Insurance: by - Vansh Karel Class: 11 Com B ROLL:17

INSURANCE
BY – VANSH KAREL
CLASS: 11 COM B
ROLL:17
ACKNOWLEDGEMEN
T
ACKNOWLEDGEMENT
I would like to express my special thanks of gratitude to my teacher Mrs.

Manju Kapoor who gave me the golden opportunity to do this
wonderful project on the topic Insurance which also helped me in doing
a lot of Research and I came to know about so many new things I am
really thankful to them. Secondly I would also like to thank my parents
and friends who helped me a lot in finalizing this project within the
limited time frame
INDEX
• History of Insurance
•Lloyd’s Contribution
•Development of Regulatory Mechanism
•Insurance Companies in India
•Principles of Insurance
•Types of Insurance
•Importance of Insurance to Businessmen
•Benefits of Insurance to Farmers
HISTORY OF
INSURANCE
HISTORY OF INSURANCE
Insurance in some form is as old as historical society. So-called bottomry contracts

were known to merchants of Babylon as early as 4000–3000 BCE. Bottomry was also
practiced by the Hindus in 600 BCE and was well understood in ancient Greece as
early as the 4th century BCE. The insurance contract also developed early. It was
known in ancient Greece and among other maritime nations in commercial contact with
Greece.
HISTORY OF INSURANCE
BOTTOMRY CONTRACT
Under a bottomry contract, loans were granted to merchants with the

provision that if the shipment was lost at sea the loan did not have to be
repaid. The interest on the loan covered the insurance risk. Ancient
Roman law recognized the bottomry contract in which an article of
agreement was drawn up and funds were deposited with a money
changer. Marine insurance became highly developed in the 15th
century.
LLOY’S
CONTRIBUTION
LLOY’S CONTRIBUTION
In February 1688, Edward Lloyd’s Coffee House in Tower Street was
referred to for the very first time in the London Gazette. The article
declared a reward for five stolen watches and encouraged anyone
with information to contact Lloyd at his shop in the City . It was an
early sign of insurance, or at least reward. Nevertheless, what
Lloyd’s coffee house specialized in was information about shipping.
At this time, there were more than 80 coffee houses within the City
of London’s walls; each one was a center for entrepreneurs and
merchants, and each had a specialist interest to offer. A driven
man, Lloyd made sure he provided intelligence second to none
DEVELOPMENT OF
REGULATORY
MECHANISM
DEVELOPMENT OF REGULATORY MECHANISM
Following the recommendations of the Malhotra

committee report, in 1999, the Insurance Regulatory and
Development Authority (IRDA) was constituted as an
autonomous body to regulate and develop the insurance
industry. The IRDA was incorporated as a statutory body
in April, 2000. The key objective of IRDA includes
promotion of competition so as to enhance customer
satisfaction through increased consumer choice and lower
premiums, while ensuring the financial security of the
insurance market.
INSURANCE
COMPANIES IN INDIA
INSURANCE COMPANIES IN INDIA
1818 saw the advent of life insurance business in India with the
establishment of the Oriental Life Insurance Company in Calcutta. This
Company however failed in 1834. In 1829, the Madras Equitable had
begun transacting life insurance business in the Madras Presidency.
1870 saw the enactment of the British Insurance Act and in the last
three decades of the nineteenth century, the Bombay Mutual (1871),
Oriental (1874) and Empire of India (1897) were started in the Bombay
Residency. This era, however, was dominated by foreign insurance
offices which did good business in India, namely Albert Life Assurance,
Royal Insurance, Liverpool and London Globe Insurance and the Indian
offices were up for hard competition from the foreign companies.
INSURANCE COMPANIES IN
INDIA
LIFE INSURANCE
1) Life Insurance Corporation of India

2) HDFC Life Insurance Co. Ltd
3) Max Life Insurance Co. Ltd.
4) ICICI Prudential Life Insurance Co. Ltd
INSURANCE COMPANIES IN
INDIA
NON LIFE INSURANCE
1) Acko General Insurance Ltd.

