Free Essay

Insurance

In: Social Issues

Submitted By szeming123
Words 4083
Pages 17
About Zurich
Being part of Zurich Insurance Group, Zurich Insurance (Hong Kong) offers a full range of flexible general insurance and life insurance products for individuals as well as corporate customers, catering to their insurance, protection and investment needs. Our presence in Hong Kong dates back to 1961. We are one of the top 10 insurers in Hong Kong. Zurich Insurance Group is a leading multi-line insurance provider with a global network of subsidiary and offices in Europe, North America, Latin America, Asia-Pacific and the Middle East as well as other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland. With over 60,000 employees serving customers in more than 170 countries, our ambition is to become the best global insurer as measured by our shareholders, customers and employees.

Travelplus Insurance Plan

Zurich Insurance Company Ltd
ZXS/001/ENG/09/2013

(a company incorporated in Switzerland)

25-26/F, One Island East, 18 Westlands Road, Island East, Hong Kong Telephone: +852 2968 2288 Fax: +852 2968 0639 Website: www.zurich.com.hk

Travelplus Insurance Plan
Travelplus Insurance Plan offers comprehensive coverage for you and your family members or friends to enjoy the wonderful trip without any hassle.

Table of Benefits
Coverage Maximum benefits per insured person (HKD)
Gold plan Silver plan Bronze plan

Medical cover • Medical expenses, including follow-up medical treatment • Overseas hospital daily cash benefit 1,000,000 5,000 (250/day) 300 5,000 (500/day) 500,000 3,000 (250/day) 300 5,000 (500/day) 250,000 1,000 (250/day) 300 5,000 (500/day)

Rental Vehicle Excess If during the period of insurance, the insured person rents or hires a rental vehicle in the course of a journey which is involved in a collision whilst under the control of the insured person or such vehicle is stolen or damaged and the rental agreement includes an excess which makes such insured person liable for the loss or damages of the rental vehicle, we will reimburse him/her for the rental vehicle excess up to the maximum benefits as stated in the Table of Benefits. Unauthorized Use of Lost Credit Card We will reimburse the insured person up to the maximum benefits as stated in the Table of Benefits for the monetary loss due to accidental loss of credit card leading to unauthorized use of such credit card.

Additional benefits • Overseas travelling expenses for seeking medical treatment • Hospital confinement or quarantine cash allowance due to infectious disease 24-hour global emergency assistance service • Hospital admission deposit guarantee • Emergency medical evacuation • Repatriation of mortal remains • Compassionate visit • Additional hotel accommodation expenses • Return of unattended children • Other free advisory services Personal accident • Accident on public common carrier or during robbery • Other accidents 1,500,000 1,000,000 200,000 750,000 500,000 200,000 375,000 250,000 200,000 39,000 Actual cost Actual cost One economy class return airfare 7,800 (1,950/day) One economy class one-way airfare up to 30,000 Included

Plan highlights
• •

• Burns cover • Loss of income (up to 12 weeks) Compassionate death cash and visit • Compassionate visit

No excess on all benefits 24-hour global emergency assistance service with emergency medical evacuation and hospital admission deposit guarantee Follow-up medical cover, including Chinese medicine bone-setting, acupuncture treatment, etc. Personal accident cover, including accident on public common carrier or due to terrorism or robbery Travel delay and re-routing due to terrorism, natural disaster, adverse weather conditions, etc. 100% protection for dangerous amateur sports, including winter sports, scuba diving, water-skiing, rafting, sailing, parachuting, rock climbing, bungee jumping, horse riding, etc. No age limit1 All accompanying children aged at or below 17 years will enjoy free cover while both parents are enrolled in the family plan Automatic extension for unavoidable delay up to 10 days 10% premium discount for 7 to 12 people enrolling as a group; 15% premium discount for more than 12 people For annual travel plan, no limit on the frequency of travel2
It is not applicable to annual travel plan. Certain age groups are subject to the policy terms and conditions. The maximum period of the insured journey cannot exceed 90 days.

1,000/week 1,000/week 1,000/week 10,000 10,000 10,000



One economy class return airfare and actual hotel accommodation costs up to 30,000 20,000 3,000 30,000 3,000 100,000 10,000 2,500 15,000 3,000 80,000 5,000 1,000 5,000 1,000 50,000

Personal baggage cover Loss of personal money Credit card protection Loss of travel document and/or travel ticket Loss of home contents due to burglary Personal liability Travel delay & re-routing • Travel delay • Extra hotel cost due to travel delay • Extra re-routing cost due to travel delay Baggage delay/Emergency purchases Cancellation of trip Curtailment of trip Missed event cover Unauthorized use of lost credit card Rental vehicle excess MediExpress China medical card service (Applicable to annual travel plan and insured person age over 17 years old only)







