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V.M. Patel College Of Management Studies

Ganpat University, Kherva

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Insurance is nothing but transfer of risk. In other words Insurance is a

contract between two parties whereby one party agrees to undertake the risk of

another in exchange for consideration known as premium and promises to pay a

fixed sum of money to the other party on happening of an uncertain event.

The future is always uncertain.

The entire business process has to face numerous risks and uncertainties.

Uncertainty comes from changes in economic, social and political trends.

Most business decision making takes place on the basis of expectation

about the future

Risk refers to the possibility that something dangerous might happen.

Making decision on the basis of assumptions, expectation and forecast of

future events involves taking risk.

For all this types of risks can be reducing by the help of insurance.

Insurance is nothing but it is only risk transfer to others shoulder.

Many natural risks or losses can be avoided through insurance.

There are many insurance companies in India which is taking life

insurance as well as also general insurance.

There are two types of insurance life insurance & non-life insurance.

And there are three types of general insurances.



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Classification of Insurance

Life Insurance General Insurance

General Insurance

Fire Marine Miscellaneous

E.G: Riot, Flood E.G: Cargo, Hull E.G: Crop, Cattle



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There are three types of the General Insurance. They are Fire, Marine and

Miscellaneous insurance.

Fire Insurance

Indian fire insurance, like all other insurance policies in India, is considered a

federal issue. The Tariff Advisory Committee, which is a Statutory Body, issued

the All India Fire Tariff on March 31, 2001, which governs all India fire insurance

policies. The commercial fire insurance India policy provides protection to

buildings, machinery, offices and contents. The purpose is to alleviate the risk of

loss borne by the insured due to the breakout of fire. The insured is expected to

minimize the loss as much as possible by taking all feasible steps.

Documents Required For Indian Fire Insurance Companies

The documents that the policyholder is required to produce while claiming for the

loss include a report of the fire brigade, a true copy of the policy along with the

schedule, past claims experience, a claim form and photographs.

Covered Risk:-

Fire Explosion

Lighting Storm

Riot Rock slide

Flood Aircraft Damage

Add on Coverage:-

Earthquake

Terrorism



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Subterraneous Fire



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Marine Insurance

Marine insurance was the earliest well-developed kind of insurance with origins in

the Greek and Roman maritime loan. Separate marine insurance contracts were

developed inGenoa and other Italian cities in the fourteenth century and spread

to northern Europe. Premiums varied with intuitive estimates of the variable risk

from seasons and pirates.

The modern origins of marine insurance law in English law were in the law

merchant, with the establishment in England in 1601 of a specialized chamber of

assurance separate from the other Courts. Lord Mansfield,Lord Chief Justice in

the mid-eighteenth century, began the merging of law merchant and common law

principles.

The establishment of Lloyd's of London, competitor insurance companies, a

developing infrastructure of specialists (such as shipbrokers, admiralty lawyers,

and bankers), and the growth of the British Empire gave English law a

prominence in this area which it largely maintains and forms the basis of almost

all modern practice.

The growth of the London insurance market led to the standardization of policies

and judicial precedent further developed marine insurance law. In 1906 the

Marine Insurance Act was passed whichcodifiedthe previous common law; it is

both an extremely thorough and concise piece of work. Although the title of the

Act refers to marine insurance, the general principles have been applied to all

non-life insurance.

In the 19th, century Lloyd's and the Institute of London Underwriters (a grouping of

London company insurers) developed between them standardized clauses for the

use of marine insurance, and these have been maintained since. These are

known as the Institute Clauses because the Institute covered the cost of their

publication.



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Within the overall guidance of the Marine Insurance Act and the Institute Clauses

parties retain a considerable freedom to contract between themselves.

Marine insurance is the oldest type of insurance. Out of it grew non-marine

insurance and reinsurance. It traditionally formed the majority of business

underwritten at Lloyd's. Nowadays, Marine insurance is often grouped with

Aviation and Transit (ie. cargo) risks, and in this form is known by the acronym.

Covered Risk:-

Cargos

Hull



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Miscellaneous Insurance

Miscellaneous Insurance exists to help people gain a good understanding of the

various kinds of insurance coverage's that are available to people today.

Insurance has become a very important part of many people's lives as they

realize the need to provide protection for different areas of their everyday life.

There is a wide variety of types of insurance coverage available today.

The dictionary defines insurance as "coverage by contract whereby one party

undertakes to indemnify or guarantee another against loss by a specified

contingency or peril". This means that an individual enters into an agreement with

an insurance company that will pay a set amount of money in case of a loss in a

specified area. There are a number of inclusions and exclusions involved in each

insurance policy with all kinds of variables that must be taken into consideration

before purchasing the policy.

One of the most important things to remember is that an insurance policy is a

contract between the insurance company and their customer. The insurancecompany agrees to pay certain amounts of money in case of loss and the

customer agrees to pay the insurance premiums that are required to keep the

policy in place. If the customer fails to pay the premiums due, the insurance may

be revoked, leaving the customer vulnerable.

The contract specifically makes the insurance company liable to pay for any loss

that is specifically stated in the insurance policy. Most policies will accurately

describe the types of losses covered and the amount of money that the company

will pay for those losses

With the increase in public awareness and the consequent thrust of the Insurance

Industry in the areas of Health Insurance, Liability Insurance and other personal

lines of insurances, the miscellaneous portfolio of Insurance is poised to be a

sunrise portfolio of General Insurance.



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Requirements :-

Completed proposal form is giving full and accurate information. All items to be

covered should be fully described for easy identification in future. Unless value of

each item is declared separately, the claim for each item will be limited to 5% of

the total sum insured.

Risks Covered:-

Motor

Crop

Electronic

Cattle



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Insurance is useful to business.

Insurance helps the planning process because the planer knows a

property loss will not mean financial ruin, and the future of a business

cannot be destroyed by a fire or the death of a key person.

