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
|
49 videos|51 docs|14 tests
|
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.
Related Exams
About this Video
|
4.64/5 Rating |
|
Nov 22, 2024 Last updated |
Video Description: Introduction to Insurance, Principles of Insurance for B Com 2024 is part of Principles of Insurance preparation.
The notes and questions for Introduction to Insurance, Principles of Insurance have been prepared according to the B Com exam syllabus.
Information about Introduction to Insurance, Principles of Insurance covers all important topics for B Com 2024 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for Introduction to Insurance, Principles of Insurance.
Introduction of Introduction to Insurance, Principles of Insurance in English is available as part of our Principles of Insurance for B Com & Introduction to Insurance, Principles of Insurance 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.
Description
Video Lecture & Questions for Introduction to Insurance, Principles of Insurance Video Lecture | Principles of Insurance - B Com - B Com full syllabus preparation | Free video for B Com exam to prepare for Principles of Insurance.
Information about Introduction to Insurance, Principles of Insurance
Here you can find the meaning of Introduction to Insurance, Principles of Insurance defined & explained in the simplest way possible.
Besides explaining types of Introduction to Insurance, Principles of Insurance theory, EduRev gives you an ample number of questions to practice Introduction to Insurance, Principles of Insurance tests,
examples and also practice B Com tests.
|
49 videos|51 docs|14 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
MCQs
,Summary
,Semester Notes
,Sample Paper
,Viva Questions
,Objective type Questions
,Introduction to Insurance
,practice quizzes
,Previous Year Questions with Solutions
,Principles of Insurance Video Lecture | Principles of Insurance - B Com
,past year papers
,study material
,ppt
,video lectures
,mock tests for examination
,Important questions
,Introduction to Insurance
,Introduction to Insurance
,Principles of Insurance Video Lecture | Principles of Insurance - B Com
,Free
,Principles of Insurance Video Lecture | Principles of Insurance - B Com
,shortcuts and tricks
,Exam
,Extra Questions
;
Study Introduction to Insurance, Principles of Insurance on the App
Students of B Com can study Introduction to Insurance, Principles of Insurance alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Introduction to Insurance, Principles of Insurance,
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 Introduction to Insurance, Principles of Insurance 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