By Akhila Hebbar MBA++ 1st Year

Insurance is a hedging instrument against future contingent losses. Protection of contingent losses is done in exchange for a payment. . This payment is called as Premium in the insurance industry.What is Insurance ? Definition: It is a financial protection against potential future losses.

A.Types of insurance Life Insurance B. Fire 3. Miscellaneous Life insurers transact life insurance business whereas general insurers transact the rest. Non-life insurance: 1. Marine 2. .

. B. 1912 Malhotra Committee set up in 1993 initiated reforms in the Indian insurance sector: Offering operational autonomy to the insurance sector Formation of IRDA in 2000 A.History Establishment of Oriental Life Insurance company in 1818 The Indian Life Insurance Companies Act.



Overview of the life insurance segment .

Market share of life insurance companies .

3. Term Plan Whole Life Endowment Money back Annuities and pension .Types of life insurance 1. 5. 4. 2.

. The returns in a ULIP depend upon the performance of the fund in the capital market. A Unit is the component of the Fund in a Unit Linked Insurance Policy.ULIP·S A hybrid product that combines insurance and equity investment.

4. 3. 2. 5.Charges in ULIP 1. Premium allocation charge Mortality charge Policy administration charge Fund management charge Surrender charge .


Importance of underwriting Underwriting guidelines Classification of applicants: Standard Sub-standard A.Underwriting Definition: Underwriting is a process that large financial service provides use to asses the eligibility of the client to receive their products. B. .

. Swiss Re.Reinsurance What is Reinsurance? Reasons for reinsurance The major reinsurers are Munich Re. Berkshire Hathway.

powers and functions of IRDA .Regulation of insurance industry Regulation of the industry governed by IRDA Section 14 of the IRDA Act. 1999 lays down the duties.

. 1998 Functions of Ombudsman. especially between aggrieved parties such as consumers or students and an institution or organization. The insurance ombudsman was created by Government of India notification on 11th November.Ombudsman Definition: A man who investigates complaints and mediates fair settlements. .References www.irda.

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