B Com Exam > B Com Notes > Principles of Insurance > Peril - Concept of Insurance, Principles of Insurance, B com
Peril - Concept of Insurance, Principles of Insurance, B com | Principles of Insurance PDF Download
Peril
In insurance terms “peril” is anything which can incur a loss for the insurance company based on the coverage terms of any individual insurance policy. In most instances peril covered by a policy that is issued by an American insurance company will be specifically named on your insurance contract, this is known as a named peril.
The reason for listing a peril on your policy is so that the insurance company can be clear in legal terms for what they will be held responsible when it comes to making payments or releasing benefits under your contractual agreement.
What are the perils associated with my insurance policy?
Every single insurance policy is different and as such there are many possible combinations of peril that may be covered by your policy, and as such it would be difficult if not impossible to list them all here. You first step should be to read and understand your insurance contact, if you don’t feel you understand which instances of peril are included you could then consult your insurance broker or insurance agent for them to explain this to you.
Some usual perils that will be covered by your auto insurance policy:
Most insurance companies will offer auto insurance policies which cater for some or all of the following potential perils; however this is neither a definitive list nor a representation of your particular coverage:
-
Flood and fire damage – this is not always a standard part of the insurance coverage in auto insurance policies and you may want to check to see if this is included in your policy
-
Collision damage – in most instances this will be a standard coverage item for 3rd party cars but may not apply to your own vehicle
-
Bodily Injury – like collision damage this may only apply to 3rd parties and not always the policy holder
-
Theft and Loss – this is most commonly found in comprehensive insurance coverage and not on more basic insurance policies
-
Acts of God or “Force Majeure” may or may not be included in your insurance policy but if they are each specific peril for which coverage is provided should be listed this may include acts of war or terrorist activities, hurricanes, tornadoes, etc.
If you discover that your insurance lacks coverage for a specific peril – you should contact your agent or broker to arrange additional coverage.
The document Peril - Concept of Insurance, Principles of Insurance, B com | Principles of Insurance is a part of the B Com Course Principles of Insurance.
All you need of B Com at this link: B Com
|
49 videos|51 docs|14 tests
|
FAQs on Peril - Concept of Insurance, Principles of Insurance, B com - Principles of Insurance
| 1. What is the concept of insurance? |  |
Ans. Insurance is a risk management tool that provides financial protection against potential losses or risks. It involves an agreement between the insurer (the insurance company) and the insured (the policyholder) in which the insurer agrees to compensate the insured for specified losses in exchange for regular premium payments.
| 2. What are the principles of insurance? | |
Ans. The principles of insurance are:
1. Principle of Utmost Good Faith: Both the insurer and the insured must disclose all relevant information honestly and accurately.
2. Principle of Insurable Interest: The insured must have a financial interest in the subject matter of the insurance policy.
3. Principle of Indemnity: Insurance aims to provide compensation for the actual financial loss suffered, up to the policy limit.
4. Principle of Contribution: If the insured has multiple insurance policies covering the same risk, each insurer will contribute proportionately to the claim settlement.
5. Principle of Subrogation: After compensating the insured, the insurer can take legal action against third parties responsible for the loss.
| 3. What are the different types of insurance policies? | |
Ans. There are various types of insurance policies available, including:
1. Life Insurance: Provides financial protection to the policyholder's beneficiaries in the event of their death.
2. Health Insurance: Covers medical expenses, hospitalization costs, and other healthcare-related expenses.
3. Property Insurance: Protects against damage or loss of property, such as homes, buildings, or belongings.
4. Auto Insurance: Covers damages to vehicles and provides liability protection in case of accidents.
5. Liability Insurance: Protects individuals or businesses from claims resulting from negligence or damage caused to others.
| 4. What factors determine the cost of insurance premiums? | |
Ans. The cost of insurance premiums is determined by several factors, including:
1. Age and Gender: Younger individuals generally pay lower premiums, while older individuals may have higher premiums. Gender can also affect the premium in certain types of insurance, such as life insurance.
2. Health and Lifestyle: Insurance companies may assess the insured's health condition, pre-existing medical conditions, and lifestyle choices (e.g., smoking, drinking) to determine the risk profile and premium.
3. Coverage Amount: Higher coverage amounts generally lead to higher premiums.
4. Occupation: Riskier occupations may result in higher premiums due to the increased chances of accidents or injuries.
5. Claims History: Individuals with a history of frequent claims may face higher premiums as they are seen as a higher risk.
| 5. What should I consider before purchasing an insurance policy? | |
Ans. Before purchasing an insurance policy, consider the following:
1. Assess Your Needs: Determine what risks and assets you need to protect and choose the appropriate type of insurance policy.
2. Compare Quotes and Coverage: Obtain quotes from multiple insurance companies, compare coverage options, and consider the reputation and financial stability of the insurer.
3. Read the Policy Terms and Conditions: Understand the policy's coverage limits, exclusions, deductibles, and any additional features or riders.
4. Evaluate Premiums and Affordability: Assess the premium costs and ensure they fit within your budget.
5. Seek Professional Advice: If needed, consult with an insurance agent or financial advisor to ensure you make an informed decision.
