The project is about insurance and all the detail about the same.

1. Insurance

2.  Definition – 3
 Key Words – 4-6
 Principles of Insurance – 7-10
 Types of Insurance – 11
 Life Insurance – 12-13
 Fire Insurance – 14
 Marine Insurance – 15-16
 Other Insurance – 17
 Benefits of Insurance – 18
 Insurance Company – 19
 Career in Insurance - 20

3. Insurance is a means of protection from
financial loss. It is a form of risk
management, primarily used to hedge
against the risk of a contingent or uncertain
loss. An entity which provides insurance is
known as an insurer, an insurance
company, an insurance carrier or an
underwriter.

4. Insured :-
A person or organization covered by insurance.
Insurer :-
A person or company that underwrites an insurance risk.
Policy :-
The agreement/contract is put in writing is known as policy.
Premium :-
An amount to be paid for a contract of insurance.

5. Face Value :-
The amount of money your beneficiaries will receive from
your insurance company at the time of your death.
Market Value :-
The price an insured asset in its current state would be
able to command in a competitive market setting from a
willing buyer.

6. Surrender Value :-
The amount that a policy holder receives from the life
insurer when he or she decides to terminate a policy
before its maturity period.
Maturity Value :-
The amount payable if the insured person lives to the last
age on the mortality table on which the values of the
contract were based or because of the insured's death.

7. Utmost Good Faith :-
The insurer and the insured must disclose all the material
facts at the time of contract.
Indemnity :-
Insured is entitled to get only the actual amount of loss
suffered by him or her and it will not be a source of profit.
(*this principle is not applicable on life insurance and
personal accident insurance)

8. Subrogation :-
After the payment of losses, the whole right of the property
is entitled with the insurer.
The insurer should not make any profit by selling the
damage property.
Insurable Interest :-
The insured must have an interest on the subject matter of
the insurance, otherwise the contract of the insurance is
considered void.

9. Mitigation of Loss :-
It is the duty of the insured to take preventive measures to
minimum the loss of the property.
If any expenses are incurred by him for such activates, he
is entitled to get that much amount along with the
compensation from the insurance company.
Contribution :-
When the same subject matter is insured with different
insurers the actual amount of loss is divided among
various insurers

10. Cauca Proxima :-
Nearest cause will be consideration for compensation,
insured can recover the loss only when it is caused by
any of the risk insured against.

11.  Life Insurance
 Health Insurance
 Fire Insurance
 Marine Insurance
 Motor Insurance
 Property Insurance
 Travel Insurance

12.  A person can take a life insurance on his own life
or on the life of another person.
(e.g. husband on the life of his wife)
 The person insures his life is called assured.
 Here specified amount of money is payable on
the death of the insured or on the expiry of a
specified period.

13.  Not a Contract of Indemnity :-
The life of a human being cannot be compensated in terms
of money. So that the amount payable to the insured on
the happening of the event is fixed in advance.
 Valid Contract :-
o Person must be sound minded.
o It should not be insolvent.
o It should be a free contract.
o Both parties must be capable
Of entry a contract.

14.  The claim for the compensation should satisfy the
following conditions:-
o There must be an actual loss.
o The fire is accidental and non intentional.
 Proximate Causes:-
The insurer is liable to compensate only when the loss is due to
fire, no other cause would be compensated.
 Indemnity:-
In the event of loss the insured can recover only the actual loss
up to the policy amount.

15.  It is a contract whereby the insurer agrees to
indemnify the owner of a ship or cargo against risks
which are incidental to marine adventure in
consideration of premium.
 It covers a verity of risk like sinking, burning of ship,
spoilage of cargo or fright losses.

16. Ship or Hull Insurance :-
The subject matter of insurance in this case is the
hull or the ship.
Cargo Insurance :-
Here the cargo is insured, cargo means goods in the
ship.

17. Heath Insurance :-
The insured get the reimbursement when he/she is
hospitalization due to some illness. Star Health and Care
Insurance is one of the biggest health insurance
company.
Motor Insurance :-
The insurance covers for the loss or damage caused to
the automobile or its parts due to natural and man-made
calamities. HDFC ERGO is one of India's largest motor
insurance company.

18.  It protects the farmers against losses caused by crop
failure. It acts like a tool that allows farmers to manage
their yield and price risks.
 Farmers are able to repay their loans even during the
time of crop failure with the support of the right
insurance partner.
 Crop Insurance protects farmers against production
loss for crops. It also offers preventive planting and
replant security.
 Insurance companies provide awareness campaigns to
help farmers understand the effect of natural calamities
and also protect their farms.

19.  LIC (Life Insurance Corporation of India) is one of the
oldest insurance company in India, also had a monopoly
in life insurance till 2000.
 Shriram Insurance is one of the biggest company of
travel insurance (all the journey of Indian Railways is
insured by Shriram Insurance).
 General Insurance Corporation of India is one of the
biggest reinsurance company in India.
 Max Life Insurance has the highest Claim Settlement
Ratio, of 99.22

20.  Administrative Officer.
 Assistant Administrative Officer.
 Development Officer.
 Insurance / Composite Agents.
 Insurance Surveyors.
 Actuaries.
 Insurance Underwriter.
 Investment Professionals