PRESENTED BY: PRIYANKA BHATI JYOTI GUPTA

INSURANCE IS DEFINED AS THE EQUITABLE TRANSFER OF LOSS FROM INSURED TO INSURER IN EXCHANGE FOR PAYMENT. AN INSURER IS THE COMPANY SELLING THE INSURANCE,INSURED IS THE PERSON BUYING THE INSURANCE POLICY.THE AMOUNT TO BE CHARGED FOR A CERTAIN AMOUNT OF INSURANCE IS CALLED INSURANCE PREMIUM.

RISK SHARINNG & RISK TRANSFER COOPERATIVE DEVICE CALCULATE RISK IN ADVANCE PAYMENT OF CLIM AT THE OCCURANCE OF CONTIGENCY AMOUNT OF PAYMENT LARGE NO. OF INSURED PERSON IT MUST NOT BE CONFUSED WITH CHARITY OR GAMBLING.

INSURANCE MANAGEMENT IS CONCERNED WITH PLANNING AND CONTROLLING INSURANCE PLANS & POLICIES ISSUED BY LIFE AND NONLIFE INSURANCE COMPANIES,AS PER THE NEEDS OF THE CUSTOMERS. THE MAIN AIM OF INSURANCE MANAGEMENT IS TO PROVIDE THE BEST INSURANCE SERVICES TO THE CUSTOMERS SOTHAT THE CO.CAN EARN AND RETAIN THEM.

PLANNING

CONTROLLING

Planning is a process for accomplishing purpose. It is blue print of business growth and a road map of development. It is setting of goals on the basis of objectives and keeping in view the resources.

ACTURIAL UNDERWRITING SALES AND MARKETING ACCOUNTING INVESTING AND FINANCING LEGAL CLAIMS OTHER DEPARTMENT:ENGINEERING ADMINISTRATIVE/PERSONNE STATISTICAL

AN ACTUARY IS AN EXPERT WHO APPLIES STATISTICAL AND MATHEMATICAL METHODS TO ASSESS FINANCIAL AND OTHER RISKS RELATED TO VARIOUS CONTIGENT EVENTS SUCH AS MORTALITY, SICKNESS, INJURY, RETIREMENT, PROPERTY LOSS FROM THEFT.

A financial professional that evaluates the risks of insuring a particular person or asset and uses that information to set premium pricing for insurance policies. Insurance underwriters are employed by insurance companies to help price life insurance, health insurance, property/casualty insurance and homeowners insurance, among others. Underwriters use computer programs and actuarial data to determine the likelihood and magnitude of a payout over the life of the policy. Higher-risk individuals and assets will have to pay more in premiums to receive the same level of protection as a (perceived) lower-risk person or assests.

UNDERWRITING IN LIFE INSURANCE COMPANY

UNDERWRITING IN NON LIFE INSURANCE COMPNY

IT IS MAINLY CONCERNED WITH MORTALITY. MORTALITY RISK FOR AN INSURER IS THAT THE INSURED WILL DIE PRIOR TO THE STIPULATED LIFE.

AGE GENDER HEIGHT & WEIGHT HEALTH HISTORY PURPOSE OF THE INSURANCE MARITAL STATUS NO OF CHILDREN OCCUPATION INCOME

THE UNDERWRITING OF COMMERCIAL, BUSINESS INSURANCES IS MUCH MORE COMPLICATED THAN THAT OF LIFE INSURANCE.COMMERCIAL INSURANCE RANGESNFROM SMALL SHOP TO LARGE MULTINATIONAL CORPORATIONS.

SALES DEPARTMENT MAKES SURE THAT ACTUAL LOSSES WILL NOT BE MORE THAN THE PREDICTED LOSSES. MARKETING DEPT. CONDUCTS RESEARCH FOR IDENTIFICATION OF TARGET CUSTOMERS,HELPS IN MAINTAINING & PROMOTING THE DISTRIBUTION SYSTEM.

A TYPICAL PROBLEM IN ACCOUNTING FOR INSURANCE COMPANIES PERTAINS TO CREATION OF RESERVES FOR CONTIGENCIES WHICH ARE PROBABILISTIC AND THERFORE DIFFICULT TO PREDICT.

EVERY INSURANCE COMPANY HAVE TO BE ENGAGED IN FINANCING AND INVESTMENT ACTIVITIES.

INSURNCE ,BEING A CONTRACT ESSENTIALLY REQUIRES A LEGAL DEPT. TO HANDLE VARIOUS ISSUES.

THE MAIN FUNCTION OF CLAIM DEPT. IS TO VERIFY AND SETTLE THE CLAIMS PRESENTED.THIS REQUIRES AN AWARENESS OF RESPECTIVE COVERAGES,ABILITY TO QUANTIFY THE LOSSES & CAPACITY TO SETTLE THE CLAIMS ON A FAIR BASIS.

HERE COTROL CYCLE REFERS TO STAGES THROUGH WHICH A INSURANCE COMPANY ENSURES THAT WHATEVER IS BEING PLANNED WILL BE DEFINITELY ACHIEVED.

The management process that involves an organizations engaging in strategic planning and then acting on those plans.

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