dr_baraiya
New member
pls help me for getting information on globalisation & priatisation in insurance industry
onlineshubhan
New member
sandhya2688
New member
hey thanx its a good project.............
Hey can anyone help me out ... i need a PROJECT ON LIFE INSURANCE , preferably on TATA-AIG. The project should containt PART A 1. introduction to the problem 2.statement of the problem 3. objectives of the study 4.methodology of data collection 5.sampling design 6.plan of analysis 7. limitations of the study 8.overview of the research report then Part B 1.processing of data , coding , tabulation , construction of tables and charts PART C 1. analysis and interpretation of results . Thank You so much! need it urgently
thrupthi.anand
New member
Hi i need help in getting together a presentation on the International Insurance Scenario.. any help??? i am new around here, so please guide me as to how to go about finding this topic.Thanks
swati.indolikar
Banned
i m in need of 100 mks project on life insurance policies of bajaj allianz.....
sahzadi.shabnam
New member
pls help me in getting infomation regading insurance project
[email protected]
New member
thaks yar it's really very useful for my project:SugarwareZ-077::SugarwareZ-224::SugarwareZ-096:
bhavinj187
New member
good1.....thnxx.....good information is give.....it is really helpful...thankssss a lotttt...............
shakti.ganeshan
Shakti Ganeshan
GENERAL INSURANCE
With the opening up of the insurance industry to the private sector, the need for a strong, independent and autonomous Insurance Regulatory Authority was felt. As the enacting of legislation would have taken time, the then Government constituted through a Government resolution an Interim Insurance Regulatory Authority pending the enactment of a comprehensive legislation.
The Insurance Regulatory and Development Authority Act, 1999 is an act to provide for the establishment of an Authority to protect the interests of holders of insurance policies, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto and further to amend the Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and the General insurance Business (Nationalisation) Act, 1972 to end the monopoly of the Life Insurance Corporation of India (for life insurance business) and General Insurance Corporation and its subsidiaries (for general insurance business)
.
Definition and meaning :
1. INSURANCE:
Insurance is the means of managing risk and protection against financial loss arising as a result of contingencies, which may or may not occur.
In other words, insurance is the act of providing assurance, against a possible loss, by entering into a contract, with one who is willing to give assurance. Through this contract the person willing to give assurance binds himself to make good such loss, if it occurs.
2. GENERAL INSURANCE:
General insurance means managing risk against financial loss arising due to fire, marine or miscellaneous events as a result of contingencies, which may or may not occur.
General Insurance means to “ Cover the risk of the financial loss from any natural calamities viz. Flood, Fire, Earthquake, Burglary, etc.. i.e. the events which are beyond the control of the owner of the goods for the things having insurable interest with the utmost good faith by declaring the facts about the circumstances and the products by paying the stipulated sum , a premium and not having a motive of making profit from the insurance contract.”
Some of the General Rules :
1. Mis-description :
the insurance policy shall be void and all the premiums paid by insured may be forfeited by the insurance company in the event of mis-presentation or mis-declaration and/or non-disclosure of any material facts.
2. Reasonable care :
The insured shall take all reasonable steps to safeguard the property insured against any loss or damage. Insured shall exercise reasonable care that only competent employees are employed and shall take all reasonable precautions to prevent all accidents and shall comply with all statuary or other regulations
3. Fraud :
If any claim under the policy may be in any respect fraudulent or if any fraudulent means or device are used by the insured or any one acting on the insured’s behalf to obtain any benefit under the insurance policy, all the benefits under the insurance policy may be forfeited.
4. Few basic principles of general insurance are :
1. insurable interest
2. utmost good faith
3. subrogation
4. contribution
5. indemnity
5 Risks of loss not covered under general insurance are:
The loss or damage or liability or expenses whether direct or indirect occasion by happening through or arising from any consequences of war, invasion, act of foreign enemy, hostilities(whether war be declared or not), civil war, rebellion revolution, civil commotion or loot or pillage in connection therewith and loss or damage caused by depreciation or wear and tear.
However the risk of loss or damage by war can be insured by payment of additional premium in some cases only.
With the opening up of the insurance industry to the private sector, the need for a strong, independent and autonomous Insurance Regulatory Authority was felt. As the enacting of legislation would have taken time, the then Government constituted through a Government resolution an Interim Insurance Regulatory Authority pending the enactment of a comprehensive legislation.
