Post on 07-Apr-2018
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Overview
OfInsurance
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What is insurance?
We face a lot of risks in our daily lives. Some of these
lead to financial losses. Insurance is a way of protecting
against thesefinancial losses. For a payment (premium), an
insurance company will take the responsibility of
compensating your financial losses.
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Definition Of Insurance
Acontractorpolicy 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 more affordable for the insured.
OR
The act ofinsuring, or assuring, against loss or damage by a contingent
event; a contract whereby, for a stipulated consideration, calledpremium,
one party undertakes to guarantee another against loss by
certain specified risks.
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Insurance is mainly divided into TwoCategories:
Life Insurance
General Insurance
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Life InsuranceAcontractin which an insurance company agrees to pay
money to a designated beneficiary upon the death of the
policy holder. In exchange, the policyholder pays a
regularly scheduled fee, known as the insurance premiums.OR
Aregular income, in absence of insured
persons. Life insurance is being secured a income, after the
death of insured person/persons.
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General Insurance
Insurance other than Life Insurance falls under the category ofGeneral Insurance.
For Examples : -
Insuring property like house and belongings against fire and theft.
Vehicles against accidental damage or theft.
Injury due to accident
Hospitalization for illness and surgery.
Liabilities to others arising out of the law can also be insured and is
compulsory in some cases like motor third party insurance.
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Concept Of Insurer & Insured
Insured
Theperson or the company which gets the protectionagainst thefinancial losses, by paying thePremium iscalled as Insured.
Insurer
The company which provides the protectionagainst thefinancial losses, by taking thePremium is
called as Insured.
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Types ofLife Insurance:
Term Life Insurance
Group Term Life Insurance Permanent insurance
Money Back Insurance
Endowment Assurance
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Types ofGeneral Insurance:
Homeowners Policies
Renter's Insurance
Liability Insurance
Miscellaneous
Hospital Insurance
Student Health Insurance
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Baggage Insurance
Bhagyashree Insurance
Bloodstock Insurance
Director's and Officer's Liability Insurance
Doctor's Composite Package Scheme
Gun Insurance Policy
Travel Insurance
Car Rental Insurance
Margh BandhuInsurance
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Mobile Phone Insurance
Naada Lahiri Insurance
Pager Insurance Policy
Pedal Cycle Insurance
Portable Equipment Insurance
Professional Indemnity Insurance
Suhana Safar Insurance Policy
Television Insurance
Wedding Bells Policy
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Definition ofPremium:
The periodic payment made on anInsurance Policy is
called as Premium
Or
The sum paid by a policyholder to keep an insurance policy
in force
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Factors ForPremium Calculation:
The premium is calculated on the nature of the coverage
the insured wants.
A higher sum insured means a higher rate of premium.
A higher risk will be charged a higher premium.
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For Example
Premium Calculation forLife Insurance Depends On
Age of the Insured person
If the Insured person is suffering from any Health
Problems/Diseases
Risk of the Insured persons life
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Policy - written contractorcertificate of insurance.
Contract : A binding agreementbetween two or more
persons that is enforceable by law
Floating Policy:- an insurance policy covering loss ofmovable property (e.g. jewelry) regardless of its location
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Coverage : The amountto be coveredin case of anyfinancial
loss of the insured property or person.
Inclusion in an insurance policy or protective plan.
The extent of protection afforded by an insurance policy.
The amount of funds reserved to meet liabilities.
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Some more terminology used in Insurance
Discount
Claim
Guest Protection
Third Party Insurance Under Insurance
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Overview
OfALSTATE
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Alliance is a application ofInsurance Domain which is developed toreplace one Legacy application calledAlstarrunning successfully inNorth Brooke. Alliance is more user friendly than Alstar.
Its a Application having two main modules asAuto Insurance andProperty Insurance.
Auto is a compulsory one where as Property is an optional one.
This application contains the sub modules asHousehold,Dwelling(Property)/Vehicle(Auto) , Coverage andBind.
There are two modes of this Application named as Full Quote andNewBusiness.
Full Quote is designed to give a general idea about the kind ofPoliciesoffered,Coverages provided, Discounts given, Premium to be paid etc.
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When the Policy is decided to be taken then New Business comes intopicture.
This Application provides the facility to keep a record of the propertyto be insured, the details of any other Insurance taken for the sameproperty or any other property by Alstate or other InsuranceCompany and to collect the Information about the Credit Report andthe Loss of the customer before providing a Policy.
This Insurance provides different modes (monthly and yearly) andways (C.O.D., Cheque,Credit/ Debit Card and Cash) ofPayment.
There are four different channels through which the Policy can betaken such asExclusive Agent, Independent Agent, National Support
Centre and Customer Information Centre.
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Different Agent IDs will be provided to different channels.One Agent can have 10 transactions per day.
The EOD activity will be Closing Out the Agent ID.
This Project is fully safe, secured, easy to use and
implement.
To enhance this Application there are two more differentmodules are in pipeline to be attached such asEndorsement and Renewal.
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