DEPARTMENT OF ECONOMICS ECONOMICS OF INSURANCE DEPARTMENT OF ECONOMICS DEPARTMENT OF ECONOMICS ECONOMICS OF INSURANCE ECONOMICS OF INSURANCE

iNTRODUCTION

INTRODUCTION The modern world has greatly increased the economic and financial performance and reliability. Conversely, the perception of risks and uncertainties has increased the feeling of insecurity among individuals and corporate sector. Hence, the importance of insurance cannot be undermined in the present day scenario. Insurance is a method by which we can spread over the risk. It is a way of reducing uncertainty of occurrence of an event.

MEANING MEANING Insurance in economics is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of risk of a loss from one person to another, in exchange for a premium. This is a device to reduce or eliminate risk of life and property MEANING

Objectives of the study To highlight the importance of insurance To give information about the kinds of insurance To educate the scope of insurance To highlight the importance of insurance To give information about the kinds of insurance To educate the scope of insurance

Scope of the study Insurance is a form of savings and investment for our future. In this paper you will be studying about various types of insurance policies which will enable you to have a clear idea as to which policy will give more monetary benefits. Insurance provides financial protection and peace of mind. As the population ages and wealth grows the demand for insurance professionals will increase dramatically. This is a great news for you, if you are thinking of going into insurance. Jobs in insurance involve helping individuals and businessmen to manage risks and to protect themselves from catastrophic losses and to anticipate potential problems. Work in this area is not only personally rewarding but can be financially rewarding as well.

Few students understand the incredible opportunity for success and prosperity that exists in the insurance industry. An advisor with ability can advance into a managerial position by becoming a sales manager in an organization. Candidates who are multi-lingual and those who have strong knowledge of relevant technical and legal terms will have the best chance of getting hired. A person who has taken insurance as a career will receive salary + Commission + bonus.

USES OF THE STUDY Career as an Insurance Advisor, Fund Manager, Development Officer. Advisors are self-employed : No fixed working hours. You can work as a part-time advisor and guide household and individuals in taking investment decisions that provide greater monetary benefits. This gives the advisor a regular and permanent income which helps in continuing education, training to help with licensing requirements, office space and clerical support. Thus you can ‘’ EARN WHILE YOU LEARN’’.

Fund Managers : As Fund Managers you can guide the professionals on their fund management and help them to decide their investment in insurance policy which gives them tax benefits and tax exemptions. Consultancy Services : You can start Consultancy service centers and help your corporate sector clients choose to insurance policies that cater suit to their needs.

Women Entrepreneurs: After completing studies if you start your own business, you will be able to select the apt insurance policy that suit your business. Hence, your business will be safe from risk and uncertainties. Bank Loan : You can avail bank loan on/for your insurance policy and utilize the amount for business or asset purchase.

The Department of Economics To study the “ Economics of Insurance.” We welcome you all to The Department of Economics To study the “ Economics of Insurance.” Thank you