Insurance facilitates credit transaction because creditors are more willing

to lend money if the debtor death does not make collection of the loan

difficult or impossible.

One of the greatest benefit with which an insurance system reward society

is stabilities in family.

Insurance allows families to continue their activities in a much more

normal fashion after a loss than would be the case if no insurance existed.

Without insurance, firms would have to hold more money in relatively non-

productive near-case reserve to protect them against the rainy day.

Insurance companies and the organization the support contribute directlyto society welfare in many ways relating to loss prevention and medical

research.



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The insurance business is based on the following important principles:

1. Insurable Interest:-

2. Principle of Indemnity:-

3. Utmost Good Faith:-

4. Proximate Cause:-

5. Subrogation:-

6. Contribution:-

We can describe those principles followingly.

1. Insurable Interest:-

In the Insurance, insurable interest must exits

At the time of insurance

At the time of the loss

The interest may be legal or fair or may arise under a contract of purchase or

sale.

The Following have been held to have insurable interest in the subjectmatter:-

Owner

Trustee

Bailee



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2. Principle of Indemnity:-

To place insured as far as possible in the same financial position after a loss as

that occupied immediately before the loss.

The insured can recover only the amount of actual loss subject to the sum

assured.

3. Utmost Good Faith:-

Insurance contract is based upon the utmost good faith. Therefore insured must

make full detailed disclosure of all material facts likely to affect the judgment of

fire officials in determining the rates of premium whether the proposal should be

accepted.

Description of the property should be given and all information that may be

required as to the class of goods & articles.

4. Proximate Cause:-

In the general insurance, when someone face claim to the company, at that time

company will not pass the claim of the client without observe the movement.

Company will check what the proximate cause of the movement is.

For Example:- If one persons cars fuel tank was damage, After 10 or 15 days

Because of this his car getting fire. So at that Time Company will search the

reason for fire. So at that time proximate cause is fuel tank was damage. so at

that time company will pass the claim of the client.

5. Subrogation:-

Subrogation is a principle applicable to both fire & marine insurance. Insurer

becomes entitled to:-



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On his paying compensation to the insured.

Claim the advantage of every right of the insured against the third parties who

may be proved to be responsible for that loss.

6. Contribution:-

Where the subject matter has been insured with more than one insurer, each

insurer has to meet the loss only rateably.

If he has paid more than his share of loss, he is entitled to recover the excess

paid from his co-insurers.

Thus, the principle of contribution applies in the case of fire insurance.



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In India, insurance has a deep-rooted history. It finds mention in the writings of

Manu (Manusmrithi), Yagnavalkya (Dharmasastra) and Kautilya (Arthasastra).

The writings talk in terms of pooling of resources that could be re-distributed in

times of calamities such as fire, floods, epidemics and famine. This was probably

a pre-cursor to modern day insurance. Ancient Indian history has preserved the

earliest traces of insurance in the form of marine trade loans and carriers

contracts. Insurance in India has evolved over time heavily drawing from other

countries, England in particular.

1818 saw the advent of life insurance business in India with the establishment of

the Oriental Life Insurance Company in Calcutta. This Company however failed in

1834. In 1829, the Madras Equitable had begun transacting life insurance

business in the Madras Presidency. 1870 saw the enactment of the British

Insurance Act and in the last three decades of the nineteenth century, the

Bombay Mutual (1871), Oriental (1874) and Empire of India (1897) were started

in the Bombay Residency. This era, however, was dominated by foreign

insurance offices which did good business in India, namely Albert Life Assurance,

Royal Insurance, Liverpool and London Globe Insurance and the Indian offices

were up for hard competition from the foreign companies.

In 1914, the Government of India started publishing returns of Insurance

Companies in India. The Indian Life Assurance Companies Act, 1912 was the

first statutory measure to regulate life business. In 1928, the Indian Insurance

Companies Act was enacted to enable the Government to collect statistical

information about both life and non-life business transacted in India by Indian and

foreign insurers including provident insurance societies. In 1938, with a view to

protecting the interest of the Insurance public, the earlier legislation wasV.M. Patel College Of Management Studies


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consolidated and amended by the Insurance Act, 1938 with comprehensive

provisions for effective control over the activities of insurers.

The Insurance Amendment Act of 1950 abolished Principal Agencies. However,there were a large number of insurance companies and the level of competition

was high. There were also allegations of unfair trade practices. The Government

of India, therefore, decided to nationalize insurance business.

An Ordinance was issued on 19th January, 1956 nationalising the Life Insurance

sector and Life Insurance Corporation came into existence in the same year. The

LIC absorbed 154 Indian, 16 non-Indian insurers as also 75 provident societies

245 Indian and foreign insurers in all. The LIC had monopoly till the late 90s

when the Insurance sector was reopened to the private sector.

The history of general insurance dates back to the Industrial Revolution in the

west and the consequent growth of sea-faring trade and commerce in the 17 th

century. It came to India as a legacy of British occupation. General Insurance in

India has its roots in the establishment ofTriton Insurance Company Ltd., in

the year 1850 in Calcutta by the British. In 1907, the Indian Mercantile Insurance

Ltd was set up. This was the first company to transact all classes of general

insurance business.

In 1968, the Insurance Act was amended to regulate investments and set

minimum solvency margins. The Tariff Advisory Committee was also set up then.

In 1972 with the passing of the General Insurance Business (Nationalisation) Act,

general insurance business was nationalized with effect from 1st

January,1973. 107 insurers were amalgamated and grouped into four companies,

namely National Insurance Company Ltd., the New India Assurance Company

Ltd., the Oriental Insurance Company Ltd and the United India Insurance

Company Ltd. The General Insurance Corporation of India was incorporated as a

company in 1971 and it commence business on January 1st 1973.



