Chapter - 1 INSURANCE INDUSTRY AN OVERVIEW 1.1. BACKGROUND OF INSURANCE INDUSTRY It has been established that village co-operatives insured against loss of profit in an industry in the early days of the Aryan Civilization. There were contacts safeguarding risks of transport by sea or land. Further these well renowned joint-family system rendered services similar to those of present life assurances. However expecting the system of joint family all other gradually waned and insurance in the modern
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LIFE INSURANCE CORPORATION OF INDIA LIC’S JEEVAN VAIBHAV (PLAN NO. 809) FREQUENTLY ASKED QUESTIONS DURING A SALES TALK What are the highlights of LIC’s Jeevan Vaibhav? LIC’s Jeevan Vaibhav is a Life insurance Plan especially designed to meet needs of • Insurance • • Wealth creation and Liquidity What are the key features of LIC’s Jeevan Vaibhav? Single Premium non-linked endowment assurance plan. Maturity Benefit : Sum Assured and Loyalty Addition#. Liquidity : Facility for loan. Life Cover
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gap between the cash value and the death benefit? | | a) | Universal Life – Option A | b) | Universal Life – Option B | c) | Equity Indexed Universal Life | d) | Variable Universal Life | | | Universal Life Option A (Level Death Benefit option) policy must maintain a specified "corridor" or gap between the cash value and the death benefit‚ as required by the IRS. If this corridor is not maintained‚ the policy is no longer defined as life insurance for tax purposes‚ and consequently
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Purchasing life insurance is a widely accept money management approach in United States. People are willing to buy life insurance to avoid paying inheritance tax and financial hardship for families due to their death. It has been found that life insurance industry‚ being a financial intermediation‚ has contributed significantly to economic growth over a 30-year period (USAID‚ 2006) in USA. However‚ a research by Standard & Poor’s (S&P) (Gaskel‚ 2011) has drawn attention‚ which shows that
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this term paper‚ the readers will be able to: 1. define the term Assurance Plan‚ 2. explain the contributory factors of Health Insurance‚ 3. share range of information about Health Insurance‚ 4. recommend Health Insurance‚ 5. distribute handouts about the contributory factors of Health Insurance‚ and 6. manage a seminar about the contributory factors of Health Insurance. INTRODUCTION Hospital expenses in the Philippines are a lot cheaper compared
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Analysis and Valuation of Insurance Companies Industry Study Number Two Center for Excellence in Accounting and Security Analysis Columbia Business School established the Center for Excellence in Accounting and Security Analysis (CEASA) in 2003 under the direction of Professors Trevor Harris and Stephen Penman. The center aims to be a leading voice for independent‚ practical solutions for financial reporting and security analysis‚ promoting financial reporting that reflects economic reality
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Definition of Casualty Insurance Naperville Contrary to your expectations‚ casualty insurance is not limited to one type of insurance policy. Although the name implies death‚ it covers damages‚ loss‚ and liabilities pertaining to property‚ vehicle‚ workers compensation‚ homeowners‚ which the victim is injured due to occupational hazard and acts of omission on the part of the business owner or individual. In short‚ this insurance policy covers liability and losses due to injuries to a person and
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Insurance Companies and Pension Funds Insurance Companies Insurance companies assume the risk of their clients in return for a fee‚ called the Premium. Most people purchase insurance because they are risk-averse-they would rather pay a certainty equivalent (the premium) than accept a gamble What is Insurance? A contract (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
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scanning component of strategic management. Insurance is one of the service factor that are expected to continue to drive growth in the economy. Thus the insurance sector play important role in supporting economic ‚social and technology development. Economical factor Interest rate at bank very much affect to insurance industry‚ because people always attract by higher return. Therefore‚ they do not prefer lower return policy. Unemployment also affects insurance industry‚ because the unemployment people
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INTRODUCTION The new millennium has exposed the insurance sector to new challenges of competition and struggle for survival. The era of liberalization‚ privatization and globalisation has ended the monopolistic tendency in this sector. It has been over four years since the Indian insurance market has opened up and the new entrants into the market have set up their shops throughout the country. Until the late nineties‚ the Indian insurance industry was under State control with no private participation
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