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We face a lot of risks in our daily lives. Some of these lead to financial losses. Insurance is a way of protecting against these financial losses. For a payment (premium), an insurance company will take the responsibility of compensating your financial losses.

Insurance Life Insurance General Insurance Fire Marine Health Auto .

Your liabilities to others arising out of the law can also be insured and is compulsory in some cases like motor third party insurance.Insuring anything other than human life is called general insurance. . Injury due to accident or hospitalization for illness and surgery can also be insured. Examples are insuring property like house and belongings against fire and theft or vehicles against accidental damage or theft.

(2) income.     Insurer : The party to an insurance arrangement who undertakes to indemnify for losses. Policy: Written contract or certificate of insurance Exposure to Loss: In insurance. Insured: A person whose interests are protected by an insurance policy. Four loss risk areas are: (1) property. (3) legal vulnerability. areas in which the risk of loss exists. Premium: Financial cost of obtaining an insurance cover. paid as a lump sum or in installments during the duration of the policy. and (4) key personnel in an organization .

generating a 16.• India accounts 3.2% of the Asia-Pacific non-life insurance market value •The Indian non-life insurance grew by 13.8 billion • The market value forecast. by 2014 the Indian non-life insurance market has the value of $11.3 billion •The New India Assurance Ltd is the leading player in the Indian non-life insurance market.8% in 2009 to reach a value of $7.9% of the market value .

4. Oriental Insurance Company Ltd. . New India Assurance Company Ltd. National Insurance Company Ltd. 2.GENERAL INSURANCE General Insurance Corporation of India. NEW ENTRANTS Bajaj Allianz General Insurance Company Ltd. Reliance General Insurance Company Ltd. 1. Tata AIG General Insurance Company Ltd. Royal Sundaram Alliance Insurance Company Ltd. 3. United India Insurance Company Ltd.

When a structure is covered by fire insurance.Fire insurance is a form of property insurance which protects people from the costs incurred by fires. . the insurance policy will pay out in the event that the structure is damaged or destroyed by fire.


in no case later than 24 hours. The surveyor then analyzes the extent/ value of loss or damage. The claim process takes anywhere between one to three weeks. Provide relevant information to the surveyor/claim representative appointed by the insurer. PROCEDURE Individuals/corporate must inform insurer as early as possible .  DOCUMENTS True copy of the policy along with schedule Report of fire brigade Claim Form Photographs Past claims experience      .

The risks covered are as follows: Dwellings. Hospitals (Located outside the compounds of industrial/manufacturing risks) Industrial / Manufacturing Risks Utilities located outside industrial/manufacturing risks Machinery and Accessories Storage Risks outside the compound of industrial risks Tank farms / Gas holders located outside the compound of industrial risks. the premium rates and the conditions of the Fire Policy. Offices.Fire insurance business in India is governed by the All India Fire Tariff that lays down the terms of coverage. Shops. The fire insurance policy has been renamed as Standard Fire and Special Perils Policy. .

the Insured shall immediately give notice there of to the insurance company. civil war and kindered perils  Loss or damage caused by nuclear activity  Loss or damage to the stocks in cold storage caused by change in temperature  Loss or damage due to over-running of electric and/ or electronic machines Claims: In the event of a fire loss covered under the fire insurance policy. Exclusions:  Loss or damage caused by war. Aircraft damage Riot. . Strike Terrorism Storm. Within 15 days of the occurrence of such loss the Insured should submit a claim in writing giving the details of damages and their estimated values. landslide Bursting or overflowing of tanks Missile Testing Operations Bush fire etc. Details of other insurances on the same property should also be declared. Flood.   Perils Covered: Cause of Loss Fire Lightning Explosion. inundation Impact damage Subsidence.

) Oriental Insurance (Govt.) .) Bajaj Allianz Insurance (Pvt.) Tata-AIG General Insurance (Pvt.)     New India Insurance (Govt.) United India Insurance (Govt.  ICICI Lombard General Insurance (Pvt.

Health insurance provides coverage for medicine. visits to the doctor or emergency room. WHAT IS HEALTH INSURANCE ? Health Insurance against loss by illness or bodily injury. . hospital stays and other medical expenses.