2,500,000 2,000,000 1,500,000

1,500 2,000 10,000 1,500 30,000 30,000 2,000 3,000 5,000

1,500 2,000 7,500 1,000 20,000 20,000 1,000 3,000 5,000

1,500 2,000 5,000 500 10,000 10,000 -

• •

• •


1

2

Straight admission to over 200 appointed hospitals in China upon presentation of MediExpress China Medical Card

Comprehensive coverage on medical and personal accident and 24-hour emergency assistance
Medical cover • Necessary medical expenses, including outpatient treatment, hospitalization fees, surgery and doctor fees, incurred due to sickness or accidental injury during the period of travel, up to HKD 1,000,000. It also covers overseas hospital daily cash benefit up to HKD 250 per day. • Follow-up medical expenses incurred within three months after return to Hong Kong, including Chinese medicine bone-setting and acupuncture treatment.
Major Exclusions: 1. any loss or medical expenses arising from any travel contrary to the advice of a medical practitioner or for the purpose of receiving medical or surgical treatment; 2. surgery or medical treatment which is not substantiated by a written report from the qualified medical practitioner; 3. any additional cost of single or private room accommodation at a hospital or charges in respect of special or private nursing except in the event of an emergency medical evacuation or repatriation; non-medical personal services such as radio, telephone and the like; procurement or use of special braces, appliances or equipment.

accommodation expenses necessarily incurred by one immediate family member up to HKD 30,000.

Loss of property protection
Personal baggage cover Covers the accidental loss of or damage to baggage or personal belongings including golf equipment and lap-top computer during the period of travel. • Baggage or personal belongings (includes tablets PC of any kind): Up to HKD 2,500 per article, pair, set or collection • Golf equipment: Up to HKD 2,500 per article, pair, set or collection and maximum HKD 5,000 per insured journey • Lap-top computer: Up to HKD 10,000, subject to the maximum benefits as stated in the Table of Benefits
Major Exclusions: 1. the following classes of property: business goods or sample, foodstuffs and/or medicine, contact lenses, dentures and/or its appliances, animals, motor vehicles (including accessories), motorcycles, bicycles, boats, motors, or any other conveyances, household furniture, antiques, any kind of jewellery or accessories make of or contain of any kind of gold, platinum, diamond, jade or pearl, mobile phone (including PDA phone, similar device with telecommunication function and other accessories), money (including cheques, traveller’s cheques, etc), plastic money (including the credit value of credit card, Octopus cards, etc), coupons or securities, bonds, negotiable instruments, tickets or documents; 2. any loss not reported to the local police or public authority within 24 hours of discovery and such local report is not obtained.

weather conditions, natural disaster or the mechanical/electrical breakdown of the public common carrier, the additional charges for alternative public common carrier to the original destination will be reimbursed to you.
Major Exclusion: 1. any circumstances leading to the relevant delay of the insured journey which is existing or announced before the effective date.

Baggage delay / Emergency purchases Covers the expenses for necessary personal clothing and other necessities if baggage is delayed for more than six hours after your arrival at the destination abroad.
Major Exclusion: 1. any loss for which the insured person fails to submit receipts for the purchase of emergency items or requisites.

24-hour global emergency assistance service • Hospitalization arrangement and pre-payment of hospitalization deposit up to HKD 39,000. • Transportation of medical personnel and supplies by all types of suitable transportation. • Transportation of the insured person to a suitable place or back to Hong Kong for treatment and medication. • Additional accommodation expenses incurred due to an incident requiring emergency evacuation to return the insured person to Hong Kong. • Arrange and pay for one economy class return airfare for the insured person’s immediate family member to accompany the insured person in the event of the insured person suffering from serious illness or injury during the period of travel. • Arrange and pay for a one-way economy class airfare for returning the insured person‘s unattended child aged below 17 years back to Hong Kong in the event of the insured person suffering from serious illness or injury during the period of travel. • Transportation of mortal remains or ashes back to Hong Kong in the event of death. • 24-hour hotline for medical enquiries, doctors/legal/interpreter/embassy referral, customs information and quarantine regulations.
Major Exclusions: 1. when the insured person is located in areas which represent war risks or political conditions such as to make the provision of services under this section impossible or reasonably impracticable; 2. for emergency medical evacuation or repatriation of mortal remains or other cost not approved in advance and in writing and/or not arranged by Zurich Emergency Assistance. This exclusion shall not apply to emergency medical evacuation from remote or primitive areas where Zurich Emergency Assistance cannot be contacted in advance and delay might reasonably be expected to result in loss of life or extreme prejudice to the insured person’s prospect; 3. when the insured person is residing or travelling outside Hong Kong for the purpose of obtaining medical treatment or for rest and recuperation following any prior accident or illness.

