1. INSURANCE AND TYPES OF INSURANCE
(PRESENTED BY JAGANNATH OJHA AND RANJAN
KUMAR DALAI )
IPSAR B-SCHOOL
2. Insurance is a legal contract that transfers risk from a
policyholder to an insurance provider.
An agreement that states something is protected if it is
damaged ,hurt , or stolen.
insurance is a means of protection from financial
loss.
An entity which provide insurance is known as
insurer ,insurance company or insurance carrier
• A person who buys insurance is known as an insured, or
policy holder.
3.
4. •Life insurance can be defined as an agreement between the
policy owner and the insurer where the insurer agree to pay
sum of money upon the occurrence of individual deaths or
other event such as illness and critical illness.
•Life insurance can be divided into two types
1-Term life insurance 2-permanent life insurance
5. •Term life insurance or term assurance is life insurance that
provides coverage at a fixed rate of payments for a limited
period of time, the relevant term..
•These policy are usually for 5, 10 , 15 ,20 years..
6. •Permanent life insurance provides life long protection
and the ability to accumulate cash value on tax
deferred basis
•It is also called whole life insurance because it provide
life time coverage with benefit
7. •General insurance or non life insurance policy including auto
mobiles and home owners policy
•General insurance is typically defined as any insurance that is
not determined to be life insurance
•There are many types of General insurance such as –motor
insurance ,Health insurance ,Trvel insurance ,Home insurance
8. •Motor insurance can be divided into two group ,one is four
wheeler insurance and other is two wheeler insurance
•Its primary use is toprovide financial protection from physical
damages
9. •Health insurance covers your medical expenses due to
diseases and accident
•Health insurance is a contract between individual/group and
the insurer
•It include individual health ,family insurance
10. •Travel insurance can be help ful in many way ,It protect
travelers from the unexpected
•It is an insurance policy that to covers medical expenses ,flight
delays and loss of bag ,
•Travel insurance can be arranged at the time of booking of a
trip or it can be arranged later
11. •Home insurance covers certain events like fires ,and some
natural disaster.
•Home insurance doesnot cover flood, act of war or
earthquake
