Dr A.P.

J Abdul Kalam Technical University, Lucknow

A Mini Project Report-1 KMBN-151

on
INSURANCE
Submitted in the Partial Fulfillment of the
Requirement for Qualifying
Master of Business Administration
Batch: 2022-2024
Submitted To: Submitted By:
Ms. Garima Singhal Deepak kumar
Roll No:- 24

Department of MBA
IIMT College of Engineering, Greater Noida
Knowledge Park-III, Greater Noida
S. no Table of Content
01 Insurance

 Introduction of Insurance

 Need of Insurance

 Importance of Insurance

 Objective of the study

02 Basic of MS Excel

 Workbook

 Worksheet

 Cell

 Rows and Columns

 Data types in MS Excel

 Formatting

 Border of table

 Adjustment of rows and columns

 Shortcut Keys

 Short & Filter

 Conditional formatting

 Data Validation

 Data Protection

 Lookup Functions-Vlookup, Hlookup, Xlookup

 Text Functions- Trim, Concatenate, Left, Mid, Right, Upper,

Lower & Proper
  Sum & Count Functions

 Logical Functions (IF, IFS, AND, OR, NOT)

 Paste Special

 Go To Special

 Text to Columns

 Hyperlink

 Pivot Table

Introduction of Insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a

party agrees to compensate another party in the event of a certain loss, damage, or injury. 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. A person or entity who buys insurance is known as a policyholder,

while a person or entity covered under the policy is called an insured. The insurance transaction

involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of

a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the

insured in the event of a covered loss. The loss may or may not be financial, but it must be

reducible to financial terms. Furthermore, it usually involves something in which the insured has

an insurable interest established by ownership, possession, or pre-existing relationship.

The insured receives a contract, called the insurance policy, which details the conditions and

circumstances under which the insurer will compensate the insured, or their designated

beneficiary or assignee. The amount of money charged by the insurer to the policyholder for the

coverage set forth in the insurance policy is called the premium. If the insured experiences a

loss which is potentially covered by the insurance policy, the insured submits a claim to the

insurer for processing by a claims adjuster. A mandatory out-of-pocket expense required by an

insurance policy before an insurer will pay a claim is called a deductible (or if required by

a health insurance policy, a co-payment). The insurer may hedge its own risk by taking

out reinsurance, whereby another insurance company agrees to carry some of the risks,

especially if the primary insurer deems the risk too large for it to carry.
Need of Insurance
Insurance plans are beneficial to anyone looking to protect their family, assets/property and

themselves from financial risk/losses:

 Insurance plans will help you pay for medical emergencies, hospitalisation, contraction of

any illnesses and treatment, and medical care required in the future.

 The financial loss to the family due to the unfortunate death of the sole earner can be

covered by insurance plans. The family can also repay any debts like home loans or other

debts which the person insured may have incurred in his/her lifetime

 Insurance plans will help your family maintain their standard of living in case you are not

around in the future. This will help them cover the costs of running the household

through the insurance lump sum payout. The insurance money will give your family

some much-needed breathing space along with coverage for all expenditure in case of

death/accident/medical emergency of the policyholder

 Insurance plans will help in protecting the future of your child in terms of his/her

education. They will make sure that your children are financially secured while pursuing

their dreams and ambitions without any compromises, even when you are not around

 Many insurance plans come with savings and investment schemes along with regular

coverage. These help in building wealth/savings for the future through regular

investments. You pay premiums regularly and a portion of the same goes towards life

coverage while the other portion goes towards either a savings plan or investment plan,

whichever you choose based on your future goals and needs

  Insurance helps protect your home in the event of any unforeseen calamity or damage.

