurance gives protection for Home against Burglary, Loss/Damage of Jewelry, Fire and Natural Disasters. Life insurance is a contract that offers financial compensation in case of death or disability. Fire Insurance covers the risk of fire. The main risk of old age is the likelihood of not getting sufficient income to meet one’s financial needs in old age after retirement. In case of the unfortunate death during the term of the plan, the sum assured, will be paid out as a lump sum with the bonuses that the policy is entitled to. Winner of the Standing Ovation Award for “Best PowerPoint Templates” from Presentations Magazine. Types of Risk 3. In it, the insurer agrees to pay or compensate for the loss. They'll give your presentations a professional, memorable appearance - the kind of sophisticated look that today's audiences expect. Travel insurance applies to different modes of transportation, to ensure a safe journey. Depending upon the term of policy the amount of premium (The money required to be paid to the insurance company by the insured person an terms of frequency like monthly, quarterly, or yearly. During the term of the policy, the client can submit claims. Insurance is not a gambling: The insurance serves indirectly to increase the productivity of the … In popular terms a dialect it is famous as non-life insurance. INTEXT QUESTIONS 2.1 1. Meaning of Risk 2. More importantly they offer a flexibility to decide about risk taking profile. Electricity, water, telephone, rent, Council Tax, insurance Total indirect costs are collectively known as Overheads. Clipping is a handy way to collect important slides you want to go back to later. Types of Business Written 4. Child Plan. TYPES OF INSURANCE “Take Charge of Your Finances” Advanced Level

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