The Insurance Regulatory and Development Authority Act, 1999 is an act to provide for the establishment of an Authority to protect the interests of holders of insurance policies, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto and further to amend the Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and the General insurance Business (Nationalisation) Act, 1972 to end the monopoly of the Life Insurance Corporation of India (for life insurance business) and General Insurance Corporation and its subsidiaries (for general insurance business)
.
Definition and meaning :
1. INSURANCE:
Insurance is the means of managing risk and protection against financial loss arising as a result of contingencies, which may or may not occur.
In other words, insurance is the act of providing assurance, against a possible loss, by entering into a contract, with one who is willing to give assurance. Through this contract the person willing to give assurance binds himself to make good such loss, if it occurs.
2. GENERAL INSURANCE:
General insurance means managing risk against financial loss arising due to fire, marine or miscellaneous events as a result of contingencies, which may or may not occur.
General Insurance means to “ Cover the risk of the financial loss from any natural calamities viz. Flood, Fire, Earthquake, Burglary, etc.. i.e. the events which are beyond the control of the owner of the goods for the things having insurable interest with the utmost good faith by declaring the facts about the circumstances and the products by paying the stipulated sum , a premium and not having a motive of making profit from the insurance contract.”
Some of the General Rules :
1. Mis-description :
the insurance policy shall be void and all the premiums paid by insured may be forfeited by the insurance company in the event of mis-presentation or mis-declaration and/or non-disclosure of any material facts.
2. Reasonable care :
The insured shall take all reasonable steps to safeguard the property insured against any loss or damage. Insured shall exercise reasonable care that only competent employees are employed and shall take all reasonable precautions to prevent all accidents and shall comply with all statuary or other regulations
3. Fraud :
If any claim under the policy may be in any respect fraudulent or if any fraudulent means or device are used by the insured or any one acting on the insured’s behalf to obtain any benefit under the insurance policy, all the benefits under the insurance policy may be forfeited.
4. Few basic principles of general insurance are :
1. insurable interest
2. utmost good faith
3. subrogation
4. contribution
5. indemnity
5 Risks of loss not covered under general insurance are:
The loss or damage or liability or expenses whether direct or indirect occasion by happening through or arising from any consequences of war, invasion, act of foreign enemy, hostilities(whether war be declared or not), civil war, rebellion revolution, civil commotion or loot or pillage in connection therewith and loss or damage caused by depreciation or wear and tear.
However the risk of loss or damage by war can be insured by payment of additional premium in some cases only.
shakti.ganeshan
Shakti Ganeshan
• INDUSTRIAL VISIT -
COMPANY VISITED : THE NEW INDIA ASSURANCE COMPANY LIMITED, VILE-PARLE. MUMBAI
INTRODUCTION OF THE COMPANY: THE NEW INDIA ASSURANCE COMPANY was initially formed by MR. J.R.D. TATA , when it was registered as a private limited company. It was only after nationalization act passed in 1952 , it was named as the New India Assurance Company Limited. After nationalization all the 104 private insurance companies functioning under various names were merged and four subsidiary companies based on region under the GENERAL INSURANCE CORPORATION OF INDIA were formed viz, 1) THE NEW INDIA ASSSURANCE COMPANY LIMITED 2) NATIONAL INSURANCE COMPANY LIMITED 3) THE ORIENTAL INSURANCE COMPANY LIMITED AND 4) UNITED INDIA INSURANCE COMPANY LIMITED based on the region.
THE NEW INDIA ASSURANCE COMPANY LIMITED is the largest non-life insurance company operated in India. It has approximately 2200 offices widely spread throughout India and 22 branches in foreign countries.
General information:
1. Who can be the insured person ?
Any person who has insurable interest in the subject matter to be insured can be insured person. For example, in case of motor insurance person have the ownership of the vehicle can insure his car. In case of Mediclaim farther can take our Mediclaim policy for his son.
2. Types of policies available ?
There are a number of policies available under general insurance. Since the company deals in non-life business has various types of policies which vary from small needle to as large as big plane or ship according to the need of the society, for example, motor insurance, personal accident, Mediclaim insurance, householders insurance, shopkeepers insurance, marine cargo insurance, hull insurance, boiler insurance, electronic equipment insurance, burglary insurance, fire insurance, etc.
