Insurance:- companies in India , principles, types, careers in

insurance

INSURANCE:

Insurance is a agreement between its issuer and the beneficiary, providing financial
protection against some kind of future uncertain loss to the user in lieu of a defined sum of
money paid by the beneficiary to the issuer
ISSUER

Issues policy against theft, fire, death, disease etc.

Beneficiary
Insurance Company
(Individual/Institute)

Principles of Insurance
Cooperation is the basic principle of insurance.

Proximate Cause

Only nearest cause to

Utmost Good Faith
be considered Insurable Interest
Good faith towards
each other Insurable interest of
insured is must
Principles to be
uphold by Insurer
Loss Minimization Indemnity
& Insured
Insured to take steps Compensation equal
to minimize the losses to actual loss

Subrogation
Contribution
Ownership transfers to insurer
Only loss must be compensated
after compensating loss
irrespective of number of policies
 Types of Insurance

Life Insurance: General Insurance:

Ensure financial freedom to family members Financial compensation against any loss other
after death than death

- Term Plans - Health

- Endowment Policy - Travel
- Pension Plans - Fire
- Child Protection plans etc. - Theft
- Vehicle Accident etc.

Career Opportunities in Insurance Sector

Sales/Business
Administration Development

Legal
Product Designer
Claim Evaluation
Language Officers
Valuation Officers