Insurance involves transferring risk of loss from one entity to another in exchange for payment. There are key concepts like insurers, insured parties, premiums, and agents. The insurance process involves agents describing policies to prospective clients, selecting suitable schemes, paying claims when insured events occur, and redeeming matured policies. Insurance is categorized into life and general types. The IRDA regulates and promotes the orderly growth of the insurance industry in India through powers like registration, adjudication, and specifying business percentages. India's insurance industry has grown significantly and faces some challenges but has strong future growth prospects.

1. INSURANCE INDUSTRYGROUP NO -14 Made By: 1. ROMA DAS 2. SUSHEEL VISHWAKARMA 3. VIVEK DEBNATH 4. BUSHRA ZAHEER KHAN 5. SANTANU SAMANTA 6. MOHD ARIF

2. DEFINITION Insurance is defined as the transfer of the risk of a loss, from one entity to another, in exchange for payment. PROFIT = Earned premium+ Investment Income - Incurred loss – Underwriting expenses

3. BASIC CONCEPTS INSURER INSURED / POLICYHOLDER PREMIUM

4. HOW INSURANCE PROCESS RUNS?? Through AGENT (under writer) Prospective Client Insurance Company Descriptive Briefing of the Policies Selection of the best suitable scheme Occurrence of the unnatural event leading to the payment of insured amount to the Nominee Selling of the Policy with the pre decided premium’s rate Redemption of the insurance money after maturity of the Policy

5. TYPE OF INSURANCE

6. LIFE INSURANCE

7. GENERAL INSURANCE

9. I R D A Insurance Regulatory and Development Authority National agency of the Government of India, based in Hyderabad formed by Indian parliament

10. POWERS & FUNCTIONS OF IRDA Duty to regulate, promote and ensure orderly growth of the insurance business and re-insurance business. Other powers : 1. Certificate of registration to the Applicant 2. Protection of the interests 3. Adjudication of disputes 4. Specifying the percentage of premium, Specifying the % of Life Insurance Business and General Insurance Business

11. INDIA ON A GROWTH PLATFORM

12. PLAYER’S PROFILE:LIFE INSURANCE

13. PLAYER’S PROFILE:GENERAL INSURANCE

14. CHALLENGES

15. FUTURE OUTLOOK

17. GROWTH PROSPECTS

19. QUESTIONS??

20. “THANK YOU”