IC 33 New Course
Prepared By : Sachin Kamath
This is a summary of Important Concept / terminologies collected from every chapter of the new course , based on Frequent questions which have been appearing in exam . To be used/ handed over as Retention / emphasised pointers after completion of chapters during IC 33 Refresher trainings . It can be used during Safaalya , for understanding the reasoning of the correct answers given in the TEST Mode .
Chapter #1 : Introduction to Insurance
1.The concept of Insurance involves a transfer of RISK .
2.Insurance is a process of Transferring RISK from the owner ( Insured ) to the Insurance company in return for a consideration ( Premium ).
3.Insurance helps in Giving Protection , investment options , Tax planning / catering to different needs of life stages .
4.tabled as below
Selling Insurance Through Banks
For Lower Income Families . Premiums mostly collected weekly .
Approx Rs 15 . Minimum SA : 5000, Max SA : 50000
Email : firstname.lastname@example.org ; Toll free Number : 155255
Principle of Indemnity
Distinguishes between Life & Non Life Insurance . Does not allow any one to make profit out of Insurance .compensates only to the extent of losses that too not fully.
Calculates standard prices ( premium) of Insurance products ,Uses statistical data for claims ratio , works on future liabilities , announces
Bonus , does VALUATION every year as per IRDA guidelines
TPA ( third party
Works in building Hospital NETWORK. Also helps in settling claims during cashless hospitalization
NGO /Self Help group
Helps in spreading awareness of Insurance . Brings Buyers & Sellers together. IRDA
Grants licenses to Insurance Company. Regulates the industry. Helps to protect Policyholders against grievance from Insurer
They are Insurer of Insurance Company . Re