Role of private life insurance company

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Role of private life insurance company

What is the Role and Importance of Insurance? The process of insurance has been evolved to safeguard the interests of people from uncertainty by providing certainty of payment at a given contingency.

Role of private life insurance company

The insurance principle comes to be more and more used and useful in modern affairs. Not only does it serve the ends of individuals, or of special groups of individuals, it tends to pervade and to transform our modern social order, too.

The role and importance of insurance, here, has been discussed in three phases: Uses to an individual: Insurance provides Security and Safety: The insurance provides safety and security against the loss on a particular event.

In case of life insurance payment is made when death occurs or the term of insurance is expired. The loss to the family at a premature death and payment in old age are adequately provided by insurance.

In other words, security against premature death and old age sufferings are provided by life insurance. Similarly, the property of insured is secured against loss on a fire in fire insurance.

In other insurance, too, this security is provided against the loss at a given contingency. The insurance provides safety and security against the loss of earning at death or in golden age, against the loss at fire, against the loss at damage, destruction or disappearance of property, goods, furniture and machines, etc.

Insurance affords Peace of Mind: The security wish is the prime motivating factor.

Some fundamentals about the role of insurance companies:

This is the wish which tends to stimulate to more work, if this wish is unsatisfied, it will create a tension which manifests itself to the individual in the form of an unpleasant reaction causing reduction in work.

The security banishes fear and uncertainty, fire, windstorm, auto-mobile accident, damage and death are almost beyond the control human agency and in occurrence of any of these events may frustrate or weaken the human mind.

Role of private life insurance company

By means of insurance, however, much of the uncertainty that centers about the wish for security and its attainment may be eliminated. Insurance protects Mortgaged Property: At the death of the owner of the mortgaged property, the property is taken over by the lender of money and the family will be deprived of the uses of the property.

On the other hand, the mortgagee wishes to get the property insured because at the damage or destruction of the property he will lose his right to get the loan replayed. The insurance will provide adequate amount to the dependents at the early death of the property-owner to pay off the unpaid loans.

Similarly, the mortgagee gets adequate amount at the destruction of the property. At the death of the husband or father, the destruction of family needs no elaboration.

Similarly, at destruction of, property and goods, the family would suffer a lot. It brings reduced standards of living and the suffering may go to any extent of begging from the relatives, neighbors or friends. The economic independence of the family is reduced or, sometimes, lost totally.

What can be more pitiable condition than this that the wife and children are looking others more benevolent than the husband and father, in absence of protection against such dependency? The insurance is here to assist them and provides adequate amount at the time of sufferings.

Life Insurance encourages saving: The elements of protection and investment are present only in case of life insurance. In property insurance, only protection element exists.

In most of the life policies elements of saving predominates. These policies combine the programs of insurance and savings.

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The saving with insurance has certain extra advantages i Systematic saving am possible because regular premiums are required to be compulsorily paid. The saving with a bank is voluntary and one can easily omit a month or two and then abandon the program entirely.

As contrast to this, the saving which can be withdrawn at any moment will finish within no time. The insurance, thus, provides the wished amount of insurance and the bank provides only the deposited amount, iv The compulsion or force to premium in insurance is so high that if the policy-holder fails to pay premiums within the days of grace, he subjects his policy to causation and may get back only a very nominal portion of the total premiums paid on the policy.

For the preservation of the policy, he has to try his level best to pay the premium. After a certain period, it would be a part of necessary expenditure of the insured.Finance and Insurance” Role of Private Players in Life Insurance Sector 1Mohammed Abdul Mateen, timberdesignmag.comi (Dept of Management’s Centenary Degree College, In India, the first life Insurance Company under the name of Orient Life Insurance company was established in.

Hdfc Life Insurance Company Limited Sub Role: Insurance: Recommended Hello English Score: 63 - 80 % Join the Most Trusted Brand in private life insurance and take your career to new heights.

Join winners of India's Top 50 Best Places to Work for 6 consecutive years and be a . Why Is Life Insurance Important? The value of life insurance cannot be overstated.

Life insurance offers protection for your family and home in the event of your death. Prevent financial hardship for your loved ones with life insurance. Defining the Various Roles in a Life Insurance Policy.

This article discusses the key roles involved in a life insurance policy - the insured, the beneficiary and the policy owner - and provides examples of each role. This is part 2 in a 3 part series. INTRODUCTION Life Insurance is a contract between two parties, an insurer and an insured, where the insurer agrees to pay a designated amount upon the death of the insured for a premium.

HISTORY The history of life insurance industry dates back to year , in which the first Indian Life Insurance company, Oriental Life Insurance Company was started. Marked Categories: yhs , role of private insurance companies in india, idea for projects in life insuarnce company, role of it in life insurance companies, role of private insurance companies, project report on aviva life insurance, about aviva life insurance india powerpoint presentation, mba project reports on insurance, importance of.

The Role of the Underwriter in Insurance Lionel Macedo primer series on insurance issue 8, september 2, with almost 30 years of experience in health underwriting and life insurance. Mr. Macedo has The role of the underwriter in an insurance company.. 7 Insurance. Hdfc Life Insurance Company Limited Sub Role: Insurance: Recommended Hello English Score: 63 - 80 % Join the Most Trusted Brand in private life insurance and take your career to new heights. Join winners of India's Top 50 Best Places to Work for 6 consecutive years and be a . the Bank in after 15 years in the private reinsurance and insurance sector and 10 years in academic research. Before joining the World Bank, he served as President of the Federation of 4 The Role of the Actuary in Insurance The Role of the Actuary in Insurance 5 Time value of money in the case of a life insurance policy that is.
The Role and Importance of Insurance – Explained!