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This millennium has seen insurance come a full circle in a journey extending to

nearly 200 years. The process of re-opening of the sectorhad begun in the early

1990s and the last decade and more has seen it been opened up substantially. In

1993, the Government set up a committee under the chairmanship of RNMalhotra, former Governor of RBI, to propose recommendations for reforms in

the insurance sector.The objective was to complement the reforms initiated in the

financial sector. The committee submitted its report in 1994 wherein, among

other things, it recommended that the private sector be permitted to enter the

insurance industry. They stated that foreign companies are allowed to enter by

floating Indian companies, preferably a joint venture with Indian partners.

Following the recommendations of the Malhotra Committee report, in 1999, the

Insurance Regulatory and Development Authority (IRDA) was constituted as an

autonomous body to regulate and develop the insurance industry. The IRDA was

incorporated as a statutory body in April, 2000. The key objectives of the IRDA

include promotion of competition so as to enhance customer satisfaction through

increased consumer choice and lower premiums, while ensuring the financial

security of the insurance market.

The IRDA opened up the market in August 2000 with the invitation for application

for registrations. Foreign companies were allowed ownership of up to 26%. The

Authority has the power to frame regulations under Section 114A of the

Insurance Act, 1938 and has from 2000 onwards framed various regulations

ranging from registration of companies for carrying on insurance business to

protection of policyholders interests.

In December, 2000, the subsidiaries of the General Insurance Corporation of

India were restructured as independent companies and at the same time GIC

was converted into a national re-insurer. Parliament passed a bill de-linking the

four subsidiaries from GIC in July, 2002.

Today there are 14 general insurance companies including the ECGC and

Agriculture Insurance Corporation of India and 14 life insurance companies



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operating in the country. The insurance sector is a colossal one and is growing at

a speedy rate of 15-20%. Together with banking services, insurance services add

about 7% to the countrys GDP.

First important point in general insurance is that, if any company wants to start

a general insurance company, it must have the 100Years of experience and it

must pay 100 crores to the government.

In the all over the world the first general insurance company is PRODENTIAL.

And it is basically from U.K.

In the all over the world the first life insurance company is SUN LIFE

INSURANCE COMPANY. And it is basically from U.K.

In India only one company is there who is doing the business as life

insurance, general insurance and as reinsurance and it is RELIANCE.

General Insurance has highest number of third party claims in the world.

General Insurance has highest number of Policies in the world.

Rural Insurance is taken only in Indian General Insurance.

India is only country in which the General Insurance is taken from silk to satellite

India is only the country where the insurance of the paddle cycle is also taken

in the General Insurance.

General Insurance has the premium less than to the premium in the suspense

a/c of the Life Insurance Corporation.

The TRITON was the first General Insurance Company which was

established India in the year 1850.

THE INDIAN MERCANTILE INSURANCE LTD was the first company in India

to transact all classes of general insurance business.

ORIENTAL was the first life insurance company in India and it was

established in 1818.



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History of IRDA

In 1993, the Government set up a committee under the chairmanship of RN

Malhotra, former Governor of RBI, to propose recommendations for reforms in

the insurance sector.The objective was to complement the reforms initiated in the

financial sector. The committee submitted its report in 1994 wherein, among

other things, it recommended that the private sector be permitted to enter the

insurance industry. They stated that foreign companies are allowed to enter by

floating Indian companies, preferably a joint venture with Indian partners.

Following the recommendations of the Malhotra Committee report, in 1999, the

Insurance Regulatory and Development Authority (IRDA) was constituted as an

autonomous body to regulate and develop the insurance industry. The IRDA was

incorporated as a statutory body in April, 2000. The key objectives of the IRDA

include promotion of competition so as to enhance customer satisfaction through

increased consumer choice and lower premiums, while ensuring the financial

security of the insurance market.

The IRDA opened up the market in August 2000 with the invitation for application

for registrations. Foreign companies were allowed ownership of up to 26%. The

Authority has the power to frame regulations under Section 114A of the

Insurance Act, 1938 and has from 2000 onwards framed various regulations

ranging from registration of companies for carrying on insurance business to

protection of policyholders interests.



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In December, 2000, the subsidiaries of the General Insurance Corporation of

India were restructured as independent companies and at the same time GIC

was converted into a national re-insurer. Parliament passed a bill de-linking the

four subsidiaries from GIC in July, 2002.

Today there are 14 general insurance companies including the Agriculture

Insurance Corporation of India and 14 life insurance companies operating in the

country.

The insurance sector is a colossal one and is growing at a speedy rate of 15-

20%. Together with banking services, insurance services add about 7% to thecountrys GDP.

Objectives of IRDA

IRDA takes care of policy holders interest.

It also opens the insurance sector for the private insurance company.

It ensures continued financial soundness & solvency.

It regulates insurance & Reinsurance Company.

It eliminates dishonesty & unhealthy competition.

It supervises the activities of intermediaries.

It takes action where such standards are inadequate or ineffectively enforced

It modifies,

i) Insurance Act, 1938.

ii) Insurance Corporation Act, 1956.

iii) General Business Nationalisation Act, 1972.



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IRDA was constituted by an act of parliament. Authority is a team of 10 members consisting of :

o Chairman

o 5 whole-time members (all appointed by government)

o 4 part-time members.

Above said members to be appointed by the central government from

among person of ability & standing who have a knowledge or experience

in:o Life insurance

o General insurance

o Finance

o Economics

o Law

o Accountancy

o Administration or

o Any other discipline

Which would in the options of the central government, be useful to the

authority.



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IRDA has been vested with adequate power and duties for smooth running

of insurance business.

To regulate, promote and ensure orderly growth of insurance business.

To exercise all power and function of controller of insurance.

To protect the interest of the policyholders in claim settlement and terms &

conditions of policies.

To promote & regulate professional organizations connected with

insurance business.

