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I- I. Ia Ib Ic Id If Ig Il Im In Ip Ir Is It

Insurance Institute of India (III)

The Insurance Institute of India formerly known as Federation of Insurance Institutes (J.C. Setalvad Memorial) was established in the year 1955, for the purpose of promoting Insurance Education & Training in the country. Institute qualifications are held in esteem both by the regulator and the industry. To impart systematic insurance education, training and creating avenues for research and development in the field of insurance and insurance auxiliary services thus developing highly efficient and skilled insurance professionals to serve the humanity in India and abroad. III has almost become a hub of Insurance, Health, Actuarial and Risk Management education in Afro-Asian Countries and raise the bar of efficiency and knowledge across the insurance industry. III is also providing cutting-edge research, documentation, dissemination of information to individuals, corporate, regulators and millions of users of insurance. The Institute conducts Licentiate, Associate ship and Fellowship Examinations covering more than 50 subjects. The Institute also conducts examinations for specialized diplomas in Fire, Marine, Health, Life Insurance Underwriting & Foundation of Casualty Actuarial Science, Certificate course on Foundation of Casualty Actuarial Science and Certificate Programme in Advanced Insurance Marketing. The Professional Examinations are conducted offline as well as Online. Insurance Institute of India is recognized by IRDAI as a training center for pre/renewal licensing training for Brokers, Insurance Marketing Firms (IMF) Corporate Agents and to conduct exam for PO/SPs of Corporate agents.

Insurance Limit

“Anyone Accident” – Minimum equal to “Paid-up capital up to maximum of Rs. 5 crores. “Anyone year” – up to a maximum of Rs. 15 Crores. Liability Beyond Insurance Limit: To be met by Environmental relief fund (ERF) Further liability beyond total of Insurance and ERF – to be borne by the owner. Contribution to relief fund: equal to insurance premium to be paid to the underwriting company. Limit of Indemnity: single limit to be selected not below the paid-UP CAPITAL of the insured up to a maximum of Rs. 5 crores. Measure of Indemnity: No fault basis. (a) Death and TPD: Rs. 25,000/- (b) PPD: on the basis of Percentage of disablement as Certified by authorized physician. (c) Loss of wages due to TPD not exceeding Rs. 1000/-per month up to maximum of 3 months subject to hospitalization exceeding 3 days and victim being above 16 years of age. (d) Medical Expenses up to Rs. 12,500/- additional in all above cases. (e) Property damage up to Rs. 6000/- on damage to Private property not belonging to leased to or under any other control of the owner. Maximum liability of insurer: As per limits above.

Insurance mediation

Defined under the Insurance Mediation Directive as any of the following: (a) introducing, proposing or carrying out other work preparatory to the conclusion of contracts of insurance; (b) assisting in the administration and performance of such contracts, in particular in the event of a claim; and (c) concluding contracts of insurance. These activities become regulated activities in 2005.

Insurance Mediation Directive

Approved by the European Parliament in September 2002 concerning insurance and reinsurance intermediary regulation. Its aim is to create a system of registration based on the following professional requirements: (a) in possession of the necessary general, commercial and professional knowledge and ability; (b) of good reputation; (c) in possession of professional indemnity insurance or any comparable guarantee against liability for professional negligence; (d) having sufficient financial capacity for those intermediaries who handle client account money. This is similar to the GISC matrix of regulation. Once intermediaries are registered in their home country they will be free to provide services in other EC states. See MEDIATION ACTIVITIES.

Insurance of Property

Here, property, which has intrinsic value of its own is insured against loss or damage by various perils such as Fire, burglary, accidents, etc.Insurance of Liability : Legal liability to third parties, legal liability to employees etc. Insurance provides protection against financial loss caused by incurring legal liability through negligence or by reasons of statutory law.Insurance of Persons : Personal accident, Mediclaim, Bhavishya Arogya and like Insurances. Here, Insurance provides for payment of fixed benefits in the event of death, disablement or disease of the insured due to an accident or disablement due to illness.Insurance of Pecuniary Losses : Loss of Profit Policies, and Fidelity Guarantee policies. Loss of profit policies provide protection against certain consequential losses that result from material damage. Fidelity guarantee polices pay for financial losses suffered by the insured due to acts of dishonesty of his employees.Combination Insurance Policies covering more than one subject matter: Some policies are combination of property Insurance, liability Insurance, Insurance of persons and also covering pecuniary losses. For example, Shopkeepers’ Insurance, Householders’ Insurance etc.Insurance Hall of Fame : An institution created to honor those who have made outstanding contributions to insurance through and practice. Selections are made on an international basis.

Insurance penetration

Measures and monitors trend of insurance purchases as a percentage of gross domestic product in a particular country. It is an indicator of the importance of insurance generally or a particular line of insurance. Higher penetration rates are achieved in the developed countries.
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Insurance penetration is defined as the ratio of premium underwritten in a given year, to the gross Domestic Product (GDP).

Insurance Policy

A contract under which an Insurer, in exchange for premium, provides financial and other protection in the event the insured suffers a loss. Clauses in a Policy– The Recital Clause : Refers to the contract, the Insurer and the insured and also the consideration under the contract.The Operation Clause : Defines the perils covered under the Policy and the liability of the Insurer under the contract.The Attestation Clause : Provides for the signatures of the Insurers.The Conditions Clause/s : Regulate the cover provided under the Policy.The Schedule : Schedule is the space provided in the Policy for describing the property insured in detail including the period of cover.Insurance Premium : Charge by the Insurance Company to individual or Company for the Insurance contract. The premium reimburses the Insurance Company for the risk they have assumed.
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The contract between an insurance company and the insured.
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The document containing the contract between the insured and the insurer that defines the rights and duties of the contracting parties.