2)Aditya Birla Health Insurance Co. Ltd
3)Agriculture Insurance Company of India Ltd
4)HDFC ERGO Health Insurance Limited (Formerly Apollo Munich Health
Insurance Company Limited)
PRINCIPLES OF
INSURANCE
PRINCIPLES OF
INSURANCE
INSURABLE INTEREST: Insurable interest means an individual receives a financial

or other type of benefit from the continued existence of the person insured. Thus, if
the person insured were to pass away, the surviving person would experience a financial
loss or other hardship.
UTMOST GOOD FAITH: An action to disclose accurately and completely, all facts material
(material fact) about something that will be insured is requested or not. The meaning is: the
insurer must honestly explain everything clearly about the extent of the terms / conditions of the
insurer and the insured must also provide a clear and correct for objects or interests of the insured
INDEMNITY: All insurance contracts of fire or marine insurance are contracts of indemnity.
According to it, the insurer undertakes to put the insured, in the event of loss, in the same
position that he occupied immediately before the happening of the event insured against. It
does not apply on life insurance
PRINCIPLES OF
INSURANCE
PROXIMATE CAUSE: According to this principle, an insurance policy is designed to provide
compensation only for such losses as are caused by the perils which are stated in the policy.
When the loss is the result of two or more causes, the proximate cause means the direct, the
most dominant and most effective cause of which the loss is the natural consequence
SUBROGATION: It refers to the right of the insurer to stand in the place of the insured, after
settlement of a claim, as far as the right of insured in respect of recovery from an alternative
source is involved. After the insured is compensated for the loss or damage to the property
insured by him/her the right of ownership of such property passes on to the insurer
CONTRIBUTION: As per this principle it is the right of an insurer who has paid claim
under an insurance, to call upon other liable insurers to contribute for the loss of
payment. It implies, that in case of double insurance, the insurers are to share the
losses in proportion to the amount assured by each of them.
TYPES OF INSURANCE
Types of
Insurance
General
Life Insurance
Insurance
Life Insurance can be defined as a
contract between an insurance policy
holder and an insurance company, where
the insurer promises to pay a sum of
money in exchange for a premium, upon
the death of an insured person or after a
set period.
Marine Other
Fire Insurance
Insurance Insurances
A marine insurance contract is an Fire insurance is a contract whereby the Health Insurance is a safeguard against
agreement whereby the insurer insurer, in consideration of the premium rising medical costs. A health insurance
undertakes to indemnify the insured in paid, undertakes to make good any loss policy is a contract between an insurer
the manner and to the extent thereby or damage caused by fire during a and an individual or group, in which the
agreed against marine losses. Marine specified period up to the amount insurer agrees to provide specified
insurance provides protection against specified in the policy. health insurance at an agreed-upon price
loss by marine perils or perils of the sea (the premium). Depending upon the
policy, premium may be payable either
in a lump sum or in instalments.
IMPORTANCE OF
INSURANCE TO A
BUSINESS MAN
IMPORTANCE OF INSURANCE
TO A BUSINESS MAN
*SECURITY AMD SAFETY

*DISTRIBUTION OF RISK
* NORMAL EXPEXTED PROFIT
* EASY TO GET LOANS
* ADVANTAGES OF SPECIALISATION
* DEVELOPMENT OF SOCIAL SECTORS
BENEFITS OF
INSURANCE TO
FARMERS
BENEFITS OF INSURANCE TO
FARMERS
STABILITY IN INCOME
MINIMAL DEBTS
TECHNOLOGY ADVANCEMENT
PROVIDES AWARNESS
IMPROVED LIVING CONDITONS
BIBLIOGRAPHY
BIBLIOGRAPHY
In this Project I have taken help from the
following sources:
Websites:
 www.accountlearning.com
 www.britannica.com
 https://www.investopedia.com
 https://www.policyholder.gov.in
Books:
 Business Studies – Textbook for Class XI -
NCERT

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INSURANCE

I would like to express my special thanks of gratitude to my teacher Mrs.

Insurance in some form is as old as historical society. So-called bottomry contracts

Under a bottomry contract, loans were granted to merchants with the

Following the recommendations of the Malhotra

1) Life Insurance Corporation of India

1) Acko General Insurance Ltd.

INSURABLE INTEREST: Insurable interest means an individual receives a financial

*SECURITY AMD SAFETY

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