To:

o Call for an information from Company.

o Undertake inspection.

o Conduct investigation including audit of insurer, intermediaries &

other connected organizations & persons.

To control and regulate the rates and terms & conditions that may be

offered by insurers in respect of general insurance matters.

To prescribe the manner and form in which accounts will be maintained

and submitted by insurers and intermediaries.

To regulate investment of a funds and margins of solvency.

To adjudicate (judge) disputes between insurers and intermediaries.



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Name Of The Company: Oriental Insurance Co. Ltd.

Registered Office: Oriental Insurance Co. Ltd.

New Delhi.

Registered office address: A 25/27 Asaf Aria Road,New Delhi 110002

Contact No: 02762- 253665/254680

Approval & Training given by: Divisional Manager

E-mail Address: [email protected]

Website: www.orientalinsurance.org

Corporate Office: 1st floor Umiya Shopping Centre,Mehsana highway,Mehsana. 384002(Gujarat-India)

Time keeping system: 10:00 a.m to 5:45 p.m



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The Oriental Insurance Company Ltd was incorporated at Bombay on 12

th

September 1947. The Company was a wholly owned subsidiary of the Oriental

Government Security Life Assurance Company Ltd and was formed to carry out

General Insurance business. The Company was a subsidiary of Life Insurance

Corporation of India from 1956 to 1973 (till the General Insurance Business was

nationalized in the country). In 2003 all shares of our company held by the

General Insurance Corporation of India has been transferred to Central

Government.

The Company is a pioneer in laying down systems for smooth and orderly

conduct of the business. The strength of the company lies in its highly trained and

motivated work force that covers various disciplines and has vast expertise.

Oriental specializes in devising special covers for large projects like power plants,

petrochemical, steel and chemical plants. The company has developed various

types of insurance covers to cater to the needs of both the urban and rural

population of India. The Company has a highly technically qualified and

competent team of professionals to render the best customer service.

Oriental Insurance made a modest beginning with a first year premium of Rs.99,

946 in 1950. The goal of the Company was Service to clients and achievement

thereof was helped by the strong traditions built up overtime. Oriental with its

head Office at New Delhi has 26 Regional Offices and nearly 900+ operating

Offices in various cities of the country. The Company has overseas operations in

Nepal, Kuwait and Dubai. The Company has a total strength of around 15,000+

employees. From less than a lakh at inception, the Gross Premium went up to

Rs.58 crores in 1973 and during 2008-09 the figure stood at a mammoth Rs.

4077.90 crores.



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CORPORATE MISSION

To contribute to the socio economic objectives of the nation by being a vibrant

and viable organization catering to the growing insurance needs of the

community. Towards this end we will strive for effective management of business

operations.

CORPORATE VISION

1. To serve better the insurance needs of the entire community, keeping

customer as the focus.

2. To strengthen our tradition of being customer friendly, in order to provide

quality service.

3. To manage Business profitably, manage funds judiciously and deploy

investible funds for optimum yield.

4. To optimize the retention of Indian business and conduct reinsurance and

international operations in the best interest of the country.

5. To work towards minimization of losses and develop Risk Management

Technologies.



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M. RamadossChairman-cum-Managing Director

J.S.S.Sastry D.V.Shah S.K. Chanana D. Singh

Director Director Director Director



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M. RamadosChairman-cum-Managing Director

S.K. Chanana D. Singh S. SurentherGeneral Manager General Manager General Manager

Niraj Kumar Dr. A.K. Saxena N.K. SinghGeneral Manager General Manager General Manager



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M.K. Jindal P. Mahajan A.K. Bhandari

A.K. Das D.K. Soni Virander Kumar B.N. Pra

T.K. Chattopadhyay Mita Bhattacharjee Anil Kumar



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Chairman cum managing director

General Manager

Deputy General Manager

Chief Manager

Manager

Deputy Manager

Assistant manager

Administrative officer

Senior assistant

Record clerk



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Subordinate staff

Head office

Regional office

Divisional office

Branch office

Extension counter



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Oriental is 67 years old non life insurance company and first non life

insurance company in India.

Oriental is the first non life insurance company who take an insurance of

aviation like satellite in the world.

Oriental is also the first non life insurance company who take an insurance

of energy of the Reliance Energy.

Oriental was rated No.1 non life insurance company for customer services

with claim settlement ratio 86.24% in the year 2001-2002.

Oriental was rated No.1 non life insurance company for grievance redresser.

Oriental has achieved the success of highest growth in Indian market in the

year 2005-06.

In India there are 890 offices and 105 extension counter of Oriental

insurance company.

Oriental has also achieved award of best public relation officer in the India

and his name is Dhirendra Varma.

When there was plane crash of Indian Airlines so at that time the insurance

of that plane was under the Oriental company so at that time oriental had

paid Rs:- 1.3 cr within the one week.

The divisional managerMr R.S. Rahul of the Oriental Insurance company

gets the award for getting the training in National Insurance Academy.



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Oriental Insurance Company had the premium of Rs:-99,946 in 1947 but in

todays time it is growing so far.



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1. Specific Policy:-

In this type of policy, the insurance company is liable to pay a sum, which may be

less than the property's real value. The insured is called to bear a part of the loss,

as the actual value of the property is not considered in deciding the amount of

indemnity. This is a case of under-insurance of property.

2. Comprehensive Policy:-

Known as "all-in-one" policy, the insurance company indemnifies the

policyholder for loss arising out of fire, burglary and theft and third party risks. In

this type of policy, the policyholder also gets paid for loss of profits incurred, due

to fire, till the time the business remains shut.

3. Valued Policy:-

In this type of policy, the value of the commodity is already set and actual loss is

not taken into consideration. The policy follows a standard contract of indemnity,

wherein the policyholder gets paid a specific amount of indemnity, without

considering the actual loss.

