Insurance 101

Insurance Module

• Covers the fundamentals and types of insurance, including life, health, and property insurance.
• Explores the interplay between insurance principles and risk management strategies.

Purpose of Risk Management

• Aims to identify, assess, and prioritize risks to minimize potential impacts on resources and profitability.
• Involves strategic planning and implementation of mitigating actions to address risks effectively.

History of Insurance in India Module

• Traces the evolution of insurance practices in India from ancient times to contemporary developments.
• Discusses significant regulatory changes and the emergence of private players in the insurance sector.

Role of Insurance Regulatory and Development Authority of India (IRDAI)

• Establishes guidelines for the functioning of the insurance sector in India.
• Protects policyholders' interests and ensures financial stability within the industry.

Elements of a Valid Insurance Contract

• Must include an offer, acceptance, and consideration to form a legally binding agreement.
• Requires insurable interest, which verifies that the policyholder will suffer a loss if the insured event occurs.
• Necessitates clear and precise terms, including the risks covered and exclusions.