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Purpose, Concept and Need of Insurance
Purpose, Concept and Need of Insurance
INSURANCE
Since the actual opening up of Insurance sector in India has preceded by a
Keen debate about the positive and negative aspects of the liberalization, it is
analyzed here in some detail especially the Indian perception
Emerging trends the world over , the think tank for India are now
clear
►Insurance is a contract between two parties whereby one party called insurer,
Takes a fixed sum called premiums, in exchange to pay the other party on the
► People purchase insurance for various reasons – old age security, risk coverage
Tax rebate, money for child’s marriage and money for child’s education
► BENEFITS OF INSURANCE
Global Market today $2100 billion with an annual premium collection of $7.2 billion
The industry must learn different technique for rural business in areas like Product
Multiple touch points have emerged – contact centers, email, facsimile, websites
Insurance industry in India only in past 2 years have given employment to the tune
It is clear that the face of insurance in India is changing but with the changes, come
A host of Challenges, and it is the credible players with a long term vision and
Surely be exciting
FUNDAMENTALS / PRINCIPLES OF INSURANCE
INSURABLE INTEREST
INDEMNITY
SUBORGATION
CONTRIBUTION
PROXIMATE CAUSE
BENEFITS OF GLOBALISATION
ADEQUACY OF CAPITAL
TRAINING OF SPECIALISTS
COST – CONSCIOUSNESS
TECHNOLOGICAL UPGRADATION
ACCOUNTING PRACTICES
SCALE OF OPERATIONS
GLOBAL INTEGRATION
EMPHASIS ON TRAINING
CHANGE IN LIFESTYLE
POLITICAL RISK
ENVIOURMENTAL RISK
HEALTH COVER
SOCIAL INSURANCE
PRODUCT DEVELOPEMNT
RURAL AREAS
EVOLVING MARKETS AND STRATERGIES
CUSTOMER SATISFACTION
CLAIMS SETTLEMENT
ROLE OF SURVEYERS
OPPORTUNITY TO APPEAL