Insurance Class 11.pptx

Insurance class 11

1. Insurance Class 11 SlideMake.com

2. 1 Introduction to Insurance Insurance is a contract between two parties, the insurer and the insured, where the insurer agrees to compensate the insured for any financial losses in return for a premium payment. Insurance helps individuals and businesses manage risk by providing financial protection against future uncertainties. The different types of insurance include life insurance, health insurance, property insurance, and liability insurance.

3. 2 Principles of Insurance The principle of utmost good faith requires both parties to disclose all relevant information truthfully and completely. The principle of insurable interest ensures that the insured has an interest in the subject matter being insured. The principle of indemnity states that the insured should be compensated for the actual financial loss suffered, not more or less.

4. 3 Insurance Process The insurance process begins with the application, where the insured provides information about the subject matter being insured and the risk involved. The insurer assesses the risk and determines the premium to be paid. If the insured accepts the premium, a policy is issued, which is a legal contract that outlines the terms and conditions of the insurance coverage.

5. 4 Benefits of Insurance Insurance provides financial protection against unforeseen events that can cause financial hardships. Insurance promotes savings and investment by providing a safe and secure way to manage risk. Insurance contributes to economic growth by providing stability and confidence to businesses and individuals.