B Com Exam  >  B Com Videos  >  Principles of Insurance  >  Insurance Regulator - Insurance Business and Market, Principles of Insurance

Insurance Regulator - Insurance Business and Market, Principles of Insurance Video Lecture | Principles of Insurance - B Com

49 videos|51 docs|14 tests

FAQs on Insurance Regulator - Insurance Business and Market, Principles of Insurance Video Lecture - Principles of Insurance - B Com

1. What is the role of an insurance regulator?
Ans. An insurance regulator is responsible for overseeing and regulating the insurance industry. They ensure that insurance companies operate in compliance with laws and regulations, protect policyholders' interests, maintain financial stability, and promote fair competition within the insurance market.
2. What does the insurance business and market entail?
Ans. The insurance business and market involve the buying, selling, and underwriting of insurance policies. It encompasses various types of insurance such as life insurance, health insurance, property insurance, and liability insurance. The insurance market refers to the marketplace where insurance products are traded between insurers, intermediaries, and policyholders.
3. What are the principles of insurance?
Ans. The principles of insurance are the fundamental guidelines that govern the insurance industry. These principles include: - Principle of Utmost Good Faith: Both the insurer and insured must disclose all relevant information honestly and in good faith. - 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 restored to the same financial position as before the loss occurred, without making a profit. - Principle of Contribution: If multiple insurance policies cover the same risk, each insurer should contribute proportionally to the loss. - Principle of Subrogation: After compensating the insured, the insurer takes over the rights and remedies of the insured to recover from a third party responsible for the loss.
4. How does an insurance regulator protect policyholders' interests?
Ans. An insurance regulator protects policyholders' interests by enforcing regulations that ensure insurance companies operate in a fair and transparent manner. They monitor the financial stability of insurers, requiring them to maintain sufficient reserves to fulfill their obligations to policyholders. The regulator also investigates and resolves complaints from policyholders, ensuring that legitimate claims are paid promptly and fairly.
5. What is the importance of fair competition within the insurance market?
Ans. Fair competition within the insurance market promotes innovation, efficiency, and affordable insurance products for consumers. It encourages insurers to offer competitive premiums, better coverage, and improved services. Fair competition also prevents anti-competitive practices such as price-fixing or collusion among insurers, ensuring that policyholders have a choice and can access insurance products that meet their needs at reasonable prices.
49 videos|51 docs|14 tests

Up next

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.
10M+ students study on EduRev
Related Searches

mock tests for examination

,

pdf

,

Exam

,

Principles of Insurance Video Lecture | Principles of Insurance - B Com

,

Semester Notes

,

shortcuts and tricks

,

Extra Questions

,

Objective type Questions

,

Sample Paper

,

Summary

,

Principles of Insurance Video Lecture | Principles of Insurance - B Com

,

ppt

,

practice quizzes

,

study material

,

video lectures

,

Viva Questions

,

Free

,

MCQs

,

Insurance Regulator - Insurance Business and Market

,

Insurance Regulator - Insurance Business and Market

,

past year papers

,

Insurance Regulator - Insurance Business and Market

,

Important questions

,

Previous Year Questions with Solutions

,

Principles of Insurance Video Lecture | Principles of Insurance - B Com

;