DDDD
DDDD
DDDD
Taking any one AID TO TRADE, for example Insurance and gathering information on following
aspects
4. Principles of Insurance.
5. Types of Insurance.
7. Terminologies used (premium, face value, market value, maturity value, surrender value)
9. Careers in Insurance.
1. History of Insurance Lloyd’s contribution.
With roots in marine insurance, Lloyd's was founded by Edward Lloyd at his coffee
house on Tower Street in 1688. Lloyd’s created a participating or cooperative type of
insurance by combining risk takers’ resources to protect a group of shipments in a
cooperative way. Individuals with marine shipments and ships pooled their funds to
protect their investments in the ships and the shipments. It was a milestone in the
development of insurance, using the law of large numbers to spread risk. It was
popular with sailors, merchants, and ship owners, and Lloyd catered to them with
reliable shipping news. The establishment became known as a good place to
purchase marine insurance. The shop was also frequented by mariners involved in
the slave trade. Lloyd's obtained a monopoly on maritime insurance related to the
slave trade and maintained it until the early 19th century. The Lloyd's Act gave the
business a sound legal footing. The Lloyd's Act of 1911 set out the organization's
objectives, which includes the promotion of its members' interests and the collection
and dissemination of information. However, insurance as a risk management strategy has
been around for probably 1,000s of years.
4. Principles of Insurance
The Principle of Utmost Good Faith
Both parties involved in an insurance contract—the insured (policy
holder) and the insurer (the company)—should act in good faith
towards each other.
5. Types of Insurance.
Life Insurance.
Motor insurance.
Health insurance.
Travel insurance.
Property insurance.
Mobile insurance.
Cycle insurance.
Bite-size insurance.
your face value is the amount of money your beneficiaries will receive from your
insurance company at the time of your death. You might hear it called your death benefit,
coverage amount or face amount.
Maturity Value — (1) Under a whole life insurance policy, the amount payable if the
insured person lives to the last age on the mortality table on which the values of the
contract were based or because of the insured's death.
The cash surrender value is the sum of money an insurance company pays to a
policyholder or an annuity contract owner if their policy is voluntarily terminated before its
maturity or an insured event occurs. Cash value is the amount of equity in a policy against
which a loan can be made.
On June 7 2004, Oberoi met with an accident, for which an FIR was registered at the
Jalandhar police station. Oberoi suffered several injuries and was hospitalized for a week.
Following discharge, he continued treatment, but suffered 50% disability. Oberoi lodged a
claim of Rs 1,85,000 with supporting documents such as bills, prescription slips, payment
receipts etc. But the claim was neither settled nor rejected, prompting Oberai to file a
complaint before the Jalandhar district forum against the insurance company and his
employer. The employer refuted its liability as the policy was a contract between Oberoi and
Oriental Insurance Co. The employer also questioned the jurisdiction of the Jalandar forum
as Oberoi was working in Mumbai when the accident occurred. The insurance company
stated that it could not decide on the claim as Oberoi had not submitted all necessary
documents. The Forum held the insurance company liable to pay Rs 1,85,000, while the
employer was asked to pay 9% interest, Rs 5,000 in compensation and Rs 3,000 toward
costs.
The insurance company appealed to the Punjab State Commission; the employer did not.
The state commission observed that the employer had failed to furnish relevant documents.
It held the insurer and employer jointly and severally liable to pay Rs 1,85,000.
9. Careers in Insurance.
Administrative Officer.
Assistant Administrative Officer.
Development Officer.
Insurance / Composite Agents.
Insurance Surveyors.
Actuaries.
Insurance Underwriter.
Investment Professionals.