B Com Exam > B Com Videos > Principles of Insurance > Introduction to Insurance, Principles of Insurance
Introduction to Insurance, Principles of Insurance Video Lecture | Principles of Insurance - B Com
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FAQs on Introduction to Insurance, Principles of Insurance Video Lecture - Principles of Insurance - B Com
| 1. What is insurance and why is it important? |  |
Ans. Insurance is a contract between an individual or an entity (insured) and an insurance company (insurer), where the insured pays a premium in exchange for financial protection against potential losses or damages. It is important because it helps individuals and businesses manage risks by transferring the potential financial burden to the insurer, providing peace of mind and financial stability.
| 2. What are the principles of insurance? | |
Ans. The principles of insurance are:
- Principle of Utmost Good Faith: Both the insured and the insurer should act honestly and provide complete and accurate information.
- Principle of Insurable Interest: The insured must have a financial interest in the subject matter of the insurance policy.
- Principle of Indemnity: The insured should be compensated for the actual financial loss suffered, not more or less.
- Principle of Contribution: If there are multiple insurance policies covering the same risk, each insurer contributes proportionately to the claim.
- Principle of Subrogation: After compensating the insured, the insurer has the right to take legal action against the responsible party to recover the amount paid.
| 3. What are the different types of insurance policies? | |
Ans. There are various types of insurance policies, including:
- Life Insurance: Provides a death benefit to the beneficiaries upon the insured's death.
- Health Insurance: Covers medical expenses and provides financial protection against healthcare costs.
- Auto Insurance: Protects against damages or losses related to vehicles, including accidents and theft.
- Home Insurance: Provides coverage for damages or losses to a home and its contents.
- Business Insurance: Offers protection for businesses against various risks, such as liability, property damage, and business interruption.
| 4. How is an insurance premium determined? | |
Ans. An insurance premium is determined based on several factors, including:
- Risk Assessment: Insurers evaluate the likelihood of a claim based on the insured's age, health, driving record, location, etc.
- Coverage Amount: The higher the coverage amount, the higher the premium.
- Deductible: A higher deductible may result in a lower premium.
- Claims History: Insurers consider the insured's history of filing claims.
- Insurance Market: Market conditions and competition among insurers can influence premiums.
| 5. What is the claim settlement process in insurance? | |
Ans. The claim settlement process in insurance involves the following steps:
- Notification: The insured notifies the insurer about the claim, providing necessary details and documentation.
- Claim Investigation: The insurer investigates the claim to verify its validity and assess the extent of the loss or damage.
- Documentation: The insured submits all required documents, such as proof of loss, medical reports, or repair estimates.
- Evaluation: The insurer evaluates the claim and determines the amount to be paid based on the policy terms and conditions.
- Settlement: Once the claim is approved, the insurer settles the claim by paying the agreed-upon amount to the insured or directly to the service provider.
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Nov 22, 2024 Last updated |
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