A REPORT ON THE INTERNSHIP PROGRAMME

AT
NATIONAL INSURANCE COMPANY LIMITED

Submitted to Loyola College (Autonomous), Chennai

in the partial fulfillment of the requirements of the Skill Based Course for the
award of the degree of

BACHELOR OF COMMERCE

By
A REGIN
(19-UCO-431)

Under the guidance of

Dr. S. EMALDARANI, M.Com., M.Phil., Ph.D.,
Asst. Professor, Dept. of Commerce, Loyola College, Chennai.

Department of Commerce (Shift – II)

Loyola College, Chennai – 600 034.

APRIL 2022
 DECLARATION

I, A Regin (19-UCO-431) hereby declare that this project submitted to the Department of
Commerce (Shift – II), Loyola College (Autonomous), Chennai – 600034 is a record of
original work done by me under the guidance of Dr S. EmaldaRani, M.Com., M.Phil.,
Ph.D., Assistant Professor, Department of Commerce, Loyola College and this project is
submitted in the partial fulfilment of the requirements for the skill-based course for the award
of the degree of Bachelor of Commerce.

Place: Signature of the Student

Date:
Department No.

VIVA DATE: 7th June, 2022.

 ACKNOWLEDGEMENT

First and foremost I would like to thank Almighty God for giving me Knowledge, Talent,
Courage and Good Health to successfully completion of this work.

Its is my profound privilege to thank our Principle Rev. Dr. A. THOMAS and Deputy
principle for giving me an opportunity to undergo internship training, which help me to
acquire practical knowledge.

I would like to thank Dr. S. PRASANNA KUMAR, Coordinator of Commerce, Loyola

College for giving me this wonderfull opportunity.

I would like to thank the Divisional Manager of NATIONAL INSURANCE COMPANY

LTD Royapettah Branch for the guidance throughout the Internship Program.
 CERTIFICATE OF THE GUIDE

This is to certify that A REGIN (19-UCO-431) has undergone his internship training

programme at NATIONAL INSURANCE COMPANY LIMITED for a period of 15 days

from 10th December, 2021 to 30th December, 2021. The work submitted here forms the

original work carried out by the student and does not constitute any work / project / report

submitted to any institute or organisation earlier. This internship report is submitted to the

Department of Commerce

(Shift-II) in partial fulfilment of the course.

Date: Signature of the Guide.

ACCEPTANCE LETTER
COMPLETION LETTER
 TABLE OF CONTENTS

CHAPTER CONTENTS PAGE NO.

Introduction
I And 6
Organization profile

II Internship Learning 15

Skills acquired
III and 21
Internship outcomes

IV Annexure 24
 CHAPTER 1

INTRODUCTION

1
INSURANCE
MEANING

Insurance is a legal agreement between two parties i.e. the insurance company (insurer) and
the individual (insured). In this, the insurance company promises to make good the losses of
the insured on happening of the insured contingency. The contingency is the event which
causes a loss. It can be the death of the policyholder or damage/destruction of the property.
It’s called a contingency because there’s an uncertainty regarding happening of the event.
The insured pays a premium in return for the promise made by the insurer. 

TYPES OF INSURANCE

Life Insurance

The greatest benefits of life insurance include the ability to cover your funeral expenses and
provide for those you leave behind. This is especially important if you have a family that is
dependent on your salary to pay the bills. Industry experts suggest a life insurance policy
that covers 10 times your yearly income.1  But that's a number not everyone can afford.

When estimating the amount of life insurance coverage  you need, remember to factor in not
only funeral expenses, but also daily living expenses. These may
include mortgage payments, outstanding loans, credit card debt, taxes, child care, and future
college costs.

According to a 2021 study by LIMRA, formerly known as the Life Insurance and Market
Research Association, more than half of U.S. households rely on dual incomes. The study
also found that a quarter of families would experience financial hardship within one month
of a wage earner's death.2

The two basic types of life insurance are traditional whole life  and term life. Simply
explained, whole life can be used as an income tool as well as an insurance instrument. As
long as you continue to pay the monthly premiums, whole life covers you until you die.
Term life, on the other hand, is a policy that covers you for a set amount of time. There are
other considerable differences between the two types of insurance, so you may want to seek
the advice of a financial expert before you decide which is best for you. Factors to consider
include your age, occupation, and number of dependent children.