Cancellation of trip On cancellation of the trip due to death, serious physical injury or serious illness of the insured person or immediate family members, the insured person's attendance being required in court as a witness or for jury service, the insured person being in quarantine, residential fire, flood or burglary arising within one week before the departure date, unexpected outbreak of strike, riot, civil commotion, terrorism, adverse weather conditions or natural disaster at the planned destination arising within one week before the departure date, the non-refundable charges for tours, air tickets and hotels will be compensated.
Major Exclusions: 1. any circumstances leading to the cancellation of the insured journey which is existing or announced before the effective date; 2. any loss in relation to cancellations to schedules that is not verified by the airline, travel agency or other relevant organizations.

Loss of personal money Covers any accidental loss of cash, cheques and traveller’s cheques during the period of travel due to robbery, burglary or theft.
Major Exclusion: 1. In respect of loss not reported to the local police, or hotel management or public authority within 24 hours from the occurrence of the incident and for which a relevant report is not obtained at the place of loss.

Credit card protection In the event of accidental death of the insured person, we will pay up the unpaid and outstanding balance of the insured person’s credit card(s). Loss of travel document and/or travel ticket Covers the replacement cost incurred for the accidental loss of travel documents, credit cards, or ticket during the period of travel as well as extra transportation and accommodation expenses.
Major Exclusions: 1. any loss not reported to the local police within 24 hours from the occurrence of the incident and for which such police report is not obtained at the place of loss. 2. for loss of any travel document and/or visa and/or travel ticket which is not needed to complete the insured journey.

Curtailment of trip On curtailment of the trip due to death, serious physical injury or serious illness of the insured person or immediate family members, residential fire, flood or burglary, unexpected outbreak of strike, riot, civil commotion, terrorism, adverse weather conditions or natural disaster at the planned destination, the non-refundable charges for tours, air tickets and hotels will be compensated.
Major Exclusions: 1. any circumstances leading to the curtailment of the insured journey which is existing or announced before the effective date; 2. any loss in relation to curtailments to schedules that is not verified by the airline, travel agency or other relevant organizations.

Missed event cover
If the insured person is unable to attend an event of overseas sports or music or entertainment due to his/her or his/her immediate family member's death, serious physical injury or serious illness, or his/her witness summons, jury service, compulsory quarantine, or the mechanical/electrical breakdown of his/her public common carrier before the scheduled start time of the aforesaid event, the ticket cost of the aforesaid event as paid by the insured person's or his/her spouse's credit card will be compensated.

Loss of home contents due to burglary4 Covers the loss of or damage to home contents as a result of burglary whilst the insured person’s home is unoccupied during the period of travel.
4

Maximum of HKD 5,000 for any one article, pair, set or collection.

Personal accident • Maximum benefits up to HKD 1,000,000 in the event of death or disablement as a result of injury sustained by the insured person during the period of travel. Maximum benefits up to HKD 1,500,0003 if death or disablement is sustained by the insured person on any public common carrier or during robbery. • In the event of burns cover, maximum benefits up to HKD 200,000. • Loss of income protection period up to 12 weeks. • Subject to the insurance cover of respective policies, any individual insured can enjoy up to a maximum limit of HKD 5,000,000 personal accident cover per life in aggregate of all multiple policies issued by our company and/or related companies.
3

Major Exclusion: 1. any loss or damage of bonds, bills of exchange, cash, coins, cheques, jewellery or accessories, promissory notes, postal or money orders, record or book or similar tokens, luncheon vouchers or other coupons, stored value cards, credit cards, deeds, documents of title, manuscripts, medals, passports, stamps, share certificates, contact or corneal lenses, mobile/portable telephones, travel tickets, foodstuffs, animals and motor vehicles (including accessories), motorcycles, boats, motors, any other conveyances, loss of data recorded on tapes, cards, diskettes or otherwise.

Unauthorized use of lost credit card
We will reimburse the insured person up to the maximum benefits as stated in the Table of Benefits for the monetary loss due to accidental loss of credit card leading to unauthorized use of such credit card.

Personal liability
Covers the insured person’s liability of the compensation and litigation expenses as a result of an accident which causes bodily injury to others or damage to other’s property during the period of travel.
Major Exclusions: 1. any wilful, malicious or unlawful act of the insured person or any criminal acts; 2. liability to any person who is the immediate family member or relative or employer or employee; 3. ownership, possession, use or control of any vehicle, aircraft, watercraft, land, buildings, firearms or animals.

Rental vehicle excess
If during the insurance period, the insured person rents or hires a rental vehicle in the course of a journey which is involved in a collision whilst under the control of the insured person or such vehicle is stolen or damaged and the rental agreement includes an excess (or deductible or similar condition) which makes such insured person liable for the loss or damage of the rental vehicle, we will reimburse him/her for the rental vehicle excess up to the maximum benefits as stated in the Table of Benefits. This benefit shall only be payable once per journey.
Special Condition: The insured person must take relevant comprehensive motor vehicle insurance provided by the rental organization against loss or damage to the rental vehicle during the rental period.

It is not applicable to person aged at or below 17 years or over 65 years.

