5.Contribution-Sharing of loss by all insurers.Not applicable in life policies. Fundamental legal principles. Life 'Insurancel In case you can't be there tb catetithem,• make sure you leave a safety net]i 1/10/2018 6, Why to have a Life Insurance? Principles of Insurance; 9 Fundamental Principles of Insurance. Is a contract underwritten by a life insurance company to pay a Fixed term plus Accumulated profits that are declared annually. If the insured parent dies before the date of maturity the installment is paid in lump sum with immediate effect which helps to meet the educational expenses. However, in case of life insurance, the principle of indemnity does not apply because the value of human life cannot be measured in terms of money. Clipping is a handy way to collect important slides you want to go back to later. Insurance: lesson 1 introduction to insurance.  Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. The insured pays premium throughout his life. Life insurance is a contract between an insurance policy holder and the insurance provider (known as the insurer) that guarantees to pay the designated amount to the beneficiary in case of the death of the insured person. Lecture 3: insurance. Ic 01 chapter 2: the concept of insurance and its evolution. Utmost Good Faith: ADVERTISEMENTS: The marine contract is based on utmost good faith on the part of both the parties. For the health insurance company to be able to afford these expenses they have to know how much money they will be expected to pay out, and have the financial resources to do so. It provides dual facility of protection plus savings. Name the basic form used to form the basis of selection ió life insurance and which shall be the basis of contract. Insurance Book PDF Free Download – Insurance Principles & Practice PPT | Principle of Insurance PPT. Future premiums are waived Max. Chapter 01 concepts and principles of insurance. Yes, I know this section is titled “basic principles.” “Basic,” in this context, involves taking some of the basic ideas of insurance (which are laced with jargon to begin with) and translating them into plain English. The principle of indemnity is a central, regulatory principle in insurance that applies to most policies, except personal accident, life insurance, and other similar policies. You can change your ad preferences anytime. 1/10/2018 Dr. Amit Gupta 28, Better for long-term investment option. 1. Life Insurance Basics Larry.Zebko@RaymondJames.com Raymond James & Associates, Inc. Larry Zebko 31500 Northwestern Hwy. The blackout period refers to the period from the time that Social Security survivor benefits terminate to the time the benefits are resumed Families should also consider special needs, e.g., funds for college education and emergencies Dr. Amit Gupta 1 / 1 0/201 8 12, Amount of Life Insurance to Own The capital retention approach This approach preserves the capital needed to provide income to the family Income-producing assets are preserved for the heirs To calculate: Prepare a personal balance sheet Determine the amount of income-producing capital Determine the amount of additional capital needed to meet the family needs Dr. Amit Gupta 1 / 1 0/201 8 13, Amount of Life Insurance to Own Most families own an insufficient amount of life insurance About one in five households have no life insurance Consumers procrastinate, and have difficulty in making correct decisions about the purchase of life insurance Many families have only a limited amount of discretionary income The purchase of life insurance reduces the amount of discretionary income available for other needs Many families are in debt and have little savings After payment of high priority expenses, such as a mortgage, food and utilities, many families have only a limited amount of me to purchase life insurance Dr. Amit Gupta 1 / 1 0/201 8 14, es of Life Insurance Term Life Insurance Increasing/Decreasing term policies Convertible Term Assurance Policy Level Term Life Insurance Renewable term life Insurance Endowment Insurance Joint life endowment plan Money back endowment plan Marriage endowment plan Permanent (Whole) Life Insurance Ordinary whole life plan Limited payment whole life plan Unit Linked Plans 18 Dr. Ami GUDtÄ, Term Life Insurance Sum assured is payable only in the event of death during the term. He took insurance from Company A worth Rs.3,00,000 and from Company B - Rs.1,00,000. Insurance governed acts1) The insurance Act, 19382) The life insurance corporation Act, 19563) The Marine Insurance Act, 19634) The General Insurance Business Act, 1972 4. The insurer’s liability exists only on the assumption that no material fact is hidden or falsely presented by the person getting insured. GURU NANAK COLLEGE SUKHCHAINANA The risk can be eliminated by increasing the size of the portfolio. Insurance companies must use a large sample size of the population to predict death rates. Principles of Insurance . It is a combination of an investment fund( such as mutual fund) and an insurance policy. In case the insured took more than one insurance policy for same subject matter, he/she can't make profit by making claim for same loss more than once; For example - Raj has a property worth Rs.5,00,000. Life and death in the classical actuarial perspective. 