Hello Aspirant,

A fire insurance policy can cover

• Any damage caused due to fire,besides this any damage caused due to natural heating, own fermentation or unconstrained burning is not included
• Damage due to fire explosion
• Damage due to lightning
• Damage that leads to fire like aircraft, airborne devices being dropped
• Damage due to strike, riot or other terrorist activity
• Natural calamities like storm, tycoon, rockslide, landslides
• Damage due to bursting or overflowing water tank
• Damage due to bush fire but will not cover forest fire damages

Hope this helps

Hi Suyash!

The amount paid by insurer for covering his his/her riskes periodically is called premium. And the total number of years for the policy holder to pay the premium amount is called premium paying term. There is one more term: Deductible, a set amount paid by the customer  every year towards medical bills before the insurance company starts paying.

Thankyou!

Hi Apsirant!

The exam contains three sections:

Section1 :  Academic Aptitude testing your English Comprehension, Vocabulary usage, Grammar, Idioms, phrases, completion and correction of sentences, etc.

Section2: It will contains questions from the Numerical and Quatitative reasoning ability

Section3: It will be based on General Knowledge (GK) regarding the risk, insurance, economics, foreign trade, current affairs etc.

To know more, visit here:

https://dqxeclau.top/exams/bhu-pet

Thankyou!

Hello aspirant
National insurance academy provides an MBA specialization in banking, insurance and finance sector. This is an evergreen sector. There is a huge scope in insurance sector in India. It is said that insurance sector India will reach 280 billion dollar by the year 2020.
So it is totally worth doing PGDM in insurance field from NIA. There are a lot of job opportunities in insurance sector too so you won't face much difficulty in finding a job.

Hi...
Principle of Utmost Good Faith

The fundamental principle is that both the parties in an insurance contract should act in good faith towards each other, i.e. they must provide clear and concise information related to the terms and conditions of the contract.

The Insured should provide all the information related to the subject matter, and the insurer must give precise details regarding the contract.

Example Jacob took a health insurance policy. At the time of taking insurance, he was a smoker and failed to disclose this fact. Later, he got cancer. In such a situation, the Insurance company will not be liable to bear the financial burden as Jacob concealed important facts.

Principle of Proximate Cause

This is also called the principle of Causa Proxima or the nearest cause. This principle applies when the loss is the result of two or more causes. The insurance company will find the nearest cause of loss to the property. If the proximate cause is the one in which the property is insured, then the company must pay compensation. If it is not a cause the property is insured against, then no payment will be made by the insured.

Example

Due to fire, a wall of a building was damaged, and the municipal authority ordered it to be demolished. While demolition the adjoining building was damaged. The owner of the adjoining building claimed the loss under the fire policy. The court held that fire is the nearest cause of loss to the adjoining building, and the claim is payable as the falling of the wall is an inevitable result of the fire.

In the same example, the wall of the building damaged due to fire, fell down due to storm before it could be repaired and damaged an adjoining building. The owner of the adjoining building claimed the loss under the fire policy. In this case, the fire was a remote cause, and the storm was the proximate cause; hence the claim is not payable under the fire policy.

Principle of Insurable interest

This principle says that the individual (insured) must have an insurable interest in the subject matter. Insurable interest means that the subject matter for which the individual enters the insurance contract must provide some financial gain to the insured and also lead to a financial loss if there is any damage, destruction or loss.

Example the owner of a vegetable cart has an insurable interest in the cart because he is earning money from it. However, if he sells the cart, he will no longer have an insurable interest in it.

To claim the amount of insurance, the insured must be the owner of the subject matter both at the time of entering the contract and at the time of the accident.

Principle of Indemnity

This principle says that insurance is done only for the coverage of the loss; hence insured should not make any profit from the insurance contract. In other words, the insured should be compensated the amount equal to the actual loss and not the amount exceeding the loss. The purpose of the indemnity principle is to set back the insured at the same financial position as he was before the loss occurred. Principle of indemnity is observed strictly for property insurance and not applicable for the life insurance contract.

Example The owner of a commercial building enters an insurance contract to recover the costs for any loss or damage in future. If the building sustains structural damages from fire, then the insurer will indemnify the owner for the costs to repair the building by way of reimbursing the owner for the exact amount spent on repair or by reconstructing the damaged areas using its own authorized contractors.
Principle of Subrogation

Subrogation means one party stands in for another. As per this principle, after the insured, i.e. the individual has been compensated for the incurred loss to him on the subject matter that was insured, the rights of the ownership of that property goes to the insurer, i.e. the company.

Subrogation gives the right to the insurance company to claim the amount of loss from the third-party responsible for the same.

Example If Mr A gets injured in a road accident, due to reckless driving of a third party, the company with which Mr A took the accidental insurance will compensate the loss occurred to Mr A and will also sue the third party to recover the money paid as claim.

Principle of Contribution

Contribution principle applies when the insured takes more than one insurance policy for the same subject matter. It states the same thing as in the principle of indemnity, i.e. the insured cannot make a profit by claiming the loss of one subject matter from different policies or companies.

Example A property worth Rs. 5 Lakhs is insured with Company A for Rs. 3 lakhs and with company B for Rs.1 lakhs. The owner in case of damage to the property for 3 lakhs can claim the full amount from Company A but then he cannot claim any amount from Company B. Now, Company A can claim the proportional amount reimbursed value from Company B.