Health Insurance

Statistically, you and your family are just one serious illness away from bankruptcy,
according to a study published by the American Journal of Public Health in 2019. In the
Journal's survey of more than 900 Americans who filed for personal bankruptcy between
2013 and 2016, medical problems—from bills, income loss due to illness, or both—
contributed to two out of three bankruptcies. 3

Those numbers alone should incentivize you to obtain health insurance or review and
possibly increase your current coverage. But with rising co-payments, increased deductibles,
and dropped coverages, health insurance has become a luxury fewer and fewer people can
afford. When you consider that the national average cost for one day in the hospital was
$2,607 in 2019, even a minimal policy is better than none. 4

The best and least expensive option may be participating in your employer's insurance
program, but many smaller businesses do not offer this benefit. The average annual premium
cost to the employee in an employer-sponsored health care program was $7,739 for single
coverage and $22,221 for a family plan in 2021, according to research published by the
Kaiser Family Foundation. 5

If you don't have health insurance through an employer, check with trade organizations or
associations about possible group health coverage. If that's not an option, you'll need to buy
private health insurance.

Long-Term Disability Coverage

Long-term disability insurance is the one type of insurance most of us think we will never
need. Yet, according to statistics from the Social Security Administration , one in four
workers entering the workforce will become disabled and will be unable to work before they
reach the age of retirement. 6
Often, even those workers who have great health insurance, a nice nest egg, and a good life
insurance policy don't prepare for the day when they might not be able to work for weeks,
months, or ever again. While health insurance pays for hospitalization and medical bills,
you're still left with those daily expenses that your paycheck generally covers.

Many employers offer both short- and long-term disability insurance as part of their benefits
package. This would be the best option for securing affordable disability coverage. If your
employer doesn't offer long-term coverage, here are some things to consider
before purchasing insurance on your own.

A policy that guarantees income replacement is optimal. More often policies pay out
between 40% to 70% of your income. The cost of disability insurance is based on many
factors, including age, lifestyle, and health. The average cost is 1% to 3% of your annual
salary.7  But before you buy, read the fine print. Many plans require a three-month waiting
period before coverage kicks in, provide a maximum of three years' worth of coverage, and
have some significant policy exclusions.

Auto Insurance

There were 5.25 million police reported car accidents in the US in 2020, according to the
National Highway Traffic Safety Administration. An estimated 38,824 people died in car
crashes in 2020 alone. 8  According to the CDC, automobile accidents are one of the leading
causes of death around in the US and around the world. 9  In the US, nearly 2.3 million
drivers and passengers were injured in 2020. 8  In 2019, economic costs of fatal auto
accidents in the US were around $56 billion. 1 0

While not all states require drivers to have auto insurance, most do have regulations
regarding financial responsibility in the event of an accident. States that do require insurance
conduct periodic random checks of drivers for proof of insurance. If you do not have
coverage, the fines can vary by state and can range from the suspension of your license, to
points on your driving record, to fines from $500 to $1,000.

If you drive without auto insurance and have an accident, fines will probably be the least of
your financial burden. If you, a passenger, or the other driver is injured in the accident, auto
insurance will cover the expenses and help guard you against any litigation that might result
from the accident. Auto insurance also protects your vehicle against theft, vandalism or a
natural disaster, such as a hurricane or other weather-related incidents.

Again, as with all insurance, your individual circumstances will determine the cost of auto
insurance. To make sure you get the right insurance for you, compare several rate quotes and
the coverage provided, and check periodically to see if you qualify for lower rates based on
your age, driving record, or the area where you live.

Electronic Equipment Insurance (EEI)

These days there is hardly a business which does not use data, electronic equipment and
analytics. If any of these items are destroyed, there can be a major loss, resulting in both
financial drainage as well as elevation in stress level. Electronic Equipment Insurance (EEI)
offers comprehensive coverage to loss of electronic goods and helps the policyholder save on
unavoidable costs.

