Insurance Final

Business Studies with Dulip Luckshan Fernando Everything Is Explained!
Insurance
Basics of insurance
CONTENT
This part contains the following sections. The meaning of Insurance Insurance & Assurance Insurance & Development of businesses & economy Insurable risks Insurance policy Insurance principles Types of insurance policies Important concepts of Insurance Sri Lankan insurance industry Different insurance policies in detail
Dulip Luckshan Fernando B.Sc in Business Administration (Business economics) (Special) (USJP) (Second Class)
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Business Studies with Dulip Luckshan Fernando Everything Is Explained! The meaning of Insurance
Insurance is a contract between two parties whereby one party agrees to undertake the risk of another in exchange for consideration known as premium and promises to pay a fixed sum of money to the other party on happening of an uncertain event (death) or after the expiry of a certain period in case of life insurance or to indemnify the other party on happening of an uncertain event in case of general insurance. The party bearing the risk is known as the 'insurer' or 'assurer' and the party whose risk is covered is known as the 'insured' or 'assured'. Insurance is designed to protect the financial well-being of an individual, company or other entity in the case of unexpected loss. Some forms of insurance are required by law, while others are optional. Agreeing to the terms of an insurance policy creates a contract between the insured and the insurer. In exchange for payments from the insured (called premiums), the insurer agrees to pay the policy holder a sum of money upon the occurrence of a specific event. Insurance provides financial protection against a loss arising out of happening of an uncertain event. A person can avail this protection by paying premium to an insurance company. A pool is created through contributions made by persons seeking to protect themselves from common risk. Premium is collected by insurance companies which also act as trustee to the pool. Any loss to the insured in case of happening of an uncertain event is paid out of this pool. Insurance works on the basic principle of risk-sharing. A great advantage of insurance is that it spreads the risk of a few people over a large group of people exposed to risk of similar type.
Insurance & Assurance

Insurance Assurance
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Insurance & Business development

Compensating large business uncertainties Expansion of financial & real investments Expansion of businesses Promoting employment opportunities Personal financial services Facilitating domestic & international trade
Insurable risks
Characteristics of Insurable risks Predictability ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ __________________________________________________________________ Casualty ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ __________________________________________________________________ Unconnectedness ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ __________________________________________________________________ Verifiability ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ __________________________________________________________________ Insurable risks _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________
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_______________________________________________________________________________________ _____________________________________________________________________________________ Risks that cant be insured _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _________________________________________________________________________________ Methods of Risk Risk Risk Risk Risk handling risks may be AVOIDED may be RETAINED may be TRANSFERRED may be SHARED may be REDUCED
Therefore Insurance is a process by which losses of a fewIs a Risk Transfer mechanism Insurance is a contractare meted out by a fund created by many between one party called the Insured and another party called the Insurer whereby in consideration of payment of premium by the Insured the Insurer agrees to make good any financial loss the insured may suffer due to operation of an Insured peril
Insurance policy
The insurance policy is a contract (generally a standard form contract) between the insurer and the insured, known as the policyholder, which determines the claims which the insurer is legally required to pay. Insurance Policy is a well defined contract document which clearly illustrates the terms and conditions, premium, extent of coverage, deductions under different heads, etc. of an insurance contract. It is completely a legal paperwork in which all possible details are mentioned. The policies are the basic framework of an insurance contract, the entire contract between the client and the insurance company is based on this policy. It is the backbone of the whole contract. In case of default by any one of the party, he would be subjected to legal consequences. Major aspects covered under Insurance Policy Type of Insurance (Life, Auto, Fire,) Purpose of the Insurance Premium Amount Assured amount of money to be reimbursed by the insurance company at the time of maturity or in case of certain loss. Parameters issued by the specific applications Coverage limit of the plan/scheme
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Requirements to be fulfilled for initiation of the plan/scheme, etc
Major parties of an insurance policy The first party
The second party
The third party
Conditions to be fulfilled for an Insurance policy A suggestion/ resolution An acceptance A value The ability to create a relationship The legality
Insurance principles
_______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ ________________________________________________________________________________ Insurable interest Utmost good faith Indemnity Contribution Subrogation Proximate cause
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The name of the principle
Description Insurable Interest is one of the basic principles of insurance. It states that the Insured must have a financial interest in the property insured such that he benefits from its continued existence and will be prejudiced by its loss or damage. This basically differentiates insurance from gambling. The insurance policy insures the interest of the policyholder in the property. If there is no insurable interest, the policy will not respond.
Insurable interest
Utmost good faith (Ubberrima pides)
Indemnity
Indemnity is one of the basic principles of insurance and has been legally defined on several occasions. It states that the Insured should not profit by any claim, but should be returned to as near as possible the same financial position as he would have been had the loss not occurred. Certain policies are not subject to the principle of indemnity, notably Personal Accident and Life policies with fixed sums insured.
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Contribution
Where someone is holding two or more insurance policies covering the same interest in the same property for the same peril, and if the policies are contracts of indemnity, then the law does not allow the insured to recover a loss under both policies and so make a profit out of the misfortune he has insured against. Instead, the insurers concerned share in the loss proportionately. This is known as contribution.
Subrogation
Proximate cause
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Types of Insurance policies

