Introduction to insurance policies, premiums and claims. There are several policies nowadays where there is an option to cover the family members in an individual policy. Insurance is broadly classified into two parts covering different types of risks. Introduction to risk and risk management business and related family risk management the business risk managers function and. Introduction to insurance principles of insurance 22 2. The different types of personal insurance may be mentioned as well. Type of insurance companies operating in ethiopia the practice of insurance service in its modern sense is a recent phenomenon which is said only to have been started in the early 1920s. Types of insurance policies insurance provides compensation to a person for an anticipated loss to his life, business or an asset. Make good the loss suffered by the insured against a specific risk for which the insurance. Teach and learn basic insurance policy types, concepts, and principles. Life insurance is different from other insurance in the sense that, here, the subject matter of insurance is the life of a human being. Life insurance provides for your family or some other named beneficiaries on your death. Even employer rules relating to an employers group life policy. What is insurance the legal sense insurance is a contract under which the insurer insurance company in consideration of a sum of money paid premium by the insured the person whose risk is insured agrees to.
Pdf introduction to insurance and reinsurance researchgate. Insurance can be one of the most important ongoing purchases you make to protect yourself and your family from financial hardship. Insurance handbook insurance information institute. In treaty reinsurance, the ceding company agrees in advance to the type.
The following briefly describes the different types of beneficiaries paid by social security. Insurance pdf types of insurance, scope of insurance. Types of beneficiaries social security administration. Life insurance is a contract that offers financial compensation in case of death or disability. Insurance can help protect what matters most to you, whether youre a homeowner, pet owner, landlord or small business owner.
Wholelife policies, a type of permanent insurance, combine life coverage with an investment fund. Any insurance policy insuring anything other than risk to a persons life is a general insurance or nonlife insurance policy. Types of policies broadly, various engineering policies can be classified as follows. With this plan, an entire network of health care providers agrees to offer you its.
Business studies 42 identify different types of insurance. The following 91 pages are in this category, out of 91 total. Private insurance plans, by contrast, are all types of coverage offered by private corporations or. General insurance policies will insure anything other than the life of an individual. Its the core reason to own life insurance but not the only one. From the study of the above meaning and definition, insurance may be considered to be a better means of shifting and dividing the business risks. Check with a local social security office if you believe you may be eligible for benefits. Life insurance corporation of india insurance plan.
Insurance is an important tool for all individuals. A singlepolicy may cover risks in one or more of thecategories set out below. This list may not reflect recent changes learn more. We pay benefits to the following types of beneficiaries. Chapter one introduction insurance is a social device for spreading the chance of financial loss among a large number of people. Once an individual is hospitalized, the charges x have a probability density function p. Chapter ix summary, conclusion and suggestions health insurance is a type of insurance that pays for all or part of persons health care bills. Lics insurance plans are policies that talk to you individually and give you the most suitable options that can fit your requirement. Introduction to insurance and reinsurance coverage. Any risk that can be quantified can potentiallybe insured below are exhaustive lists of the manydifferent types of insurance that exist.
He did not mean to hit the identify key terms associated with insurance and risks. Medical insurance medical or health insurance is taken to cover against the chances of medical costs. Bonus in policies different types of bonus in life insurance policies. This study note is an introduction to the ideas and concepts behind actuarial. There are many different types of insurance including health and medical, auto, life, travel, homeowners, and rental insurance. Some people can get health insurance through a group health plan offered by their employer or their spouses employer. Co insurance amount of money, after deductible, that is paid jointly by the insured and the insurance company. To the surprise of many of these homeowners, their regular homeowners insurance policy did not cover against flood. Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. A person or entity who buys insurance is known as an insured or as a policyholder. The legal framework of insurance contracts is very similar in the different legal systems. Simply explained, whole life can be an income as well as an insurance instrument, as long as you continue to pay the. Life insurance, thus, helps you secure your familys financial security even in your absence. Different types of life insurance policies in india.
Environmentally sustainable transport gpi analyses of gp. Some types of life insurance offer riders or other features that can play an important role in your financial strategy, such as the ability to accumulate cash. These are one time policies issued for entire project period irrespective of whether the project period irrespective of whether the project period is a few days or a few years. Insurance practice and procedure by maryam sholevar presenting at department of banking and finance maryam sholevar jimma university 2. Examine the different types of insurance available. Framework of spos introduction strategies and strategic policy options xstrategy 1 e. Deductible amount of money paid out of pocket by policyholder before the insurance coverage begins. Chances are, the life and health insurance foundation. Insurance policy it is the contract between the insured and the insurer containing the details of the terms and conditions of a certain insurance. In india, insurance is broadly categorized into three categories. Payment for these benefits is made from the oldage. Insurance policies, a contract between the policyholder and the insurance company, are of different types depending on the risk they mitigate.
Insurance is a means of protection from financial loss. If a person insured his property with two insurance companies, then in case of fire loss both the insurance companies will pay the loss to the owner proportionately. Introduction to insurance policies, premiums and claims insurance is designed to protect the financial wellbeing of you and your dependents in the case of unexpected loss. Insurance helps provide financial protection for unforeseen losses for you and your family. The two basic types of life insurance are traditional whole life and term life. Conceptually and legally, insurance is of two types life and general insurance. Product liability insurance works to protect a business in such a case, with coverage available to be tailored specifically to a specific type of product. A whole life policy is a policy in which you pay till death of the policy holder. Term life term insurance is the simplest form of life insurance.
Which agency regulate insurance sector in india insurance service pdf. Life insurance covers the dependents in case of the untimely death of the policyholder. Introduction and history of insurance authorstream presentation. Typically, this type of policy is chosen based on your needs and goals. Name and describe the various kinds of business insurance. It can be defined as any form of insurance whose payment is contingent on insured incurring additional expenses or loosing income because of incapacity or loss of good health phillip 2007. This category has the following subcategories, out of total. Similarly in general insurance, the property can be insured against any contingency i.
Insurance lesson plans, teaching lessons, worksheets. Definitions and types of insurance 2012 book archive. Here, youre buying a policy that pays a stated, fixed amount on your death, and. Claim paperwork submitted to insurance organization describing the accident, illness or injury. In all types of insurance there may be limits on benefits or claim payments. Obamacarecompliant major medical health insurance plans come in several different formats, as described below. Hmos are one of the most popular types of health insurance you can purchase. Some life insurance policies even offer financial compensation after retirement or a certain period of time. It pays only if death occurs during the term of the policy, which is usually from one to 30 years. 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. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss an entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter.
It explains the concept of insurance and how it is used to cover risk. Some forms of insurance are required by law, while others are optional. Explain the purpose and importance of different types of insurance protection as a risk management strategy e. There are two basic types of life insurance policies. What are the different types of general insurance policies. The insurer will pay the fixed amount of insurance at the time of death or at the expiry of a certain. People can buy an individual health insurance policy on their own. A contract of insurance is that whereby one party, the insurer. There are two major types of life insurance term and whole life. Broad categories include life, health, motor, travel, home, rural, commercial and business insurance.