Your home insurance plan will help you get coverage for damages to your home and pay

for the cost of repairs or rebuilding, whichever is needed. If you have coverage for

valuables and items inside the house, then you can purchase replacement items with the

insurance money

Types of Insurance

There are several types of insurance plans available. Some of the commonly preferred ones

include the following:

 Life insurance :

Life insurance is what you can avail in order to safeguard your family in case of your

death during the tenor of the policy. The most basic form of life insurance available to

buyers is term insurance. Life insurance helps secure your family financially with a lump

sum amount that is paid out in the event of the policy holder’s death within the policy

period

 Health insurance :

This is purchased for covering medical expenses revolving around various health issues,

including hospitalisation, treatments and so on. These insurance plans come in handy in

case of medical emergencies; you can also avail of cashless facility across network

hospitals of the insurer

 HEALTH INSURANCE PLANS

 Child Plans :

These insurance policies are savings instruments that help in generating lump sum

funds whenever children reach a certain age for pursuing higher studies. In these

plans, the life assured is that of the child or the recipient of the funds while the

parents are the policy owners

CHILD INSURANCE PLANS

 Home insurance :

These insurance plans cover any damages to the home on account of accidents,

mishaps and natural calamities, among other such events

 Auto Insurance :

These are insurance plans for vehicles, including cars and bikes. These offer

protection against natural calamities, damages to third parties (people who have

incurred losses or been hurt in an accident with the policyholder’s vehicle) and also

damages to the vehicle along with mishaps and accidents

Insurance is thus the need of the hour in today’s uncertain times -- evaluate your

financial situation to choose a plan best suited to your future financial needs.
 This is data of Insurance

Which is about location of an Urban and a rural area based

insurance data.
Policy: - Policy is a deliberate system of guidelines to guide decisions and achieve rational
outcomes. A policy is a statement of intent and is implemented as a procedure or protocol.

Policies are generally adopted by a governance body within an organization. Policies can assist

in both subjective and objective decision making. Policies used in subjective decision-making

usually assist senior management with decisions that must be based on the relative merits of a

number of factors, and as a result, are often hard to test objectively, e.g. work–life
balance policy... Moreover, Governments and other institutions have policies in the form of laws,

regulations, procedures, administrative actions, incentives and voluntary practices. Frequently,

resource allocations mirror policy decisions.

Policy is a blueprint of the organizational activities which are repetitive/routine in nature.

In contrast, policies to assist in objective decision-making are usually operational in nature and

can be objectively tested, e.g. password policy.[1]

The term may apply to government, public sector organizations and groups, as well as

individuals, Presidential executive orders, corporate privacy policies, and parliamentary rules of

order are all examples of policy. Policy differs from rules or law. While the law can compel or

prohibit behaviours (e.g. a law requiring the payment of taxes on income), policy merely guides

actions toward those that are most likely to achieve the desired outcome.[2]
Policy or policy study may also refer to the process of making important organizational

decisions, including the identification of different alternatives such as programs or spending

priorities, and choosing among them on the basis of the impact they will have. Policies can be

understood as political, managerial, financial, and administrative mechanisms arranged to reach

explicit goals. In public corporate finance, a critical accounting policy is a policy for a

firm/company or an industry that is considered to have a notably high subjective element, and

that has a material impact on the financial statements.

Location :- Location has long been a critical element to the insurance

industry. Understanding where a property is in relation to the risk elements, is a

core decision affecting an insurance carrier’s profitability. Since the events of 9-11,
the importance of understanding “where” in relation to risk management, has become

an even more critical process.

IMPORTANCE OF INSURANCE

The following point shows the role and importance of insurance:

Insurance has evolved as a process of safeguarding the interest of people from loss and

uncertainty. It may be described as a social device to reduce or eliminate risk of loss to life and

property.

Insurance contributes a lot to the general economic growth of the society by provides stability to

the functioning of process. The insurance industries develop financial institutions and reduce

uncertainties by improving financial resources.

1. Provide safety and security:

Insurance provide financial support and reduce uncertainties in business and human life. It

provides safety and security against particular event. There is always a fear of sudden loss.

Insurance provides a cover against any sudden loss. For example, in case of life insurance

financial assistance is provided to the family of the insured on his death. In case of other

insurance security is provided against the loss due to fire, marine, accidents etc.

