Page 267 - DMGT303_BANKING_AND_INSURANCE

Banking and Insurance Rupesh Roshan Singh, Lovely Professional University

Notes Unit 13: General Insurance

CONTENTS
Objectives
Introduction

13.1 Non-Life Insurance/General Insurance
13.2 Origin and Growth of the General Insurance Industry before and after Liberalization
13.3 Classification of General Insurance Business

13.4 Definition of Fire Insurance
13.5 Nature of Fire Insurance Contract
13.5.1 Subrogation
13.5.2 Reinsurance
13.6 Kinds of Fire Insurance Policies

13.7 Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation
13.8 Special Coverages
13.8.1 Consequential Loss Policy

13.9 Summary
13.10 Keywords
13.11 Review Questions
13.12 Further Readings

Objectives

After studying this unit, you should be able to:

 Know principles of non-life insurance/general insurance and structure of the general
insurance industry before and after liberalisation.
 Understand the classification of general insurance business and need of research and
developments in general insurance sector.
 Define what is theory of rating?
 Define role of Tariff Advisory Committee (TAC) and claim settlement in non-life insurance.
 Explain the concept of fire insurance and essentials of fire insurance contract.
 Define the details of the risks covered under the fire insurance policy.
 Define various insurances like motor insurance/vehicle insurance/auto insurance/car
insurance and medical insurance/mediclaim and personal accident/disability income
insurance.

Introduction

General insurance or non-life insurance policies, including automobile and homeowners policies,
provide payments depending on the loss from a particular financial event. General insurance

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