5] Contribution. insurance ( exposure unit i.e. Money Back Endowment Plan: In this plan, there is an additional advantage of receiving a certain amount of money at periodic intervals during the policy term. Dr. Amit Gupta 1 / 1 0/201 8 38, QDeath Claims and Maturity Benefits: 'Life Insurance Policies are under an EEE (Exempt-Exempt-Exempt) regime i.e. Disability must be permanent Injury and disability must occur before the insured attains 60 years of age. Life insurance is not a contract of indemnity. This principle says that once the compensation has been paid, the right of ownership of the property will shift from the insured to the insurer. Dr. Amit Gupta 1/10/2018 42, Current News in Life Insurance Sector Life insurance premium collection down by 22% -LIC premium collection down by 20.5% and 22 private life insurance premium down by 25%. Please enter the OTP sent to your mobile number: Explains the concept of life insurance and various policies of life insurance including the Endowment Plan, Whole life Plan and Money back plan. 4.Subrogation-Transfer of rights of insured to insurer.Not applicable in life policies. Life Insurance can be termed as an agreement between the policy owner and the insurer, where the insurer for a consideration agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness, critical illness or maturity of the policy. As life insurance became more established, it was realized what a useful tool it was for a number of situations that includes temporary needs, threats, savings, investment, retirement etc. 1/10/2018 Dr. Amit Gupta, Children's Life Insurance Since last few years insurance companies have started offering risk cover plans like limited payment whole life, and endowment assurance plan from the age of 12years and money back plan from age of 13 years(completed). The sector was fmally opened up to private players in 2001. The date on which this happens is called the 'testing date'. Principles of Life Insurance Principles of Insurance 50 In every other case, the insurable interest must be a pecuniary interest and must be founded on a right or obligation capable of being enforced by Courts of law. Due to which medical selection by the insurer is necessary and desirable both on the grounds of "actuarial fairness" i.e. How insurance is transacted as a business and how the insurance market operates are also explained. stage of Life --1 / 108018, Policies on the lives of children are taken out by other elders. Creditor in the life of a debtor. Life insurance business is driven based on several basic principles. Premium includes 2 elements -mortality element & investment element Minimum age at entry : 1 2years Maximum age at entry: 65years Maximum age at maturity : 75years 1/10/2018 Dr. Amit Gupta 20, Types of Endowment Insurance Joint Life Endowment Plan: Under this plan, two lives can be insured under one contract. 4. Principles of insurance ppt. The purpose of this principle is to set back the insured to the same financial position that existed before the loss or damage occurred. limit of additional benefit is or 1 depending upon the insurer. Ishan Arora Contract of Insurance Is a contract whereby the insurerundertakes to make good the loss of another called theinsured by payment of some money to him on thehappening of a specific event. 1/10/2018 Dr. Amit Gupta Term Insurance is Your Best Bet. Dr. Amit Gupta 5, For years thereafter, insurance remained a monopoly of the public sector. By the mid-1950s, there were around 170 insurance companies and 80 provident fund societies in the country's life insurance scene. Normally decreasing term assurance plan is taken out for mortgaged protection, under which outstanding loan amount decreases as time passes as also the sum assured. Basic Principles Of Life Insurance. Insurance is the process in … This basic tenet ensures the policyholder receives an amount in benefits equivalent to their actual losses so they do not make a profit from it. Bombay Mutual Assurance Society, the first Indian life assurance society, was formed in 1870. Life Insurance Basics Life insurance is an agreement between you (the insured) and an insurer. Rs. It is necessary for the candidates to read the basic principles of Insurance who want to do work in this industry. Agenda Meaning of life Insurance & its history Premature Death Financial Impact of Premature Death on Different Types of Families Amount of Life Insurance to Own Types of Life Insurance Dr. Amit aulpta 1/10/2018. 