WHAT IS INSURANCE?. A system under which individuals, business, and other organizations or entities in exchange for payment of a sum of money (i.e. premium)

WHAT IS INSURANCE?

A system under which individuals, business, and other organizations or entities in exchange for payment of a sum of money (i.e. premium) are guaranteed compensation for losses resulted from certain perils under specified conditions.

TYPES OF INSURANCE

INSURANCE

LIFE INSURANCE NON-LIFE INSURANCE

MARINE INSURANCE

FIRE INSURANCE

AVIATION INSURANCE

MOTOR INSURANCE, MONEY AND TRANSIT INSURANCE

LIFE INSURANCE

LIFE INSURANCE Contd..

Life insurance is a contract providing for payment of a sum of money to the person assured or to his/her nominee, on the happening of certain events.

HEALTH INSURANCE

RISK COVERED

Prescription

Drugs

Hospital Bills

Doctor’s Visit Fee

LIFE INSURANCE Contd..

1) Whole Insurance Whole life insurance does not have any expiration date. This policy covers a policy holder against during death his/her whole life. This policy is a long term policy.

LIFE INSURANCE Contd..

2. Term Insurance Term insurance policy is the most common life insurance policy and it covers for a specified term. It protects a policy holder’s life only its expiration date.

NON-LIFE INSURANCE..

• Simply any insurance other than life insurance is simply known as non-life insurance.• General insurance is designed

according to the customer necessity and it is very appropriate for covering any kind of uncertainity in future.

TYPES OF NON-LIFE INSURANCE

MARIN E INSURANCE

MARINE INSURANCE Contd..

This is the oldest form of insurance that originated from Greek. This insurance policy is focused on insuring the loss or damage involved during transportation of goods from the points of loading to unloading of the goods.

FIRE INSURANCE

FIRE INSURANCE Contd.. It is a contract made to compensate a certain loss or damage during the policy period caused by fire.

AVIATION INSURANCE

AVIATION INSURANCE Contd..

• Aviation insurance policy covers the loss and damage occurred in aircraft during flights, landing, and take off.

MOTOR INSURANCE

MOTOR INSURANCE Contd..

• This insurance policy helps by covering the losses and damages resulting due to accidents of vehicles.

ENGINEERING INSURANCE

• This insurance policy helps in covering losses and damages occuring in construction and engineering industries

INSURANCE POLICY STATUS IN NEPAL

• Nepal Insurance and Transport Company was establish under the ownership of Nepal Rastra Bank Limited in 1947.

• It was the first local insurance company ever establish in Nepal.

• Nepal Government established “Rastriya Beema Sansthan Pvt. Limited”.

INSURANCE POLICY STATUS Contd..

• Later on Beema Samitee was established in 1968.

• The word “Beema” means “Insurance” and “Samiti” means “Board” in Nepalese Language.

INSURANCE POLICY STATUS Contd..

There are 25 insurance companies registered in which 16 are only general insurance.Other remaining 9 are Life Insurance Companies.There is only one organization which operate both Non-Life Insurance i.e. Rastriya Beema Sansthan

INSURANCE POLICY STATUS Contd..

Comparing situation of insurance policy in Nepal, is far better than past time.In today’s current year Insurance policy holder is increase by 20% i.e. 32 lakh policy holderThis proves that importance of insurance policy in every human being.Therefore we should open INSURANCE POLICY.