4. Floater Policy :-

This type of policy is subject to average clause and the extent of coverage

expands to different properties, belonging to the policyholder, under the same

contract and one premium. The floating policy also provides protection of goods

kept at two different stores.



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5. Replacement or Re-instatement Policy :-

As per replacement or re-instatement policy, the insurance company instead ofpaying the policyholder the amount of indemnity in cash, replaces the damaged

property/commodity with a new one.

Documents Required for Fire Insurance Claim

True copy of the policy along with schedule.

Report of fire brigade.

Claim Form

Photographs

Past claims experience



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1. Yacht (Hull) Insurance:

Insurance of pleasure craft is generally known as 'yacht insurance' and includes

liability coverage. Smaller vessels, such as yachts and fishing vessels are

typically underwritten on a 'binding authority' or 'line slip' basis.

2. Increased Value (IV):

Increased Value policy protects the ship-owner against any difference between

the insured value of the vessel and the marketvalue of the vessel.

3. Overdue insurance:

This is a form of insurance now largely obsolete due to advances in

communications. It was an early form of reinsurance and was bought by an

insurer when a ship was late at arriving at its destination port and there was a risk

that it might have been lost (but, equally, might simply have been delayed). The

overdue insurance of the Titanic was famously underwritten on the doorstep of

Lloyd's.

4. Cargo insurance:

Cargo insurance is underwritten on the Institute Cargo Clauses, with coverage

on an A, B, or C basis, a having the widest cover and C the most restricted.

Valuable cargo is known as specie.



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Documents Required for Marine Insurance Claim

Claim form Claim bill

By Road,

1. Receipt & Other freight receipt

By Sea,

1. Bill Of lading

By Air,

1. Air Bill



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1. Electronic Equipment Insurance Policy:-

This policy offers you financial protection in case your electronic equipment

suffers accidental electrical and machinery breakdown requiring repairs and /or

replacement. This policy covers all types of computers including micro

processors, word processors, tele communication instruments, machine for

medical use, films and television studio equipment, electronic score boards etc

2. Nagrik Suraksha Policy:-

A novel accidental insurance covers for any citizen of India in the age group of 5

years to 70 years for family package and 18 years to 70 years for individual/group

cover. Individual policies ranging between one year to four years and group

policies 12 months minimum sum Rs one lac-maximum Rs.five lacs with an

option of enhancement of minimum limit of sum insured in multiples of rs.25,000/-

up to a maximum of rs.5,00,000/-.

3. Kissan Package Insurance:-

The Kissan Package policy is a comprehensive policy specially designed by

Oriental that seeks to cover losses arising out of a wide variety of risks and perils.

It lets a farmer concentrate on his business, free of many worries the policy is

divided into 15 sections offering protection to the farmer to his personal effects,

household goods, livestock, poultry, personal insurance and 38 hospitals



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Documents Required for M iscellaneous Insurance Claim

1. Claim form

2. Accidental injury

3. PM note

4. Death/injury certificate



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If any claim arises in health insurance policy and the same can be settled in anyof the following ways:

1. Reimbursement of expenses.

2. Cashless facility for planned hospitalization.

3. Cashless Facility for emergency hospitalization.

1. Reimbursement of expenses:

If a policyholder falls sick and hospitalized in non empanelled hospital then he

should follow the following procedure:

Intimation to the insurer/ Third Party Administrator (TPA) along with the

name of the person who has fallen sick

Policy number

Name of the hospital

Name of the Doctor

The above information should be sent within 7 days of the hospitalization.

Within 30 days Final claim form along with the following documents:

Hospital receipts/ original bills

Cash memos

Various reports and tests

Hospital admission and discharge slip

Case History

Any other documents desired by TPA or Hospital

Note: Kindly ensure that you have been admitted to the hospital/nursing home as

defined in the policy.



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2. Cashless facility for planned Hospitalization:

Policy no. & card number should be should be shown to the Hospital

On confirmation from the TPA the treatment can be taken in that hospital.

If expenses increases during the treatment then the hospital will

sent revise estimate to the TPA for their approval.

For any post hospitalization treatment the original bills/cash memo

can be sent to the TPA after completing the treatment for the

reimbursement.

3. Cashless Facility for emergency hospitalization

A card issued by the insurer should be shown to the hospital

The expected expenses may send to the TPA for their approval.

For any post hospitalization treatment the original bills/cash memo can be

sent to the TPA after completing the treatment for the reimbursement



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In the event of claim, the insured is required to give a notice of loss to theinsurers and submit proofs and particulars of loss. The insurers are also duty

bound to minimize the losses and to take all reasonable steps to minimize looses.

The following steps are generally followed when the fire insurance claim is

processed:

A. Verification: - that the policy was in force, the loss reported is the subject

matter of insurance and the loss occurred due to the operation of insured

peril.

B. Allotment of claim number: - the claim is entered in the claim register

and a number is allotted which inter alias contains the estimate of loss and

surveyors deputed for the purpose.

C. Issue of claim form: - a claim form is issued to the insured for due

completion and submission to the insured.

D. Appointment of surveyors: - the surveyors are appointed to estimate the

amount of loss, investigate the cause of loss and actually enquire as to the

genuineness of the claim.

E. Preliminary report: - the surveyors submit the brief report to the insured.

F. Final report: - based on facts and response to the preliminary report the

surveyor to the insurer submits a detailed report of the loss.

G. Adjustment: - the claim is adjusted for premium due etc. and the

discharge voucher is submitted by the insured to the insurer.

H. Payment of claim: - after receipt of discharge vouchers and other

documents, the claim is paid to the insured and the entries are made in the

claims register.



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In Marine Insurance claims, all the documents of the claim are to be submitted to

the insurance company. The documents should be submitted in original.