2. Generates financial resources:

Insurance generate funds by collecting premium. These funds are invested in government

securities and stock. These funds are gainfully employed in industrial development of a country
for generating more funds and utilised for the economic development of the country.

Employment opportunities are increased by big investments leading to capital formation.

3. Life insurance encourages savings:

Insurance does not only protect against risks and uncertainties, but also provides an investment

channel too. Life insurance enables systematic savings due to payment of regular premium. Life

insurance provides a mode of investment. It develops a habit of saving money by paying

premium. The insured get the lump sum amount at the maturity of the contract. Thus life

insurance encourages savings.

4. Promotes economic growth:

Insurance generates significant impact on the economy by mobilizing domestic savings.

Insurance turn accumulated capital into productive investments. Insurance enables to mitigate

loss, financial stability and promotes trade and commerce activities those results into economic

growth and development. Thus, insurance plays a crucial role in sustainable growth of an

economy.

5. Medical support:

A medical insurance considered essential in managing risk in health. Anyone can be a victim of

critical illness unexpectedly. And rising medical expense is of great concern. Medical Insurance

is one of the insurance policies that cater for different type of health risks. The insured gets a

medical support in case of medical insurance policy.

6. Spreading of risk:

Insurance facilitates spreading of risk from the insured to the insurer. The basic principle of

insurance is to spread risk among a large number of people. A large number of persons get

insurance policies and pay premium to the insurer. Whenever a loss occurs, it is compensated out

of funds of the insurer.

7. Source of collecting funds:

Large funds are collected by the way of premium. These funds are utilised in the industrial

development of a country, which accelerates the economic growth. Employment opportunities

are increased by such big investments. Thus, insurance has become an important source of

capital formation.

OBJECTIVE OF THE STUDY

Objectives of Insurance
 Granting Security to People
 Minimization of losses
 Diversifying the risk
 Reduces the anxiety and fear
 Mobilizes the saving
 Generation of capital
Granting Security To People

Insurance primarily serves the purpose of granting security against losses and

damages to people. It is an agreement enters into by two parties in which one

promises to protect other from losses in return for premium paid by other party. One

party is insurance company and other one is insured. Insurance companies guarantee

the insured of compensation in case of any unfavourable contingency. Insured need to

pay premium to insurance companies in return for guarantee of compensation.

Minimisation Of Losses

Insurance aims at minimisation of losses arising from future risks and uncertainties. It

adds certainty of payments to people for happening of uncertain events. Insurance

assures the individuals for compensation of losses. It minimises the risk through

proper planning and administration. Insurance companies suggest people for taking

safety measures like installation of fire detection devices, alarm and cameras system

etc. They also join hands with various organisations like fire brigade, health and

various organisations which work for reducing losses and damages. This way

insurance works toward minimising the happening of various losses.

Diversifying The Risk

Insurance works towards diversifying the risk among large number of people. It aims

at reducing the adverse effects of any future contingency by spreading the overall risk

associated with it. It is medium through which people share their risk with others.

Insurance companies compensate the insured for losses out of premium they charged

from their different policy holders. The loss incurred by single individual is

diversified among large peoples by insurance companies by utilising the collected

premium amount for paying compensations.

Reduces the Anxiety and Fear

Insurance policies relieves the individuals of any tension and fear regarding the future

risks and uncertainties. It guarantees them of compensation in occurrence of any

unfavourable contingencies. Assurance of compensation is the most relieving factor

for tensed and worried people. They are certain of payment on occurrence of various

uncertain events. It makes them confident and they focus on their activities with full

attention.

Mobilises The Saving

Mobilisation of savings is another important objective of insurance. It attracts people

for investments by presenting them with numerous insurance policies guarantying of

compensation for losses. Large number of people takes this insurance policy in order
to insure them against losses and damages. Insurance companies are able to generate

large amount of funds in the form of premium that they charged from their policy

holders regularly. These funds are then invested by these companies into securities

and stock in market and earn incomes. Ideal lying resources with public are employed

by insurance companies towards income generating sources.

