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    Ajit Kumar BBA

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    Vishal Saini
    This document provides an overview of different types of insurance. It defines insurance as an arrangement where a company or government agency provides compensation for specified losses in exchange for premium payments. It then describes key types of insurance like life insurance, general insurance, fire insurance, health insurance, and marine insurance. For each type, it provides a brief definition and discusses what risks they cover. The purpose of insurance is to provide protection against uncertain events and facilitate risk sharing.

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    Ajit Kumar BBA

    Uploaded by

    Vishal Saini
    40 views19 pages
    This document provides an overview of different types of insurance. It defines insurance as an arrangement where a company or government agency provides compensation for specified losses in exchange for premium payments. It then describes key types of insurance like life insurance, general insurance, fire insurance, health insurance, and marine insurance. For each type, it provides a brief definition and discusses what risks they cover. The purpose of insurance is to provide protection against uncertain events and facilitate risk sharing.

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    introductionaboutinsurance-160830110112

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    This document provides an overview of different types of insurance. It defines insurance as an arrangement where a company or government agency provides compensation for specified losses in exchange for premium payments. It then describes key types of insurance like life insurance, general insurance, fire insurance, health insurance, and marine insurance. For each type, it provides a brief definition and discusses what risks they cover. The purpose of insurance is to provide protection against uncertain events and facilitate risk sharing.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    40 views19 pages

    Ajit Kumar BBA

    Uploaded by

    Vishal Saini
    This document provides an overview of different types of insurance. It defines insurance as an arrangement where a company or government agency provides compensation for specified losses in exchange for premium payments. It then describes key types of insurance like life insurance, general insurance, fire insurance, health insurance, and marine insurance. For each type, it provides a brief definition and discusses what risks they cover. The purpose of insurance is to provide protection against uncertain events and facilitate risk sharing.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 19

    Introduction

    Ajit Kumar
    BBA
     INSURANCE is a practice or arrangement
    by which company or government agency
    provides a guarantee of compensation for
    specified loss, damage, illness or death in
    return for a payment of a premium.

     In some sense, it’s a thing providing


    protection against a possible eventuality.
    A contract in which an individual or entity
    receives financial protection or
    reimbursement against losses from an
    company. The company pools clients’ risks to
    make payments more affordable for the
    insured .
     Provides protection against occurrence of
    uncertain events.
     Co-operative method of spreading risks.
     Facilitates international trade.
     Serves as an agency of capital formation.
     Financial support.
     Medical support.
     Source of employment.
    mo

    Life General
    insurance insurance

    Motor Fire Health Marine


    insurance insurance insurance insurance
    Life insurance……..
    Life insurance-:
    Life insurance is a contract between the
    policy owner and the insurer,
    Where the insurer agrees to reimburse the
    occurrence of the insured individual’s death
    or other event such as terminal illness or
    critical illness.
    The insured agrees to pay the cost in terms of
    insurance premium for the service.
    Specific exclusions are often written in the
    contract to limit the liability of the insurer.
    For example-: claims related to suicide, fraud ,
    war and civil commotion is not covered.
    Different companies of life insurance -:

    Life insurance policy


    company
    General insurance……
    General insurance -:
     Insuring anything other than human life is called as
    general insurance.
     Examples are insuring property like house and
    belongings against accidental damage or theft.
     Injury due to accident or hospitalisation for illness
    and surgery can also be insured.
     General insurance or non- life insurance policies,
    including automobiles and homeowners policies,
    provide payments depending on the loss from a
    particular financial event.
    Various types of general insurance
    Fire insurance…..!!!
    What is fire insurance…?
    A fire insurance is a contract under
    which the insurer in return for a
    consideration agrees to indeminfy the
    insured for the financial loss which the
    latter may suffer due to destruction of or
    damage the property or goods, caused
    by fire, during a specified period.
    Health insurance….
    What is health insurance…?
     A type of insurance coverage that pays for
    medical and surgical expenses that are
    incurred by the insured.
     Health insurance can either reimburse the
    insured for expenses incurred from illness or
    injury or pay the care provider directly.
     Health insurance is often included in
    employer benefit packages as a means of
    enticing quality employees.
    Marine insurance…..
    What is marine insurance…?
     This policy covers goods, freight and other
    interests against loss or damage to goods
    which is transported through road ,sea or
    air.
     Marine insurance covers the loss of ships ,
    cargo,terminals and any other transportor
    cargo by which property is transferred.
    Various general insurance company-:

    General insurance policy


    company

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