in india, insurance has a deep-rooted history. it finds mention
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8/14/2019 In India, Insurance Has a Deep-rooted History. It Finds Mention
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In India, insurance has a deep-rooted history. Itfinds mention in the
Writings of Manu ( Manusmrithi ),Yagnavalkya ( Dharmasastra) andKautilya (Arthasastra).
The writings talk in terms of pooling of resources
that could be re-distributed in times of calamitiessuch as fire, floods, epidemics and famine. This wasprobably a pre-cursor to modern day insurance.Ancient Indian history has preserved the earliesttraces of insurance in the form of marine trade
loans and carriers contracts. Insurance in India hasevolved over time heavily drawing from othercountries, England in particular.
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Purpose and Need for InsuranceReduction in worries
Reimbursement of losses
Opportunity for investmentCredit enhancement
Opportunity for employment
Useful tool for Temporary needs/threats,
Regular savings, Investment & Retirement
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Benefits of InsuranceShifting of risks
Providing pecuniary security (sense ofsecurity in case of death or otherwise)
Assuring expected profitsSafeguarding interest of consumers
Improving Credit standing
Providing investment opportunityEncouraging savings & Capital formation
Generating employment & social welfareHelping controlling inflation
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Classification of
InsuranceLife Insurance
Non-Life Insurance Marine, Fire, Personal
accident, Motor vehicle; Misc Fidelityguarantee, Crop, Burglary, Cattle & Cash inTransit Insurance
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Life InsuranceA contingent contract insuring human life
against consideration of a certain premium
Insurable interest in the life of insuredUtmost good faith to disclose material facts
Warranties as a part of insurance contract
Assignment and nomination
Certainty of the event
Premium & Terms of policy
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Advantages of Life
AssuranceProtection
Aids thrift
Enhances creditworthinessTax relief
Provides liquidity
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Types of Life insurance
plansWhole Life Plans Limited payment, Single
premium (Jeevan Anand, Jeevan Tarang)
Endowment Assurance Plans (Double/Triple
cover)Term Assurance Plans, Money Back Plans
Pension Plans, Unit Linked Plans
Children Plans
Plans for Handicapped Dependents
Group Insurance Term insurance, Gratuity,Superannuation, Social security schemes forkrishi, shiksha etc
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Health InsuranceIndividual mediclaim or hospitalization benefit
policy
Hospital cash daily allowance policyCritical illness policy, Health guard, ShieldOverseas mediclaim policy
Others Fidelity Guarante, Property, Building,
Earthquake, Flood, Burglary, Cattle,Engineering (machinery, plant breakdown),
Third Party liability and Crop Insurance
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Non-Life InsuranceFire Insurance Principles of Indemnity,
insurable interest, good faith, causa proxmia,subrogation and contribution
Types Specific, Valued, Average, Floating,Reinstatement, Comprehensive,Consequential, Declaration and Adjustable
policyAssignment of policy and settlement of claims
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Non-Life InsuranceMarine Insurance Hull Insurance, Cargo,
Freight and Third party liability insurance
Principles Non-life contract, insurableinterest, Utmost good faith, contract ofindemnity, principles of subrogation andcontribution, principle of Warranty
Types of Policies Voyage, Times (mixed),Valued, Unvalued, Floating, Construction risk,Port Risk and duty Policy.
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Non-Life InsuranceMotor Vehicle Insurance Need for
Insurance against third party risks, Insuranceof motor vehicles carrying hazardous goods,Consequences of driving uninsured vehicle
Taxonomy of Motor Vehicles
Private cars, Motorcycles, scooters,
Commercial vehicles carrying goods,passengers and other misc vehicles likeambulances, fire tenders etc
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