Insurance Loans: TYPES OF INSURANCE

TYPES OF INSURANCE

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 Broadly  speaking there are two  main branches of insurance  in our country, viz.,  life insurance  and General 
insurance . The general insurance 
is subdivided  into three types,
fire insurance , marine insurance  and miscellaneous
insurance  This classifications  is highlighted in the figure given
below:  The above mentioned types of the
have been briefly discussed below:<br />
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 (1).  LIFE INSURANCE: It refers to
a contract in which is the  insurer
agrees to pay a specified  amount of the
on the death of the assured or on the expiry of a certain fixed period,
whichever  is earlier, . In consideration
of this, the insurer  collects
premiums,  from the insured. Since the
sum for which a policy  is take is
assured to be paid, whether there is death or not, Life insurance is also
often  referred to as : Life Assurance”
In  India 
the life business is being undertaken by the Life insurance
Corporation  (LIC), of India and twelve
private insurance companies such as<br />
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(2).  GENERAL INSURANCE:  Except 
life insurance  all other
insurances  come under general insurance  . Before 1971, there were about the 107
general insurance  c9ompanies,  in India both Indian and foreign . These  companies were mismanaged  insurance 
was a meant  for big industrial,
services to clients  was partial, there
were no  service conditions   to staff. In view of these was partial there
were no service conditions or to staff. In view of these limitations  the Govt. of India  has enacted General insurance  Business ( Nationalizations)  Act 1972, to take over general insurance  business. Under the provisions  of the. Act the general insurance  Corporations (GIC) India was established  in Jan. 9173, for the purpose  of a this directing controlling and carrying
a  on the general insurance  business in India. Later all the 107
companies,  were amalgamated and
grouped  into the 4 operating companies
viz., National Insurance Co Ltd.,  H. O.
Calcutta the New India Assurance  Co
Ltd., H. O. Mumbai.,  The
Oriental insurance  Co Ltd., H. O  New Delhi and United India  insurance 
Co. Ltd., H. O. Chennai . These 
four companies  became
subsidiaries of the general insurance 
corporations  of India. These four
companies were established  to achieve
the following twin objectives:  (a) . To
ensure that these are so situated  as to
under render their combined services effectively  and in all the parts of the India and,<br />
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(b) . 
To ensure proper service  to the
public through mutual competitions.  In
1999, the IRDA act introduced a an amendment 
to the General insurance 
Business  (Nationalizations)  Act 1972, 
by which the exclusive 
privilege  enjoyed by the GIC and
its four subsidiaries  for carrying  on general insurance  was removed . (1) FIRE INSURANCE:   This insurance covers risk of fire to the
property because there is a  every
likelihood of fire spreading of the in big factories, godowns houses, shops and
a  ships. The insurance not only covers
risk of fire insurance but also the consequential  losses from such loss.  (2) . 
MARINE INSURANCE:  This is a
oldest from if insurance and covers a are a 
all the marine perils. Due to the marine perils, the ship can be damaged
or destroyed  cargo and can be lost and
consequently  there can be  loss of freight  . Therefore the marine insurance covers  the risk to ship, cargo and freight on the
high seas.<br />
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(3).  MISCELLANEOUS  INSURANCE: 
All other general insurances fall under the miscellaneous  category. It include  Motor insurance, public liability  insurance, product liability insurance,  Professional indemnity insurance, workman
compensations  insurance, personal
accidents insurance, Individual  medi
claim  policy,  Group mediclaim  policy, Overseas mediclaims  policy, Bhagyashree child  welfare policy, Rajeshwari Mahila Kalyan Bima
Yojna,  Burglary insurance, Shop  keepers 
insurance, Jewellery block insurance, Money insurance,  Fidelity guarantee insurance, Neon sign
policy, Duty insurance,  Electronic
Equipment insurance,  Boiler
Explosion  insurance, Machinery breakdown
insurance, Erection  all risks insurance,
Contractor’s  all risks insurance,
Refrigeration insurance. Baggage  
insurance, All risks insurance, Amartya Siksha Yojna insurance policy,
Sahana safer insurance . Householders 
insurance, pedel cycle insurance, Plate glass insurance, Advance loss of
profits policy, Marine cum erection 
policy, sports insurance, Special contingency  policy, Students safety insurance, and a
Rural insurance.</div>
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TYPES OF INSURANCE

Broadly speaking there are two main branches of insurance in our country, viz., life insurance and General insurance . The general ...