3. Terms of policies ?
Generally all non life insurance policies are annual policies. However, it is permissible to issue short term policies as well as long term policies only in few cases, for example, long term policies are available only in the case of housing premises.
4. Documents required for taking a policy ?
The concept of general insurance is based on the principle of utmost good faith in most of the cases only proposal form which acts as a declaration is required. In few cases like in Mediclaim doctor’s report is required according to the age of the proposer.
Risk coverage :
1. Types of risks covered ?
In different kinds of policies different types of risks are covered.
In case of motor insurance policy the risk covered is loss or damage to insured vehicle by any accidental external means in addition to legal liability for third party property damage, injury and death.
in case of fire insurance the risk covered is fire and allied perils like explosion, lightning, bush fire, storm, tempest, etc.
In case of burglary insurance the risk covered is loss or damage to
COMPANY VISITED : THE NEW INDIA ASSURANCE COMPANY LIMITED, VILE-PARLE. MUMBAI
INTRODUCTION OF THE COMPANY: THE NEW INDIA ASSURANCE COMPANY was initially formed by MR. J.R.D. TATA , when it was registered as a private limited company. It was only after nationalization act passed in 1952 , it was named as the New India Assurance Company Limited. After nationalization all the 104 private insurance companies functioning under various names were merged and four subsidiary companies based on region under the GENERAL INSURANCE CORPORATION OF INDIA were formed viz, 1) THE NEW INDIA ASSSURANCE COMPANY LIMITED 2) NATIONAL INSURANCE COMPANY LIMITED 3) THE ORIENTAL INSURANCE COMPANY LIMITED AND 4) UNITED INDIA INSURANCE COMPANY LIMITED based on the region.
THE NEW INDIA ASSURANCE COMPANY LIMITED is the largest non-life insurance company operated in India. It has approximately 2200 offices widely spread throughout India and 22 branches in foreign countries.
General information:
1. Who can be the insured person ?
Any person who has insurable interest in the subject matter to be insured can be insured person. For example, in case of motor insurance person have the ownership of the vehicle can insure his car. In case of Mediclaim farther can take our Mediclaim policy for his son.
2. Types of policies available ?
There are a number of policies available under general insurance. Since the company deals in non-life business has various types of policies which vary from small needle to as large as big plane or ship according to the need of the society, for example, motor insurance, personal accident, Mediclaim insurance, householders insurance, shopkeepers insurance, marine cargo insurance, hull insurance, boiler insurance, electronic equipment insurance, burglary insurance, fire insurance, etc.
3. Terms of policies ?
Generally all non life insurance policies are annual policies. However, it is permissible to issue short term policies as well as long term policies only in few cases, for example, long term policies are available only in the case of housing premises.
4. Documents required for taking a policy ?
The concept of general insurance is based on the principle of utmost good faith in most of the cases only proposal form which acts as a declaration is required. In few cases like in Mediclaim doctor’s report is required according to the age of the proposer.
Risk coverage :
1. Types of risks covered ?
In different kinds of policies different types of risks are covered.
In case of motor insurance policy the risk covered is loss or damage to insured vehicle by any accidental external means in addition to legal liability for third party property damage, injury and death.
in case of fire insurance the risk covered is fire and allied perils like explosion, lightning, bush fire, storm, tempest, etc.
In case of burglary insurance the risk covered is loss or damage to
shakti.ganeshan
Shakti Ganeshan
• INDUSTRIAL VISIT -
COMPANY VISITED : THE NEW INDIA ASSURANCE COMPANY LIMITED, VILE-PARLE. MUMBAI
INTRODUCTION OF THE COMPANY: THE NEW INDIA ASSURANCE COMPANY was initially formed by MR. J.R.D. TATA , when it was registered as a private limited company. It was only after nationalization act passed in 1952 , it was named as the New India Assurance Company Limited. After nationalization all the 104 private insurance companies functioning under various names were merged and four subsidiary companies based on region under the GENERAL INSURANCE CORPORATION OF INDIA were formed viz, 1) THE NEW INDIA ASSSURANCE COMPANY LIMITED 2) NATIONAL INSURANCE COMPANY LIMITED 3) THE ORIENTAL INSURANCE COMPANY LIMITED AND 4) UNITED INDIA INSURANCE COMPANY LIMITED based on the region.
