Bst project insurance

this project in on insurance

1. INSURANCE BST ACTIVITY– ART INTEGRATION

2. DEFINATION It is contract or agreement under which one party agrees in return for a consideration to pay an agreed amount of money to another party to make a loss, damage or injury to something of value in which the insured has a pecuniary interest as a result of some uncertain. The agreement/ contract is put in writing and is known as ‘policy’. The person whose risk is insured is called ‘insured’ and the firm which insures the risk of loss is known as insurer/assurance underwater.

3. IMPORTANCE OF INSURANCE Provides protection against occurrence of uncertain events. Device for eliminating risks and sharing losses. Co-operative methods of spreading risks. Facilitates international trades. Serves as an agency of capital formation. Financial support and medical support. Source of employment.

4. MERITS & DEMERITS OF INSURANCE MERITS:- Providing protection. Distribution of risk. Loan facility Investment element Helpful in economic development DEMERITS:- Economic viability for the banks to take up as B ancassurance is volume business. Training of people & lack of vision & awareness. Useful for selling only certain line of product. Initial investment.

5. TYPES OF INSURANCE Life insurance fire insurance marine insu rance

6. LIFE INSURANCE A life insurance is a contract between the policy owner and the insurer. Where the insurer agrees to reimburse the occurrence of the insured individual’s death or other event such as terminal illness or critical illness. The insured agrees to pay the cost in terms of insurance premium for the service. Specific exclusions are often written in the contract to limit the liability of the insurer. EXAMPLES: fraud, war and claims related to suicide

7. FIRE INSURANCE Insurance that is used to cover damage to a property caused by fire. Fire insurance is a specialized form of insurance beyond property insurance and is designed to cover the cost of replacement, reconstruction or repair beyond what is covered by the property insurance policy. Policies cover damage to the building itself and may also cover damage to nearby structures, personal property and expenses associated with not being able to live in or use the property if it is damaged.

8. MARINE INSURANCE This policy covers goods, freight and other interests against loss or damage to goods which is transported through road, sea or air. Marine insurance covers the loss of ships, cargo, terminals, and any other transporter cargo by which property is transferred.

9. THANK YOU DONE BY: P I Y U S H D S I R V I