GENERAL INSURANCE Formed under Act.,1972. PowerPoint Presentation, PPT - DocSlides

GENERAL INSURANCE Formed under Act.,1972. PowerPoint Presentation, PPT - DocSlides

2018-02-18 26K 26 0 0


General insurance companies such as. New India insurance companies Ltd.. Oriental fire and general insurance companies Ltd.. National insurance companies Ltd.. Reliance General insurance company.. Details of general insurance are as follows. ID: 632595

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Presentations text content in GENERAL INSURANCE Formed under Act.,1972.



Formed under Act.,1972.


General insurance companies such as

New India insurance companies Ltd.

Oriental fire and general insurance companies Ltd.

National insurance companies Ltd.

Reliance General insurance company.


Details of general insurance are as follows

Property insurance- (fire insurance & marine insurance)

Liability insurance- (theft, fidelity, motor & machine insurances )


Importance of Insurance

Importance of insurance may be studied under four heads:

Importance to an individual

Importance to business

Importance to commerce and industry

Importance to society.


Importance to an Individual

Insurance provides security and safety.

It provides peace of mind.

It eliminates dependency.

It serves as a source of savings.

Life insurance as a sound investment.

It protects mortgage property.

Others (family needs, old age needs and so on)


Importance to


Financial help.

Reduces uncertainty of business losses.

It improves efficiency.


Grant of credit facilities.

Continuous business.

Employee’s security.


Importance to commerce and industry

Economic development.

Earns foreign exchange.

Source of capital formation.

Source of income


Importance to society

Protection to society’s wealth.

Economic growth.

Standard of living.

Social security benefits.

Equitable distribution of loss.

Removal of social evils.

Accelerate the production cycle.

Reduction in inflation.

Huge funds.


Insurance as a social security tool

Security and safety.

Peace of mind.

Encourage savings.

Provides investment.

Meets various needs.

Helps in loss reduction.

Increases efficiency.

Enhancement of credit.

Control inflation rate.

Confidence in work.


Insurance and economic development

Relationship between insurance and economic development.

Factor affecting E.D.

Investment necessary.

Huge funds.

Accelerate the production cycle.

Protection against risk.

Promotes foreign trade.

Promotes financial stability.


Fundamental of agency law


Definition of an Agent

A person can be an agent only when he is


to act for the principal.


Section 182 of the Indian contract Act defines the word ‘Agent and principal’.

To be an Agent- The person employed must be


to do any act for another.

Principal- The person for whom such act is done of who is so represented.


Authority of Agents

Express authority.

Implied authority.

Ostensible or Apparent authority.


Duties of Agent to Principal

The act with in scope.

Proper care.

To deduct lawful charges.

Reasonable diligence.

Not adverse title.

To render accounts.

In interest of principal.

Not to deal on own name.

No conflict.

Not delegate further.


Rights of an Agent

Right to remuneration.

Right to get compensation.

Right to return money.

Right to indemnity.

Right to retention.


Liabilities of Agent

Towards principal.

Towards third party.


Agent regulations


is required under section 42 of insurance Act,1938 which is regulated by the insurance regulatory and development authority(IRDA) ````````````````````````````````````````````

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