Types of Electronic Equipment Insurance

The electronic equipment insurance offers coverage under three sections in order to meet
various requirements of people. The three categories are:

All Risks: The policy covers both fire and manual perils. While fire, storms and landslides
are some examples under natural calamities; damage caused by terrorism, riots and strikes are
manual perils

External Data Media: This covers the expenses caused due to loss of data on external media
devices like cassettes, discs and magnetic drives

Increased Cost of Working (ICOW): This is the cover for substituted data processing unit.
When the insured equipment gets lost or damaged and an alternative tool or additional
workers are used to carry on the work, the expenses are covered by electronic equipment
insurance

Electronic Equipment Which Covers Insurance

Electronic equipment insurance is a must for people who deal with electronic equipment. A
flexible insurance policy, the plan covers most of the damage or loss caused to the
equipment due to the following causes:

Coverage on damaged equipment: Replacement expenses of the insured property, like

freight, erection cost and customs duty

Coverage on damaged data media: Expenses involved in restoring the external data

media; lost information, damaged or lost data media

Cost of working: Increase in manual work due to loss or damage of electronic equipment,

the expenses involved in employing more workers is included in the electronic equipment
insurance The personal and transportation costs borne by the company for this reason is also
covered

Software damage: This kind of insurance policy also covers loss or damage to software
which was the effect of hardware issue

Company Profile

NATIONAL INSURANCE
Trusted Since 1906

National Insurance Company Limited is India’s Oldest General Insurance Company. It was
incorporated in Kolkata, West Bengal on December 5, 1906 to fulfil the nationalist aspiration
for Swaraj. 66 years later, after passing of General Insurance Business Nationalisation Act in
1972, it was merged along with 21 foreign and 11 Indian companies to form National
insurance Company Limited, one of the four subsidiaries of the General Insurance
Corporation of India, fully owned by Govt. of India. Under the provisions of this Act, the
shares of existing Indian general insurance companies and undertaking of other insurers were
transferred to GIC for the regulation and control of insurance business.
On Aug 7, 2002, National insurance was delinked from its holding Company that is GIC and
was formed as an independent insurance company.

National Insurance has offices all over India and a foreign office in Nepal. The Company has
strong presence with around 1730 offices and more than 13000 skilled employees and over
50000 Agents spread all over the nation.

National Insurance Company Limited was incorporated on 5 December 1906 with its
registered office in Kolkata. Consequent to passing of the General Insurance Business
Nationalisation Act in 1972, 21 Foreign and 11 Indian Companies were merged with it and
National became a subsidiary of General Insurance Corporation of India (GIC) which is fully
owned by the Government of India. After the notification of the General Insurance Business
and its India's largest General Insurance Company(Nationalisation) Amendment Act, on 7
August 2002, National has been de-linked from its holding company GIC and presently
operates as an independent insurance company wholly owned by Govt of India. National
Insurance Company Ltd (NIC) is one of the public sector insurance companies of India. It
transacts a non-life insurance business. Headquartered in Kolkata, NIC's network of about
2000 offices is spread over the country. NIC's foreign operations are carried out from its
branch offices in Nepal. The paid-up share capital of National is ₹1 billion. Starting off with
a premium base of ₹50 crores in 1974, NIC's gross direct premium income has steadily
grown to about ₹160 billion rupees in the financial year 2017–18. National transacts general
insurance business of Fire, Marine and Miscellaneous insurance. As of 2010, NICL has a
AAA rating from Indian rating agency, CRISIL, a subsidiary of Standard and
Poor's Company.[8][9] The gross premiums from underwriting by the company grew by
32.22% to over ₹61 billion during the Financial Year 2010–2011. And Gross Premium grew
up to 100 billion during the financial year 2013–2014.[10] With this, the company was ranked
second among general insurance companies operating in India, behind New India Assurance,
at the end of the 2014 Financial Year.[10] With about 2000 offices and approximately 11,000
employees and many more agents, the company operates in all of India, and
neighbouring Nepal.[2] In 2008, the company signed a deal with HCL Technologies worth
almost ₹4 billion to outsource the company's information technology requirements over 7
years.[11] On the 2nd of February 2018, the Government of India announced the merger
of National Insurance Company Limited with United India Insurance Company and Oriental
Insurance.[12
Mission:

To be the most preferred choice of customers for General Insurance by building

Relationships and grow profitably.

