Professional Documents
Culture Documents
About Me
As Salam o Alaikum to Respected
Teacher and my dear class fellows, My
name is Samia Aziz Bhatti
I am here today to deliver a
presentation on the topic of :
Insurance introduction and its
principles.
INSURANCE
What Is Insurance?
Insurance is the protection
granted to an individual,
institution or indeed the
traders against financial
losses that may be caused
by of the occurrence of
risks
It is based on probabilities
the risks may or may not occur
Insurance aims at
restoring/indemnifying/compen
sating the insured should the
risk occur
Business Risks
Fire causes financial losses
in business
Insurable Risks:
The are risks that;
can easily be assessed and
whose frequency of
occurrence can be
estimated
can have premiums fairly
calculated
have past statistical records
Examples of insurable risks
include; fire, theft, death, claims
from third parties, damage to
property, burglary, bad debts, etc
Non-Insurable Risks:
These are risks that;
can not be easily assessed and
their frequency of occurrence can
not be estimated
whose premium can not be fairly
calculated
do not have any past statistical
record of occurrence
can not be accepted to be covered
by the insurance company
Examples of Non Insurable risks
include: Bad Management, Illegal acts
such as theft, losses due to change of
fashion, natural calamities such as
earth quakes, etc.
Principles Of Insurance
These are rules or guidelines in insurance which
must be strictly adhered to. The non-adherence to
these principles can render ones insurance contract
being declared null and void.
There are four main principles of insurance namely:
Principle of Indemnity
Principle of Proximate Cause
Principle of Insurable Interest
Principle of Utmost Good Faith (Uberrima Fides)
Principle of Indemnity
Rule Of Subrogation
Conclusion
May I were to
purchase
insurance policy
then there would
have been
compensation for
the loss occurred
due to flood.