Travel inconvenience compensation
Travel delay & re-routing • If your public common carrier is delayed for more than six hours due to strike or other industrial action, riot, civil commotion, hijack, terrorism, adverse weather conditions, natural disaster or the mechanical/electrical breakdown of the public common carrier, HKD 300 will be paid for each six hours thereafter. • In the event of the consequent cancellation of the planned public common carrier after delay for more than six hours due to strike or other industrial action, riot, civil commotion, hijack, terrorism, adverse

Major Exclusion: 1. This section does not cover any loss caused by an injury which is a consequence of any kind of disease and/or illness.

Compassionate death cash and visit • In the event of death of the insured person during the period of travel, HKD 10,000 will be offered to express our condolences. • In the event of death of the insured person during the period of travel, indemnity for one economy class return airfare and actual hotel

MediExpress China medical card service
(Applicable to annual travel plan and insured person age over 17 years old only) In the event of accident or illness requiring hospitalization in China, the insured person can be straightly admitted to one of over 200 appointed hospitals by presenting our valid MediExpress China Medical Card.

Premium table
For Single Trip Travel Plan

7-day claims processing guaranteed
Premium (HKD)
Zurich will settle your claims within seven working days after we have received all the required documents. Simply follow this simple claims procedure: • Inform Zurich of the incident by phone, fax or mail as soon as possible. • Complete and return the claim form together with all necessary documents to Zurich.
Notes:
1. For a group of over 30 people traveling on the same trip is subject to our prior approval before enrolment. 2. Loss of cash or personal belongings, which are not reported to the local police or the relevant airline, hotel or travel agency, will not be compensated. 3. Cancellations or alterations to schedule must be verified by the airline, travel agency or any other relevant organizations. 4. Insured person above the age of 65 years or aged at or below 17 years are limited to 50% of the original sum insured for personal accident cover. 5. Insured person above the age of 75 years can only select bronze cover. 6. Insured person aged at or below 17 years (if travelling independently) can select silver plan or bronze plan only. 7. For annual travel plan, the acceptance age limit is up to 70 years and the maximum renewal age is up to 75 years. 8. For travellers not departing from Hong Kong, all the words "Hong Kong" which appears in the policy shall be changed to read as "Departure Country" except for the currency, and provided that the insured person's itinerary must include "Hong Kong" or such travel arrangements must be made and paid in Hong Kong. 9. For one way travel, cover is valid for a maximum of seven days after arrival at the final destination. 10. The protection period can be up to 180 days for single trip travel plan and up to 90 days for annual travel plan for each trip. 11. No extension of period of insurance is allowed once the policy has been effected. 12. The maximum benefit for any one accident shall not exceed 300% of each section for a family policy. 13. Benefit for the income loss will be made on a pro-rata basis subject to a 3-day time excess. No benefit will be paid for those who are unemployed, retired or self-employed. 14. No refund of premium is allowed once the policy has been effected (For single trip travel plan only). 15. Extra 50% of coverage on death or disablement on any public common carrier or during robbery is not applicable to persons aged at or below 17 years or over 65 years. 16. Missed event claim must be verified with the presentation of actual ticket and payment receipts. 17. The actual destination(s) for the insured journey shall refer to the insured person's itinerary issued by travel agent/ service provider/public common carrier.

Major Exclusions
1. Any event arising from war, act of foreign enemy, civil war, rebellion, insurrection, military force or coup. 2. Any pre-existing condition, congenital and hereditary condition; Insanity, psychosis, mental or nervous disorders, any condition under the influence of alcohol or drugs (other than those prescribed by a qualified medical practitioner), alcoholism or drug addiction. 3. Any condition resulting from pregnancy, childbirth or miscarriage, abortion, pre-natal care as well as post-natal care and other complications arising the refrom, venereal disease; Suicide or intentional self-inflicted injury; Any illness attributable to HIV (Human Immunodeficiency Virus) and/or HIV-related illness including AIDS. 4. Any losses due to terrorism except for Medical Cover, 24-hour Global Emergency Assistance Service, Compassionate Death Cash and Visit Cover and Personal Accident. 5. Any insured person who is a holder of the People’s Republic of China passport and travels to/within China during the insured journey. However, this exclusion will be waived if the insured person mentioned in the aforesaid has an official document issued by an overseas government (other than China) as proof that he/she is a legal resident of the relevant country of such government but traveling with a passport of the People’s Republic of China. 6. Any losses due to trekking at an altitude greater than 5,000 meters above sea level or diving to a depth greater than 30 meters below sea level.
This leaflet is only an illustration and does not constitute any part of the insurance contract. For full terms and conditions and exclusions, please refer to the policy document itself which shall prevail in case of inconsistency. We reserve the right of final approval and decision. (The English version shall prevail in case of inconsistency between the English and Chinese versions)

