financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Policy holder: A person or entity who buys insurance Premium: The amount of money charged by the insurer to the insured for the coverage set forth in the insurance policy Methods for transferring or distributing risk were practiced by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC, respectively. Separate insurance contracts were invented in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates. Insurance as a financial intermediary is a commercial enterprise and a major part of the financial services industry, but individual entities can also self-insure through saving money for possible future losses. Large number of similar exposure units Definite loss Accidental loss Large loss: Affordable premium: Calculable loss Life insurance General insurance Health assurance ULIP policy Corporate insurance Insurance based on export Term life insurance Permanent life insurance Endowment policies Money back policies Annuity and pension policies Motor insurance Motor insurance is mandatory in India as per the Motor Vehicles Act, 1988 and needs to be renewed every year. Driving a motor vehicle without insurance in a public place is a punishable offence. Third party insurance is a statutory requirement in our country i.e. the owner of the vehicle is legally liable for any injury or damage caused to a third party life or property, by or arising out of the use of the vehicle in a public place. Common motor insurance categories include: Car Insurance Two Wheeler Insurance Commercial Vehicle Insurance Health care costs are increasing every year. Sedentary lifestyle and stress at work negatively affect the health and can result in a critical illness or medical emergency. Such a scenario is sure to adversely affect one financially, due to the massive outlay of money on medical expenditure. Common types of health insurance policies include: Individual Policy Family Floater Policy Surgery Cover Comprehensive Health Insurance International travel, whether on vacation or business, can turn into a nightmare if one experiences contingencies like loss of baggage, loss of passport, delay in flight, medical emergency etc. Such eventualities will surely take the fun away from travelling. Individual Travel Policy Family Travel Policy Student Travel Insurance Senior Citizens Travel Policy Home is often the most treasured possession of an individual and also the largest financial investments one makes in life. Safeguarding the physical structure and contents of home seems like a logical thing to do. Business involves the import and export of goods, within national borders and across international borders. Movement of goods is fraught with risk of mishaps which can result in damage and/or destruction of shipments. Open Cover Open Policy Specific Voyage Policy Annual Policy Policies with ECGC Insurance solutions to meet the needs of agriculture and rural businesses form part of rural insurance. IRDA has stipulated annual targets for insurers to provide insurance to the rural and social sector. Commercial insurance encompasses solutions for all sectors of the industry arising out of business operations. Insurance solutions for automotive, aviation, construction, chemicals, foods and beverages, manufacturing, oil and gas, pharmaceuticals, power, technology, telecom, textiles, transport and logistics sectors. It covers small and medium scale enterprises, large corporations as well as multinational companies. Property Insurance Marine Insurance Liability Insurance Financial Lines Insurance Engineering Insurance Energy Insurance Employee Benefits Insurance International Insurance Solutions NAV Assured amount Risk factor Brokerage Thank you