Insurance, as a business service was introduced to the world by Italians but it was remarkably developed by British & today we can observe the following types of insurance policies that are available for the business community & the general public. Fire insurance Consequential insurance Public liability insurance Business interruption insurance Robbery/burglary insurance Employment practice liability insurance Key man insurance Product liability insurance Employee health insurance Auto insurance Marine insurance Goods in transit insurance Engineering insurance Credit insurance Flood insurance Professional indemnity insurance
Basic concepts of Insurance

Actuary Premium Reinsurance Dual insurance Underwriting Grace period Beneficiaries Riders Over insurance Under insurance No claim bonus
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Actuary A professional usually involved in the life insurance industry, who applies mathematical theories of probabilities and statistical techniques in risk calculation. Actuaries are becoming increasingly involved in general insurance in relation to loss reserving and premium calculations. These professionals assess, evaluate & determine the value of premiums & other related conditions for different insurance policies based on their different forms of risk. Premium It is the regular periodic payments that a policy holder makes to an insurer in exchange for the insurer's obligation to pay benefits on the occurrence of a contingency. Reinsurance _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ Dual/double insurance _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________
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Underwriting _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ Grace period A specified period after a premium payment is due, in which the policyholder may make such payment, and during which the protection of the policy continues. Policyholders are expected to pay premium on due dates. A period is 15-30 days is allowed as grace to make payment of premium; such period is known as days of grace. Beneficiaries The person or entity named in the policy as the recipient of insurance proceeds on the event of death of the insured or due to the occurrence of the covered loss. _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ ________________________________________________________________________________ Riders Riders are additional benefits that you can buy with your insurance policy. The benefits are incredible compared to the minimum costs at which it is offered. Simply put, it is one size fits all that suits the needs and approach of everyone. Riders were created to customize your policy and moreover it comes with great deal of flexibility. However, it qualifies for separate terms and conditions and it comes with additional exclusion clauses. Critical illness rider Medical expenses Major surgical assistance rider Disability insurance rider
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Over insurance _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _____________________________________________________________ Under insurance _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _____________________________________________________________ No claim bonus
________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ __________________________________________________________________

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Sri Lankan insurance industry