Wherever original documents are not available second copy / printed copy may

be accepted but photocopies are not acceptable. The documents are to be

submitted preferably in one lot and within reasonable time limit of occurrence of

the claim and under all circumstances before claim becomes time barred against

carrier etc. The following is a list of claim documents, which is generally required

for any marine claim. The insurance company may ask depending upon the

nature of claim other additional documents.

For detail claim procedure and documents check list, please click at the relevant

link as indicated below.

Ocean Transit

Inland Transit (Rail)

Inland Transit (Road)

Air transit

Postal Transit



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A. OCEAN TRANSIT:

Basic Documents Required:

Claim Form duly filled in & signed.

Original Policy/Certificate.

Short Landing Certificate/Landed But Missing Cargo/Damage Certificate.

Suppliers Invoice

Packing List.

Quadruplicate copy of Bill of Entry. Steamer Survey report in original.(if arranged)

Copy of Claim Notice served on Carrier/Port authorities along with postal

acknowledgement card.

Copy of correspondence with the carrier/Port authorities/Customs

authorities.

Copies of Correspondence exchanged with the suppliers (reply from

suppliers is a must) in connection with short packing (if applicable). Lost Overboard Certificate from the Port Trust countersigned by the

master of the vessel or steamer agents (in respect of Loss Over Board /Sling

Losses).

Original Repair Bills with receipt/Performa Invoice for value of items

lost/damaged.

Copy of Application filed with Customs for refund of Duty (if applicable).

Photographs if arranged.

Letter of Subrogation cum special power of Attorney.



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B. INLAND TRANSIT (RAIL)



Original Policy /Certificate.

Open delivery Certificate or copy of application for open delivery,

Reply received from the Railways refusing open delivery, Copy of the letter

of protest sent to Railways with the acknowledgement thereto and certified

extract of the remarks made in the station delivery or complaints book.

Suppliers Invoice.

Packing List.

Copy of Claim Notice served on Railway along with postal


Copy of correspondence with the Railways.

Copies of Correspondence exchanged with the suppliers(reply from

suppliers is a must) in connection with short packing (if applicable)

Original Railway Receipt.

Original Repair Bills with receipt/Proforma Invoice for value of items

lost/damaged.


Letter of Subrogation cum special power of Attorney.



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C. INLAND TRANSIT (ROAD)



Original Policy/Certificate.

Original Open delivery certificate or copy of notice given to carriers

advising about survey, protest made to them (for Packages delivered

apparently in damaged condition).

Suppliers Invoice.

Packing list.

Copy of Claim Notice served on carriers along with postal


Copies of correspondence exchanged with the suppliers (reply from

suppliers is a must) in connection with shortpacking (for short receipt

claims).

Original Non Delivery Certificate (for Non Delivery Claims)

Original Repair Bills with receipt / proforma invoice for value of items

lost/damaged.


Letter of Subrogation cum Special Power of Attorney.



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D. AIR TRANSIT




Original Airway Bill.

Quadruplicate copy of bill of Entry.

Suppliers Invoice.

Packing list.

Copy of Claim Notice served on carriers along with postal


Copy of correspondence exchanged with the carriers.

Copies of correspondence exchanged with the suppliers (reply from

suppliers is a must) in connection with short packing (for short receipt

claims).


Original Short Delivery Certificate (for Short Delivery Claims)

Copy of application filed with Customs for refund of Duty.

Original Repair Bills with receipt / proforma invoice for value of items

lost/damaged.


Letter of Subrogation cum Special Power of Attorney.



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E. POSTAL TRANSITS




Original Post Parcel Receipt.

Suppliers Invoice.

Copy of Claim Notice served on Postal Authorities along with postal


Copy of correspondence exchanged with the Postal authorities.


Original Short Delivery Certificate (for Short Delivery Claims)

Original certificate of damage /loss issued by the postal authorities (for

Shortage/Damage Claims). Letter of Subrogation cum Special Power of Attorney.



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DEFINITION OF AGENT

Individual who is licensed by an IRDA to sell an insurance policy. According to

IRDA agent will sell insurance of company by which he or she applied. He cannotwork for any other company.

RESPONSIBILITY OF AN AGENT

1. The agents basic responsibility is to give the basic information about their

company

2. The agent must tell the basic policies of the company & he should give the fair

policy to their customer.

3. After giving the policy he must give the after sale service and take care about

their policy.

4. Now, if any customer takes policy, the agent must aware to his customer about

various terms & conditions of the policy.

5. If any consumer has around to the last date of the policy, he must aware his

customer of the renewal of the policy.

6. The agent must tell to his customer about the premium rate of the policy.

7. If any of his customers has an accident, at that time the agent must go there

and give him mental support and give him faith.

8. The agent must tell to his customer about the add on premium on the different

policies

e.g.:- earthquake



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1. Fill up an Application Form for a Licence / Renewal of Licence to Act as

an Insurance Agent

TOTHE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY,DEPARTMENT OF LICENSING,NEW DELHI.

DEAR SIRS,

I request that ---

(a) a licence to act as an insurance agent* / a composite insurance agent*may be granted to me.(b) *my licence bearing number ____________________ and expirydate_____________ may be renewed for a further period of three years.

2. I hereby declare that particulars given below are true and that the licence forwhich I apply will be used only by myself for soliciting or procuring insurancebusiness for one life insurer* / one general insurer* / both*.(1) Name: [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ](2) Father's/Husband's Name [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ](3) Full Address:

House No. : [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ]

Street: [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ]Town: [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ]District: : [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ]State : : [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ]Pin Code: [ ][ ][ ][ ][ ][ ]Telephone No. [ ][ ][ ][ ][ ][ ]---[ ][ ][ ][ ][ ][ ][ ][ ](STD Code -- Number):

(4) Date of Birth: Day- Month-Year [ ][ ]-[ ] [ ]-[ ][ ][ ][ ]

(5) Title: State 1 if are Mr., 2 Mrs., 3 Miss: [ ]

(6) If you ever held a Licence, state No. and date of expiry, otherwise say "Nil".

