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Insurance Institute Of India IC 38 PDF Free Download, IC 38 General Insurance Agent Questions Book PDF Free Download.
The Insurance Institute Of India, Mumbai, Is The Author Of This Course. Any Portion Of The Course May Not Under Any Circumstances Be Duplicated.
This Course Is Only Intended For Students Who Are Taking The Insurance Institute Of India Examination And Is Based On Current Best Practises In The Industry. It’s Not Meant To Provide Interpretation Or A Resolution To A Dispute Or Other Issues Involving Legal Argument.
This Is Only Illustrative Academic Material. Please Be Aware That The Exam’s Questions Will Not Be Limited To The Information In This Study Guide.
In Consultation With The Industry, The Institute Created The Course Materials For The General Branch Of Insurance Agents. The Course Materials Were Created Using The Irdai-approved Syllabus.
Thus, The Study Course Offers A Foundational Understanding Of Life, General, And Health Insurance That Enables Agents To Comprehend And Value Their Professional Careers In The Proper Light. It Goes Without Saying That The Insurance Industry Operates In A Dynamic Environment. Agents Will Need To Stay Current On Changes In The Law And In Practise By Doing Their Own Research And Participating In Internal Training Sessions Offered By The Insurers.
We Appreciate Irdai Entrusting Iii With This Task. The Institute Sends Best Wishes To Everyone Who Takes This Course And Passes The Exam.
Since 3000 B.c., Insurance Has Been Known To Exist In Some Capacity. Over The Years, Several Civilizations Have Engaged In The Practise Of Pooling And Sharing Among Themselves All The Losses Experienced By Certain Community Members. Let’s Examine Several Examples Of How This Concept Was Used.
The Provident Fund Act And The Life Insurance Companies Act Were Passed In 1912 To Regulate The Insurance Industry. The Life Insurance Companies Act Of 1912 Made An Actuary’s Certification Of Premium-rate Tables And Periodic Company Valuations A Requirement. However, There Was Still Inequality And Discrimination Between Foreign And Indian Companies.
The Insurance Act Of 1938 Was The First Piece Of Legislation Passed In India To Control How Insurance Companies Conduct Themselves. This Act, As Modified From Time To Time, Is Still In Effect. Under The Terms Of The Insurance Act, The Government Appointed The Controller Of Insurance.
Nationalization Of The Life Insurance Industry: On September 1, 1956, The Life Insurance Corporation Of India (Lic) Was Established And The Life Insurance Business Was Nationalised. At The Time, India Had 170 Companies And 75 Provident Fund Societies Operating The Life Insurance Market. The Lic Had Exclusive Rights To Provide Life Insurance Business In India From 1956 Until 1999.
General Insurance Business Nationalization Act (Gibna), Which Was Passed In 1972, Led To The Nationalisation Of The Non-life Insurance Industry And The Establishment Of The General Insurance Corporation Of India (Gic) And Its Four Subsidiaries. At That Time, Four Gic Of India Subsidiaries Were Formed With The Merger Of 106 Indian Insurers Engaged In Non-life Insurance Business.
Malhotra Committee And Irdai: The Malhotra Committee Was Established In 1993 To Investigate And Provide Recommendations For Changes To The Industry’s Development, Including The Reintroduction Of A Competitive Element. In 1994, The Committee Turned In Its Report. The Establishment Of The Insurance Regulatory Authority (Ira) In 1997. The Insurance Regulatory And Development Authority Of India (Irdai) Was Established In April 2000 As A Statutory Regulatory Body For The Life, Non-life, And Health Insurance Industries As A Result Of The Passage Of The Insurance Regulatory And Development Act, 1999 (Irdai). In 2014, Irda Was Subsequently Renamed Irdai.
Certain Requirements Governing The Definition And Formation Of Insurance Companies In India Were Added When The Insurance Act Was Modified In 2015.
A Company Is Considered To Be An Indian Insurance Company If It Is “In Which The Aggregate Holdings Of Equity Shares By Foreign Investors, Including Portfolio Investors, Do Not Exceed Forty-nine Percent Of Such Indian Insurance Company’s Paid Up Equity Capital In Such Manner As May Be Prescribed.”