Vision:

Leveraging technology to integrate people and processes.

To excel in service and performance.
To uphold the highest ethical standards in conducting our business.

Products of National Insurance:

National Insurance Company Ltd offers a wide range of insurance services to its customers
with around 300 products. The products it sells can be subdivided into various lines of
business:

 Personal Line of Insurance like Health Insurance, Personal Accident, Householders’

Insurance, Shopkeepers’ Insurance etc

 Motor Vehicle Insurance

 Rural Insurance covering Livestock, Agricultural implements

 Industrial & Commercial Insurance covering industrial units, power plants, business
establishments etc. against fire & allied perils, natural calamities etc.

Awards & Achievements:

  National insurance is the first Company to introduce office on wheels in India
.
 It is a pioneer in Bancassurance and Auto tie ups in India and also is a leading insurer
for Social Schemes.

 It also provides 24x7 live chat support.

 The Company has also been awarded several national and international awards like
Economic Times Iconic Brands 2018 (General Insurance Category), SKOCH order of
merit 2017 for General Insurance Company of the year and The Asset Asian awards
2017 for cash management solutions.

Corporate social responsibility:

National Insurance Company takes up CSR activities to operate in an economically, socially

and environmentally sustainable manner. Its priority and thrust areas have been - education
and vocational training, health and sanitation including drinking water projects and
rehabilitation and welfare of underprivileged differently abled person etc. with the current
focus being Swacch Bharat projects.
 CHAPTER II
INTERNSHIP LEARNING
LEARNINGS

Banker indemnity

Bankers Blanket Indemnity Insurance Policy is a blend of various sections of coverage that
protects the bank from loss of money and/or securities on-premises and in transit due to
various threats. The Bank Indemnity policy also provides cover against financial loss arising
from forgery, fraud, and dishonesty.

Fraud detection

Fraud detection is an important part of insurance company’s activity. One way to detect
suspicious claim is by analyzing claims activity and highlighting exception.

Claim settlement of several Insurance policies can be performing by following steps:

1.Evidence

Before admitting relevant evidence in connection with the police is required. Party provides
Information through phone or writing

2.Notice of Claim

A prompt of claim is required. The receipt of notice or approval of the course of action taken
by the insured does not mean that the liability of any loss in acknowledged.

3.Document required for claim

 1. Certificate of insurance
2. Bill of lading
3. Copy of protest
4. Certificate of survey
5. Accounts sales
6. Letter of subrogation
7. Police GD copy

4.Inquiry

If the inquiry results are positive and proper submission of all necessary documents is done
than the national insurance. Settles the claims on the basis of total loss and partial loss.

5.Claim settlement

Claim department settle the claim after getting the report of surveyor. The divisional manager
can issue claims.

FIRE INSURANCE

The policy covers buildings as well as contents such as furniture/Fixtures/Fittings, Plant &
Machinery, Electrical fittings and stock. It includes following damage causes:

1. Fire
2. Lightning
3. Explosion / Implosion (Excluding loss, destruction or damages to industrial boilers &
caused by centrifugal forces)
4. Aircraft Damage- caused by aircraft, other aerial devices or articles dropped there
from excluding those caused by pressure waves
5. Riot, Strike and Malicious Damages (RSMD)
6. Storm, Cyclone, Typhoon Tempest, Hurricane, Hail Storm, Tornado, Flood and
Inundation (STFI)
7. Impact Damage- by rail/road vehicles or animals not belonging to the insured
 8. Subsidence and Landslide including Rockslide
9. Bursting and / or overflowing of water tanks, apparatus and pipes
10. Missile Testing Operations
11. Leakage from Automatic Sprinkler Installations
12. Bush Fire

Claim Procedure:

Intimation to insurer:
Immediate notice of claim is to be given to the Insurer whenever there is a fire or other
incident and damage caused by it. All measures for minimisation of loss is to be taken
including immediate information to fire brigade. If there is involvement of the police, a copy
of FIR is to be submitted to Insurer.