(a) Licence Number: [ ][ ][ ][ ] [ ][ ][ ][ ] [ ] [ ](b) Date of Expiry: Day- Month-Year [ ][ ]-[ ] [ ]-[ ][ ][ ][ ]

(7) If you apply for licence to work for a life insurer,State1, for a general insurer, state 2, for both state 3 in the box. [ ]

(8) If you are an applicant from a rural place,State1,in the box. [ ]



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(9) Educational Qualifications.State 1, if you passed Class X ; 2: Class XII; 3: Graduate;4: Post-graduate; 5: if you hold a professional qualificationSuch as ACA, FASI, AICWA.): [ ]

(10) Give particulars of pass in pre-recruitment test conducted by the InsuranceInstitute of India or any examination body:

(a) Name of Examination Body: [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ](b) Candidate's Number: [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ](c) Centre of Examination: [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ](d) Date of Passing: [ ][ ]-[ ][ ]-[ ][ ][ ][ ](Day- Month-Year)

(11) Give particulars of Practical Training completed from an approved institution.(a) Training Hours completed: [ ][ ](b) Name of Training Institute: [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ](c) Candidate's Number: [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ](d) Centre (Place) of Training: [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ] ](e) Starting Date of Training: [ ][ ]-[ ][ ]-[ ][ ][ ][ ](Day- Month-Year)3. I further declare that----

(a) I have not been found to be of unsound mind by a court of competentjurisdiction;

(b) I have not been found guilty of criminal misappropriation or criminal breach oftrust or cheating or forgery or an abetment of or attempt to commit any suchoffence by a court of competent jurisdiction;

(c) I have not been found guilty of or to have knowingly participated in orconnived at any fraud, dishonestly or mis-representation against an insurer oran insured in the course of any judicial proceeding relating to any policy ofinsurance or the winding up of an insurance company or in the course of aninvestigation of the affairs of an insurer; and

(d) #I have not violated the code of conduct specified under Regulation 8 ofIinsurance Regulatory and Development Authority (Licensing of InsuranceAgents) Regulations, 2000).

4. I have made the payment of licence fee of rupees two hundred and fifty and forwhich I enclose the documentary evidence.5. I enclose the following documents in support of the educational qualification,pre-recruitment test, and the practical training.(a) ______________________ (b) _________________________

Place Yours faithfully,

Date: Signature of applicant(* Strike out portion not required.)(# not applicable to the applicants seeking licence for the first time.)



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2. Qualifications of the applicant:-

The applicant shall possess the minimum qualification of a 12 th Standard pass or

equivalent examination conducted by any recognised Board/Institution, where the

applicant resides in a place with a population of five thousand or more as per the

last census, and a pass in 10th Standard or equivalent examination from a

recognised Board/ Institution if the applicant resides in any other place.

3. Practical Training:

The applicant shall have completed from an approved institution, at least, one

hundred hours practical training in life or general insurance business, as the

case may be, which may be spread over three to four weeks, where such

applicant is seeking licence for the first time to act as insurance agent. Provided

that the applicant shall have completed from an approved institution, at least, one

hundred fifty hours practical training in life and general insurance business,

which may be spread over six to eight weeks, where such applicant is seeking

licence for the first time to act as a composite insurance agent.

4. Examination:

The Applicant shall have passed the pre-recruitment examination in life or

general insurance business, or both, as the case may be, conducted by the

Insurance Institute of India, Mumbai, or any other examination body.

5. Fees payable:

The fees payable to the Authority for issue or renewal of licence to act as

insurance agent or a composite insurance agent shall be rupees two hundred

and fifty.



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Each of the following Nine Insurance leads-Annuity leads Marketing Strategy is

based on a highly effective - but often overlooked marketing tactic. How many are

you using? How many have you overlooked?

Strategy 1: Insulate yourself against the impact of change by increasing the

number of Insurance products and services you offer... and by using a variety of

different marketing methods. For instance, you can use a postcard mailing toSenior Citizens from age 62 to 78 and income over $40,000. Every three weeks

you would drip on them with another postcard. Also, you could do a quarterly

newsletter. I like our "World Smallest Newsletter" on a over sized postcard. Only

a small portion of your total business will be affected if the sales of one product or

marketing spoke on your marketing wheel declines or the response to one

marketing method drops.

Strategy 2: Avoid making any claim that sounds exaggerated... even if it is true.

A bold claim creates doubt in your prospect's mind and jeopardizes the sale.

Reduce any bold claims to a more believable level. Use third party articles to help

make your claims hit home.

Strategy 3: Express numerical claims as odd numbers with fractions or decimals.

For example, "Our clients save 17.7 percent" sounds more believable than "Our

clients save 20 percent"... even if 20 percent is the accurate number.

Strategy 4: Set up an Insurance leads-Annuity leads automatic mailing system

that you can use weekly that will keep you in a steady flow of leads. We have

developed a brand new "Ultimate Postcard System" that you can use that will do

all your postcard mailings that will only take about 15 minutes a week. Thing of

your business as a wagon wheel with spokes and the hub is the base. If you only

have two spokes and one breaks your in trouble. However if you have at least 10



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spokes and one breaks it won't be a problem. That's what you want your

Insurance marketing business to have. You need to have systems in place for

building referrals, current clients, centre of influences, postcards, telemarketing,

newspaper ads, etc. I highly recommend you start out2005 with mailing out atleast 1,000 postcards.

Strategy 5: Develop a series of 4 or 5 different special Insurance leads-Annuity

leads postcards. Use them one at a time on a quality lists. I also like to use

income levels over $50,000. Our test shows that 80% of these people have CD

money. Continuously recycle through the same series of dripping of postcards.

This enables you to keep using special postcards to generate sales without

taking time to develop new ones.

