INSURANCE

WHAT IS INSURANCE?

A promise of compensation for specific potential future losses in exchanged for a periodic payment.

HISTORY OF INSURANCE
Modern profit insurance manifested in Babylon almost 2000 years B.C., in a contract of loan of trading capital to travelling merchants. This the first written insurance policy appeared in ancient times on a Babylonian obelisk monument with the code of King Hammurabi carved into it. In 12th Century, after the establishment of Seljuk state in Anatolia, Seljuk Sultan Ghiyas ad-Din Kaykhusraw I, introduced a form of state insurance which reimbursing the traders for their loss from the state treasury, if they would be robbed within the Seljuk territory. In the 14th century, as were insurance pools backed by pledges of landed estates. The first known insurance contract dates from Genoa in 1347, and in the next century maritime insurance developed widely and premiums were intuitively varied with risks. In the late 19th century, "accident insurance" began to be available, which operated much like modern disability.

American History
Benjamin Franklin helped to popularize and make standard

the practice of insurance, particularly Property insurance to spread the risk of from fire, in the form of perpetual insurance. century Most insurance companies operated locally.[16] The ambitious ones expanded geographically in the 1830s, such as the New York Life Insurance and Trust Company in upstate New York, and the Baltimore Life Insurance Company in the Mid-Atlantic and Upper South.

20th century During the 1970s and 1980s there was a growth in support for the requirement for drivers to have insurance as a means of proving financial responsibility. In the United States, regulation of the insurance industry is highly Balkanized, with primary responsibility assumed by individual state insurance departments.

Type of Insurance
LIFE INSURANCE
Great Eastern Life Assurance

GENERAL INSURANCE
Kurnia Insurans (Malaysia)

(Malaysia) Berhad American InternationalAssurance (AIA) Berhad Allianz Life Insurance Malaysia Berhad Prudential Assurance Malaysia Berhad Mayban Life Assurance Berhad Tokio Marine Life Insurance Malaysia Berhad Zurich Insurance Malaysia Berhad Hong Leong Assurance Berhad Manulife Malaysia

Berhad Allianz General Insurance Company (Malaysia) Etiqa Insurance Berhad MSIG Insurance (Malaysia) Berhad Chartis Malaysia Insurance Berhad Uni.Asia General Insurance Berhad AXA Affin General Insurance Berhad MCIS Zurich Insurance Berhad AmG Insurance Berhad

Insurance will Cover

Advantage of Insurance
Life Insurance provides the dual benefits of savings and security.
Risk Cover - Life today is full of uncertainties; in this scenario Life

Insurance ensures that your loved ones continue to enjoy a good quality of life against any unforeseen event. Planning for life stage needs - Life Insurance not only provides for financial support in the event of untimely death but also acts as a long term investment. Protection against rising health expenses - Life Insurers through riders or stand alone health insurance plans offer the benefits of protection against critical diseases and hospitalization expenses. Builds the habit of thrift - Life Insurance is a long-term contract where as policyholder, you have to pay a fixed amount at a defined periodicity. Safe and profitable long-term investment - Life Insurance is a highly regulated sector. IRDA, the regulatory body, through various rules and regulations ensures that the safety of the policyholder's money is the primary responsibility of all stakeholders.

Advantage of Insurance
Assured income through annuities - Life Insurance is one of the

best instruments for retirement planning. Protection plus savings over a long term - Since traditional policies are viewed both by the distributors as well as the customers as a long term commitment. Growth through dividends - Traditional policies offer an opportunity to participate in the economic growth without taking the investment risk. Facility of loans without affecting the policy benefits Policyholders have the option of taking loan against the policy. Tax Benefits-Insurance plans provide attractive tax-benefits for both at the time of entry and exit under most of the plans. Mortgage Redemption- Insurance acts as an effective tool to cover mortgages and loans taken by the policyholders so that, in case of any unforeseen event, the burden of repayment does not fall on the bereaved family.

Prepared by ; Josephine Lyn