Gold plan No. of days 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Each additional day 110 123 139 191 220 253 267 286 296 319 359 369 400 424 461 479 488 497 506 524 532 542 551 559 564 584 592 605 616 637 24 220 246 278 382 440 506 534 572 592 638 718 738 800 848 922 958 976 994 1,012 1,048 1,064 1,084 1,102 1,118 1,128 1,168 1,184 1,210 1,232 1,274 48

Silver plan 82 100 120 147 161 182 194 203 221 232 243 253 272 292 309 328 335 338 346 352 357 363 371 380 390 403 409 422 434 445 18 164 200 240 294 322 364 388 406 442 464 486 506 544 584 618 656 670 676 692 704 714 726 742 760 780 806 818 844 868 890 36

Bronze plan 45 55 63 77 106 146 154 166 175 185 193 201 208 224 255 261 264 267 271 275 278 282 287 290 294 300 305 310 315 319 16 90 110 126 154 212 292 308 332 350 370 386 402 416 448 511 522 528 534 542 550 556 564 574 580 588 600 610 620 630 638 32

Individual Family Individual Family Individual Family

For Annual Travel Plan

Premium (HKD)
Gold plan Individual 1,980 Family 3,960 Silver plan Individual 1,500 Family 3,000 Bronze plan Individual 1,000 Family 2,000

Similar Documents

Free Essay

Insurance

...3. What should I do if I receive a cancellation or non-renewal notice from my insurance company?  First, contact your insurance producer (agent) or company for specific details. Pennsylvania law allows companies to cancel or non-renew policies for certain reasons. If you still are not satisfied with your company’s explanation, submit a statement detailing the reasons you disagree with the action to the Pennsylvania Insurance Department. In order to preserve your appeal rights, the statement must be received by the Insurance Department within 30 days of the company’s mailing of the notice. 4. What is a surcharge?  A surcharge is an additional premium charge, for a limited number of years, that is applied to your insurance policy if you are involved in certain moving violations, suspensions or accidents. Surcharge information is specified in your policy package of endorsements. 5. What protection do I have against unreasonable surcharges or policy terminations?  Motorists in Pennsylvania may not be surcharged or have their policy non-renewed if the claim(s) resulting from the accident(s) in the preceding three years do not add up to more than the current threshold amount after payment of any deductible, or if the insurance company is reimbursed for at least 60 percent of the total amount of the paid claim.  6. Can I exclude my spouse or teenager from my insurance policy to lower my premium or avoid being canceled?  Yes. The FIRST NAMED insured may exclude any family......

Words: 271 - Pages: 2

Premium Essay

Insurance

...INTRODUCTION: This report has been prepared as a requirement of the insurance and risk management course. The report was based upon the overall insurance company’s problems and prospects in Bangladesh. . It can be defined as a co-operative device to spread the loss caused by a particular risk over a number of persons who are exposed to it and who agree to ensure themselves against that risk. It is a contract whereby the insurers, on receipt of a consideration known as premium, agree to indemnify the insured against losses arising out of certain specified unforeseen contingencies or perils insured against. It can play an important role in a country’s economy. It is an old form of financial practice of sharing risk, which was introduced in this area in mid-18 the Century. DEFINITION OF INSURANCE: In legal terms, insurance is a contract of uberrima fideism, i.e. a contract of utmost god faith. Here both the parties namely insurer (insurance company) and insured (policy holder) must be honest and disclose all material facts about the insurable interest. Here the insurance company undertakes to indemnify the insured against any loss in lieu of a small charge known as premium. Such as insurance policies except life insurance allows a policy-holder to transfer all risk to the insurance company in exchange of paying a certain amount of premium. INSURANCE IN BANGLADESH In Bangladesh, the Insurance business, after and early stage of dislocation, adventure and experimentation...

Words: 2893 - Pages: 12

Premium Essay

Insurance

...com/ (ISSN 2349 – 6037) Performance of Insurance Industry in India: A Critical Analysis B. Nagaraja, PhD Associate Professor Department of Economics, Sri Venkateswara University College of Arts, Sri Venkateswara University, Tirupati (India) Accepted 30 January 2015, Available online 14 March 2015, Vol.4, No.1 (March 2015) Abstract There is ample empirical evidence to vindicate the relationship between the performance of insurance industry and economic development. In spite of it, there is a dearth of empirical research in developing countries and analytical studies are limited in number, particularly in developing countries like India, where the insurance penetration and density are very low compared with international levels. In India, the growth rate of number of new policies issued and the insurance premium are experiencing a negative trend for the last three years. Reasons and contributing factors for this state of affairs is highly essential. The present paper primarily deals with these aspects of insurance industry and a comparative analysis of both private and public sectors of life and non-life insurance industry. Four indicators-Premium incomes, Market Share, New Policies Issued and Claims Settlement Ratio-- have been used to analyze the performance of Insurance industry. Besides, an overview of share of Indian insurance industry in the global insurance industry and inter-state variations in insurance penetration and density in India have been......

