IRDA General Insurance Book

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As you want to download General Insurance Work Book of IRDA, so here I am providing following Work book:

ACKNOWLEDGEMENT
This course has been prepared with the assistance of:
Saraswani Sankar
Madhuri Sharma
A. N. Kaikini
R. Chandrasekaran

CHAPTER 1
INTRODUCTION TO INSURANCE
Insurance, through the ages, has been used as a mechanism whereby the insurer organizes theprocess by which the unfortunate few, who suffer losses, share the burden with many who are exposed to risk of similar losses. Such burden would include the primary burden of directlosses like damage due to fire and indirect losses like loss of production following such damage. It also includes secondary burden like physical and mental strain caused by anxiety of probable losses and the cost of maintaining reserves to mitigate such losses, if they occur.

Thus we face risk in our everyday life and learn to manage these risks, so as to mitigate our losses.

Risks are managed through
a) Avoidance: doing away with the very activity that is risk prone,
b) Retention: keeping the risk on one’s own account,
c) Reduction and control through loss prevention, financing by creating reserves or
d) Risk transfer: where risk is transferred to some other entity.
Insurance is the best risk transfer methodology.

The cost of risk is based on the factors of probability and impact of the perils occurring and causing loss.

Insurance activity is advantageous as it facilitates economic growth by investing the premium funds, by protecting individuals, industry and commerce, community and nation from economic impact of losses, removing anxiety of losses and promotes investment.

CHAPTER 2
PRINCIPLES OF INSURANCE
Chapter Introduction
The purpose of insurance is to make good the financial losses suffered by the insured due to loss or damage to assets, having some economic value, owned by him. These losses occur dueto the happening of an uncertain event called risk to which the asset is exposed. Risks, in terms of impact, can be:
a) critical / catastrophic,
b) major or
c) minor / insignificant

Risks, in terms of nature, can be:
a) static (always present) or
b) dynamic (changing with circumstances)

Risks, in terms of who they affect, can be:
a) fundamental (affecting entire community) or
b) particular (affecting individuals)

Risk, in terms of results, can be
a) speculative (loss or gain) or
b) pure (no gain, only loss if peril occurs).

The conditions that increase the probability or severity of a loss are known as hazard, which could be physical, moral or legal. Insurance pools a large number of similar fortuitous risks solong as losses caused by such risks are measurable and such pooling are economically feasible.





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