Principles of insurance lecture notes pdf

In this video i explain what is insurance, the general principles, and types of. Lecture notes principles of microeconomics economics. Insurance is a very important topic mba, bcom,mcom and other finance related degrees. Fire insurance means insurance against any loss caused by fire. Insurance pdf types of insurance, scope of insurance.

Principle of insurable interest lecture on insurance law. Jul 06, 20 principles of management lecture notes 1. Most property insurance policies and business owner policies cover fire losses. Principles of insurance 7 basic general insurance principles. Management as an art, a science or a profession and few. It is intended to give a preliminary introduction to the subject of principles and practice of insurance, as a quality assurance exercise for insurance intermediaries. Insurance contracts are complex documents embodying years of industry tradition, case law, and general practices. Feb 10, 2014 in this video i explain what is insurance, the general principles, and types of life, fire and marine insurance. This video will be very helpful to understand the concept relating to the principle of insurance contract, in this video principle of insurable. Concept based notes principles and practices of management. Some parts of these study notes are reproduced, with the kind consent of the office of the commissioner of insurance of hong kong, from the text prepared for the purpose of the quality assurance scheme.

Moreover, we need to force the healthy to get health insurance or let insurer charge di erently for the sick from the healthy. Climate change and the insurance industry good info. Unit i overview of management definition management role of managers evolution of management thought organization and the environmental factors trends and challenges of management in global scenario. The subtopics for each lecture are related to the chapters in the textbook. Check out all principles of marketing study documents. All books are in clear copy here, and all files are secure so dont worry about it.

It explains the concept of insurance and how it is used to cover risk. Summaries, past exams, lecture notes and more to help you study faster. This chapter examines the legal environment of insurance contracts, including. Principles of marketing notes, summaries and exams studocu. In this chapter, we cover various aspect of general insurance such as principles of utmost good faiths. Preface these study notes have been designed to prepare candidates for the insurance intermediary qualifying examination in the subject of principles and practices of insurance. Most business property insurance policies are broad form policies. International trade involves transportation of goods from one country to another country by ships. The lecture notes are from one of the discussion sections for the course. These lecture notes were prepared by xingze wang, yinghsuan lin, and frederick jao specifically for mit opencourseware.

Here is a compilation of notes on the principles of management. Insurance companies receive premiums on insurance contracts and. Principles of insurance notes 19 introduction to insurance diploma in insurance services insurance is a social device which combines the risks of individuals into a group, using funds contributed by members of the group to pay for losses. Chapter 1 general principles of insurance 16 2011 edition typically does not contain an enforceable binder. It should be noted, however, that these study notes will not make you a fully qualified underwriter or other insurance specialist. Diploma in insurance services module 2 notes introduction to insurance principles of insurance 18 the insured is the person or firm or company confronted by risk and the insurer is a person or firm or company, which specializes in the assumption of risk. Insurance activity in virtual worlds such as second life 9.

Nowadays, marine insurance is often grouped with aviation and transit cargo risks, and in this form is known by the acronym mat. Overview of the chinese dry wall problem and related insurance. Feb 12, 2019 this video will be very helpful to understand the concept relating to the principle of insurance contract, in this video principle of insurable interest has been discussed. Appreciation is also due to the macau insurers association, macau insurance agents and brokers association, and federation of macau.

It is 3 years under graduation course that provides you wide career opportunities in accounts, commerce, management fields. Banking law and regulation, bankercustomer relationship, modes of creating charge, securities for bank advances, contracts of guarantees and indemnity, capital adequacy and npas in banks. Principles of insurance the main principles of insurance are as follows. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. These policies list a number of perils that are covered by the policy and exclude perils that are not covered. This section provides lecture notes from the course. Although you may have been introduced to some of these concepts.

Principles and practices of management 3 preface i am glad to present this book, especially designed to serve the needs of the students. Notes principles of general insurance principles of insurance 54 5. The book has been written keeping in mind the general weakness. Principles of insurance 6 basic principles insurance is a contract between two parties the insured and the insurer.

Insurable interest the legal right to insure arising from the legitimate financial interest which a person has in a subject matter of insurance. Utmost good faith the insured is to disclose to the insurer all material facts regarding the subject matter of the insurance. Insurance pdf types of insurance, scope of insurance,classification hello friends welcome to. Types of insurers and marketing systems chapters 67.

Principles of risk management and insurance chapters 59 notes. Lecture notes insurance 1introduction need for insurance arises from uncertain income e. Socioeconomic and cultural significance of management 3. Cooperation is the basic principle behind every insurance contract. Certain elements in this contract must be present in order to make it legally binding and enforceable.

The seven principles of insurance are principle of uberrimae fidei utmost good faith, principle of insurable interest, principle of indemnity, principle of contribution, principle of subrogation, principle of loss minimization, and. In this video i explain what is insurance, the general principles, and types of life, fire and marine insurance. The essence of the insurance scheme is that it is a 1 social science 2 accumulation of funds. Insurance concept was started to distribute risk among group of people. How insurance is transacted as a business and how the insurance market operates are also explained.