MEANING OF FIRE INSURANCE

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 The term “Fire” means   
a visible or glow accompanied  by
heat. In fire insurance, that the term fire means  actual ignition mens., : burning”: The
presences  of flame is a condition  pre-requisite 
., Thus  damage by the smoke  heating, scorching of charring  without actual burning , is not
consideration  as  “Fire”.,  
Secondly  the ignition has to be
fortuitous  or accidental . But the this
applies only to the insured. If a third party wilfully  sets fire to the insured property., it is a
still accidental so far as a insured  is
concerned provided  the third party  is not a acting  with the direct connivance of the insured.,
If they the insured  himself sets fire to
the insured property, it is a certainly not accident,  in fact it is a fraud., However a fire caused
by the negligence of the insured or if he is the his employees will be payable
as so long as a  there is no element of
fraud.<br />
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MEANING OF FIRE INSURANCE:  Fire insurance is a  social device in the  insurer, in return for the premium  paid, undertakes to pay or make good loss
suffered by the insured as a result of a damage caused by the fire to the
property covered by the policy., It is a 
offered for building or a flat furniture 
, fixture, stocks  and loss of
profit (consequential loss)., It is a also 
covers losses the due to lightning 
, aircraft, damage the losses and due to 
terrorist attack, earthquake, riots, strikes, malicious damage.,  floods and landslide., It could be taken by
the  owner  of the premises to be insured., A tenant is
not eligible  to insurer rented premises.
However the tenant had the options  of
insuring the contents of the premises., 
The premium on the value of the property insured.,  </div>
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DEFINITION 
OF FIRE INSURANCE;  According to
V. R.  Bhushan and Prof. R. S. Sharma.,
fire insurance is an agreement 
whereby  one party (the insurer),
in return, for a consideration undertakes to the indemnify  the other party (the insured)  against 
financial loss which he may sustain by reason of certain  defined subject matter being damaged by the
destroyed by fire  or other defined
perils up to an agreed amount., The documents ., which contains the terms and
conditions of the contract of the fire insurance is known as the policy. The
consideration  for the contract of fire
insurance is termed as the premium., The 
subject  matter of the contract of
fire insurance  is the insured property.
The sum set forth in the contract of fire insurance is called the Insured sum.
FEATURES OF FIRE INSURANCE:  The following  are the features of the fire insurance:.  (1). A Fire insurance contract like by the
any other contract  must fulfill the
essential elements of a valid contract like offer and the acceptance., lawful
consideration  legality of object
etc.,   (2).,  A fire insurance contract  is a contract of indemnity.,  This means that in the event of loss, the
insured  can recover from the insurer the
actual amount of loss or not the maximum amount for the which the subject  matter is a insured whichever is less.,  (3). 
In fire insurance, the insured should have been insurable interest in
the  subject matter of the contract  both in the at the time of taking the policy
and the at the time of loss.,  (4).  Premium is a required to be paid the at the
time of taking policy.,   (5). Fire
insurance usually taken for any year duration but in the some cases for short
periods also.,  (6). Fire policies can be
assigned with the prior consent of the insurer.,  (7)., 
The loss must be outcome of fire or ignition only.,  (8). Nothing can be recovered under a fire
policy if the fire is caused deliberately., 
(9). In case of several policies for the same property each insurer is
entitled to contributions from other insurers. After indemnification, the
insurer is subrogated on to the  rights
and interest of the policy holders.,  </div>
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SCOPE OF FIRE INSURANCE==According of section 2  of the insurance act 1938, the scope of fire
insurance includes.,   (a). Fire
insurance business is different from other insurance business operation and
covers the risks caused by fire:   (b) In
addition to the risk cause by the fire, it also includes other reasons and
occurrences,. which can be customarily be included  among risk insured  under fire insurance contracts., Thus we can