The components of the Sri Lankan insurance industry The insurance industry is regulated and supervised in terms of the provisions of the Regulation of Insurance Industry Act No.43 of 2000. The Insurance Board of Sri Lanka was established under this Act. Sellers of insurance policies Insurance companies A company interested in engaging in insurance business in Sri Lanka should incorporate a public company under the Companies Act and register as an insurer under the Act. E.g. Sri Lanka Insurance Corporation Ltd Union Assurance PLC Ceylinco Insurance PLC AVIVA NDB Insurance PLC (Formerly Eagle Insurance PLC) Janashakthi Insurance PLC Cooperative Insurance Co Ltd Asian Alliance Insurance PLC CHARTIS Insurance Limited (Formerly Hayleys AIG Insurance Company Ltd.) HNB Assurance PLC Amana Takaful PLC Life Insurance Corporation (Lanka) Ltd Seemasahitha Sanasa Rakshana Samagama Allianz Insurance Lanka Ltd MBSL Insurance Company Ltd Ceylinco Takaful Limited Insurance brokers A company interested in engaging in insurance broking business in Sri Lanka should incorporate a public company or a private limited company under the Companies Act and register as an insurance broker under the Act. Aitken Spence Insurnace Brokers (Pvt) Ltd. ADZ Insurance Brokers (Pvt) Ltd. M. W. Insurance Brokers (Pvt) Ltd. Alfinco Insurance Brokers (Pvt) Ltd. Allion Insurance Brokers (Pvt) Ltd. Insurance agents
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Insurance agents are individuals appointed and registered by insurers and insurance brokers and they play a key role in marketing life insurance products. In Sri Lanka there are around 25,000 insurance agents.
Buyers of insurance policies General public Business entities Government entities Recent developments of the Sri Lankan insurance market/industry The overall insurance industry of Sri Lanka owns 3.2% of total financial assets of the economy where as the banking sector enjoys 69%. Sri Lankan Insurance Corporation possesses the highest capital base (around 38%) & Ceylinco Insurance PLC has the second highest market share (around 24%) 10% of the population of Sri Lanka has obtained a life insurance policy. Ceylinco insurance PLC receives the highest share of premium income (of 33%) & Sri Lanka Insurance Corporation Ltd has a premium income of 26%. General insurance composition Motor insurance :54% Fire insurance :19% Marine insurance :6% Insurance Board of Sri Lanka (IBSL) The IBSL safeguards policy holders through supervisory control of Insurance Companies. Constitution of the Board Deputy Secretary to the Treasury Deputy Governor of the Central Bank of Sri Lanka nominated by the Monetary Board The Director General of the Securities and Exchange Commission of Sri Lanka Four members appointed by the Minister from among persons who have had academic or professional qualifications and experience in the field of insurance, commerce, financial management, business management, economics, law or any other related field (in this Act referred to as "appointed members'' Powers, Duties and Functions of the Board Register as insurers persons carrying on insurance business in Sri Lanka. Register persons as insurance brokers. Advise the Government on the development and regulation of the insurance industry. Implement the policies and programs of the Government with respect to the insurance industry.
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Employ such officers and servants as may be necessary for the purpose of exercising, performing and discharging the powers, duties and functions of the Board. Acquire and hold any property, movable or immovable and sell, lease, mortgage or otherwise dispose of the same. Enter into all such contracts as may be necessary for the exercise, performance and discharge of its powers, duties and functions. Shall carry out such other acts as may be necessary for the due exercise, discharge and performance of its powers, duties and functions under this act.
Regulation of Insurance Industry Act No.43 of 2000 This act was certified on 9th August 2000 for the repeal of THE CONTROL OF INSURANCE ACT, NO. 25 OF 1962 This is the act that introduced the IBSL. This act classifies insurance into general insurance business or for long term insurance business. Other Statutory Institutions in Sri Lanka for Insurance Agricultural and Agrarian Insurance Board established by the Agricultural and Agrarian Insurance Act No.20 of 1999, Sri Lanka Export Credit Insurance Corporation established by the Sri Lanka Export Credit Insurance Corporation Act, No. 15 of 1978. Social Security Board established by the Social Security Board Act, No.17 of 1996.
Different insurance policies in detail Life Insurance Introduction
Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a designated beneficiary a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness or critical illness. _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________
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_______________________________________________________________________________________ _____________________________________________________________________
Advantages of Life Insurance

Protection against risk of untimely death Protection during old age Forced savings Educational requirements & charity Loans from the insurance company Investment options Tax benefits
Types of Life Insurance policies
Type
Description
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Auto Insurance Introduction