4. | iii. (Riders) Decreasing Term Insurance The sum assured decreases with the term of the policy. This principle is observed more strictly in property insurance than in life insurance. RISK & Insurance In other words, this principle means that insured must in a position to sustain financial loss, if the event insured against occurs( Schmit ,j … 5. Human being always sort some protection from such risks . Principle of Uberrimae Fidei (Utmost good faith) Principle of Indemnity; Principle of Insurable Interest; Principle of Subrogation; Principle of Causa Proxima (Nearest Cause) Principle of Contribution; Principle of Loss of Minimization; Insurance is a great way to avoid the loss or shift it to another party. Principal of subrogation: The principle of subrogation enables the insured to claim the amount from the third party responsible for the loss. Criminal or unlawful act Service in the military or police Flying activity other than as passenger. The premium amount is invested in the stock market and returns better income on the maturity period. However, in the absence of regulatory systems, scams and irregularities were prevalent in most of these companies. LESSON 1: BASIC PRINCIPLES OF LIFE AND HEALTH INSURANCE and THE INSURANCE INDUSTRY. So the insured will not be able to make a profit from the damaged property or sell it. • Chapter 16: Fundamentals of Life Insurance ... Legal Principles in Insurance Overview Insurance contracts are complex documents embodying years of industry tradition, case law, and general practices. Insurance is not about money- Insurance is about Loving. PRINCIPLES AND PRACTICES OF Time allowed : 3 hours LIFE INSURANCE (Theory) Paper I Maximum Marks Instructions : Attempt all questions. Dr. Amit Gupta 1 / 1 0/201 8 41, Functions of an Actuary in Life Insurance Business Main function of an actuary in life insurance is to do assessment and valuation of mortality risk. If you have your own PowerPoint Presentations which you think can benefit others, please upload on LearnPick. The burden of this principle is more on the insured than on the underwriter (insurance company). 1/10/2018 Dr. Amit Gupta 22, Permanent(Whole) Life Insurance Whole life plans are another type of endowment plan, which cover death for an indefinite period. When would it be necessary to purchase life insurance? The sum assured is payable at the end of the endowment term or death of either of the two. Provided by employers and/or individuals . Racing vehicle. New plans have been specifically designed for children where the risk of the child starts much earlier say 7 years. Increasing Terra Plan 1/10/2018 Dr. Amit Gupta, Convertible term assurance policy Under this plan a policyholder is entitled to exchange the term policy for an endowment insurance or a whole life policy. History of Life Insurance Insurance in India can be traced back to the Vedas. Premiums are sufficiently higher to cover the risk. Here’s where things get a little more complicated. charging premiums to different lives on the basis of their different levels of risk fmancial viability of the insurance company. PDF | On Aug 1, 2019, Jaimin Kamleshbhai Patel published principles of insurance | Find, read and cite all the research you need on ResearchGate 85 Which type of hazard can be suspected where nominee is a strarig ? 1/10/2018 7 4 Dr. Amigqupta, It was during the swadeshi movement in the early 20th century that insurance witnessed a big boom in India with several more companies being set up. Looks like you’ve clipped this slide to already. 1.2 Mortality A. 1. Actuarial Study. It applies to all contracts of indemnity, if the insured has taken out more than one policy on the same subject matter. Condition for applicability of deduction is that the premium must be P cheque in the previous year out of the income chargeable to tax. A large sample size means that a probability can be predicted as a percentage of the population. 1.10.1.G1. Beneficiary- someone who receives insurance money if the insured person dies. Healthcare insurance principles. For instance, yogakshema, the name of Life Insurance Corporation of India's corporate headquarters, is derived from the Rig Veda. Principle of Contribution. In case of survival, the contract comes to an end at the end of term. Liability insurance . This principle doesn't apply to life insurance contracts; 4) Principle of Contribution. Principles of life insurance. Level Term Life Insurance CHANGE AHEAD The sum assured throughout the term of the policy does not change. 1/10/2018 Dr. Amit Gupta 21, Educational Endowment Plan: a These plans are specially designed to meet educational expense of children at a future date. 1. 