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.
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| 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 3rd &
2nd 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 17th 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.
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| 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.
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| 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.
