There has never been a time when the effective use of IT has been more crucial to the success of the insurance industry. The insurance markets are being revolutionised by technology at a high speed pace. IT and software solutions, allowing cross-border trade to become electronic and paperless, are increasingly on offer to importers, exporters, […]
The Concept Any insurance company portfolio is characterised by a number of policies. Each policy is a physical risk or exposure, which the insurance company writes against fortuity. These risks vary in nature and size and the claims experience is unpredictable. The claims experience is normally influenced by major losses (accumulation losses) arising from one […]
Insurance marketing has some unique features. It has to identify uncertainties in the operations of an economic system and create general awareness to cover these uncertainties by selling insurance products to the constituents of this economic system. The constituents of this system essentially the economic groups, if left to themselves, would rather carry their risks […]
1. Introduction Over the last 50 years India has achieved a lot in terms of health improvement. But still India is way behind many fast developing countries such as China, Vietnam and Sri Lanka in health indicators (Satia et. al. 1999). In case of government funded health care system, the quality and access of services […]
Prior to the nationalisation of Insurance business in 1972, there were 106 companies, including the branches of foreign insurance companies, operating in India. They provided a kind of service restricted mainly to trade, commerce and industry. Besides, they were also providing the requirements of statutory insurance. The marketing set up of the said companies, spread […]
The present paper attempts to review the growth of general insurance in India over a period of time, examine its distinguishing features, trace its growth in different class of business, review claim experience and analyse its potential over a period of time, in a competitive environment. The paper has been divided into four parts. Part […]
The form and contends of an insurance policy will vary according as to whether it is issued by an insurance company or whether it is a Lloyd’s form of policy. A. INSURANCE COMPANIES’ POLICIES 1. The form of the policy There are no restrictions as to form which a policy issued by an insurance company […]
All policies of insurance, whatever the kind of insurance to which they relate, may be classified in two ways: 1. According to the manner in which the subject-matter is described. 2. According to the amount recoverable in the event of loss. 1. According to the description of the subject-matter Two types of policy fall within […]
Policies may be classified according to the description of the subject-matter or according to the amount recoverable in the case of a loss. There are no restrictions on the form in which the policy is to be expressed, and the insurers are free to insert such terms in the policy as they think fit. Standard […]
The premium is the consideration which the insurers receive from the assured in exchange for their undertaking to pay the sum insured in the event insured against. Any consideration sufficient to support a simple contract may constitute the premium in a contract of insurance. Thus, in the case of mutual insurance association, the assured is, […]