be study the scope of fire insurance 
from two angles viz., (1) Ordinary 
scope f fire insurance and, (2), Comprehensive  scope of fire insurance., 1. ORDINARY  SCOPE OF FIRE INSURANCE:  It includes 
only those risks which define the narrower  scope of fire insurance viz., the losses
caused  by fire only. Some losses caused
by the fire and are included  in the
insurance against fire and some  losses
are left out.  (A)., RISKS COVERED UNDER
FIRE INSURANCE:  The risk causing
losses  have to be stated in the fire
policy  and only these risks are
indemnify  are by the insurance company.,
in case of the loss.,  The following
risks caused by the fire are generally included in the fire insurance.,  (a) Fire or ignition: (b)., Blasting of
boiler  used for household  cooking.,  ( C ) Blast of gas etc,. used for the purpose
of lightning  and heating in any  building (not being  an industrial concern or factory using gas
for purpose other than lighting  and
heating).,  Above mention blasts causing
fire must be uncertain and accidental., 
(B) RISKS NOT COVERED BY FIRE INSURANCE:   There are certain risks for the which
insurer do not indemnify the insured  in
case of loss.,  They are as following
.,  (a). 
Loss, durations,  damage to
precious stones and metal artistic goods and 
article ,maps., stamps., cheques., 
account. books archieves  and rate
documents  etc.,  (b)., Loss, destruction or damage caused by
riot.,  civil disturbances , revolutions
, war, aggression, internal emergencies, storms,  cyclones., etc.,  ( C ). 
Spontaneous fire in jungle or bushes., 
(d). Spontaneous  combustion
caused by the chemicals.,  (e) Theft
during fire or after break out the  of
fire.,  (f). Compulsory  burning of goods are or properties  by the orders of Government  or court’s 
decision.  </div>
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COMPREHENSIVE  SCOPE OF FIRE INSURANCE: Numerous fire
policies have been introduced  to cover
various types of the risks allied to the risks of fire. Coverage of such risks
under the ambit of the fire  insurance
has been widened the scope of fire insurance. Some special  policies have helped  in a great way in broadening the scope of
fire insurance in the following manner:  
(A). By including the included perils and risks:   (B). 
By including  consequential losses
and the other indirect fire risks., In the first category such excluded
risks,  which cannot be  insured under general insurance
schemes.,  have been brought under the
cover the of fire insurance. Such policies 
are called  special insurance
relating  to spontaneous  combustion earthquake  blasts., etc.,  In the second category  the indirect 
risks or losses are covered. Such risks are or losses are also  know as par consequential  risks or losses. Expenses after at the
fire  rehabilitation, expenses  of the burnt factory, expenses of reorganizing
the proper  production etc., are some of
the  examples  or such risks or losses. Such risks have been
through  brought under the cover of fire
insurance. Generally  insurance.
Generally consequential  loss insurance
and profit and loss insurance policies cover such indirect  risks., 
HAZARDS IN FIRE INSURANCE:  Fire
loss is the result of two types of hazard: 
(1). PHYSICAL  HAZARDS:  It refers to the inherent  risk of the fire in the property which may be
on account  of the situation,  inflammable nature, constructions artificial
lighting and heating, lack of the  fire
extinguishing  is a appliances,
etc.,  Fire insurance, providers
protections to the property against the occurrence of fire, an unavoidable
physical hazard.  (2).  MORAL HAZARD: The term  Moral Hazard 
refers to the wilful and melicious setting on fire of on the
property  by the owners  or some body else. Moral hazard may be in
anyone of the following forms:  (a) IN
CENDIARISM:  It refers to the deliberate
destruction of one’s own property by fire. Some insured indulge  in such activities  to realize the insured amount from the
insurer.  (b). ARSON: It refers  to setting on fire the property of the
insured by the some other persons. Some persons may set fire to property of
others with a view to getting a reward for information  about the break out of the fire or
assisting  in extinguishing it. ( C ).
PASSIVE DISHONESTY:  It refers to the
wilful neglect to the by the insured to take proper action for
extinguishing  fire and his
carelessness  during the occurrence of
fire</div>
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MEANING OF FIRE INSURANCE