Words: 4756 - Pages: 20

Premium Essay

Insurance

...INCREASING INSURANCE PENETRATION IN INDIA Insurance penetration is the ratio of the percentage of total insurance premiums to gross domestic product. It tells us the level to which a market is being tapped. Thus insurance penetration is a tool to understand and identify the reasons of the success or failure and the degree of presence of insurance in the economy of a country. Indian insurance is a flourishing industry, with several national and international players competing and growing at rapid rates. Thanks to reforms and the easing of policy regulations, the Indian insurance sector been allowed to flourish, with a period 2010-2015 projected to be the ‘Golden Age’ for the Indian insurance industry. With a huge population base and large untapped market, insurance industry is a big opportunity area in India for national as well as foreign investors. India is the fifth largest life insurance market in the emerging insurance economies globally and is growing at 32-34% annually. This impressive growth in the market has been driven by liberalization, with new players significantly enhancing product awareness and promoting consumer education and information. Indian Insurance Market – History Insurance has a long history in India. Life Insurance in its current form was introduced in 1818 when Oriental Life Insurance Company began its operations in India. General Insurance was however a comparatively late entrant in 1850 when Triton Insurance company set up its base in......

Words: 2586 - Pages: 11

Premium Essay

Insurance

...8160 Research Paper Economics Insurance Sector in India: Challenges and Opportunities Dr. NARESH RAMDAS MADHAVI ABSTRACT Associate Professor and Head Department of Economics Mahatma Phule A. S. C. College, Panvel, Dist. - Raigad Insurance sector in India is one of the growing sectors of the economy. India’s growing consumer class, rising insurance awareness, increasing domestic savings and investments are among the most critical factors that have positively driven the market penetration of the insurance product among its consumer segments. Both the life and non-life insurance in India, which were nationalized in the 1950s and 1960s respectively, which were liberalized in 1990s. Since the formation of IRDA and the opening of the insurance sector to private players in 2000, the Indian insurance sector has witnessed rapid growth. The opening up of the insurance sector has led to rapid growth of the sector. The total premium of the insurance industry has increased at a CAGR of 24.6 percent to reach INR 2,523.9 billion in 2009 KEYWORDS : Life Insurance, LIC, IRDA, Private Insurance Companies Introduction: The economic reforms initiated in the early 90s paved the way for the growth and opening up of the financial sector, which led to a sustained period of economic growth. The insurance industry was opened up for private players in 2000, and has seen tremendous growth over the past decade with the entry of global insurance majors. India is fast emerging as one......

Words: 1780 - Pages: 8

Premium Essay

Insurance

...paper goes into great detail of describing the association of risks with insurance. We do not think that there could be risks associated with insurance but, there is. The next focus in the paper is to determine what types of ethical misconduct can be foreseen if the supply and demand of insurance was too much to handle. This paper gives opinion of whether or not a person’s income should be a consideration as to whether or not they should be insured. Driving factors for the basis of a consumer seeking insurance and how it compares to the empirical measurements were discussed in detail as well as how to measure the demand for insurance. Lastly, the paper breaks down the lemons principle in terms of how it applies to health care and where we are today. Key words: insurance, health, supply, demand, insured What is insurance without risk? When we think of the term insurance the first though that comes to mind is something that we are given by our employers or others in the event that something should happen to us we are covered. One can say that insurance for consumers is almost the same as the insurance we purchase for our cars. The insurance covers us for medical procedures that might have to be incurred at the time of an accident. The proper description of insurance is that of the providing by a company to the consumer in the return of a premium or co-pay (Folland, Goodman, Stano, 2013). Insurance now has become more important to have than ever with all of the recent......

Words: 2535 - Pages: 11

Premium Essay

Insurance

...This article provides information about the role of FDI in Insurance Sector! Even after the liberalisation of the insurance sector, the public sector insurance companies have continued to dominate the insurance market, enjoying over 90 per cent of the market share. FDI is the process whereby residents of one country acquire ownership of assets for the purpose of controlling the production, distribution and other activities of a firm in another country. Role of FDI Image Courtesy : independent.com.mt/uploads/media/SCX.jpg A major role played by the insurance sector is to mobilize national savings and channelize them into investments in different sectors of the economy. FDI in insurance would increase the penetration of insurance in India; FDI can meet India’s long term capital requirements to fund the building of infrastructures. Insurance sector has the capability of raising long-term capital from the masses, as it is the only avenue where people put in money for as long as 30 years even more. An increase in FDI in insurance would indirectly be a boon for the Indian economy. The insurance sector has also been fast developing with substantial revenue growth in the non-life insurance market. Over the years, FDI inflow in the country is increasing. However, India has tremendous potential for absorbing greater flow of FDI in the coming years. The role of Foreign Direct Investment in the present world is noteworthy. It acts as the lifeblood in the growth of the......

