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Insurance
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Funds for Future Appropriation
See AlsoReinsurance Explained: What It Is, How It Works, TypesInsurance Topics | Reinsurance | NAICReinsurance Definition, Types, and How It WorksKey Differences Between Life and General Insurance – HDFC LifeThese are funds from the policyholder's accounts that are not allocated among them for reasons like delays in approvals etc.
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Group Policy
Group policy provides coverage to a group of people which can be a professional or an informal group.
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Definition: Insurance contracts that do not come under the ambit of life insurance are called general insurance. The different forms of general insurance are fire, marine, motor, accident and other miscellaneous non-life insurance.
Description: The tangible assets are susceptible to damages and a need to protect the economic value of the assets is needed. For this purpose, general insurance products are bought as they provide protection against unforeseeable contingencies like damage and loss of the asset. Like life insurance, general insurance products come at a price in the form of premium.
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- INSURANCELIFE INSURANCEGENERAL INSURANCEINSURANCE POLICY
- PREMIUMCLAIMINSURERSINSURED
- INSURANCE CONTRACTS
- PREV DEFINITION
Funds for Future Appropriation
These are funds from the policyholder's accounts that are not allocated among them for reasons like delays in approvals etc.
Read More
- NEXT DEFINITION
Group Policy
Group policy provides coverage to a group of people which can be a professional or an informal group.
Read More
Related Definitions
- 3rd Party Insurance: Motor third-party insurance or third-party liability cover, which is sometimes also referred to as the 'act only' cover, is a statutory requirement under the Motor Vehicles Act.It is referred to as a 'third-party' cover since the beneficiary of the policy is someone other than the two parties involved in the contract (the car owner and the insurance company). The policy does not provide any Absolute AssignmentAn absolute assignment is the act of complete transfer of the ownership (all rights, benefits and liabilities) of the policy completely to other party without any terms and condition.Description: Absolute assignment shifts the ownership of the insurance policy.For instance, a policy owner X wants to gift his life insurance policy to another person named Y. Hence X is doing absolute assignment.Accidental Death Benefit And DismembermentAccidental death benefit and dismemberment is an additional benefit paid to the policyholder in the event of his death due to an accident. Dismemberment benefit is paid if the insured dies or loses his limbs or sight in the accident.Description: In an event of death, the insured person gets the additional amount mentioned under these benefits in the insurance policy. These are the supplementary Actual Cash ValueA valuation of the damaged property, i.e. its monetary worth at market value immediately preceding the occurrence of the loss, is called actual cash value of the property. It gives the estimate of the cost of replacement or repair of the damaged asset.Description: To ascertain the exact extent of loss, the insurance company undertakes an evaluation of the property before and after the loss occur
- Actuarial ScienceActuarial Science is a discipline that deals with assessing the risks in insurance and finance field using various mathematical and statistical method.Description: The professionals who carry out these tasks of ascertaining, analyzing and providing solutions of future uncertainties having financial risks are the actuaries. Mathematics of probability and statistics are the major tools they use toActuariesA person with expertise in the fields of economics, statistics and mathematics, who helps in risk assessment and estimation of premiums etc for an insurance business, is called an actuary.Description: Insurance business requires advanced statistical and analytical skills for evaluation of risks and returns associated with each proposal. Insurance companies employ these experts from the field of Adverse SelectionAdverse selection is a phenomenon wherein the insurer is confronted with the probability of loss due to risk not factored in at the time of sale. This occurs in the event of an asymmetrical flow of information between the insurer and the insured.Description: Adverse selection occurs when the insured deliberately hides certain pertinent information from the insurer. The information may be of critAgentAn agent is a person who represents an insurance firm and sells insurance policies on its behalf.Description: Generally, there are two types of such agents who reach the prospective parties that may be interested in buying insurance. These are independent agents and captive or exclusive agents.Independent agents may represent many insurance firms and receive commission for their services a
- Annualized PremiumThe total amount of premium paid annually is called the annualized premium.Description: Any insurance policy comes up with many premium payment options. Premium can be paid monthly, quarterly, semi annually and annually.For instance, if the monthly premium is Rs 2000, then the annualised premium will be 2000*12 = Rs 24000Also See: Insurance, Concealment, BancassuranceAnnualized Premium EquivalentAnnualized premium equivalent (APE) is a common measure of ascertaining the business sales in the life insurance industry. It is the sum of the regular annualized premium from the new business plus 10% of the first single premium in a given period.Description: APE is computed as:APE = Annualized regular premium + 10 % of single premium (Including top-up premium). Where annualized regular pre
Related News
General Insurance Growth Slows to 4.5% in August Amid Slower Auto SalesIndia's general insurance industry grew by 4.5% in August 2024, despite slower new vehicle sales and no motor third-party tariff hike. Standalone health insurers reported robust growth, while major players like New India Insurance and HDFC Ergo saw declines. ICICI Lombard posted a notable increase in premiums.- Companies should provide health insurance to all employees: GIC headThe head of the General Insurance Council has proposed expanding health insurance by mandating employer-provided coverage, using CSR funds for premiums, and integrating corporate health insurance with state plans. These measures aim to increase insurance penetration and stimulate economic growth through enhanced healthcare infrastructure.
