Insurance - Classification

This PPT is about the classification of Insurance.

1. Neenu P appachan Insurance

2. A financial risk management tool in which the insured transfers a risk of potential financial loss to the insurance company that mitigates it in exchange for monetary compensation known as the premium. Some of the popular insurance policies are life insurance, health insurance, automobile insurance and home insurance . The Insurance Regulatory and Development Authority , an agency of the Government of India, is the regulatory body for the insurance sector’s supervision and development in India. Insurance

3. General Insurance Companies Life Insurance Companies Types of Insurance Companies

4. Classification from business point of view  Classification o n t he b asis of nature of business Classification from risk p oint of view   Types Of Insurance

5. Life Insurance General Insurance  Classification from business point of view 

6. Life insurance Financial security for the family after the insurer passes away . Coverage period - more than a year. Risk covered - Premature death, Illness… Main products - whole life, endowment, life annuity plan, medical and health… Insurance policy that protects you against losses and damages. Coverage period - usually one year. Risk covered - Property loss… Main products - m otor insurance, fire / house owners/ householders insurance, personal accident insurance, medical and health insurance, travel insurance… General Insurance 

7. Life Insurance Fire Insurance : A fire insurance is a contract to indemnity the insured for distribution of or damage to property caused by fire . Marine Insurance : A contract of marine insurance is an agreement whereby the insurer undertakes to indemnity the assured in a manner and to the extent thereby agreed, against marine losses, that is, the losses incidental to marine adventure . Classification On The Basis of nature of business

8. Social Insurance Sickness Insurance Death Insurance Disability Insurance Unemployment Insurance Old-age Insurance Miscellaneous Insurance Crop insurance Cattle insurance Burglary insurance Vehicle insurance

9. Personal Insurance Property Insurance Liability Insurance Classification from Risk Point of View

10. Principle of Uberrimae fidei (Utmost Good Faith ) Principle of Insurable Interest Principle of Indemnity Principle of Contribution Principle of Subrogation Principle of Loss Minimization Principle of Causa Proxima (Nearest Cause ) Principles of Insurance

11. Thank you