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A project report on customer perception towards insurance
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Actions Shares. No notes for slide. A project report on customer perception towards insurance 1. com for more project reports, notes etc. Every human being has the tendency to save to protect him from risks orevents of future. Insurance is one form of savings where in people try to assurethemselves against risks or uncertainties of future. It is assurance against risks or eventsor losses, literature review on customer perception on insurance.
People can save their earnings either in the form gold, fixed assets like propertyor in banking and insurances. All the savings of people of a country account for grossdomestic savings. In India, although savings rate is high but people prefer to invest eitherin gold or fixed assets so that they can make money out of it. Hence insurance sector isstill untapped in India. com 1. WHAT IS INSURANCE? Insurance is a tool by which fatalities of a literature review on customer perception on insurance number arecompensated out of funds premium payment collected from plenteous.
Insurance is asafeguard against uncertain events that may occur in the future. It is an arrangement where the losses experienced by a few are extended overseveral who are exposed to similar risks. It is a protection against financial loss arising onthe happening of an unexpected event. Insurance companies collect premium to providesecurity for the purpose. Loss is paid out of the premium collected from people and theinsurance companies act as trustees to the amount so collected. These companies haveproposal forms which are filled to give details of insurance required.
Depending upon theanswers in the proposal form insurance companies assess the risk and decide on thepremium. Insurance companies are risk bearers. They underwrite the risk in return for aninsurance premium. the function of insurance is to provide protection, prevent losses,capital formation etc. it may also be defined as a contract wherein one party insurer agrees to pay the other party insured or his beneficiary, a certain sum upon a givencontingency against which insurance is required.
Insurance industry commands massive funds through sales of insurance productsto large number of clients.
Insurers also create liabilities and commit themselves tocompensate for losses occurring to the policyholders on future date. It also plays animportant role in process of capital formation. NATURE OF INSURANCE 3. coma Risk sharing and risk transfer: Insurance is used to share the financial losses thatmight occur to an individual or his family on the happening of specified events. The lossarising from such events are shared by all the insured in the form of premium.
Example: suppose in a village, there are houses, each valued at Rs. Everyyear one house gets burnt, resulting into a total loss of Rs If all the ownerscome together and contribute Rs. This isenough to pay to the owner whose house gets burnt. Thus the risk of one owner is spreadover house owners of the village. b Risk assessment in advance: Insurance companies are risk bearers. They assess therisk before insuring to charge the amount of premium.
c Its not gambling or charity: The uncertainty is changed to certainty by insuringproperty and life because the insurer promises to pay a definite sum at damage or death. Insurance is antithesis of gambling. Failure of insurance amounts to gambling becausethe uncertainty of loss is always looming. Moreover insurance is not possible withoutpremium. So it is different from charity because charity is given without consideration. d Huge number of insured people: It is essential to insure larger number of people orproperty to make cost of insurance less consequently premium would also be less.
e Assists in capital formation: Insurance provides capital to society. Accumulativefunds are invested in productive channels. SEMANTICS 1. Risk: It is defined as an uncertainty of a financial loss. It is the unintentional decline in or disappearance of value arising from contingency. Policy: It is the document which embodies the insurance contract 3. Whole life policy: It is the policy under which the amount of policy will be paid only on death of the insured.
Premiums may be payable throughout the life or for a limited period. com 4. Endowment policy: Endowment policies entitle the insured to receive the amount of the policy on his reaching a certain age and premiums also stops. If death occurs earlier, amount of the policy will be paid at that time and payment of premium will also stop at that time. Claim: It is the amount which an insurer has to pay against a policy.
Reinsurance: It refers to placing a part of the risk by an insurer with another insurer. The object is to reduce the possible loss to be borne by the original insurer, who pays premiums at the ordinary rates to the reinsurer. Reinsure must pay commission to the original insurer. Premium: A periodic payment made on an insurance policy. Insurance penetration: It is defined as insurance premium as a share of gross domestic product.
Insurance density: Insurance density is defined as per capita expenditure on insurance premium i. premium per capita. Actuary: The actuary is a specialist who combines an understanding of risks and mathematical technique to develop financial products to manage these risks, price these products.
He helps in designing insurance plans and then evaluates the financial risk of the company which it takes while selling an insurance policy. Non-Life Insurance or General Insurance. It can be again subdivided into the following categories: a Fire Insurance.
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Our experts are available 24/7 to help customers send their jobs on time, even if they only have. Literature Review On Customer Perception On Insurance. 12 hours left before the deadline. According to a recent survey, 94% of all copies ordered from our professionals will be delivered before the deadline. The training commenced from 2nd june and was completed on 17th July, The project work is entitled “Customers perception towards insurance and Exide life insurance in odisha” embodies the original work done by during his summer training period. Name: Mr. Debu Mukharjee Company Guide SEAL OF ORGANISATION. 6. [5] If you need professional help with completing any kind of homework, blogger.com is the right place to Literature Review On Customer Perception On Insurance get the high quality for affordable prices. Whether you are looking for essay, coursework, research, or term paper help, or with any other assignments, it is no problem for us
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