This is a contract for an automobile in which one party agrees to pay for another party's financial loss resulting from a specified event (for example, a collision, theft or any other damage).
Types of coverage of an auto insurance policy
BODILY INJURY LIABILITY COVERAGE This policy protects the insured as the owner or driver of a vehicle for all sums which the insured becomes legally obligated to pay because of bodily injury to an injured third party. This coverage also pays defense costs against legal actions. COLLISION COVERAGE Collision Coverage protects your vehicle against direct and accidental loss by collision with another vehicle or fixed object. COMPREHENSIVE COVERAGE Comprehensive Coverage (also known as Other than Collision coverage) is sometimes referred to as fire and theft. A more accurate description is loss to your vehicle caused by other than collision. This includes coverage against perils such as hitting an animal, vandalism, riot, floods, wind and hail, as well as fire and theft. EXTENDED TRANSPORTATION EXPENSE COVERAGE If your vehicle should be temporarily disabled for more than a day, due to a covered auto accident, this coverage will pay a certain amount of money per day for up to 30 days, or a maximum of a specific value toward the cost of a replacement rental car. FULL GLASS COVERAGE If chosen, your Comprehensive Coverage deductible may be waived for glass claims.
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MEDICAL PAYMENTS COVERAGE Medical Payments coverage pays up to a specified amount for injuries sustained by you and covered persons in your vehicle, regardless of who is at fault. NO-FAULT COVERAGE No Fault Insurance is a system that assesses no fault to drivers involved in automobile accidents. Therefore, if you are involved in an accident, your insurance company will pay your medical damages, within your policy limits, regardless of who is at fault. PROPERTY DAMAGE LIABILITY COVERAGE Similar to Bodily Injury Liability but limited to damage caused by you to another person's property, such as an auto, fence, telephone pole, etc. TOWING AND LABOR COVERAGE If your vehicle is temporarily disabled on the road, it will pay your actual expense up to a predetermined maximum value (depending on the option you select) to have your vehicle towed or for roadside labor to repair your auto.
Basic types of Auto Insurance policies Type Description
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Marine Insurance Introduction

Marine Insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination. 1. Marine Hull Insurance covers loss or damage to hull and machinery. The hull is the structure of the vessel which can be made from wood, steel or any other type of materials and equipment such as pulley, crane and steering wheel. Machinery is the equipment that generates the power to move the vessel and control the lighting and temperature system such as boiler, engine, cooler, and electricity generator. 2. Marine Cargo insurance covers physical damage to, or loss of your goods whilst in transit by land, sea and air.
Basic types of Marine insurance policies Marine insurance policy Description
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Time policy A time policy is taken for definite period of time, usually not exceeding 12 months say from January 1, 1981 to December 31, 1981. This policy is most suitable for hull insurance. Where the subject matter is insured for a specific voyage, say from Colombo to Karachchi it is named as voyage policy. This policy is the combination of time and voyage policy. It, therefore, covers the risks for both particular voyage and for a stated period of time. Floating policy is taken for a relatively large sum by the regular suppliers of goods. It covers several shipments which are declared afterwards along with other particulars. This policy is most situated to exporter in order to avoid trouble of taking out a separate policy for every shipment. Under its terms the agreed value of the subject matter of insurance is mentioned in the policy itself. In case of cargo this value means the cost of goods plus freight and shipping charges plus a certain margin for anticipated profit. Where the value of the subject matter of insurance is not declared but left to be ascertained and proved later it is called unvalued policy.
Voyage policy Mixed policy
Floating policy
Valued policy
Unvalued policy (Open Policy)
Fire insurance Introduction