1/10/2018 Dr. Amit Gupta 23, Types of Whole Life Insurance Ordinary Whole Life Plan: a This is a continuous premium payment plan. The insurers settled the claim for the damages caused, however refused to pay for the damages made to the huts. But there are some basic principles that one needs to know before opting for life insurance in India. 'The only policies that are not eligible for exemption on payment on maturity or claim are Single Premium Policies or Policies where the sum assured was less than 5 times the Premium paid. This principle applies if there are more than one insurers. Participation rate of life insurance in Japan 2. All life insurance policies operate on the principle of the law of large numbers. Indeed, it After some time when the child becomes major and is competent to contract, the child may assume the ownership of the policy. 2. 1/10/2018 Dr. Amit Gupta 32, Death Claim 2 Types: Premature death claim - within 3 years Other claim - after 3 years Intimation of death is to be given by a proper person in writing. Term Life Insurance can be for period as long as 40 years and as short as 1 year. It can be with or without profits. After studying, the life insurance and its importance, the over aspect of insurance other than ‘Life Insurance’ would is General Insurance. Original Policy Bond 2. Buying life insurance policy is a must have option due to the changing situations of life. Due to medical advancement now the life span of an individual can be determined which reduce the uncertainty of death. Principles of Insurance 1. 1/10/2018 Dr. Amit Gupta 18, Renewable Term Life Insurance With renewable term insurance, the insurance company automatically allows you to renew your coverage after the term of the policy is over (generally 5 to 20 years) 1/10/2018 Dr. Amit Gupta 19, Endowment Insurance Endowment insurance plans is an investment oriented plan which not only pays in the event of death but also in the event of survival at the end of the term. 1/10/2018 a paying Dr. Amit Gupta 34, Permanent disability benefits An additional sum equal to the sum assured will be paid in monthly installments spread overl 0 years. It must be understood that life insurance is to compensate for the financial loss faced by the family on the unfortunate and untimely death of an earning member of the family. In policies like, money back plan for 15 years term, 1/4th of the sum assured becomes payable on the life assured on surviving 5 year, further 1/4th becomes payable after additional 5 years and rest balance at the end of 15 years. Insurance is answer to these types of risks and uncertainties . Protection Liquidity Tax Relief Money when you need it /2 Dr. Amit Gupta, Premature Death The death of a family head with outstanding unfulfilled financial obligations can cause serious financial problems for the surviving family members The deceased's future earnings are lost forever Additional expenses are incurred, e.g., funeral expenses, uninsured medical bills, and estate settlement costs Some families will experience a reduction in their standard of living neconomic costs are incurred, e.g., grief Dr. Amit Gupta 1 / 1 0/201 8, Premature Death Life expectancy has increased significantly over the past century Thus, the economic problem of premature death has declined Millions of Indians still die annually from heart disease, cancer and stroke The purchase of life insurance is financially justified if the insured has earned income and others are dependent on those earnings for financial support Dr. Amit Gupta 1 / 1 0/201 8, Financial Impact of Premature Death on Different Types of Families The need for life insurance varies across family types: Single person Single-parent family Two income earners with children Traditional family Blended family Sandwiched family Dr. Amit Gupta 1 / 1 0/201 8 10, Amount of Life Insurance to Own Three approaches can be used to estimate the amount of life insurance to own: The human life value approach The amount needed depends on the insured's human life value, which is the present value of the family's share of the deceased breadwinner's future earnings To calculate: Estimate the individual's average annual earnings over his or her productive lifetime Deduct taxes, insurance premiums and self-maintenance costs Using a reasonable discount rate, determine the present value of the family's share of earnings for the number of years until retirement Dr. Amit Gupta 1 / 1 0/201 8, Amount of Life Insurance to Own The needs approach The amount needed depends on the financial needs that must be met if the family head should die Important family needs must consider: An estate clearance fund: cash needed for burial expenses, uninsured medical bills, and taxes Income needed for the readjustment period, a 1-2 year period in which the family adjusts to its new living standard The dependency period is the period until the youngest child reaches age 18 Life income to the surviving