Strategy 6: If you're attracting many prospects who really don't have (or can't

get) the money to buy your product or service... you need to change your market.

Target a market where prospects have an intense desire for the benefits

produced by your product or service - AND the money to buy it.

Strategy 7: Set yourself apart from competitors by offering an exclusive benefityour competitors cannot copy... or one they're not willing to copy. One agent I

know has positioned himself in the following way. He specialists in showing

people how to have retirement money available from the 11 to the 20 year.

People are out living their money.

Strategy 8: Advertising Insurance leads-Annuity leads copy produces the biggest

response when each reader can believe the message was written specifically for

him or her. As you write any sales message, visualize you're writing to one

person instead of to a large group of people. This will help you write in a less

formal and more personal style. Personalize envelopes with head addressed and

a real live stamp.

Strategy 9: Most insurance sales are not made on the first contact. Develop a

method to capture and save the names and contact information of prospects who

don't buy from you. Follow up periodically. A little gentle coaching will eventuallyV.M. Patel College Of Management Studies


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convert many of them into buyers. Develop a newsletter that you can send out on

a monthly basis.

Life Insurers (Public Sector)

Life Insurance Corporation of India - www.licindia.com

Life Insurers (Private Sector)

Allianz Bajaj Life Insurance Company Limited - www.allianzbajaj.co.in

Birla Sun-Life Insurance Company Limited - www.birlasunlife.com

HDFC Standard Life Insurance Co. Limited - www.hdfcinsurance.com

ICICI Prudential Life Insurance Co. Limited - www.iciciprulife.com

ING Vysya Life Insurance Company Limited - www.ingvysayalife.com

Max New York Life Insurance Co. Limited - www.maxnewyorklife.com

MetLife Insurance Company Limited - www.metlife.com

Reliance Life Insurance Co. Ltd - www.ril.com

Om Kotak Mahindra Life Insurance Co. Ltd.

www.omkotakmahnidra.com

SBI Life Insurance Company Limited - www.sbilife.co.in

TATA AIG Life Insurance Company Limited - www.tata-aig.com

AMP Sanmar Assurance Company Limited - www.ampsanmar.com

Dabur CGU Life Insurance Co. Pvt. Limited - www.avivaindia.com

Bharti Axa Life Insurance Company Limited-www.bharti.axaig.com

General Insurers (Public Sector)

National Insurance Company Limited - www.nationalinsuranceindia.com

New India Assurance Company Limited - www.niacl.com

United India Insurance Company Limited - www.uiic.co.inV.M. Patel College Of Management Studies


58
http://www.licindia.com/http://www.birlasunlife.com/http://www.hdfcinsurance.com/http://www.iciciprulife.com/http://www.ingvysayalife.com/http://www.maxnewyorklife.com/http://www.metlife.com/http://www.ril.com/http://www.omkotakmahnidra.com/http://www.sbilife.co.in/http://www.tata-aig.com/http://www.ampsanmar.com/http://www.avivaindia.com/http://www.licindia.com/http://www.birlasunlife.com/http://www.hdfcinsurance.com/http://www.iciciprulife.com/http://www.ingvysayalife.com/http://www.maxnewyorklife.com/http://www.metlife.com/http://www.ril.com/http://www.omkotakmahnidra.com/http://www.sbilife.co.in/http://www.tata-aig.com/http://www.ampsanmar.com/http://www.avivaindia.com/


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General Insurers (Private Sector)

Bajaj Allianz General Insurance Co. Limited - www.bajajallianz.co.in

ICICI Lombard General Insurance Co. Ltd. - www.icicilombard.com

IFFCO-Tokio General Insurance Co. Ltd. - www.itgi.co.in

Reliance General Insurance Co. Limited - www.ril.com

Royal Sundaram Alliance Insurance Co. Ltd. - www.royalsun.com

TATA AIG General Insurance Co. Limited. - www.tata-aig.com

Cholamandalam General Insurance Co. Ltd. - www.cholainsurance.com

Export Credit Guarantee Corporation - www.ecgcindia.com

HDFC Chubb General Insurance Co. Ltd. - N.A.

General Insurers (Reinsurer)

General Insurance Corporation of India - www.gicindia.com

Reliance Reinsurance Co.Ltd. N.A



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60

COMPANY COMPANY

CUSTOMER

AGENT / BANK

CUSTOMER

0 - LEVEL 1 - LEVEL


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Insurance provides security to person & property. It gives strength to the

economy. It contributes a lot to the GDP of the country. The contribution towards

GDP in our country from insurance is marginal but it is growing at very fast rate.

In Insurance industry, now its possible to grow which was never achieved

before.As per our honourable P.M.s speech at U.N.O., it is likely to achieve a

business of Rs 1,25,000 crore by 2015 which means an average growth of 20%

per year.

Insurance companies can achieve this growth likely to this by performing their

marketing and their effective policy.

If the Insurance sector is growing continuously, so it will help to the country

because with this the country can increase its National Income.

If insurance companies want to increase their profit and to grow larger in the

future, then the company need to settle the claims according to the happening of

an event. Here, the company also needs to analyse the claim properly before

settling the particular claim of the customer. This helps the company directly or

indirectly to grow and earn good rate of return from the insurance business.



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Websites:-

www.ultimateinsurancesystem.com/specialreport.htm

www.orientalinsurance.org.in

www.irda.org.in

Other Sources:-

Material provided from the company.

Other Referred Book:-

Book : - Introduction to Insurance & Risk Management.

Author : - Mark S Dorfman (Eighth Edition) Page No: - 13.

Publication : - Prentice-Hall of India Private Ltd.
http://www.ultimateinsurancesystem.com/specialreport.htmhttp://www.orientalinsurance.org.in/http://www.ultimateinsurancesystem.com/specialreport.htmhttp://www.orientalinsurance.org.in/