BY THE

STUDENTS OF
–> XI-I
INSAURANCE
GROUP 4
INSAURANC
E
GROUP 4
Conclusions and Recommendations:
TYPES OF
INSURANCE
 Table of contents
01 02 2.1

Life Insurance General Insurance Fire Insurance

2.2 2.3 2.4

Motor vehicle
Marine Insurance insurance Other insurances
Like (1) cattle insurance
(2) crop insurance
01

Life Insurance
Lets discuss this type of insurance in brief
 About the life insurance

~ Life insurance is a type of insurance Some of the types of life insurance

policy in which the insurance company are :-
undertakes the task of insuring the life (a) Whole life policy
of policy holder for a premium that is (b) Endowment life insurance policy
paid on daily/monthly/quaterly/yearly (c) Joint life policy
basis.
~ It is regarded as a protection againts
the uncertainties of life.
02

General Insurance
Lets discuss this type of insurance in brief
 About the general insurance

~ General Insurance is related to all Some of the types of general insurance

other aspects of human life apart from are :-
the life aspect and it includes health (a) Fire insurance
insurance, motor insurance, fire (b) Marine insurance
insurance, marine insurance and other (c) Motor vehicle insurance
types of insurance such as cattle (d) Other insurances
insurance, sport insurance, crop
insurance, etc.
General Insurance
Fire Insurance
Fire insurance is a type of general
insurance policy where the insurer
helps in paying off for any damage
that is caused to the insured by an
accidental fire till the specified
period of time, as mentioned in the
insurance policy.
Marine Insurance
In marine insurance, the
protection is provided against
the instances of dangers in sea it
covers three different types of
insurance which are ship hull,
cargo and freight insurance.
Motor vehicle
insurance
 Motor vehicle insurance is a
popular option for the owners of
motor vehicles. Here the
owners’ liability to compensate
individuals killed by negligence
of motorists is borne by the
insurance company.
Health insurance
Health insurance policy is an assurance which
provides immediate financial help in case
when any medical emergency arises. It is a
contract between a policyholder and the
insurance company which covers medical
expenses that might occur due to illness,
injury or accident.
Home insurance
Home insurance is an insurance policy that
covers the costs and damage to your home or
any insured property.

It includes losses due to faul wirings and

kitchen fires .
Other types of insurance are

 Pet insurance - It covers the medical treatment for the pets.

 Social insurance - It is a government scheme according to which certain group of people's are insured.

Example for social insurance are disabled insurance, unemployment insurance.

 Marine insurance - This type of insurance are used to meet the losses during the transport of goods
via ships. This covers the losses of cargos, ships, freight etc.
 Credit insurance - It covers loans or credit card when an individual is not able to do the payment due
to reasons such as unemployment or death.
On to the next o
PRESENTATION TITLE 15
 The history of insurance describes
the development of the modern
business of insurance against risks,
especially regarding cargo, property,
death, automobile accidents, and
medical treatment

PRESENTATION TITLE 16
17
KING HAMMURABI’S CODE AND EARLY
INSURANCE

18
 King Hammurabi’s Code and Early Isurance

The concept of insurance dates back to at least the 18th

century B.C., with the Code of Hammurabi. By some
accounts, the earliest written insurance policy appeared in
ancient times on a Babylonian monument with the code of
King Hammurabi carved into it. Hammurabi's Code was
one of the first examples of written laws.
19
 HISTORY OF INSURANCE
1818- First life Insurance company, set up in Kolkata

1870-First life Insurance company was formed in Bombay

1956-Life Insurance Corporation Act was passed

1957-General Insurance council was formed

1972-The General Insurance Business Act was Passed

PRESENTATION TITLE 20
This Photo by Unknown Author is licensed under CC BY-NC-ND
 AIDS TO TRADE
This Photo by Unknown Author is licensed under CC BY-NC-ND
 Benefits of aids to trade
THERE ARE FEW TYPES OF BENEFITS OF AIDS TO TRADE. LETS LEARN A FEW.

  1. Transport

2. Communication

3. insurance
 Transport
Transport facilities movement of
goods from one place to another.
Goods are required for consumption
in different parts of the country. The
obstacle of place is removed by
transport through road,rail and
coastal shipping.
 Communication
Along with transport facilities so that
producers, trader and consumers may
exchange information with another. Thus
postal and telephone facilites may also be
regarded as auxiliaries to business activities.
 Insurance
Business involves various types of risks.
Factory building, machinery, furniture, etc,
must be protected against fire theft and other
risks.Materials and goods help in stock or in
transit are subject to the risk of loss or
damage.Employes are also required to be
protected against the risk of accidents and
occuptional hazards.
NOW FOR THE FUN PART
>>
 Case Study on Insurance
A man named Kanji Lalji Mehta was
a middle-class shopkeeper. He
purchased an Insurance but didn’t
read the terms & conditions applied
as it was so long and seemed boring.
One day, his shop gets destructed due to an
earthquake. He went to claim the insurance but
the insurance company denied saying that this
insurance can be applied in the case of every “Act
of God” except earthquake. He argued back
saying they didn’t state it while purchasing the
insurance to which they replied that it was clearly
mentioned in the terms & conditions. He couldn’t
do anything, he had to go back to his home,
accepting the fact that he lost his shop.
Answer the following questions related to the case
based study:
Q-1) Which type of insurance Kanji Lalji Mehta
might have bought according to the given case
study?
Q-2) Should he really be getting the insurance
claim? Justify your answer.