Generation Of Capital

Insurance companies leads to capital generation by collecting large amount of funds

from public. They regularly charges premium from their large customers for providing

them protection against losses. These funds are invested for industrial development by

subscribing to shares of companies. Companies are able to get their required capital

through insurance industry as this invests in companies for earning dividends and

other incomes. This boosts the industry performance and economic growth of country.

Also, bigger investments lead to creation of various employment opportunities. 

Basic of MS Excel
 Workbook
In Microsoft Excel, a workbook is a collection of one or more spreadsheets, also called

worksheets, in a single file. Below is an example of a spreadsheet called "Sheet1" in an Excel

workbook file called "Book1." Our example also has the "Sheet2" and "Sheet3" sheet tabs, which

are also part of the same workbook

 Worksheet
In Microsoft Excel, a worksheet is a single page in a workbook (a collection of one or more
worksheets) that contains data organized in a grid of rows and columns. What are the parts of
worksheet in Excel? In Microsoft Excel, a worksheet is made up of a grid of rows and columns
that form cells. Each cell can contain a number, text, or a formula

 Cell

In the Excel worksheet, a cell is a rectangular-shaped box. It is a small unit of the Excel

spreadsheet. There are around 17 billion cells in an Excel worksheet, which are united together

in horizontal and vertical lines. An Excel worksheet contains cells in rows and columns.
 Rows and Columns
A row is a series of data put out horizontally in a table or spreadsheet, while a column is a

vertical series of cells in a chart, table, or spreadsheet. Rows go across from left to right. On the

other hand, Columns are arranged from up to down.

 Data Types in MS Excel

What are Excel data types?
Excel data types are the four different kinds of values in Microsoft Excel. The four types of data

are text, number, logical and error. You may perform different functions with each type, so it's

important to know which ones to use and when to use them. You may also consider that some

data types may change when exporting data into a spreadsheet

4 Excel data types

Here's a list of the four data types you can find in Microsoft Excel, with information about the

ways you can use them:

1. Number data

Data is this category includes any kind of number. These may include large numbers or small

fractions and quantitative or qualitative data. It's important to remember the difference between

quantitative and qualitative number values because some numbers may not represent an amount

of something. For example, you might enter a number that represents financial earnings in one

cell and a number that represents a date in another. Both count as number data, but may enter

differently in the spreadsheet. Make sure you use the appropriate symbols and formats to ensure

Excel reads your number data accurately.

Examples of number data may include:

  Monetary totals

 Whole numbers

 Percentages

 Decimals

 Dates

 Times

 Integers

 Phone numbers

2. Text data

This kind of data includes characters such as alphabetical, numerical and special

symbols. The primary difference between number data and text data is that you can

use calculations on number data but not text data. Since there can be overlap between

these two types of data, you may manually change the format of a cell to ensure it

operates the way you want. You may also use text data to label columns or rows to

help keep track of different categories. For example, you may label a row "revenue"

and a column "January 2022."

Excel may categorize figures it doesn't recognize as text data by default, so it's

important to format your data to fit the type you want. Examples of text data may

include:

 Words
  Sentences
 Dates
 Times
 Addresses

3. Logical data

Data in this type is either TRUE or FALSE, usually as the product of a test or

comparison. This means you can use a function to determine whether the data in your

spreadsheet meets different measures. For example, you may want to use your

spreadsheet to set sales goals and measure whether your sales performance matches.

You may conduct these tests using logical functions for different scenarios. The four

logical functions are:

 AND: An AND function may help you determine whether your data meets

multiple conditions. For example, you might use this function to test if data in

one cell is larger than a certain amount and the data in another cell is also larger

than another amount.

 OR: You may use this function to determine that at least one of your

arguments meets your conditions. If none of the data matches your conditions,

Excel produces a FALSE value.