Submission of estimate:
 Surveyor shall be appointed by the Insurer. List of all items affected and the amount claimed
is to be submitted to Surveyor. Estimate for repair or replacement is to be submitted to
Surveyor. Also, please ensure the following. Do not dispose of the damaged goods/items
without consent of Surveyor/Company
Do not initiate repairs for damaged structures or dispose of salvage without consent of
Surveyor/Company
Keep all evidence of lost/damaged items. Insured is expected to behave as if uninsured.
Insured must take all precautions to avoid aggravation of loss.
Extend cooperation to surveyor while inspecting and assessing the loss. Give completed
claim form and documents as required by Insurer, in support of claim
FIRE CLAIM FORM

Electronic equipment insurance (EEI)

All Electronic equipment like Computers, Medical, Biomedical, Microprocessors;
Audio/Visual equipment including the value of Systems Software may be covered under
Electronic Equipment Policy.
The special feature of this policy is apart from cover for the equipment, this policy can also
be extended to cover the increased cost of working which arises due to damage of the insured
equipment.
Separate Standard fire and special perils policy are not required for the electronic equipment
if it is cover under Electronic equipment insurance.

Claim procedure

 Immediately notify the Company in writing giving an indication as to the nature and
extent of loss or damage;
 take all steps to minimize the extent of the loss or damage;
 preserve the parts affected and make them available for inspection by a representative
or Surveyor of the Company;
 furnish all such information and documentary evidence as the Company may require;
 inform the police authorities in case of loss or damage due to theft or burglary

Arranging the files

National insurance company files like Indian overseas banks files, fire department files ,
Electronic equipment files and Banker’s files all these files we were numbering and
Assorting these files and arrange them in ascending order
 CHAPTER 3
INTERNSHIP OUTCOME
OUTCOME

Importance of Insurance
After doing Internship under national insurance, I came to know about the importance of
insurance. It cover all uncertainties and risks. These include risk of losses of life, assets,
property etc. Insurance is a financial product that reduces or eliminates the cost of loss or
effect of loss caused by uncertainties and different types of risks.

Time management
The practise of arranging and managing your time between different activities is known as
time management. In the face of hurdles and tight timetables, good time management allows
you to complete a task within a particular time range. Strong time management abilities help
you improve your reputation and advance in the profession when you manage your calendar
and deadlines.

Critical thinking
Critical thinking is a cognitive talent that applies to all domains. What exactly does this
mean? That is, no matter what career or profession you choose, these talents will always be
relevant and valuable to your success. They are not restricted to any one field. Technology,
information, and innovation are vital for our future. Critical thinking is required in our
rapidly increasing economy in order to solve problems as soon and efficiently as feasible. By
employing critical thinking, we enable ourselves not just to solve issues but also to generate
new and creative solutions. Critical thinking gives us the tools we need to evaluate ourselves
in the right way

Adapability
Simply put, businesses are increasingly searching for adaptability. Your productivity
increases when you invest time learning a new task rather than rejecting it. You may
also set a good example for your coworkers who are trying to adapt, and you can assist
lead your team ahead. Employees who are adaptable display a variety of skills. They
may swiftly reprioritize when things change and recommend additional improvements
when something isn't working. When a setback occurs, they can also reorganise on the
go, adapting to the new circumstance confidently and without overreacting. "Today's
work culture and management style are frequently built on collaboration rather than a
rigid hierarchy." Brainstorming is a common problem-solving strategy that demands
creativity, adaptability, and emotional intelligence.

Communication:
Effective leadership and effective communication are intertwined. The best leaders
are skilled communicators who are able to communicate in a variety of ways, from
transmitting information to inspiring others to coaching direct reports. And you must be able
to listen to, and communicate with, a wide range of people across roles, geographies, social
identities, and more.The quality and effectiveness of communication among leaders across
your organization directly affects the success of your business strategy, too. Learn how
effective communication and better conversations can actually improve your organizational
culture.

CONCLUSION
To conclude, I would like to like to mention that the whole internship period was
significantly knowledgeable journey for me which allowed me to learn and improve my skills
and knowledge and I hope the significant experience will allow and help me to build a better
career in future. The internship is very good and learns while studying is a good experience.
This makes the value of the work done and the standard that we should improve after
graduate
ANNEXUTRES
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