B Com Exam > B Com Videos > Principles of Insurance > Unexpected Eventualities - Risk Management and Insurance, Principles of Insurance
Unexpected Eventualities - Risk Management and Insurance, Principles of Insurance Video Lecture | Principles of Insurance - B Com
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FAQs on Unexpected Eventualities - Risk Management and Insurance, Principles of Insurance Video Lecture - Principles of Insurance - B Com
| 1. What is risk management and why is it important in insurance? |  |
Ans. Risk management refers to the process of identifying, assessing, and prioritizing potential risks in order to minimize the negative impact they may have on an organization or individual. In the context of insurance, risk management is crucial as it helps insurers understand and evaluate the potential risks associated with insuring a person or property. By effectively managing risks, insurers can determine appropriate insurance coverage and premiums, ensuring the financial stability of the insurance industry.
| 2. What are unexpected eventualities in the context of insurance? | |
Ans. Unexpected eventualities, also known as unforeseen circumstances, are events or incidents that occur unexpectedly and may result in financial loss or damage. In insurance, unexpected eventualities refer to risks or perils that were not anticipated or planned for by the insured party. These could include natural disasters, accidents, theft, or other unforeseen events. Insurance policies are designed to provide coverage and financial protection against these unexpected eventualities.
| 3. What are the principles of insurance? | |
Ans. The principles of insurance are the fundamental concepts that guide the insurance industry. These principles include:
1. Principle of Utmost Good Faith: Both the insured and the insurer must act honestly and disclose all relevant information when entering into an insurance contract.
2. Principle of Insurable Interest: The insured must have a financial interest in the property or person being insured. This ensures that insurance is not used for speculative purposes.
3. Principle of Indemnity: Insurance policies aim to provide financial compensation that restores the insured to the same financial position they were in before the loss occurred, without making a profit.
4. Principle of Subrogation: If the insured receives compensation for a loss, the insurer is entitled to take legal action against any third party responsible for the loss to recover the amount paid.
5. Principle of Contribution: If an insured has multiple insurance policies covering the same risk, each insurer will contribute proportionately towards the claim.
| 4. How does risk management help in minimizing insurance premiums? | |
Ans. Risk management plays a significant role in determining insurance premiums. By effectively managing risks, individuals or organizations can demonstrate to insurers that they have taken necessary precautions to minimize the likelihood and severity of potential losses. This reduces the overall risk exposure for insurers, allowing them to offer lower insurance premiums. For example, implementing safety measures, such as installing security systems or conducting regular maintenance, can reduce the risk of theft or property damage, resulting in lower premiums.
| 5. What is the relationship between risk management and insurance claims? | |
Ans. Risk management and insurance claims are closely interconnected. Effective risk management practices can help reduce the frequency and severity of insurance claims. By identifying and implementing risk mitigation strategies, individuals or organizations can minimize the likelihood of experiencing losses and the need to file insurance claims. Additionally, risk management can help insured parties navigate the claims process more efficiently by providing accurate documentation, evidence, and supporting information. This enhances the overall claims experience and ensures a smoother settlement process.
Text Transcript from Video
hi I am Sarah Richmond on President
Richard associates the reason I came to
this business was 10 years ago my
husband suddenly best of a heart attack
and I realized when I was out there how
many women are not protected and
actually other individuals are protected
either and that wide life insurance is
so important because if I'd met life
insurance I don't know what would happen
to my life at that time what we do with
this company is it's really unusual it's
a very unique is that we have a system
that we free up people's cash flow we
manage their debt we protect your assets
and we really cater to all different
families and we have lawyers and CPAs so
it's almost like a Costco of insurance
that say which is what we're trying to
do in the interview the first time we
come to a point we just want to build a
relationship with that person and to
really know what they're coming from and
what their needs and desires are too so
we can build them a whole plan that
benefits their lives in their retirement
the services are we have property and
casualty for people with car insurance
health insurance we have debt settlement
debt consolidation loan modification
lawyers who do chair domain trust set of
trust wills n ce pas to
taxations and another thing about the
business I would like as we educate
people look so many people don't really
know how finance really works and we
teach them about the law of 72 which is
a basic thing but a lot of you learn how
to do work with compound interest and
how they can really start up with
nothing can really increase their
retirement that makes me feel really
great about helping these people
Richard associates the reason I came to
this business was 10 years ago my
husband suddenly best of a heart attack
and I realized when I was out there how
many women are not protected and
actually other individuals are protected
either and that wide life insurance is
so important because if I'd met life
insurance I don't know what would happen
to my life at that time what we do with
this company is it's really unusual it's
a very unique is that we have a system
that we free up people's cash flow we
manage their debt we protect your assets
and we really cater to all different
families and we have lawyers and CPAs so
it's almost like a Costco of insurance
that say which is what we're trying to
do in the interview the first time we
come to a point we just want to build a
relationship with that person and to
really know what they're coming from and
what their needs and desires are too so
we can build them a whole plan that
benefits their lives in their retirement
the services are we have property and
casualty for people with car insurance
health insurance we have debt settlement
debt consolidation loan modification
lawyers who do chair domain trust set of
trust wills n ce pas to
taxations and another thing about the
business I would like as we educate
people look so many people don't really
know how finance really works and we
teach them about the law of 72 which is
a basic thing but a lot of you learn how
to do work with compound interest and
how they can really start up with
nothing can really increase their
retirement that makes me feel really
great about helping these people
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Dec 23, 2024 Last updated |
Video Description: Unexpected Eventualities - Risk Management and Insurance, Principles of Insurance for B Com 2024 is part of Principles of Insurance preparation.
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