Related Exams
About this Document
|
4.82/5 Rating |
|
Nov 22, 2024 Last updated |
Document Description: Peril - Concept of Insurance, Principles of Insurance, B com for B Com 2024 is part of Principles of Insurance preparation.
The notes and questions for Peril - Concept of Insurance, Principles of Insurance, B com have been prepared according to the B Com exam syllabus. Information about Peril - Concept of Insurance, Principles of Insurance, B com covers topics
like and Peril - Concept of Insurance, Principles of Insurance, B com Example, for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Peril - Concept of Insurance, Principles of Insurance, B com.
Introduction of Peril - Concept of Insurance, Principles of Insurance, B com in English is available as part of our Principles of Insurance
for B Com & Peril - Concept of Insurance, Principles of Insurance, B com in Hindi for Principles of Insurance course.
Download more important topics related with notes, lectures and mock test series for B Com
Exam by signing up for free. B Com: Peril - Concept of Insurance, Principles of Insurance, B com | Principles of Insurance
Description
Full syllabus notes, lecture & questions for Peril - Concept of Insurance, Principles of Insurance, B com | Principles of Insurance - B Com | Plus excerises question with solution to help you revise complete syllabus for Principles of Insurance | Best notes, free PDF download
Information about Peril - Concept of Insurance, Principles of Insurance, B com
In this doc you can find the meaning of Peril - Concept of Insurance, Principles of Insurance, B com defined & explained in the simplest way possible. Besides explaining types of
Peril - Concept of Insurance, Principles of Insurance, B com theory, EduRev gives you an ample number of questions to practice Peril - Concept of Insurance, Principles of Insurance, B com tests, examples and also practice B Com
tests
|
Explore Courses for B Com exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Previous Year Questions with Solutions
,MCQs
,B com | Principles of Insurance
,shortcuts and tricks
,Viva Questions
,Principles of Insurance
,Peril - Concept of Insurance
,Peril - Concept of Insurance
,Exam
,Peril - Concept of Insurance
,Extra Questions
,Semester Notes
,video lectures
,Sample Paper
,B com | Principles of Insurance
,B com | Principles of Insurance
,study material
,Important questions
,Objective type Questions
,past year papers
,Free
,Summary
,ppt
,Principles of Insurance
,Principles of Insurance
,mock tests for examination
,practice quizzes
;
Additional Information about Peril - Concept of Insurance, Principles of Insurance, B com for B Com Preparation
Peril - Concept of Insurance, Principles of Insurance, B com Free PDF Download
The Peril - Concept of Insurance, Principles of Insurance, B com is an invaluable resource that delves deep into the core of the B Com exam.
These study notes are curated by experts and cover all the essential topics and concepts, making your preparation more efficient and effective.
With the help of these notes, you can grasp complex subjects quickly, revise important points easily,
and reinforce your understanding of key concepts. The study notes are presented in a concise and easy-to-understand manner,
allowing you to optimize your learning process. Whether you're looking for best-recommended books, sample papers, study material,
or toppers' notes, this PDF has got you covered. Download the Peril - Concept of Insurance, Principles of Insurance, B com now and kickstart your journey towards success in the B Com exam.
Importance of Peril - Concept of Insurance, Principles of Insurance, B com
The importance of Peril - Concept of Insurance, Principles of Insurance, B com cannot be overstated, especially for B Com aspirants.
This document holds the key to success in the B Com exam.
It offers a detailed understanding of the concept, providing invaluable insights into the topic.
By knowing the concepts well in advance, students can plan their preparation effectively.
Utilize this indispensable guide for a well-rounded preparation and achieve your desired results.
Peril - Concept of Insurance, Principles of Insurance, B com Notes
Peril - Concept of Insurance, Principles of Insurance, B com Notes offer in-depth insights into the specific topic to help you master it with ease.
This comprehensive document covers all aspects related to Peril - Concept of Insurance, Principles of Insurance, B com.
It includes detailed information about the exam syllabus, recommended books, and study materials for a well-rounded preparation.
Practice papers and question papers enable you to assess your progress effectively.
Additionally, the paper analysis provides valuable tips for tackling the exam strategically.
Access to Toppers' notes gives you an edge in understanding complex concepts.
Whether you're a beginner or aiming for advanced proficiency, Peril - Concept of Insurance, Principles of Insurance, B com Notes on EduRev are your ultimate resource for success.
Peril - Concept of Insurance, Principles of Insurance, B com B Com Questions
The "Peril - Concept of Insurance, Principles of Insurance, B com B Com Questions" guide is a valuable resource for all aspiring students preparing for the
B Com exam. It focuses on providing a wide range of practice questions to help students gauge
their understanding of the exam topics. These questions cover the entire syllabus, ensuring comprehensive preparation.
The guide includes previous years' question papers for students to familiarize themselves with the exam's format and difficulty level.
Additionally, it offers subject-specific question banks, allowing students to focus on weak areas and improve their performance.
Study Peril - Concept of Insurance, Principles of Insurance, B com on the App
Students of B Com can study Peril - Concept of Insurance, Principles of Insurance, B com alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Peril - Concept of Insurance, Principles of Insurance, B com,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Peril - Concept of Insurance, Principles of Insurance, B com is prepared as per the latest B Com syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup