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Prof. V.K.Agarwal
Banking & Insurance
Prof: V.K.Agarwal
Visiting Faculty
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Peace of Mind
We pray to God for
Prosperity/Happiness
Peace of Mind
So that we may have a
Good Time
We wish each other
A Good Day
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How ever, life is not always
full of Happiness.
It is full of Happiness
As well asSorrow/Sadness
God gives us
Some times Happiness &Sometimes Sadness
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God gives us
Some times Khushi
& some times GumGod gives us
KABHI KHUSHI
KABI GUM
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We get Khushi
We have Certanity
Events as per expectationsGet Good News
Then, we feel happy
EncouragedMotivated
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Become active
Have positive attitude
OptimistGet peace of mind
Feel happy
Delighted
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Result is
We gain some thing
And try to continue to gain in future
Gain may be
Direct gain
As well as
Indirect gain
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Direct Gain
May be
Monetary GainMonetary Gain
Results in
Profit / Income
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Indirect Gain
Is
Notional gain
May be
Good feelings
Emotions
Happiness
Pleasure
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Goodwill
Satisfaction
Enjoy Good HealthHelp in Ageing
Can not be measured
In terms of money
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We make efforts
To continue to gin
For ProsperityPeace of mind
Happiness
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We seek
Financial
SecurityProtection
Against any
UncertaintyUnforeseen Event
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We use
Management Techniques
For managing the
Uncertainty
Unforeseen Events
By bringing some discipline
in individuals life
Family / Business
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We practice
RISK MANAGEMENT
In our LifeConsciously / Unconsciously
Knowingly / Unknowingly
OR
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Transfer the risk
To some one
By Financing the Risks(Risk Financing)
Or
Using AlternativesOf Risk Financing
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Financial PlanningBy
Buying Insuranceor ArrangingSelf Insurance
GUM
SORROWUNCERTANITY
UNEXPECTED EVENTS
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Bad News
Feelings are hurt
Discouraged
Attitudes becomesNegative
Pessimist
No GainIncurs/Suffers
Financial Loss
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Indirect Loss
Feelings are hurt
SorrowSadness
Not insurable
To stop the lossAlso Practice
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RISK MANAGEMENT
RISK TRANSFER
INSURANCE
IN PROSPERITY
AS WELL AS SORROW
IN KHUSHI AS WELL AS GUM
WE TAKE CARE OF
FORTUTIOUS EVENTS
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We manage the risks
in both the situations
And if we are not able to manage
We transfer the risks to some one else
By risk financing/buying insurance
Which is called Financial Planning
However, all the risks
can not be transferred
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All business risks
Trade risks
Risks hidden in the trade
Not necessarily transferred
Or insured
Only Pure Risks
Can be transferred
Insured for survival
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Survival Plan is Insurance
Insurance Products
May be treatedAs Financial Products
It involves
Two elements
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Transfer or
Shifting of risks
From one individual to a groupAnd
Sharing losses of a Equitable Basis
By all members of the group
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Insurance
Is a
Financial Arrangement
That re-distributes
The costs of
Unexpected losses
Among the members
Of Insurance Pool
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In Legal Terms
Insurance is a
Contractual Agreement
Whereby One PartyAgrees
For a Consideration
Called Premium
To Compensate Another Party
LOSSES