- GST status quo disappoints traders, insurance bulls run for coverTraders reduced their bullish bets on insurers after the GST Council left rates on insurance products unchanged. HDFC Life, ICICI Prudential Life, and ICICI Lombard saw declines. The industry is lobbying for a rate cut from 18% to 12%. A group of ministers will review the proposal before the next meeting in November.
- Iffco Tokio General Insurance elevates Subrata Mondal to MD and CEOIffco Tokio General Insurance Company has appointed Subrata Mondal as its new managing director and CEO. Mondal, who has been with the company since 2001, replaces H O Suri. With over 36 years of experience in the insurance industry, Mondal aims to continue providing customer-centric insurance solutions while embracing new opportunities and challenges.
- Relative safety in a volatile market with reasonable growth premium: 4 large cap and 1 small cap stock with right PEG ratioIt is very likely that given the global events of last week markets are likely to be volatile. So, two things which one should be mindful of before taking any buying decision. First, given the broader picture of global markets, be ready for some more correction. Second, don't buy stocks because they look relatively cheap compared to the recent past and that too based on a single ratio which is the price earning ratio. Rather it would be better to use PEG ratio. One of the ways is to determine by dividing a company’s PE multiple with its growth rate. ( see the example ) By focusing on the PEG ratio, investors can better differentiate between genuinely valuable growth opportunities and those stocks that appear cheap but are cheap for a reason.
- General Insurance stake sale: Govt likely to earn Rs 4,700 crore from 6.8% divestment in GIC ReThe government is set to sell a 6.8% stake in General Insurance Corporation of India (GIC Re) through an offer-for-sale, priced at Rs 395 per share. This move aims to raise around Rs 4,700 crore and contribute to the disinvestment fund. The sale will be conducted over two days for different investor categories.
- General Insurance stake sale: Govt likely to earn Rs 4,700 crore from 6.8% divestment in GIC ReThe government is set to sell a 6.8% stake in General Insurance Corporation of India (GIC Re) through an offer-for-sale, priced at Rs 395 per share. This move aims to raise around Rs 4,700 crore and contribute to the disinvestment fund. The sale will be conducted over two days for different investor categories.
- Sebi approves IIHL's acquisition of Invesco's PMS businessCapital market regulator Sebi has granted its approval to Hinduja Group firm IndusInd International Holdings for the acquisition of Invesco AMC's portfolio management services business.
- National Insurance aims to be back in black in FY'25 with Rs 100-200 cr profitNational Insurance Company Ltd (NIC) aimed to return to profit in the 2024-25 fiscal after nearly a decade of losses, reducing its FY 2023-24 loss to Rs 187 crore. The insurer targeted a Rs 100-200 crore profit, planned policy tariff revisions, and shifted focus towards retail health and motor insurance products.
- Motor insurance share falls below 30% as health premiums surgeMotor insurance's contribution to non-life industry premiums dropped below 30% amid sluggish car sales, while health insurance premiums surged. The non-life sector experienced 13.3% growth, driven primarily by a 16.6% rise in health insurance premiums, contrasting with motor insurance's 11.9% growth. Health insurance now represents 41.1% of premiums.
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