Insurance

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Insurance

Insurance

What is Insurance?

Ans: Insurance meaning is save us from financial loss and it is a risk management primarily from the risk of uncertain loss.

 

Who is Policy Holder?

Ans: An entity provides insurance is called such as an insurer, insurance company or, insurance carrier. Policy holder is a person who buys insurance.

 

What is involves with transaction?

Ans: The insurance transaction involves the insured assuming a guaranteed and a small loss from the payment  of the exchange the policy holder promise.

 

Why the loss may or may not be financial?

Ans: The loss may or may not be financial because it must be reducible to financial terms. And it involves of policy holders interest.

 

How established insurable interest?

Ans: The insurable interest established by ownership, possession, or pre-existing relationship.

 

What is called insurance policy?

Ans: The insurance policy is called insured receives a contact. It has details about the conditions and circumstances under the insurer.

 

What is called premium?

Ans: The premium is called the amount of money which is charged on policy holder from insurer.

Contracting A Policy By An Insurer

If the primary insurer takes the risk too large?

Ans: Yes, the primary insurer takes the risk too large.

 

History Of Insurance:

1)  Early Methods: About 3^rd & 2^nd Millennia BC, The Babylonian, Chinese and Indian were practiced the methods for transferring or distributing risk.

2)  Modern Methods: Modern methods became popular in Enlightenment era Europe. There are so many kinds of insurance like property insurance, fire insurance, marine insurance, life insurance were started from the 17^th century.

 

Principals of Insurability:

1)  Insurability: Risk of the policy can be insured by private companies which have 7 common characteristics such as:

·       Large number of similar exposure units

·       Definite Loss

·       Accidental Loss

·       Large Loss

·       Affordable Premium

·       Calculable Loss

·       Limited Risk Of Catastrophically Large Losses

2)  Legal: The Legal principals have several principals of insurance include. Such as:

·       Indemnity

·       Benefit Insurance

·       Insurable Interest

·       Utmost Good Faith

·       Contribution

·       Subrogation

·       Cause Proxima

·       Mitigation

3)  Indemnification: Generally, there are 3 types of insurance contracts which have indemnify by below:

·       A Reimbursement Policy

·       A Pay On Behalf or, On Behalf Of Policy

·       An Indemnification Policy

4)  Exclusions: Insurers may prohibited if there were happened Nuclear Exclusion Clause & War Exclusion Clause. There are 3 lights are authorized by insurers like “Green Light”, “Yellow Light” & “Red Light”. “Green Light” means accepted events & activities, “Yellow Light” means waivers of liability of events & activities and “Red Light” means prohibited of events & activities.

 

Calculate Insurance Premium

What is the social effects of Insurance?

Ans: There are various effects on society via the changes the cost of losses and damage. Insurance can influences the probability of losses via insurance fraud, moral hazard & preventive steps by the insurance company.

 

What is the methods of insurance?

Ans: There are so many methods of insurance such as:

·       Co-Insurance

·       Dual Insurance

·       Self Insurance

·       Reinsurance

 

What may use Insurer’s for collecting premium payments periodically?

Ans:  Insurer’s may use subscription business model for collecting premium payments periodically.

 

What is the simple equation of profit of the Insurance?

Ans: The simple equation of profit of the Insurance is:

Profit= Earned Premium + Investment Income – Incurred Loss – Underwriting Expenses

 

How Insurers make money?

Ans: Insurers make money in two ways:

·       Via Underwriting

·       By Investing The Premiums

 

What is the types of Insurance?

Ans: There are so many types of Insurance such as:

·       Auto Insurance

·       Gap Insurance

·       Health Insurance

·       Income Protection Insurance

·       Casualty Insurance

·       Life Insurance

·       Burial Insurance

·       Property Insurance

·       Liability Insurance

·       Credit Insurance

·       Other Types Of Insurance

 

What is Auto Insurance?

Ans: Auto Insurance saves the policy holder’s own vehicle against financial loss in the event of an incident.

 

What is Gap Insurance?

Ans: Gap Insurance is offered by a finance company when owner buys their vehicle.

 

What is Health Insurance?

Ans: Health Insurance is covered for the cost of medical treatment of the policy holder. Example: Dental Insurance Etc.

 

What is Income Protection Insurance?

Ans: Income Protection Insurance is called Disability Insurance Policies give financial support in the time of the policyholder becoming unable to work because of disabling illness or, injury.

 

What is Casualty Insurance?

Ans: Casualty Insurance is insured for accidents not for any specific property.

 

What is Life Insurance?

Ans: Life insurance gives a monetary benefit to a decedent’s family, burial, insured person’s family, funeral and other final expences.

 

What is Burial Insurance?

Ans: Burial Insurance is paid out when death to cover final expenses such as the cost of a funeral. It is a very old type of life insurance.

 

What is Property Insurance?

Ans: Property Insurance gives us protection against risks to property like as theft, fire or, weather damage.

 

What is Liability Insurance?

Ans: Liability Insurance is a very broad superset which covers legal claims against the insured.

 

What is Credit Insurance?

Ans: Credir Insurance is repaid some or all of a loan when the borrower is insolvent.

 

What is the other types of Insurance?

Ans: The other types of Insurance are given below:

·       All-Risk Insurance

·       Bloodstock Insurance

·       Business Interruption

·       Defense Base Act (DMA)

·       Expatriate Insurance

·       Hired-In- Plant Insurance

·       Legal Expenses Insurance

·       Livestock Insurance

·       Media Liability Insurance

·       Nuclear Incident Insurance

·       Pet Insurance

·       Pollution Insurance

·       Purchase Insurance

·       Tax Insurance

·       Title Insurance

·       Travel Insurance

·       Tuition Insurance

·       Interest Rate Insurance

·       Divorce Insurance.

 

What is the classified groups of Insurance Company?

Ans: Insurance Companies may sell any combination of insurance types such as three groups is given below:

·       Life Insurance

·       Non-Life Or, Property/ Casualty Insurance

·       Health Insurance

 

What is the sub categories of the General Insurance Companies?

Ans: The sub categories of the General Insurance Companies are given below:

·       Standard Lines

·       Excess Lines

 

What is the percentage of global insurance in 2010?

Ans:  The percentage of global insurance is 2.7% in 2010.

 

What is the amount of global insurance in 2010?

Ans: The amount of global insurance is $4.3 Trillion in 2010.

 

What is the increased premium of Life Insurance & Non-Life Insurance in 2010?

Ans: The increased premium of Life Insurance is 3.2% & Non-Life Insurance is 2.1% in 2010.

 

Save Currency For Policy

Which was the most important region in 2010?

Ans: The most important region was Europe in 2010.

 

What is the amount of premium income of Europe, North America and Asia?

Ans: The amount of premium income of Europe is $1.62 Trillion, North America is $1.41 Trillion and Asia is $1.16 Trillion.

 

How many countries generated more than a half of premiums?

Ans: The top four countries generated more than a half of premiums.

 

Which countries accounted alone for 40%  of world insurance?

Ans: The United States and Japan alone accounted for 40% of world insurance.