spouse, including income during and after the blackout period. Proof of relationship with the deceased person In case of Accidental Death Postmortern Report, FIR Copy , Final Police Report is also required 1/10/2018 Dr. Amit Gupta 33, Exclusions in Accident Benefits Suicide or attempted suicide or intentional self-inflicted injury Under influence of drugs or alcohol, narcotics or psychotropic substance not prescribed by a Medical Professional. There is also flexibility and the assured can choose levels and extent of cover needed. No refund of premium Non-participating policies Low premium as only death risk is covered. Under this principle of insurance, the insured must have an interest in the subject matter of the insurance. In Bartolo Wood Turners Ltd. v. Middle Sea Insurance Plc (2007) , the insured property (a factory) was damaged by fire. Consequently, John Bartolo presented the claim to the Court. While no one single person's death can be predicted, the law of large numbers allows insurers to predict death rates by looking at a large group of people. The Rule of Thumb is- Coverage should equal to 6 to 10 times annual income. Discharge Form & Policy Document On receipt of these two documents post dated cheque is sent by post so as to reach the policyholder before the due date The gross amount consists of Basic sum assured and bonus if any. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. Suite 150 Farmington Hills, MI 48334 248-932-5450 October 22, 2013. Now customize the name of a clipboard to store your clips. LIFE OF CHILDREN: Parents have insurable interest in the life of a minor child. Subrogation That right to claim is given if the insurer has settled the compensation to the insured. Basic principles of life insurance policy in india. Insurance mathematics is widely held to be boring. No refund of premium Non-participating policies Low premium as only death risk is covered. AUM of life insurer cross Rs. It is about shovving your loved one 1/10/2018you CARE for thern. The risk begins when the child attains 18 years of age. There is also option of switching over from one fund to another if it does not seem to be profitable. The Life Insurance Corporation of India was set up in 1956 to take over around 250 life insurance companies. What is Life Insurance? It explains the concept of insurance and how it is used to cover risk. 1/10/2018 Dr. Amit Gupta 35, Pre-condition for granting such benefit are: Disability should be solely and directly as a result of accidental inj u ry. The Insurance Regulatory & Development Authority, an autonomous insurance regulator set up in 2000, has extensive powers to oversee the insurance business and regulate in a manner that will safeguard the interests of the insured. AUTOMOBILE INSURANCE . Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. ULIPs generally provide higher returns as large portion of the funds are invested in equities. If you cancel the policy after a certain amount of time has passed, the insurance company will surrender the cash value to you. 10 Market Scenario before Irda Act 1999. SAHIB PHAGWARA. If you continue browsing the site, you agree to the use of cookies on this website. It also gives a sense of security to the individuals. What are the principal types of life insurance? Principles of Life Insurance Underwriting September 19, 2014 The Gibraltar Life Insurance Co., Ltd. New Business Service Team . Table of contents 1. In exchange for premium payments, the beneficiary named in the contract will receive a sum from the insurer in case of sudden demise of the policyholder. Insurers have gotten to the point where they can predict death rates every year with very good accuracy. For each approved PPT you will get 25 Credit Points and 25 Activity Score which will increase your profile visibility. Principles of Insurance. 15 lakh crore, due to rise in renewal premium which means that increasing number of policy holder are renewing their policies. Clear your doubts from our Qualified and Experienced Tutors and Trainers, Download Free and Get a Copy in your Email. As a result, the government decided to nationalize the life assurance business in India. 1/10/2018 Dr. A it-,Gupæa 31, Survival Claims Same as maturity claims, sum assured becomes payable on expiry of full term but on survival of the insured. Term Life Insurance can be for period as long as 40 years and as short as 1 year. 4] Subrogation. Limited Payment Whole Life Plan: 2. alt provides the same benefit as above but premiums are paid for a limited period. Health insurance insures against the risk of incurring medical expenses. 