Overview Of Insurance

What is insurance?
We face a lot of risks in our daily lives. Some of these lead to financial losses. Insurance is a way of protecting against these financial losses. For a payment (premium), an insurance company will take the responsibility of compensating your financial losses.

Definition Of Insurance
A contract or policy in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients' risks to make payments more affordable for the insured.
OR

The act of insuring, or assuring, against loss or damage by a contingent event; a contract whereby, for a stipulated consideration, called premium, one party undertakes to guarantee another against loss by certain specified risks.

Insurance is mainly divided into Two Categories:



Life Insurance

General Insurance

Life Insurance
A contract in which an insurance company agrees to pay money to a designated beneficiary upon the death of the policy holder. In exchange, the policyholder pays a regularly scheduled fee, known as the insurance premiums. OR A regular income, in absence of insured persons. Life insurance is being secured a income, after the death of insured person/persons.

General Insurance
General Insurance.

Insurance other than Life Insurance falls under the category of

For Examples :     

Insuring property like house and belongings against fire and theft. Vehicles against accidental damage or theft. Injury due to accident Hospitalization for illness and surgery. Liabilities to others arising out of the law can also be insured and is compulsory in some cases like motor third party insurance.

Concept Of Insurer & Insured

 Insured

The person or the company which gets the protection against the financial losses, by paying the Premium is called as Insured.
 Insurer

The company which provides the protection against the financial losses, by taking the Premium is called as Insured.

Types of Life Insurance:



   

Term Life Insurance Group Term Life Insurance Permanent insurance Money Back Insurance Endowment Assurance

Types of General Insurance:

     

Homeowners Policies Renter's Insurance Liability Insurance Miscellaneous Hospital Insurance Student Health Insurance

        

Baggage Insurance Bhagyashree Insurance Bloodstock Insurance Director's and Officer's Liability Insurance Doctor's Composite Package Scheme Gun Insurance Policy Travel Insurance Car Rental Insurance Margh Bandhu Insurance

       

Mobile Phone Insurance Naada Lahiri Insurance Pager Insurance Policy Pedal Cycle Insurance Portable Equipment Insurance Professional Indemnity Insurance Suhana Safar Insurance Policy Television Insurance Wedding Bells Policy

Definition of Premium:
 The periodic payment made on an Insurance Policy is

called as Premium Or
 The sum paid by a policyholder to keep an insurance policy

in force

Factors For Premium Calculation:

 The premium is calculated on the nature of the coverage

the insured wants.

 A higher sum insured means a higher rate of premium.  A higher risk will be charged a higher premium.

For Example
 Premium Calculation for Life Insurance Depends On

 Age of the Insured person  If the Insured person is suffering from any Health Problems/Diseases  Risk of the Insured persons life

 Premium Calculation for General Insurance (House)

Depends On


Age Of the Property

 Placement of the Property like distance from Fire Dept., Risk of Flood and/or Earthquake 

Surrounding of the Property

 The coverage in case of any disaster

Policy - written contract or certificate of insurance.

 Contract : A binding agreement between two or more

persons that is enforceable by law Floating Policy:- an insurance policy covering loss of movable property (e.g. jewelry) regardless of its location

Coverage : The amount to be covered in case of any financial loss of the insured property or person.


Inclusion in an insurance policy or protective plan.

 The extent of protection afforded by an insurance policy.  The amount of funds reserved to meet liabilities.

Some more terminology used in Insurance

 Discount

 Claim  Guest Protection  Third Party Insurance  Under Insurance

Overview Of ALSTATE

 Alliance is a application of Insurance Domain which is developed to

replace one Legacy application called Alstar running successfully in North Brooke. Alliance is more user friendly than Alstar. Property Insurance.

 Its a Application having two main modules as Auto Insurance and

 Auto is a compulsory one where as Property is an optional one.  This application contains the sub modules as Household,

Dwelling(Property)/Vehicle(Auto), Coverage and Bind.

 There are two modes of this Application named as Full Quote and New

Business.

 Full Quote is designed to give a general idea about the kind of Policies

offered, Coverages provided, Discounts given, Premium to be paid etc.

 When the Policy is decided to be taken then New Business comes into

picture.

 This Application provides the facility to keep a record of the property

to be insured, the details of any other Insurance taken for the same property or any other property by Alstate or other Insurance Company and to collect the Information about the Credit Report and the Loss of the customer before providing a Policy.

 This Insurance provides different modes (monthly and yearly) and

ways (C.O.D., Cheque, Credit/ Debit Card and Cash) of Payment.

 There are four different channels through which the Policy can be

taken such as Exclusive Agent, Independent Agent, National Support Centre and Customer Information Centre.

 Different Agent IDs will be provided to different channels.

One Agent can have 10 transactions per day.

 The EOD activity will be Closing Out the Agent ID.  This Project is fully safe, secured, easy to use and

implement.
 To enhance this Application there are two more different

modules are in pipeline to be attached such as Endorsement and Renewal.