      Rising medical costs Sharing of health related risk Uncertain hospital bills Expensive/quality health care services Security for you and your family Support for emergencies .

      Individual health plan Family floater plan Senior Citizens’ plan Critical illness plan Daily hospital cash and Unit-linked health plan (ULHP). .

 Insurance offered by NGOs / community based health insurance. and  Employer-based schemes . The existing schemes can be categorized as:  Voluntary health insurance schemes or private-for-profit schemes.  Mandatory health insurance schemes or government run schemes (namely ESIS. CGHS).The health insurance market in India is very limited covering about 10% of the total population.

 WHAT IS MARINE INSURANCE ? Marine Insurance covers the loss or damage of ships. acquired. cargo. . or held between the points of origin and final destination. terminals. and any transport or cargo by which property is transferred.

  OCEAN MARINE INSURANCE : HULL.“all-risks” basis.FREIGHT. Block Policies.       . Domestic goods in transit.PROTECTION. Mobile equipment and property. Means of transport and communication.  INLAND MARINE INSURANCE: Extension of Ocean marine insurance. Property held by Baileys.CARGO. INDEMNITY.

rain damage. war. shortage. FURTHER COVERS : Pollution Hazard War and strikes clause Bursting boilers or breaking shafts Accident or negligence of a third party  . etc. breakage. failure to deliver.Two types of risks are covered by ocean marine insurance.  The second type of risks covered is extraneous risks. pilferage.  The first type is the perils of the sea that include both natural calamities and fortuitous accidents. These risks include ordinary risks such as theft. etc and special risks such as strike.

        Loss. Wars. operators of the vessel. . damage or expense caused by inherent vice or nature of the subject matter insured Loss/damage due to insufficient. lift van employed for carrying the insured matter. unsuitable or defective packing (including storage) Loss/damage or expenses proximately caused by delay even if the delay is caused by a peril insured against Loss damage or expenses arising from insolvency of the owners. managers. Loss damage due to un seaworthiness of the vessel or craft. container. strikes and civil commotions unless covered under separate endorsements. damage or expenses attributable to willful misconduct of the assured Ordinary or inevitable losses Loss.

    Time policy Voyage policy Mixed policy Open policy .

WHAT IS AUTO INSURANCE ? Auto insurance (also known as vehicle insurance. and other vehicles. Its primary use is to provide protection against losses incurred as a result of traffic accidents and against liability that could incurred in an accident. trucks. . or motor insurance) is insurance purchased for cars. car insurance.

The amount of premium depends on the showroom price of the vehicle at the commencement of the insurance period.  .  Two wheeler insurance: It covers accidental insurance for the drivers of the vehicle. The amount of premium depends on the make and value of the car. state where the car is registered and the year of manufacture. Commercial vehicle insurance: It provides cover for all the vehicles which are not used for personal purposes.There are different types of Auto Insurance in India :  Private car insurance: It is the fastest growing sector as it is compulsory for all the new cars. make of the vehicle and the place of registration of the vehicle. The amount of premium depends on the current showroom price multiplied by the depreciation rate fixed by the Tariff Advisory Committee at the time of the beginning of policy period. like the Trucks and HMVs.

  .The auto insurance generally includes:  Loss or damage by accident. loss/damage to electrical/electronic accessories. fire. third party property and liability to paid driver. Liability for third party injury/death. self ignition. On payment of appropriate additional premium. burglary. malicious act. external explosion. lightning. housebreaking or theft.

the owner will not be able to claim damages.  Depreciation. mutiny.  Damages that occur while a person is driving with invalid driving license. wear and tear of consumables like tubes and tires.Typically.  Damage that occur while a person is under the influence of drugs or liquor.  Use of vehicle other than what it is meant for. if a private car is being used as a taxi and gets involved in an accident. the motor insurance plan does not provide for:  Normal wear and tear or general ageing of the vehicle  Mechanical/electrical breakdown.  Damage due to a war. . civil war.  Claims arising out of contractual liability. or nuclear risk. For example.

.Motor Plans.Auto Secure Bajaj Allianz . Two Wheeler Package Policy United India Insurance Co.    HSBC India .Motor Policy  .Motor Package and Liability Only Policies The New India Assurance Co.Bajaj Allianz's Motor Insurance ICICI Lombard . .