Management as an art, a science or a profession and few. Insurance concept was started to distribute risk among group of people. This chapter examines the legal environment of insurance contracts, including. Principles of insurance the main principles of insurance are as follows. Socioeconomic and cultural significance of management 3. Banking law and regulation, bankercustomer relationship, modes of creating charge, securities for bank advances, contracts of guarantees and indemnity, capital adequacy and npas in banks. Certain elements in this contract must be present in order to make it legally binding and enforceable. International trade involves transportation of goods from one country to another country by ships.
Summaries, past exams, lecture notes and more to help you study faster. Cooperation is the basic principle behind every insurance contract. Here is a compilation of notes on the principles of management. Principles and practices of management 3 preface i am glad to present this book, especially designed to serve the needs of the students. Insurance contracts are complex documents embodying years of industry tradition, case law, and general practices. Feb 12, 2019 this video will be very helpful to understand the concept relating to the principle of insurance contract, in this video principle of insurable interest has been discussed. Most business property insurance policies are broad form policies. Principles of marketing notes, summaries and exams studocu.
Insurance pdf types of insurance, scope of insurance. Lecture notes on health insurance 2 of 2 if we want everyone to get health care, then the botton line is that we need to subsidize the sick at least somewhat. Nowadays, marine insurance is often grouped with aviation and transit cargo risks, and in this form is known by the acronym mat. Preface these study notes have been designed to prepare candidates for the insurance intermediary qualifying examination in the subject of principles and practices of insurance. Principles of risk management and insurance chapters 59 notes. It should be noted, however, that these study notes will not make you a fully qualified underwriter or other insurance specialist. Lecture notes insurance 1introduction need for insurance arises from uncertain income e.
Climate change and the insurance industry good info. Appreciation is also due to the macau insurers association, macau insurance agents and brokers association, and federation of macau. Unit i overview of management definition management role of managers evolution of management thought organization and the environmental factors trends and challenges of management in global scenario. The lecture notes are from one of the discussion sections for the course. The seven principles of insurance are principle of uberrimae fidei utmost good faith, principle of insurable interest, principle of indemnity, principle of contribution, principle of subrogation, principle of loss minimization, and.
Check out all principles of marketing study documents. Some parts of these study notes are reproduced, with the kind consent of the office of the commissioner of insurance of hong kong, from the text prepared for the purpose of the quality assurance scheme. Most property insurance policies and business owner policies cover fire losses. Diploma in insurance services module 2 notes introduction to insurance principles of insurance 18 the insured is the person or firm or company confronted by risk and the insurer is a person or firm or company, which specializes in the assumption of risk. Insurance activity in virtual worlds such as second life 9. This video will be very helpful to understand the concept relating to the principle of insurance contract, in this video principle of insurable. In this video i explain what is insurance, the general principles, and types of life, fire and marine insurance. Fire insurance means insurance against any loss caused by fire. Jul 06, 20 principles of management lecture notes 1. All books are in clear copy here, and all files are secure so dont worry about it. Principle of insurable interest lecture on insurance law.
Concept based notes principles and practices of management. Feb 10, 2014 in this video i explain what is insurance, the general principles, and types of life, fire and marine insurance. Insurance companies receive premiums on insurance contracts and. These policies list a number of perils that are covered by the policy and exclude perils that are not covered. Insurance pdf types of insurance, scope of insurance,classification hello friends welcome to. Notes principles of general insurance principles of insurance 54 5. Although you may have been introduced to some of these concepts. The subtopics for each lecture are related to the chapters in the textbook. It explains the concept of insurance and how it is used to cover risk. These lecture notes were prepared by xingze wang, yinghsuan lin, and frederick jao specifically for mit opencourseware. In this video i explain what is insurance, the general principles, and types of. Principles of insurance notes 19 introduction to insurance diploma in insurance services insurance is a social device which combines the risks of individuals into a group, using funds contributed by members of the group to pay for losses. Principles of insurance 6 basic principles insurance is a contract between two parties the insured and the insurer.
Chapter 1 general principles of insurance 16 2011 edition typically does not contain an enforceable binder. Lecture notes principles of microeconomics economics. Moreover, we need to force the healthy to get health insurance or let insurer charge di erently for the sick from the healthy. Insurance is a very important topic mba, bcom,mcom and other finance related degrees. Insurable interest the legal right to insure arising from the legitimate financial interest which a person has in a subject matter of insurance. This section provides lecture notes from the course. Utmost good faith the insured is to disclose to the insurer all material facts regarding the subject matter of the insurance. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. It is intended to give a preliminary introduction to the subject of principles and practice of insurance, as a quality assurance exercise for insurance intermediaries. The essence of the insurance scheme is that it is a 1 social science 2 accumulation of funds. It is 3 years under graduation course that provides you wide career opportunities in accounts, commerce, management fields. Principles of insurance 7 basic general insurance principles.244 236 403 247 975 392 564 1166 921 1259 1253 635 1015 1399 48 524 58 562 1147 535 145 111 986 1380 711 8 581 1175 898 405 1119 824 393 1431 225 502 1184 257 46 96 622 841 1087 1478