Types of Life Insurance Policy Term Policy Term life insurance is the most affordable type of life insurance available. It is designed to meet temporary life insurance needs; providing protection for a specified period of time‚ the term. For example‚ a term of 10‚ 20 or 30 years. This type of life insurance makes sense if you have financial needs that will diminish over time‚ such as a home mortgage or a child’s tuition. Each year‚ a premium is paid to cover the risk of death during that year
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Abstract This paper talks about operational innovation which is a competitive weapon at progressive insurance. The case is summarized and the operations management techniques used in this case are explored. Operational Innovation Operations strategy specifies the means by which operations implements corporate strategy and helps to build a customer-driven firm (Krajewski J. 2009‚ pp.9). It links long-term and short-term operations
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Health Insurance Attention Getter: Did you know that at least 50 million people in the US as of 2013 are without health insurance? What if you are one of these people and got seriously ill‚ you would want to be covered right? I believe everyone should have some form of health insurance. Specific Purpose: To persuade my audience that everyone should be entitled to or covered by health insurance. Overview: This morning‚ I’d like to talk to you first about the need of health insurance‚ second
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FIRE INSURANCE Overview Fire insurance is a form of property insurance which protects people from the costs incurred by fires. When a structure is covered by fire insurance‚ the insurance policy will pay out in the event that the structure is damaged or destroyed by fire. A fire insurance policy involves an insurance company agreeing to pay a certain amount equivalent to the estimated loss caused by fire to the insured‚ within the time specified in the contract. The indemnity is subject to change
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INSURANCE COMPANIES Insurance companies play an important role in an economy in that they are risk bearers or the underwriters of risk for a wide range of insurable events. Moreover‚ beyond their risk bearer role‚ insurance companies are major participants in the financial market as investors. To understand why‚ we will explain the basic economics of the insurance industry. As compensation for insurance companies selling protection against the occurrence of future events‚ they receive one or more
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Insurance Sector in India Last Updated: August 2013 Brief Introduction Currently India is a US$41 billion industry. Currently‚ in India only two million people (0.2% of the total population of 1 billion) are covered under Mediclaim‚ whereas in developed nations like USA about 75% of the total population are covered under some insurance scheme. A robust insurance sector is a boon to a country’s economy. The sector facilitates long-term funds for infrastructure development and simultaneously
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The Nature of Insurance came about to offset any loss that an individual or those engaged in business may suffer through the occurrence of some unforeseen event. To offset this loss the commercial world developed the contract of insurance. In return for a fee the individual‚ or the business enterprise‚ would be indemnified for the loss suffered on the occurrence of the event insured against. Contracts of insurance cover a wide field such as life assurance‚ personal accident public liability‚ damage
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Online Insurance Outlook to 2019 – Driven by Internet Growth and Web Aggregator’s Industry” presents a comprehensive analysis of the online insurance industry covering aspects including market size by Direct Written Premium and number of policies sold. A detailed analysis of market segmentation along with the channels of distribution has been listed in the report. The report also entails a detailed description on the recent trends and developments‚ SWOT analysis; issues faced by online insurance industry
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Seven Principles of Insurance With Examples The seven principles of insurance are :- Principle of Uberrimae fidei (Utmost Good Faith)‚ Principle of Insurable Interest‚ Principle of Indemnity‚ Principle of Contribution‚ Principle of Subrogation‚ Principle of Loss Minimization‚ and Principle of Causa Proxima (Nearest Cause). 1. Principle of Uberrimae fidei (Utmost Good Faith) Principle of Uberrimae fidei (a Latin phrase)‚ or in simple english words‚ the Principle of Utmost Good Faith
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Sun Life Insurance Company Ltd. is a joint venture company between Aditya Birla Group and Sun Life Financial Inc. of Canada. It was established in the year 2000 and started operations after receiving the license from IRDA in January 2001. Aditya Birla holds 74% stake of the joint venture and Sun Life holds the remaining 26% of the stake. Aditya Birla Group has its operations in 25 different countries in the world with interests in Cement‚ Metal‚ Fertilizers‚ etc. On the other hand‚ Sun Life is a
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