ppts overview of insurance

8/6/2019 PPts Overview of Insurance

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Overview

OfInsurance


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What is insurance?

We face a lot of risks in our daily lives. Some of these

lead to financial losses. Insurance is a way of protecting

against thesefinancial losses. For a payment (premium), an

insurance company will take the responsibility of

compensating your financial losses.


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Definition Of Insurance

Acontractorpolicy in which an individual or entity receives

financial protection or reimbursement against losses from an

insurance company. The company pools clients' risks to make

payments more affordable for the insured.

OR

The act ofinsuring, or assuring, against loss or damage by a contingent

event; a contract whereby, for a stipulated consideration, calledpremium,

one party undertakes to guarantee another against loss by

certain specified risks.


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Insurance is mainly divided into TwoCategories:

Life Insurance

General Insurance


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Life InsuranceAcontractin which an insurance company agrees to pay

money to a designated beneficiary upon the death of the

policy holder. In exchange, the policyholder pays a

regularly scheduled fee, known as the insurance premiums.OR

Aregular income, in absence of insured

persons. Life insurance is being secured a income, after the

death of insured person/persons.


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General Insurance

Insurance other than Life Insurance falls under the category ofGeneral Insurance.

For Examples : -

Insuring property like house and belongings against fire and theft.

Vehicles against accidental damage or theft.

Injury due to accident

Hospitalization for illness and surgery.

Liabilities to others arising out of the law can also be insured and is

compulsory in some cases like motor third party insurance.


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Concept Of Insurer & Insured

Insured

Theperson or the company which gets the protectionagainst thefinancial losses, by paying thePremium iscalled as Insured.

Insurer

The company which provides the protectionagainst thefinancial losses, by taking thePremium is

called as Insured.


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Types ofLife Insurance:

Term Life Insurance

Group Term Life Insurance Permanent insurance

Money Back Insurance

Endowment Assurance


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Types ofGeneral Insurance:

Homeowners Policies

Renter's Insurance

Liability Insurance

Miscellaneous

Hospital Insurance

Student Health Insurance


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Baggage Insurance

Bhagyashree Insurance

Bloodstock Insurance

Director's and Officer's Liability Insurance

Doctor's Composite Package Scheme

Gun Insurance Policy

Travel Insurance

Car Rental Insurance

Margh BandhuInsurance


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Mobile Phone Insurance

Naada Lahiri Insurance

Pager Insurance Policy

Pedal Cycle Insurance

Portable Equipment Insurance

Professional Indemnity Insurance

Suhana Safar Insurance Policy

Television Insurance

Wedding Bells Policy


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Definition ofPremium:

The periodic payment made on anInsurance Policy is

called as Premium

Or

The sum paid by a policyholder to keep an insurance policy

in force


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Factors ForPremium Calculation:

The premium is calculated on the nature of the coverage

the insured wants.

A higher sum insured means a higher rate of premium.

A higher risk will be charged a higher premium.


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For Example

Premium Calculation forLife Insurance Depends On

Age of the Insured person

If the Insured person is suffering from any Health

Problems/Diseases

Risk of the Insured persons life


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Policy - written contractorcertificate of insurance.

Contract : A binding agreementbetween two or more

persons that is enforceable by law

Floating Policy:- an insurance policy covering loss ofmovable property (e.g. jewelry) regardless of its location


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Coverage : The amountto be coveredin case of anyfinancial

loss of the insured property or person.

Inclusion in an insurance policy or protective plan.

The extent of protection afforded by an insurance policy.

The amount of funds reserved to meet liabilities.


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Some more terminology used in Insurance

Discount

Claim

Guest Protection

Third Party Insurance Under Insurance


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Overview

OfALSTATE


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Alliance is a application ofInsurance Domain which is developed toreplace one Legacy application calledAlstarrunning successfully inNorth Brooke. Alliance is more user friendly than Alstar.

Its a Application having two main modules asAuto Insurance andProperty Insurance.

Auto is a compulsory one where as Property is an optional one.

This application contains the sub modules asHousehold,Dwelling(Property)/Vehicle(Auto) , Coverage andBind.

There are two modes of this Application named as Full Quote andNewBusiness.

Full Quote is designed to give a general idea about the kind ofPoliciesoffered,Coverages provided, Discounts given, Premium to be paid etc.


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When the Policy is decided to be taken then New Business comes intopicture.

This Application provides the facility to keep a record of the propertyto be insured, the details of any other Insurance taken for the sameproperty or any other property by Alstate or other InsuranceCompany and to collect the Information about the Credit Report andthe Loss of the customer before providing a Policy.

This Insurance provides different modes (monthly and yearly) andways (C.O.D., Cheque,Credit/ Debit Card and Cash) ofPayment.

There are four different channels through which the Policy can betaken such asExclusive Agent, Independent Agent, National Support

Centre and Customer Information Centre.


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Different Agent IDs will be provided to different channels.One Agent can have 10 transactions per day.

The EOD activity will be Closing Out the Agent ID.

This Project is fully safe, secured, easy to use and

implement.

To enhance this Application there are two more differentmodules are in pipeline to be attached such asEndorsement and Renewal.


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ppts overview of insurance

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