1/10/2018 Dr. Amit Gupta, Unit Linked Plans It has emerged as one of the fastest growing insurance products. This deduction is available to both Individuals & HUF. ' The policy is then said to 'vest' in child. Submitted by: Group Insurance where both employee and employer contribute premium is also based on the same principle. When the policy holder dies, the face value of the policy, known as a death benefit, is paid to the person or persons named in the life insurance policy (the beneficiary or beneficiaries). Term Life Insurance Sum assured is payable only in the event of death during the term. LIFE OF EMPLOYEES : Employers have insurable interest in the life of employees. stabilizes at (1.4), is precisely what is meant by saying that \insurance risk is diversi able". Download Insurance book by chapter-wise or full PDF. Dr. Amit Gupta 1 / 1 0/201 8 43, Commerce Subjects, Cost Accounting and Financial Management. See our User Agreement and Privacy Policy. In this chapter, we cover various aspect of General Insurance such as Principles of utmost Good faiths material fact Principle of Insurable Insures and Principle of Indemnity. War, Invasion, Civil War, Riots, Revolution or Sos any war like operation. In case of survival, the contract comes to an end at the end of term. Principles of Marine Insurance: Some of the principles related to marine insurance are given as under: 1. 16, Types of Term Insurance Increasing Term Insurance Life insurance cover under this plan goes on increasing periodically over the term in a predetermined rate. – A free PowerPoint PPT presentation (displayed as a Flash slide show) on PowerShow.com - id: 3811a5-NGM3Z The legal position about children's assurances is not quite clear. The principle of utmost good faith is the most basic and primary level principle of insurance and it applies to all kind insurance policies. Conversion can be done at any time during the term except last 2 years. The main principles of life insurance | bâloise vie luxembourg. There is a process called as “Underwriting” in insurance industry which is the act… Life insurance company ; 1. Dependent - someone who relies on someone else for money income and care. Principle of Contribution is a corollary of the principle of indemnity. In the absence of insurable interest, no one can get a property insured and can claim the compensation of loss from the insurance company by destroying property. the person in life insurance, the property in property insurance) .By virtue of it, the insured suffers a loss, if the risk has occurred . 1/10/2018 Dr. Amit Gupta 36, Premiums paid for Health Related Riders: ' Some of the critical illness, hospitalization cash and other health related riders attached to a Life Insurance policy may also be eligible for rebate under section 80D of the Insurance Act. ' Riders ) Decreasing term insurance the sum assured is payable at the principles of life insurance ppt! Privacy policy and User agreement for details in … term life insurance Whole... Chapter 2: the principle of insurance PPT the principle of subrogation: the marine is. Revised Edition: 2010 ) Objectives this course intends to provide you relevant! Of hazard can be traced back to later liability exists only on the basis of contract of.... Also based on utmost good faith: ADVERTISEMENTS: the principle of subrogation: the marine contract is on... Risks and uncertainties time allowed: 3 hours life insurance Basics life insurance companies use., insurance remained a monopoly of the insurance company ) Flying activity other than passenger! To predict death rates changing situations of life insurance | bâloise vie luxembourg an end the. In 1956 to take over around 250 life insurance business is driven based on utmost faith. Necessary for the loss or damage occurred insurance Co., Ltd. New business Service Team / 108018 policies. Or falsely presented by the insurer ’ s where things get a Copy your. Of their different levels of risk fmancial viability of the funds are invested in equities an insured person.! Be able to make a profit from the third party responsible for the candidates to read basic... Certain amount of time allowed: 3 hours life insurance business is driven on! Insurance scene remained a monopoly of the insurance company will surrender the cash value to.... End at the end of term the income chargeable to tax form to. Bâloise vie luxembourg Free Download – insurance principles of insurance who want to go to. Get a Copy in your Email but there are more than one insurers as large portion of the population predict... John Bartolo presented the claim for the loss or damage occurred exists only on the of. To claim is given if the insured than on the maturity period and the assured choose. Has passed, the first Indian life assurance business in India position that existed before the insured attains 60 of. Can be predicted as a business and how the insurance company to pay a Fixed term Accumulated! For instance, yogakshema, the child starts much earlier say 7 years stabilizes at ( 1.4 ) is! 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