Fire insurance is a form of property insurance which protects people from the costs incurred by fires. When a structure is covered by fire insurance, the insurance policy will pay out in the event that the structure is damaged or destroyed by fire. Some standard property insurance policies include fire insurance in their coverage, while in other cases; fire insurance may need to be purchased separately. A fire insurance policy involves an insurance company agreeing to pay a certain amount equivalent to the estimated loss caused by fire to the insured, within the time specified in the contract. The indemnity is subject to change depending upon the policy.
Types of Fire insurance policies Fire insurance policy Description
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Valued policy When the agreed value of the subject matter is mentioned in the policy is named as valued policy. This value may not necessarily be the actual value of the property. In the event of toss by fire the insurer pays the admitted value of the property. An unvalued policy in one in which the value of the subject matter is not declared at the time of policy taken. But in case of loss the value is computed by assessment. This is also called an open policy. In case of specific policy, the property is insured for a definite sum. If there is loss, the stated amount will have to be paid to the policyholder. But the actual value of the subject matter is not considered in this respect. An average policy is one which contains the average clause. This clause required the insurance company to pay only that portion of the loss which is borne by the insured amount to the actual value of the subject matter of the insurance. For example a value of the property is Rs.1,00,000. It is insured for Rs.60,000 (60% of the total value) and the amount of loss is Rs.60,000. The insurance company will not pay Rs.60,000 to the policyholder but will pay Rs.36,000 (60% of Rs.60,000). This policy is issued for compensation of all direct loss or damage caused by lighting and burning. Such policy also covers damages by earthquake, hair flood, explosion, cyclone and riot.
Unvalued policy
Specific policy
Average policy
Standard fire policy
Important concepts of Insurance

Actual Cash Value (refers to auto and homeowner insurance) The cost to replace damaged or lost property with comparable or like property, minus depreciation. Actuary An insurance professional who analyzes, calculates rates and reserves, and evaluates and manages statistical information. Agent A person who sells and services insurance policies. Annuity (refers to life insurance) This is a series of income payments made to a customer at regular intervals by an insurance company in return for a premium or premiums the customer paid. Beneficiary A person eligible to receive benefits under an insurance policy. Broker A broker is different than an agent. Brokers do not represent a particular company. They receive a commission or fee for finding you coverage or renewing your policy.
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Business Interruption Insurance (refers to business insurance) A policy that pays for the loss of earnings when business operations are reduced or stopped due to a property loss, such as water damage, theft, or fire. Cash Surrender Value (refers to life insurance) The amount of cash due to the insured person who requests the insurance company cancel their life insurance policy. Claim A demand made by an insured person for payment of benefits as described in their insurance policy. Clause This identifies a specific part of a policy or endorsement. Co-Insurance (refers to health and homeowner insurance) In health insurance, it means the insured person and the insurance company share losses in agreed proportion. Also known as percentage participation Collision Coverage (refers to auto and business insurance) This covers the physical damage to the insured persons vehicle due to a collision with another object, such as another vehicle, a fence, building, etc. Commission This is the portion of the premium the agent or broker keeps as compensation for sales, service, and distribution of insurance policies. Coverage The scope of protection provided to the insured person under an insurance contract. Endowment Insurance (refers to life insurance) A form of life insurance payable to the insured person if they are living at the end of the endowment period, or to a beneficiary if the insured person dies before the endowment date. Exposure The possibility of loss. Face Amount (refers to life insurance) This is the death benefit stated on the first page of a life insurance policy. Grace Period (refers to disability, health, life, and long-term care insurance) A period of time (commonly 10 to 31 days depending on the type of contract) after the premium due date is known as the grace period. During this time, the policy remains in force without penalty even though the policyholder has not yet paid the premium. Health Insurance A policy or product that provides coverage for someone for doctor, hospital, and other medical expenses that result from illness or injury. Homeowner Policy An insurance policy to cover a homeowners house, other structures on their property, and personal contents against losses caused by such things as windstorms, fire, or theft. Indemnify This provides payment, repair, or replacement to a victim of loss. Insurance Policy This is the entire written insurance contract. Joint Life Policy (refers to life insurance) A life insurance policy that insures two or more people is known as a joint life insurance policy. Some of these policies pay a death benefit on the first person to die. Some pay on the last person to die. Key Man Insurance Policy (refers to disability and life insurance) Life or disability insurance to cover a key employee whose death or disability would cause the employer financial loss. The policy is owned by and payable to the employer. Lapse When an insurance company ends a policy because the insured person fails to pay the premium. Liability Insurance (refers to auto, business, and homeowner insurance) Coverage that pays for any loss if the insured person is legally liable for bodily injury to others or damage to someones property.
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Life Insurance A contract between a person and a life insurance company that provides coverage in the event the person dies. Life insurance policies may include endowment benefits, additional benefits in the event the insured person loses an arm or leg due to an accident, or in the event of a disability. Life insurance policies also may offer annuities. Maturity (refers to life insurance) The date the face amount of a life insurance policy is due. Paid-Up (refers to life insurance) This is a life insurance term, in which the policy owner paid all required premiums, but the policy has not yet matured (by either death or endowment). For example, in a 10-year payment policy, after the policy owner completes the 10-year premium-paying period, the policy will continue to cover the insured person for the rest of his or her life. Policyholder The person who has possession of the policy. Pooling Grouping of a large number of similar risks together to spread the risk and make insurance more affordable. For example, auto insurers pool all the drivers with similar risks. Premium The amount an insured person pays to the insurance company to cover the cost of insurance. Reinsurance A risk management tool for insurance companies. It transfers risk from one insurance company to another. For example, a primary insurance company will agree to insure an airlines fleet of planes for $10 billion. Through separate reinsurance contracts, the primary insurance company will pay premiums to nine other insurance companies to accept $1 billion of the risk. If a $10 billion loss occurs, each company will pay $1 billion. Rider An attachment to a policy that modifies the conditions of the policy by expanding or decreasing its benefits, or excluding certain conditions from coverage. Subrogation This allows the insurance company to recover the payment it made to the person it insures from the person responsible for the damages or their insurance company. Term The period of time that an insurance policy is issued.
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Insurance Final