The term “Fire” means a visible or glow accompanied by heat. In fire insurance, that the term fire means actual ignition mens., : bu...

INSURANCE FOR MINOR CHILDREN

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: Since the minors less then age of the 18 are
not competent to contract normally their parents guardians come forward  to insure their lives. Normally deferred
assurance plans are only given to the children so that the risk on their  lives commences afer the age 18 and in some
cases  after age of 12. Mostly all these
plans come under medical unless the deferment period os more than 10 years.  We may have to take a few precautions like
satisfactory personal history of health and also the hereditary reports. All
other members  of the family should have
been covered especially the father and the mother educated and earning. The
socioeconomic  status of the family has
to be satisfactory.<br />
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 The pressure on children due to their school performances
is again  a risk factor to be considered
especially now a  days when there is the
tendency  to commit suicide among the
nonperforming school child. An underweight 
child is an additional risk, whereas 
a slightly obese child is a welcome up to the certain age. For insurance
on minor  children up to age of 25  on the 
basis  of parent’s  income a few restrictions were imposed .
Normally it should be insured that all the members of the family are adequately
insured. The insurer may considered a risk plan on the lives of major children
pursing professional  studies or higher
education in any of the faculty where the loan is sanctioned by a bank or
any  reputed financial institution
without insisting upon the insurance on the life of both the on the life of the
proposer father or mother. This is a 
given because insurance  is
considered as collateral  security
against the loan and certified copies of loan papers and copies of evidence as
to the higher studies are submitted.<br />
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OTHER CONSIDERATIONS: The sum assured age capacity to pay physical  impairments etc, are some of the other factor
in assessing the  risks. Some of these
issues may point out the  certain moral
hazards factors like suicidal tendencies. etc., 
There may be  a necessity for
special medical reports like the x-ray ECG, Tele,  Treadmil, Serum cholesterol, ELISA  tests 
for HIV etc., warranted by the physical conditions  of the proponent a brief descriptions of some
of the above reports is given below: 1. ECG– electrocardiogram with report. 2.
Treadmil   exercise – ECG tracing with
report,  3. Tele– Teleroentgenogram full
size plate, picture to be taken in deep 
inspiration with report.  4. CBC
report on complete blood count.  5. ESR
report on erythrocyte  sedimentation
rate. 6. FBS Blood sugar test report at fasting.  7. PGCS-- blood sugar test report 2 hours
after administrations  of glucose. 8.
SMA– 8 report– this contains the following pathological tests. 1. fasting blood
sugar,  2. cerum creatinine, 3.
serum.  4. serum bilirubin--direct and
indirect.  5. SGOT.  6. SGPT. 
7. serum calcium.  8. serum
potassium.  9.  Serum alkaline phosphates.  10. SMA 
27– contains  27 pathological
tests.  11. Serum cholesterol
report.  SUMMARY. </div>
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  Life insurance  underwriting involves  a lot of the 
issues while assessing the risk like the age, physical fitness., family
history, capacity, to pay etc.,  The
underwriting can be done  under two
heads,  medical and non medical . The
specific group which we under write are also assessed life female proponents,
children who are minors and majors, large sum assured, etc., necessary
precautions  are to be taken for  each group</div>
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INSURANCE FOR MINOR CHILDREN

: Since the minors less then age of the 18 are not competent to contract normally their parents guardians come forward to insure their li...