THE NEW INDIA ASSURANCE COMPANY LIMITED is the largest non-life insurance company operated in India. It has approximately 2200 offices widely spread throughout India and 22 branches in foreign countries.
General information:
1. Who can be the insured person ?
Any person who has insurable interest in the subject matter to be insured can be insured person. For example, in case of motor insurance person have the ownership of the vehicle can insure his car. In case of Mediclaim farther can take our Mediclaim policy for his son.
2. Types of policies available ?
There are a number of policies available under general insurance. Since the company deals in non-life business has various types of policies which vary from small needle to as large as big plane or ship according to the need of the society, for example, motor insurance, personal accident, Mediclaim insurance, householders insurance, shopkeepers insurance, marine cargo insurance, hull insurance, boiler insurance, electronic equipment insurance, burglary insurance, fire insurance, etc.
3. Terms of policies ?
Generally all non life insurance policies are annual policies. However, it is permissible to issue short term policies as well as long term policies only in few cases, for example, long term policies are available only in the case of housing premises.
4. Documents required for taking a policy ?
The concept of general insurance is based on the principle of utmost good faith in most of the cases only proposal form which acts as a declaration is required. In few cases like in Mediclaim doctor’s report is required according to the age of the proposer.
Risk coverage :
1. Types of risks covered ?
In different kinds of policies different types of risks are covered.
In case of motor insurance policy the risk covered is loss or damage to insured vehicle by any accidental external means in addition to legal liability for third party property damage, injury and death.
in case of fire insurance the risk covered is fire and allied perils like explosion, lightning, bush fire, storm, tempest, etc.
In case of burglary insurance the risk covered is loss or damage to
COMPANY VISITED : THE NEW INDIA ASSURANCE COMPANY LIMITED, VILE-PARLE. MUMBAI
INTRODUCTION OF THE COMPANY: THE NEW INDIA ASSURANCE COMPANY was initially formed by MR. J.R.D. TATA , when it was registered as a private limited company. It was only after nationalization act passed in 1952 , it was named as the New India Assurance Company Limited. After nationalization all the 104 private insurance companies functioning under various names were merged and four subsidiary companies based on region under the GENERAL INSURANCE CORPORATION OF INDIA were formed viz, 1) THE NEW INDIA ASSSURANCE COMPANY LIMITED 2) NATIONAL INSURANCE COMPANY LIMITED 3) THE ORIENTAL INSURANCE COMPANY LIMITED AND 4) UNITED INDIA INSURANCE COMPANY LIMITED based on the region.
THE NEW INDIA ASSURANCE COMPANY LIMITED is the largest non-life insurance company operated in India. It has approximately 2200 offices widely spread throughout India and 22 branches in foreign countries.
General information:
1. Who can be the insured person ?
Any person who has insurable interest in the subject matter to be insured can be insured person. For example, in case of motor insurance person have the ownership of the vehicle can insure his car. In case of Mediclaim farther can take our Mediclaim policy for his son.
2. Types of policies available ?
There are a number of policies available under general insurance. Since the company deals in non-life business has various types of policies which vary from small needle to as large as big plane or ship according to the need of the society, for example, motor insurance, personal accident, Mediclaim insurance, householders insurance, shopkeepers insurance, marine cargo insurance, hull insurance, boiler insurance, electronic equipment insurance, burglary insurance, fire insurance, etc.
3. Terms of policies ?
Generally all non life insurance policies are annual policies. However, it is permissible to issue short term policies as well as long term policies only in few cases, for example, long term policies are available only in the case of housing premises.
4. Documents required for taking a policy ?
The concept of general insurance is based on the principle of utmost good faith in most of the cases only proposal form which acts as a declaration is required. In few cases like in Mediclaim doctor’s report is required according to the age of the proposer.
Risk coverage :
1. Types of risks covered ?
In different kinds of policies different types of risks are covered.
In case of motor insurance policy the risk covered is loss or damage to insured vehicle by any accidental external means in addition to legal liability for third party property damage, injury and death.
in case of fire insurance the risk covered is fire and allied perils like explosion, lightning, bush fire, storm, tempest, etc.
In case of burglary insurance the risk covered is loss or damage to