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Non Banking Product - Insurance - Coggle Diagram
Non Banking Product - Insurance
Primary Functions
Provides certainty and assurance
Provides guarantee for the protection
Secondary Functions
Insurance mobilizes capital
Increase efficiency
Minimize losses
Maintain financial stability
Economic Progress
Types of Life Insurance
Term Life Insurance Plans
Unit linked insurance plan (ULIP)
Endowment Plan
Money-Back
Whole Life Insurance
Child Plan
Retirement Plan
Non Life Insurance
Motor Insurance
Types of Cover
Liability only policy
Package policy
Common categories
Car Insurance
Two Wheeler Insurance
Commercial Vehicle Insurance
Home Insurance
Home
Contents of home
Marine (Cargo) Insurance
•Open Cover
•Open Policy
•Specific Voyage Policy
•Annual Policy
Rural Insurance
Commercial Insurance
•Property Insurance
• Fire Insurance
• Marine Insurance
• Liability Insurance
• Financial Lines Insurance
• Engineering Insurance
• Energy Insurance
• Employee Benefits Insurance
• International Insurance Solutions
Fire Insurance
Liability Insurance
Categories
1) Criminal Liability
2) Civil Liability
Types
Compulsory Public Liability Policy
Public Liability Policy (Industrial / Non-Industrial Risks)
Product Liability
Professional Indemnities
Health Insurance
Bancassurance
RBI has allowed banks three routes of participation in the insurance business
(i) providing fee based insurance services without risk participation
(ii) investing in an insurance company for providing infrastructure and logistical support
(iii) setting up a separate joint venture insurance company.
Corporate Agency Regulations
Intermediaries in Insurance sector
Insurance Agents
Corporate agents
Insurance Brokers
IRDA has classified four categories
I – Direct General Insurance broker
II – Direct Life Insurance broker
III – Reinsurance broker
IV- Composite broker
Surveyors and loss assessors
Third party administrators (TPAs)
Reinsurance
Reinsurance can help a company by providing:
1.Risk Transfer 2. Arbitrage
Capital Management 4. Solvency Margins
Expertise
Types
(i) Facultative
(ii) Treaty reinsurance
Quota
Quota share
Reinsurance policies in India commonly include
Claims control/claims co-operation clause. Follow the fortune clause. Set off clause.
Ex-gratia payment exclusion clause.
Comprehensive dispute resolution and arbitration clauses.
Types of Premiums
Original premium/ direct premium
Revised risk premiums