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Insurance Across The World


Global insurance premiums increased by 2.7% in inflation-adjusted in 2010 to $ 4.3 trillion, rising above the pre-crisis level. The return of the generated during growth and record premiums, followed by a two-year decline in real terms. Life insurance premiums by 3.2% in 2010 and non-life premiums increased by 2.1%. While the industrialized countries saw an increase of about 1.4% premium, the insurance markets in developing countries saw a rapid expansion with 11% growth in premium income. Global insurance industry adequately capitalized to withstand the financial crisis of 2008 and 2009, and most insurance companies, their capital back to the level of the end of 2010. With the continuation of the gradual recovery of the global economy from the crisis is likely that the insurance industry also continued good growth in premium income to see the country's industrial and emerging countries in the 2011th

Legal Principles of Insurance:

When a company insures an individual entity, there are basic cited legal principles of insurance include:

  1. Indemnity
  2. Benefit insurance
  3. Insurable interest
  4. Utmost good faith
  5. Contribution
  6. Subrogation
  7. Mitigation

Types of insurance:

Any risk that can be quantified can potentially be insured. Below are some types of insurance in the world

  1. Auto insurance
  2. Gap insurance
  3. Health insurance
  4. Accident insurance
  5. Life insurance
  6. Burial insurance
  7. Property insurance

Insurability characteristics


 

The risks can be insured by private companies usually shares seven common characteristics in here: Large number of similar exposure units, Definite loss, Accidental loss, Large loss, Affordable premium, Calculable loss, Limited risk of catastrophically large losses.

Profit and investment insurance


The business model is to collect more in premium and investment income than is paid out in losses, and to also offer a competitive price which consumers will accept. Profit can be reduced to a simple equation: Profit = earned premium + investment income – incurred loss – underwriting expenses.