A Foreign Insurance Company May Engage In Reinsurance Via A Branch Established In India, According To An Amendment To The Insurance Act. Reinsurance Is Defined As “The Insuring Of A Portion Of One Insurer’s Risk By Another Insurer Who Accepts The Risk In Exchange For A Price That Is Mutually Acceptable.”
The Idea Of Property Ownership Served As The Cornerstone Of Modern Commerce. The Owner Of The Asset Experiences An Economic Loss When The Asset Loses Value (Via Loss Or Destruction) As A Result Of A Specific Event. However, If A Common Fund Is Established And Is Made Up Of Modest Contributions From Several Owners Of Comparable Assets, This Sum May Be Used To Compensate The Unfortunate Few For Their Losses.
Simply Put, The Insurance Mechanism Allows For The Transfer From One Person To Many Of The Risk Of Suffering A Certain Economic Loss And Its Consequences.
Therefore, Insurance May Be Seen As A Method By Which The Losses Of A Select Few People Who Are Unfortunate Enough To Experience Such Losses Are Shared Among Others Exposed To Similar Uncertain Events Or Circumstances.
Let’s Say There Is No Loss And No Such Event Occurs. Does This Imply That Those Who Are Exposed To The Risk Have No Responsibility? The Answer Is That A Person Also Carries A Secondary Risk Burden In Addition To The Primary Burden.
The Costs And Burdens That One Must Endure Just Because They Are Exposed To A Loss Situation Make Up The Secondary Burden Of Risk. These Obligations Must Still Be Borne Even If The Said Event Does Not Take Place.
First, Fear And Anxiety Put Physical And Mental Strain On People. Although It May Differ From Person To Person, Anxiety Is Always Present, May Lead To Stress, And Has An Impact On A Person’s Wellbeing.
Second, It Would Be Prudent To Set Up A Reserve Fund To Cover Such An Eventuality When One Is Unsure If A Loss Would Occur Or Not. The Cost Of Maintaining Such A Fund Is Involved. Such Funds, For Instance, May Be Held In Liquid Form And Provide Modest Returns.
It Becomes Possible To Have Peace Of Mind, Invest Money That Would Have Been Set Aside As A Reserve, And More Effectively Plan One’s Business When The Risk Is Transferred To An Insurer. Insurance Is Necessary For The Same Reasons Listed Above.
One Can Also Wonder Whether Insurance Is Always The Best Course Of Action In Risky Situations. The Response Is “No.”
However, Avoiding Risk Is A Bad Way To Handle Risk. Activities Requiring A Certain Amount Of Risk-taking Are What Lead To Both Individual And Social Advancement. Individuals And Society Would Miss Out On The Advantages That Such Risk-taking Activities May Provide If They Avoided Them.
In Comparison To Risk Avoidance, This Strategy Is More Relevant And Applicable. It Entails Taking Action To Lessen The Likelihood That A Loss Will Occur And/or To Lessen The Severity Of Its Effects If One Does.
Loss Prevention Refers To The Actions Taken To Lower The Likelihood Of An Incident Occurring. Loss Reduction Refers To The Actions Taken To Lessen The Severity Of A Loss.
Risk Retention Via Self-financing Entails Paying For Losses When They Happen On Your Own. Self-insurance Describes The Process Wherein The Company Assumes And Finances Its Own Risk Using Either Its Own Or Borrowed Funds. To Make The Loss Impact Small Enough To Be Retained By The Firm, The Company May Also Use A Variety Of Risk Reduction Techniques.
One Of The Most Common Ways To Transfer Risk Is Via Insurance, Which Enables Uncertainty To Be Replaced With Certainty Through Insurance Indemnity.
Both Assurance And Insurance Are Financial Products Provided By Commercially Active Businesses. Recently, The Lines Between The Two Have Blurred More And More, And Many Now See Them As Being Quite Similar. However, There Are Minor Variations Between The Two, Which Are Covered Below.
While Assurance Refers To Protection Against A Future Event, Insurance Refers To Protection Against A Potential Future Event. While Assurance Covers A Certain Event, Such As Death, Whose Timing Is Just Uncertain, Insurance Offers Protection Against Risks. Life Cover Is Associated With Assurance Policies.
Other Techniques For Risk Transfer Exist. When A Company Belongs To A Group, For Instance, The Risk May Be Transferred To The Parent Group, Which Would Then Finance The Losses.
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