Words: 309 - Pages: 2

Free Essay

Insurance

...A Day in an Insurance Agent's Life On a typical day an insurance agent might perform some of the following duties:   prepare daily, monthly and annual reports   Maintenance of track records   Seeking new clients   Relationship building with the existing and new clients  In the event of filing of an insurance claim, assist the policyholders regarding filing of claims   Certain insurance agents may also offer their clients comprehensive financial planning services viz. retirement planning or assistance in setting up pension plans for businesses etc.  The differences between insurance agents and insurance brokers are enlisted below: Insurance Agents - Insurance agents are insurance professionals that serve as an intermediary between the insurance company and the insured. As a broad statement of law, an insurance agent’s liability to their customers is purely administrative in nature. That is, agents are only responsible for the timely and accurate processing of forms, premiums and paperwork. Agents have no duty to conduct a thorough examination of an individual’s business or to make sure that appropriate health insurance coverage has been provided to the concerned individual. Rather, it is the customer’s obligation to make sure that he/she has purchased the required/desired insurance coverage.  Insurance Brokers - Insurance brokers can be best described as a kind of super-independent agent. Brokers can offer a whole host of insurance products and services for an......

Words: 343 - Pages: 2

Premium Essay

Insurance

...INTRODUCTION OF INSURANCE TO NIGERIA The concept of insurance in its modern form was introduced into Nigeria by the British in the closing years of the 19th century with the establishment of trading posts in what is now known as Nigeria towards the end of the 19th century by European trading companies, mostly British. These companies started effecting their insurance with established insurers in the London insurance market. As time went on, some British insurers appointed Nigerian agents to represent their interest in the country. These agents later metamorphosed into full branch offices of their parent companies in Britain. The first branch office in Nigeria was the Royal Exchange Assurance in 1921, later followed by other British companies. Indigenous Nigerian insurers and re-insurers later followed such as NICON established in 1969 and Nigeria Reinsurance Corporation established in 1977. There are well over 200 direct insurance companies and over five professional reinsurance companies operating in Nigeria today.Most of the country’s major or large marine risks are placed in the London market and at Lloyd’s. The influence of these foreign markets and their marine insurance practices are quite substantial in Nigeria such that the Institute of London Underwriters’ (ILU) clauses are extensively used in both hull and cargo insurance business in Nigeria. The Institute clauses are drafted by the ILU and are generally revised from time to time in response to the......

Words: 612 - Pages: 3

Free Essay

Insurance

... Nottingham, NG9 1LQ Introduction Flood insurance is becoming increasingly popular here in the UK, as flooding is becoming more common in specific areas, given the climate change recently. There are many reasons for floods, such as river bursting its banks, an example being the houses near the Thames river being prone to flooding due to the likelihood that it could burst it banks after a period of heavy rainfall. Problems like this can occur up near Trent Road, Beeston as it is near the River Trent, so I am writing this report for Anna Yang so she can think about what factors to take in account when thinking about buying a house. Should Anna be worried about the risk of flooding on Trent Road, Beeston? According to the Environment Agency, (Environment Agency, 2014) Trent Road in Beeston is located in a Flood Zone 3 area, which means the yearly probability of the river flooding is 1 in 100, or greater than 1%. If Anna were to stay in the house for ten years, it would have a probability of flooding ranging from 9.6% to 28.5%. (Diacon, S. 2014) The probability is expressed as a range due to the fact that it would always be uncertain to some degree as the climate change in the UK changes so regularly, and also flood risk simulation model that the Environmental Agency use has some uncertainty too, as it too is dependent on the climate, and how often it rains, so they can warn people to take action or not. In comparison, insurance companies would also have information about...

Words: 1323 - Pages: 6

Premium Essay

Insurance

...Chapter 2 Objective of Risk Management I. Multiple Choice 1. The fundamental objective of risk management is: a. diversification b. minimize the cost of risk c. hedging d. loss control Answer: b Type: K 2. If unexpected increases in losses from price risk are not offset by cash inflows from insurance contracts, hedging arrangements or other contractual risk transfers, they will result in: a. an increased stock price b. a reduced stock price c. bankruptcy d. increased diversification Answer: b Type: K 3. Johnson Incorporated, located in California, had a $1 million uninsured loss due to an earthquake in 1997. What impact is this likely to have on the firm’s value? a. It will have no impact. b. The firm value will increase by $1 million. c. The firm value will decrease by $1 million. d. The firm value will probably decrease, but the amount of decline will depend on other factors such as the firm’s level of diversification of risk. Answer: d Type: A 4. The cost of risk may include all of the following except: a. the cost of insurance. b. the cost of raw materials. c. the cost of increased precautions to control losses. d. the cost of investments in information to reduce risk. Answer: b Type: A 5. Maximizing the value of the firm is the same thing as minimizing the cost of risk if: a. the managers are socially responsible. b. the cost of risk is defined to include all risk-related costs from the perspective......