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Business Studies with Dulip Luckshan Fernando Everything Is Explained!

Insurance & Assurance

Business Studies with Dulip Luckshan Fernando Everything Is Explained!

Insurance & Business development

Business Studies with Dulip Luckshan Fernando Everything Is Explained!

Business Studies with Dulip Luckshan Fernando Everything Is Explained!

Major parties of an insurance policy The first party

The second party

The third party

Business Studies with Dulip Luckshan Fernando Everything Is Explained!

The name of the principle

Utmost good faith (Ubberrima pides)

Business Studies with Dulip Luckshan Fernando Everything Is Explained!

Business Studies with Dulip Luckshan Fernando Everything Is Explained!

Types of Insurance policies

Basic concepts of Insurance

Business Studies with Dulip Luckshan Fernando Everything Is Explained!

Business Studies with Dulip Luckshan Fernando Everything Is Explained!

Business Studies with Dulip Luckshan Fernando Everything Is Explained!

Business Studies with Dulip Luckshan Fernando Everything Is Explained!

Sri Lankan insurance industry

Business Studies with Dulip Luckshan Fernando Everything Is Explained!

Business Studies with Dulip Luckshan Fernando Everything Is Explained!

Different insurance policies in detail Life Insurance Introduction

Business Studies with Dulip Luckshan Fernando Everything Is Explained!

Advantages of Life Insurance

Types of Life Insurance policies

Business Studies with Dulip Luckshan Fernando Everything Is Explained!

Auto Insurance Introduction

Types of coverage of an auto insurance policy

Business Studies with Dulip Luckshan Fernando Everything Is Explained!

Basic types of Auto Insurance policies Type Description

Business Studies with Dulip Luckshan Fernando Everything Is Explained!

Marine Insurance Introduction

Basic types of Marine insurance policies Marine insurance policy Description

Business Studies with Dulip Luckshan Fernando Everything Is Explained!

Voyage policy Mixed policy

Unvalued policy (Open Policy)

Fire insurance Introduction

Types of Fire insurance policies Fire insurance policy Description

Business Studies with Dulip Luckshan Fernando Everything Is Explained!

Standard fire policy

Important concepts of Insurance

Business Studies with Dulip Luckshan Fernando Everything Is Explained!

Business Studies with Dulip Luckshan Fernando Everything Is Explained!

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