GENERAL RULES OF UNDERWRITING

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A person’s capacity to
pay is one of the every very important factors in granting  life insurance to him. Unless there is a
financial loss due to the death of the person, insurance  cover cannot be granted. It is the insurable
interest which is the under lying criterion 
to decide the extent of life cover. Based on his capacity to pay
premium, the insurer decides the amount 
to be given as the sum assured. This is financial underwriting. PROOF OF
INCOME;  In financial underwriting proof
of income plays a very crucial part. The following documents  can be this is a  considered 
as proof of income.  1. Salary
certificate,  2. Chartered
accountant’s  certificate,  3. Income tax returns with computations of
income statement  of income tax
orders.  4.  Bank 
statements  passbook as a supporting
financial evidence in case evidence in case other documents  are not clear.  5. Land revenue record and certificate  from tahsildar wherever the source of income
is shown as agriculture.  Normally, the
insurer considered is a cover of 20 times the annual income average of the last
3 years. up to the  age of 30, 15 times
up  to age of 40, 12 times up to the age
of 50, and 10 times from age of 51 and above.<br />
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AGE PROOF:  The following  proofs of age are considered as standard  for the purpose of age admission  for insurance. 1. Certificate extract  from municipal or other records made in the
at the time of birth 4. certified extract 
from service register in case of the employees of government and
quasi-government  institutions  and certificates from commercial institutions
and industrial undertakings provided evidence of the age  was produced at the time of recruitment of
the employees.  5. identity cards issued
by the defense departments.,  6.
identify  cards having date of birth
issued by the government quasi-governmnent and commercial and industrial
undertaking to their employees.  7.
marriage certificates issued by the Roman Catholic churches in the case of
Roman Catholics.   8. domicile
certificates in which the date of birth stated was proved on the basis of
school birth certificate. 9. Passport, even in the case of the illiterate
proponents may be accepted as standard age proof.<br />
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  NONSTANDARD 
AGE PROOF: When a standard  age
proof is not available a nonstandard  age
proof can be accepted but with caution. As a matter of fact, the circumstance ,
particularly the status of the proponent the place he is hailing  from etc., 
should be verified before accepting the nonstandard age proof.  The following 
could be nonstandard  age
proof.  1. driving license issued by
RTO,  2. Permanent Account Number (PAN),
issued by income tax authorities., 3. Voter identity  , provided 
the date if issue of the card is available ,  4. ESIS card, 
5. marriage certificate in case of Muslims,  6. service record where the age is not
verified  at the time of the entry into
service only year of the birth is mentioned. 
7. horoscope other than that maintained by the Hindu family of family
horoscope book.,  8. elder’s declaration
,  9. self-declaration, 10. ration
card,  11. certificate issued by village
panchayat. , 12 any other proof not classified as standard.  However a few precautions  should be taken by the insurer while
accepting nonstandard age proofs such as: 
1. age proof extra will bear charges,. 2. normal risk bearing 
plans.,  3. some restrictions for
age  at entry maximum premium paying
term, maximum age at maturity etc.,  In
the self-declaration if only   month is
given , it is taken as 15th of the month. If only year is stated, it is taken
as 1st  July of the year. For widows
falling under female category  of not
having any income , only standard age proof 
can be accepted. </div>
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UNDERWRITING OF PHYSICALLY HANDICAPPED LIVES:’ 1.
Physical impairments as a result of accident, 
2. Physical impairments due to cerebral palsy,  3. Physical impairments due to polio ,  4. 
Physical impairments due to muscular dystrophy.,  5. Physical impairments due to congenital
defect., 6. Physical impairments as a result of underlying  diseases. In all the these cases, the medical
examiner should give full details of the deformity in his medical reports.
Normally these lives are a  considered  only if the they are gainfully employed
having adequate, income of his/her  own
and are capable of taking  sufficient
precautions to avoid  accidents</div>
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GENERAL RULES OF UNDERWRITING

A person’s capacity to pay is one of the every very important factors in granting life insurance to him. Unless there is a financial loss...

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