Words: 1603 - Pages: 7

Premium Essay

Insurance

... Majority of the respondents have knowledge about Motor Insurance policy and this was developed because of company promotions through agents and also through many sources  The research finding from the study is that the Customers are satisfied with the overall service and performance of the company  It is found from the study that there is no significant relationship between gender and knowledge about Motor Insurance policy  It is inferred from the study that there is a significant relationship between educational status and knowledge about Motor Insurance policy  In this research it is found that there is no significant relationship between age and satisfaction of the policyholder  The research finding of the study is that there is no significant relationship between income and satisfaction of the policyholder  It is found that there is a significant relationship between occupation and satisfaction of claim settled policyholders  It is inferred that respondents, who have not claimed, have higher satisfaction level than that of the claimed respondents. 6.2 SUGGESTIONS  Though majority of the people are aware of motor insurance still their knowledge about add on cover and cashless claim services is comparatively low. So the company has to take initiative to provide some knowledge about these factors to the policyholders while taking the policy which will be helpful for them at the time of claim settlement.  Customer needs to be educated regarding the......

Words: 327 - Pages: 2

Premium Essay

Insurance

...Internship Report “The Insurance Act 2010 for Non-life Insurance; Problems & Prospects of Peoples Insurance Company Limited” Submitted To: Sharmin Shabnam Rahman Lecturer BRAC Business School, BRAC University Prepared & Submitted By: Name Shamima Aktar Student ID 08104057 Date of Submission: May 20 , 2012 “The Insurance Act 2010 for Non-life Insurance; Problems & Prospects of Peoples Insurance Company Limited” ii Letter of Transmittal May 20, 2012 Sharmin Shabnam Rahman Lecturer, BRAC Business School, BRAC University Subject: Submission of Internship Report (BUS-400). Dear Madam, With due respect, I would like to inform you that, I have completed my internship at Peoples Insurance Company Limited. Throughout the internship period, I have found the company getting ready to adopt with changes brought by the Insurance Act 2010. Hence, I chose ―The Insurance Act 2010 for non-life insurance; the Problems & Prospects of Peoples Insurance Company Limited‖ as the topic of my internship report. In order to prepare the report, I have collected required information through qualitative research and finally completed the report which is now ready to submit. It was really enjoyable to work on the report as it has provided me with an opportunity to know about realistic fact of the influence of Insurance Act 2010 on the overall operation of PICL. I have learned a lot about the non-life insurance industry after preparing this term paper and......

Words: 16835 - Pages: 68

Premium Essay

Insurance

...INSURANCE CONCEPT: Insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. NATURE: The purpose of any insurance is to provide economic protection against the losses that may be incurred due to chance events such as: 1. Death 2. Disability 3. Medical expenses 4. Home or automobile damage, etc. FUNCTIONS: Basic functions of Insurance 1. 1.Primary Functions 2. 2.Secondary Functions 3. 3.Other Functions Primary functions of insurance • Providing protection – The elementary purpose of insurance is to allow security against future risk, accidents and uncertainty. Insurance cannot arrest the risk from taking place, but can for sure allow for the losses arising with the risk. Insurance is in reality a protective cover against economic loss, by apportioning the risk with others. • Collective risk bearing – Insurance is an instrument to share the financial loss. It is a medium through which few losses are divided among larger number of people. All the insured add the premiums towards a fund and out of which the persons facing a specific risk is paid. • Evaluating risk – Insurance fixes the likely volume of risk by assessing diverse factors that give rise to risk. Risk is the basis for ascertaining the premium rate as well. • Provide Certainty – Insurance......

Words: 1235 - Pages: 5

Premium Essay

Insurance

...Send for a FREE copy of our Prospectus book by airmail, telephone, fax or email, or via our website: Britain. International Headquarters: College House, Leoville, Jersey JE3 2DB, Britain Telefax: +44 (0)1534 485485 Email: info@cambridgetraining.com Website: www.cambridgecollege.co.uk INSURANCE - PRINCIPLES & PRACTICE STUDY GUIDE FOR MODULE ONE (A full ‘Study & Training Guide’ will accompany the Study or Training Manual(s) you will receive soon by airmail post). This Study Guide - like all our Training Materials - has been written by professionals; experts in the Training of well over three million ambitious men and women in countries all over the world. It is therefore essential that you:Read this Study Guide carefully and thoroughly BEFORE you start to read and study Module One, which is the first ‘Study Section’ of a CIC Study or Training Manual you will receive for the Program for which you have been enrolled. Follow the Study Guide exactly, stage by stage and step by step - if you fail to do so, you might not succeed in your Training or pass the Examination for the CIC Diploma. STAGE ONE Learning how to really STUDY the College’s Study or Training Manual(s) provided - including THOROUGHLY READING this Study Guide, and the full ‘Study & Training Guide’ which you will soon receive by airmail post. STAGE TWO Studying in accordance with the professional advice and instructions given. STAGE THREE Answering Self-Assessment Test Questions/Exercises. STAGE FOUR Assessing - or......

Words: 16579 - Pages: 67