 XOR: This function stands for "Exclusive Or," which means that only one

argument may be TRUE or FALSE. For example, you might use this function

to ensure that only one of your cells contains a certain value.

  NOT: You might use this function when you want to filter out arguments that

don't match your conditions. This marks each argument as TRUE so you can

assess possible patterns in data that doesn't match your conditions.

4. Error data

This type of data occurs when Excel recognizes a mistake or missing information

while processing your entry. For example, if you attempt to run a function on a cell

that contains text data, Excel produces the error value #VALUE!. This helps you

identify where the issue is so you can correct it and produce the result you want. A "#"

character at the beginning of each error value can help you easily recognize these

instances. Knowing the different error values can help you understand how to resolve

different mistakes or add the appropriate information. These values are:

 #NAME?: You may see this value if you have a value inside a formula without
quotes or with a beginning or end quote missing. It may also populate if there's
a typo in the formula.
 #DIV/0: This error value might arise if you try dividing a number by zero.
Since the result is an undefined number, Excel uses #DIV/0 to represent where
you can try a different equation.
 #REF!: An invalid cell reference error value may result if you remove or paste
items in a cell or range of cells where you previously entered a formula. To
correct this issue, you can undo your previous action and place your new data
in a cell or cell range that doesn't contain a formula.
 #NUM!: A #NUM! value may appear if you enter an invalid formula or

function. It may also appear if the total that a formula or function produces is

too large for Excel to represent in a cell.

 #N/A: You may enter this error value when you want to indicate to yourself

areas where you can enter a value later. Excel may also automatically populate

this value if imported data contains empty or unreadable cells.

 #VALUE!: This error indicates that an argument or operator in a function or

formula is invalid. For example, if you try to calculate the sum of a range of

cells where one cell contains alphabetical characters, you can get a #VALUE!

result.

 #NULL!: If you're referencing the intersection between a range of cells in a

function, you may see this error value because those cells don't actually

intersect. It may also appear if a range of cells for a function are missing

separating commas.

 Formatting
What is Formatting in Excel?

Formatting in Excel means a trick that we can use to modify the data's appearance in a

worksheet. We can format the data in various ways, like we can format the font of the cells or the

table with the help of the styles and format tab present in the Home tab.

It's easier than ever to format worksheet (or sheet) data in Excel. There are various quick and

easy ways to generate professional-looking worksheets that efficiently present our data. For
example, we can utilize document themes to give our Excel spreadsheets a consistent design,

style to apply predetermined formats, and other manual formatting capabilities to highlight

essential data.

Microsoft Excel has several features that permit users to customize the way their data is

displayed. And there is a solid reason for it: formatting cells can help bring attention to essential

data or show the content more properly (such as adding $ to cells which comprise price values or

configure cells that represent dates to a standard display of xx/xx/xxxx).

Excel formatting is an optional step following data preparation, or all of the data cleansing,

structuring, enriching, and standardizing necessary to prepare the data for analysis.

New data rarely comes without its own unique set of issues; it is up to the analysts to analyse

their data and guarantee that it is ready to meet the exact requirements of their analytical project.

Splitting columns, eliminating rows with incomplete data, and standardizing against a certain

name.

Once completed, Excel formatting adds the finishing touches, ensuring that the data is properly

prepared and presented.

Good formatting will improve our data in various ways:

o With the help of the formatting, we can present our data correctly; for example,

formatting as dates or currency will provide more value to our data.

o Merging and aligning our data is a vital aspect of making our data more readable.
 o Formatting our text by increasing the Size, bolding, adding italics, or changing the

fonts will improve the overall appearance of our worksheet.

o Using styles (like table styles) can make our data stand out and helps the reader to focus

on crucial portions of the worksheet.

o Conditional formatting is a useful tool for highlighting crucial portions of our

worksheet graphically or visibly. These are dynamic tools. The Highlighted region

changes as our data changes.

