Fundamental Principles of Insurance

Fundamental Principles of Insurance Book For B.Com Sem-VI of National (P.G) College Lucknow

At present, “Insurance” as a subject gains its popularity among the students. The basic objective of this book is to acquaint the students with the fundamental principles of Insurance. Insurance is the study of risk financing through risk pooling. The use of insurance to reduce the adverse financial impact in case of a loss has become an important element of financial planning in our society.

Now the Insurance sector opened flood gates for innovations in the marketing of services. The insurance sector enhanced job opportunities and also business opportunities for the youth. With the knowledge and skill of insurance, one can find the best career. The book has been written according to the syllabi prescribed for the B.Com. This book is designed to impart such knowledge and skills to B.Com students. The book helps to cater to the knowledge and skill-oriented needs of commerce students and also gives them the confidence to encounter competitive exams.

The book has been divided into six chapters. Like Introduction, Life Insurance, Fire Insurance, Marine Insurance, Aircraft Insurance, and Agriculture Insurance. Each chapter includes all the required material on the subject in a brief manner. It is expected that the book will be interesting for general readers as well.

Fundamental Principles of Insurance Book contents

• Introduction: [Meaning and Definition, Parties to Insurance, Needs of Insurance, Purpose of Insurance, Functions of Insurance, Insurance is a Social Security tool, Lloyd’S Insurance Organisation, Insurance, and Economic Development, Important Milestones in Life Insurance and General Insurance Business in India, Theory of Insurance, History of Insurance Industry, Principals of Insurance Contract, Risk, Double Insurance, Over Insurance, Under Insurance, Re-Insurance, Insurance, and Gambling, Cover Note, Insurance Assurance, Back Dating of Insurance, Power and Functions of Controller of Insurance.]
• Life Insurance: [Introduction, Principals of Life Insurance, Life Insurance Contract, Nature, Characteristics, Types of Insurance Policies, Terms and Conditions of Life Insurance Policy, Assignment, Nomination, Premium Computation, Annuity, Mortality Table, Difference Between Contract of Indemnity and Life Insurance Contract.

Life Fund: Introduction, of Life Fund Valuation, Investment of Funds, Principles of Investments, Various Types of Investment, Sources of Surplus, Methods of Distribution of Surplus.

Life Insurance Corporation of India: History, Powers, Objectives, Organisation of Central office In LIC of India, Organization of Zonal office, Organisation of Divisional office, Organisation of Branch office.

Women Life Insurance Policies: Classification of Female Lives.]

• Fire Insurance: [Meaning and Definition, History of Fire Insurance, Features of Fire Insurance, Principles of Fire Insurance Contract, Types of Fire Insurance Policies, Policy Conditions, Assignment, Procedure to Settle The Fire Insurance Claim, Difference Between Fire Insurance and Life Insurance, Difference Between Fire Insurance and Marine Insurance.]
• Marine Insurance: [Introduction, History of Marine Insurance, Definition, Classification of Marine Insurance, General Principles, Seaworthiness of Ship, Conditions, and Warranties In Marine Insurance Policy, Warranties in Marine Insurance, Types of Marine Insurance Policies, Documents Required For Marine Insurance, Assignment of Policy, Loss, and Abandonment, Marine Losses, Deviation.

Motor Insurance: Introduction, Definition, Motor Vehicle (Amendment) Bill 2016 Salient Features, Period of the Policy, Classification of Motor Vehicles, Basic Principles of Motor Insurance, Types of Motor Insurance Policies, Calculation of Premiums, Claim Procedure for Motor Insurance.

Insurance Agent: Meaning, Appointment of Insurance Agent by the Insurer, Appointment of Composite Insurance Agent by the Insurer, Code of Conduct, Authority’S Right to Inspect, Purposes of Inspection, Suspension of Appointment of an Agent, Procedure for Holding Enquiry Before/After Suspension of Appointment of the Insurance Agent, Procedure for Cancellation of Agency, Appeal Provision, General Conditions for Appointment of Agents, Existing Agents Licensed by Authority]

• Aircraft Insurance: [Definitions, Types of Policy, Advantages, Exceptions, Conditions.]
• Agriculture Insurance: [Need of Crop Insurance, Crop Insurance Covers, Functions of Crop Insurance, Advantages of Crop Insurance, Nature of Crop Insurance, Scenario of Crop Insurance in India, History of Crop Insurance, Main Schemes of Crop Insurance, Pradhan Mantri Fasal Bima Yojna, Documents Required For Claim Process.]