1. Life insurance, Reinsurance,retrocession,

2. Life insurance Life insurance or life assurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person or after certain fixed period.

3. Life insurance

4. Types of Life insurance Life insurance may be divided into two basic classes: temporary and permanent; or the following subclasses: term, universal, whole life, and endowment life insurance

5. Proof of death Usually certificate of register. Magistrate and medical attendant Foreign country death

6. Principle of uberrimae fidei

7. SURRENDER AND SUICIDE After two years Condition on suicide

8. ASSIGNMENT OF LIFE POLICIES NOMINEE AND ASIGNEE RIGHT

9. DIFFERENT TYPES OF INSURANCE Personal accident insurance Property insurance Liability insurance – Public liability insurance – Professional negligence insurance – Compulsory insurance (maternity) – Employer liability insurance – Guarantee insurance Rural insurance Social insurance

10. Takaful insurance Based on SHARIA

11. bancassurance Benefit of bank insurance

12. The International Association of Insurance Supervisors It is a voluntary membership-driven organization of insurance supervisors and regulators from over 190 jurisdictions in more than 140 countries. In addition to its Members, approximately 135 Observers representing international institutions, professional associations and insurance and reinsurance companies, as well as consultants and other professionals participate in IAIS activities.

13. Reinsurance S-2(20) of the Insurance Act-2010 defines- “Reinsurance as a contract of insurance under which the insurer retains limited liability for its own interest by transferring its additional insured risk to one or more reinsurer or to another insurer”.

14. Reinsurance in abroad S-20 of The Insurance Act 2010

15. Policy holder rights against reinsurer

16. retrocession For retrocession, the transfer of risk from a reinsurer to another reinsure. Retrocessional arrangements generally are governed by a reinsurance or retrocessional agreement and the principles applicable to reinsurance also are applicable to retrocessional cover.

17. SURVEYOR A surveyor who is called as a loss assessor is a professional person with academic qualifications,technical expertise, interpretive ability and management skills to practice the discipline of surveying for the benefit of the society. S 2(30) of the insurance act defines insurance surveyor as “a person by whatever named called,licensed under this act who examines and expresses an independent opinion as to the cause,extent,location and amount of loss incurred or claimed to be incurred in relation to the goods,property or any interest insured under a contract of non life insurance.”

18. What is surveying? Determining the shape and size of the earth. Determining boundaries of public and private land. Measuring and mapping seabed`s lakes and waterways ; measuring tidal movements and currents flows. Managing construction works and applying prudent financial control.

19. Insurance surveyor Collects data on insurable properties and makes recommendations that are used to determine whether the item should be insured and if so for how much. Specialize in four categories. Determine the – Resilience of the properties – Potential liability – Structural deficiencies – Crime risk

20. S-127 &128 of the Insurance Act Licensing of a surveyor Second survey.

21. Solvency Margin 2(37) of the Insurance Act-2010 – Solvency Margin as the asset,amount of which is prescribed by the regulations preserved by the insurer. – S-43 of the Act states about the solvency margin. – The surplus of assets over liabilities.

22. Why solvency margin needed ?

23. Does it mean that insurance companies can never fail?