INSURANCE

SEMINAR 1
INSURANCE
Insurance is used by businesses and
individuals in order to reduce the
financial impact of a risk occurring.
While an insurance policy does not
remove a risk, it does provide the
policyholder with some security should
the worst happen.
How does insurance work? (I)
the insurer agrees to take on the risk on
behalf of the business or individual concerned
known as the insured.
the insurance contract, sometimes is called a
policy. In this contract the insurer will state
what risks it has agreed to insure against and
how much it will pay if the risk happens so
that the insured is put back into the same
position as if the risk had not happened.
How does insurance work?
(II)
The insurer will collect premiums on a
number of policies and pool these funds
together which it then invests to make
the pot of money grow.
Should any insured person make a
claim on a policy, the insurer will pay
out on that claim from the pool of
funds.
How does insurance work?
(III)
To be included in an insurance policy, a risk
must be capable of being measured in
monetary terms. (INSURABILITY)
The insurer will look at all the circumstances
surrounding a risk before deciding whether or
not to provide insurance cover against it, and
this whole process is called underwriting.
Underwriters are the specialists employed by
the insurer to carry out this task
TYPES OF INSURANCE (I)
LIFE INSURANCE
HEALTH INSURANCE
HOME INSURANCE
FIRE INSURANCE
THEFT/BURGLARY INSURANCE
MOTORCAR INSURANCE
LIABILITY INSURANCE

TYPES OF INSURANCE(II)
MARINE AND TRANSPORT INSURANCE
CELEBRITY/BODY PART INSURANCE
FARMING INSURANCE
ACTS OF GOD INSURANCE
BUSINESS INSURANCE (employee, loss
of profit, loss of earnings)
FOREIGN EXCHANGE RISK INSURANCE


TYPES OF INSURANCE (III)
COUNTRY RISK INSURANCE
SOCIAL SECURITY INSURANCE
DISABILITY INSURANCE
THIRD PARTY INSURANCE
TRAVEL INSURANCE
POLITICAL RISK INSURANCE
LLOYDS OF LONDON
Leading insurance market in the world
The underwriters at Lloyds are among the
best in the world. The risks that they cover
are usually brought into the Lloyds market by
brokers, and the underwriters and brokers
together will use their considerable
knowledge and expertise to agree the right
insurance cover at the right price and on the
right terms.
Lloyds of London

Q1
INSURANCE is like marriage.
You pay, pay, pay, and you never
get anything back. (Al
Bundy, American TV Character,
Married with Children)
Q2
Unemployment INSURANCE
is a pre-paid vacation for
freeloaders.( Ronald
Reagan, Fortieth President of the
USA)

Q3
The chief beneficiary of life
INSURANCE policies for young,
single people is the life INSURANCE
agent. (Wes Smith)

Q4
People who live in glass houses
should take out INSURANCE.
(Source Unknown)

Q5
Generally speaking,
insurance is a waste of
money.


Q6
INSURANCE: An ingenious
modern game of chance in which the
player is permitted to enjoy the
comfortable conviction that he is
beating the man who keeps the table.
(Ambrose Bierce, American Author,
Editor, Journalist, ''The Devil's
Dictionary'')

Q7
You don't need to pray to God any
more when there are storms in the sky,
but you do have to be insured.
(Bertolt Brecht, German Dramatist)

Q8
Simply by not owning three medium-
sized castles in Tuscany I have saved
enough money in the last forty years on
INSURANCE premiums alone to buy
a medium-sized castle in Tuscany.
(Ludwig Mies Van Der Rohe
Q9
Religion is INSURANCE in this world
against fire in the next. (Source
Unknown)

Q10
I don't want to tell you how much
INSURANCE I carry with the
Prudential, but all I can say is: when I
go, they go too. (American Comedian)