Principle of Loss Minimisation

This principle says that as an owner, it is obligatory on the part of the insurer to take necessary steps to minimise the loss to the insured property. The principle does not allow the owner to be irresponsible or negligent just because the subject matter is insured.

Example If a fire breaks out in your factory, you should take reasonable steps to put out the fire. You cannot just stand back and allow the fire to burn down the factory because you know that the insurance company will compensate for it.

Hi...
Eligibility criteria...
For admissions, student must be graduate with minimum of 50 per cent. And, it is must to take at least one of the entrance exam out of CAT, XAT or CMAT.

The cutoff for last stood at 81 per cent for XAT, 87 per cent for CAT and 97.5 per cent for CMAT.

For selection process, students academic record is being evaluated with result in qualifying exam. The sections are made basis overall profile including GD and PI evaluation.

work experience to be eligible?

A:It is not necessary to have work experience. However, it adds value to your profile if the experience is relevant. Additionally, freshers with good knowledge and confidence are equally welcomed here.

About placement..

The leading private banks such as HDFC Bank are already associated with us, and other HDFC group companies such as HDFC Ltd, HDFC Life have also expressed strong interest and support. They have received inputs and support from ICICI Bank, Tata Goup companies such as Tata Capital, Tata AIA and Tata AIG also visit for placement. Highest salary offered in the BFSI space witnessed a drastic jump in the last placement season with a package of Rs 24.37 lakh per annum.

college facilitate internships?

A:Yes, they do offer internships to students. These are generally longer duration internships stretching to six months. Most of the companies are from finance industry such as HDFC Bank, HDFC Insurance, ICICI banks and Insurances, etc.

possible for a student to switch to another programme during the tenure?

A:Switching between programmes is not allowed. Stream once chosen at entry remains same for the next two years. Electives from that curriculum will be required to be chosen.

Hello Aspirant,

See B.Com (//B.Com) (Banking Insurance & Financial Services) or basically we can say it as B.Com (//B.Com) . in Banking management, it as and undergraduate course of 3 years duration. So if we discuss about it's scope then it has wide scope the field (Banking) for which this course is made is the pillar of national economy. This course provide you the proper knowledge of different aspects of banking and business like Business Communication, Environmental Studies, Accountancy & Financial Management and Mathematical & Statistical Techniques with proper application based knowledge of risk-coverage, financial contracts that bind two people to certain responsibilities which are known as Policy and Policy-holder relationship. If you pursue this course and get certified in it then you will get chance to work with some national economic/banking bodies like regulatory agencies and global markets. Some top recruiters for this field are TCS, Sutherland, HCL, DELL, CTS, CITY Bank, and some others for different sectors such as Banks, investments, the insurance industry, savings and loan associations, etc. Some top institutes offering this course are like Sir Padampat Singhania University, Chandigarh University, Manav Rachna International University, University of Technology and Management, Sandip University, GD Goenka University, Apeejay Stya University, International College of Financial Planning, Jain University and so on. Nowadays average salary offered to the graduates in above course ranges from INR 5-25 LPA depending upon experience of the candidate.

I hope this information helps you.

Good Luck!!

Hello Aspirant,

See both the course which you have mentioned in the question are good for commercial fields, so let us discuss about both the courses in detail.

B.Com (//B.Com) stands for Bachelor of Commerce, it is an undergraduate course of three year duration. This course provide you the proper knowledge of Commerce, Economics, Accounting and Finance. Some top recruiters for this field are EY, ICICI Bank, Microsoft, Mc Kinsey and Company, IBM, Nestle, Sony, Deloitte, Nokia, ITC, Genpact, Wipro, HCL, HP and some others for different roles such as Accountant, Tax Assistant, CA, Actuary, Bank PO. Some top institutes offering this course are like Shri Ram College of Commerce, Hindu College, Lady Shri Ram College for Women, Hansraj College, Loyola College, Madras Christian College, CHRIST University, Ramjas College and so on. Nowadays average salary offered to the graduates in above course ranges from INR 4-9 LPA depending upon experience of the candidate.

Now let us discuss about specialization of above discussed course, B.Com (//B.Com) (Banking Insurance & Financial Services) or basically we can say it as B.Com (//B.Com) . in Banking management, it as and undergraduate course of 3 years duration. So if we discuss about it's scope then it has wide scope the field (Banking) for which this course is made is the pillar of national economy. This course provide you the proper knowledge of different aspects of banking and business like Business Communication, Environmental Studies, Accountancy & Financial Management and Mathematical & Statistical Techniques with proper application based knowledge of risk-coverage, financial contracts that bind two people to certain responsibilities which are known as Policy and Policy-holder relationship. If you pursue this course and get certified in it then you will get chance to work with some national economic/banking bodies like regulatory agencies and global markets. Some top recruiters for this field are TCS, Sutherland, HCL, DELL, CTS, CITY Bank, and some others for different sectors such as Banks, investments, the insurance industry, savings and loan associations, etc. Some top institutes offering this course are like Sir Padampat Singhania University, Chandigarh University, Manav Rachna International University, University of Technology and Management, Sandip University, GD Goenka University, Apeejay Stya University, International College of Financial Planning, Jain University and so on. Nowadays average salary offered to the graduates in above course ranges from INR 5-25 LPA depending upon experience of the candidate.

I hope this information helps you.

Good Luck!!