Benefits of Data Formatting in Excel

The following are some of the benefits of Excel data formatting:

o The data appears to be more presentable.

o Data formatting saves a lot of time and effort.

o With the help of the chart, we can analyse the data.

o With the help of the formatting, we can highlight specific data such as profit or loss in

business

Border of Table
Borders in Excel are outlined in data tables or a specific range of cells. In Excel, borders are

used to separate the data in borders from the rest of the text. It is a good way of representing

data.

Adjust Rows and Columns in Excel: The 4 Easy Ways!

Do you spend a lot of time changing the column width in Excel? On the one hand, you’d like to

see as many columns as possible for having a good overview. On the other hand, you want to see

as much content as possible within a column. In the worst case, you’d only see ### instead of

values. Let’s have a look at how to adjust the rows and columns of an Excel sheet.

Method 1: Distribute rows and columns manually

Distribute rows and columns manually.

The first method is the most intuitive one: Manually per drag and drop to adjust the width of

each column.

Just click on the small column (or row) divider as shown in the image on the right side. Hold the

mouse down and move it in the direction you want.

This way also works if you select many columns (or rows) at the same time. All columns get the

same width then.

Tip: If there are hidden columns in between, you can unhide them by selecting all columns from

the left to right column of the hidden column. Then change the column width for just one column

and all of them (also the previously hidden column) get the same width.

Method 2: Double click for automatic sizing the whole column

Auto fit the whole column with a double click on the column divider.

A faster way is to double click on the divider between columns (or rows). Double click on the
line between the column letters on the top of the window can find the smallest possible width.

There is a keyboard shortcut combination for adjusting the column width:

1. Select the complete column with Ctrl + Space on the keyboard.

2. Press the following keys after each other: Alt –> H –> O –> I.

The keyboard shortcut for rows is quite similar:

1. Select the row with Shift + Space.

2. Press Alt –> H –> O –> A after each other.
Alternatively you can go to “Home” –> “Format” (under “Cells”) –> “AutoFit Column Width”
or “AutoFit Row Height”.

Please note: That way, the column width (or row height) will adapt to the contents of the
complete column (or row).

Method 3: Adjust the column width for only the selected cell content

Only adjust the columns (or rows) to the selected cells.

Please take a look at the example on the right side. You got a table in the cell range B2 to C7.

Below, in cell B9 is a footnote, which is quite long.

You want to adjust the column width to fit the upper table, B2 to C7 in it.

It’s quite similar to our method 2 above. The only exception: Instead of adjusting the entire

column, just select the cell range B2:C7.

Now apply the keyboard shortcut from above: Alt –> H –> O –> I. Alternatively, click “Home” –

> “Format” (under “Cells”) –> “AutoFit Column Width”.

If you want to do the same for the row it, use the following methods after selecting all the rows:

 Press Alt –> H –> O –> A on the keyboard after each other.

 Go to “Home” –> “Format” (under “Cells”) –> “AutoFit Row Height”

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Method 4: Adjust the column or row width with a fixed value

Set a specific column width.

The previous methods aren’t exact enough for you? Then please consider this way.

You can set a specific column width (or row).

1. Select a cell within the column (or row) you want to adjust.

2. Click on “Format” on the “Home” ribbon and then on “Column Width…” (or “Row

Height…”).

3. Type your desired value and confirm with OK.

Please note: The value you type represents the number of characters shown in the standard font.

“0” means, that the column (or row) is hidden.

Advanced Excel Shortcut keys
In the previous section, we covered the generic Excel shortcut keys. But Excel is very vast, and so are their

shortcuts. Advanced Excel tools and features are widely used in analysis statistical and data manipulation

tasks. In this tutorial, we will take a deeper look at all the shortcut keys that will help us quickly work with

different advanced topics.

 SHORT AND FILTER

Short is used to sorting the data by its category.

The filter tool gives you the ability to filter a column of data within a table to isolate the key

components you need. 

 Conditional formatting
Conditional formatting can help make patterns and trends in your data more apparent. To use it,

you create rules that determine the format of cells based on their values, such as the following

monthly temperature data with cell colours tied to cell values