Role Of Insurance In Economic Development Ppt – MODULE OBJECTIVES Identify the key elements of an association profile Identify the basic requirements of the offering rules Identify and describe the types of insurance commonly found in community association plans. Define tender specifications for insurance bids Define and define terms for processing bids. Identify the risks of faulty claims processes.
The next step is to implement the risk management strategy chosen by the board. This transfer of financial risk begins with the development of a request for proposal insurance, including association facts and tender specifications.
Role Of Insurance In Economic Development Ppt
Activity 1: Discuss the Use of Insurance Terminology in RFPs Objective: To become familiar with the terms and concepts used in public association proposals.
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Assisting managers in identifying and assessing potential losses is a risk management control. Present management capabilities to the board, agents and carriers. Provide a list of real and personal property that the association may use for other purposes.
Activity 2: Purpose of the Association Fact Sheet: To learn about the purpose and content of the Association Insurance Fact Sheet.
Lesson Objectives To identify and describe the different types of insurance commonly found in public association plans. Define tender specifications for insurance bids.
Do Unpaid Union Workers Need Compensation Insurance? How does employer’s liability differ from statutory workers’ compensation? How does employer liability differ from employment liability?
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Four key questions about insurance What or who is covered? What events do they cover? How much does their insurance cost? Am I eligible to submit?
Selected Offer Specification Sample Commercial Package Policy Permanent Commitment Commercial General Liability (CGL) Directors and Officers Liability (D&O) Umbrella Liability.
Exercise 3: What to include in an insurance proposal specification objective? Draw attention to specific rules and issues that are problematic for trade unions.
Insurance plans for public monitoring Insurance is a contract. People should be aware of the contracts they sign. The same goes for insurance.
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Insurance contracts should be considered: When the association takes out the policy. As political coverage changes over the course of the political season. When the policy is renewed. In case of loss.
Insurance Folders Use the Declarations page as a guide to your insurance folders Use the Declarations page as a “table of contents” to find the individual forms included in the policy.
Think of an insurance policy as a reference document. You’re not going to sit down and read it cover to cover. But you should be able to find the information with or without the help of an insurance agent.
Activity 4: Organizing Insurance Folders Objective: Groups will organize insurance folders and find the key provisions of the policy.
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Protect life and property from further damage. Keep accurate and precise records. Always tell the truth. Avoid holding the association or management responsible for what happened.
There are pros and cons to keeping records. They have the advantage of helping you with your recovery and your attitude. If you do something wrong, or if you don’t do what you should, they are at a disadvantage.
35 Liability Damages The pre-existing condition of the injured party is irrelevant to the association’s personal injury case, although it may result in greater injury and therefore greater liability. If an injured party applies for an association’s liability policy directly to an insurance agent, the agent must report the claim to the carrier.
We may be required to take action based on the information you disclose. How they respond to specific information. Know your lawyer. Investigating problems in the abstract.
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37 Claims The self-insured association chooses not to report the actual loss, citing a decision to maintain coverage for the loss or self-insure. Retention of risk is self-insurance.
When an association files a claim under its policy, it is the first party claimant. When an association files a claim against another party’s liability insurance, it becomes a third-party claimant.
Identify the basic elements of an association’s fact sheet Identify the basic requirements of the offering rules Identify and describe the types of insurance that are commonly found in public association plans. Define tender specifications for insurance bids Define and define terms for processing bids. Identify the risks of faulty claims processes.
43 Discussion Questions What are the key elements of an association’s facts and proposal specifications? Describe the time you were involved in the claims process. What went well? What aspects can be improved? List and explain the different types of insurance for public associations. Do you think your association needs any type of insurance? What can you do to start the process? What are the risks of processing incorrect claims? What is the most difficult aspect of risk management? Describe a situation you are struggling with and ask a class member for advice.
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Amount of Indemnity Default indemnity insurance is not a gamble for a large number of insured persons The insurance is not a charity
Agreement between the parties The Agreement must be in writing and agreed to by both parties. The action must be dangerous. The event must involve some uncertainty about the time or event. The risk should not be small. The insurance premium must be calculated and the risk can be mathematically estimated based on past records. An estimate is made to determine the premium.
5. The role of insurance Insurance protects and protects the interests of individuals or enterprises, it provides a sense of security to individuals or enterprises, diversifies the risks of insurance companies, increases the rate of savings and investment rate, and contributes to the formation of capital. It creates a sense of security. Insurance companies act as underwriters, guarantors, underwriters and financiers.
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The principle of best faith, principle of uninsured interests, principle of indemnification, principle of apportionment, principle of sharing, loss and risk factors should be followed.
7 Life Insurance Life insurance is an insurance contract where the insurer promises to pay an annuity or sum assured on the death of the insured or on the expiry of the policy term based on premiums paid at regular intervals. A specific number
Whole Life Insurance Policy Endowment Policy Single Life Insurance Policy Double Accident Policy Annuity Policy Group Insurance Policy Whole Life Insurance Policy Janata Policy Jeevan-Mitra Policy
11 Fire Insurance Section 2(6A) of the Insurance Act 1968 defines “fire insurance business” as “the business of contracting insurance against accidental loss by fire or other events ordinarily connected with a policy of fire insurance”.
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Indemnity Agreements Insured Interests Agreements Fiduciary Fire Damage Annuity Agreements Principles of Subrogation and Contribution.
STANDARD FIRE POLICY Fire Explosions/Indicators Lightning Impact Hurricanes, Cyclones, Typhoons, Hurricanes, Tornadoes, Floods Earthquakes, Crashes, Terrorist Attacks Missile Test Operations Damage due to Forest Fires.
14 Marine Insurance According to the Insurance Act 1963, marine insurance is “an agreement made to indemnify the insured against losses arising out of adventures at sea as agreed upon by the insured. This may be damage to, loss of, or damage to the vessel. cargo or cargo.”
Characteristics of General Contracts Insured Interests Best Faith Principles Contracts [subrogation and tax double insurance/guarantee of insurance.
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Travel Policy Time Policy Mixed Policy Valued Policy Unvalued Policy Floating Policy Blanket Policy Specific Protection Policy Open Protection Policy Fleet Insurance Policy Port Policy Comprehensive Policy Currency Policy Single Sum Policy
17 Health Insurance Health insurance is protection against rising medical costs. Premiums can be paid in the following ways: One-time or lump sum Planned hospitalization Emergency hospitalization medical payment.
All vehicles must be registered with the Road Transport Authority and must be insured against third party liability. Wanted: Fire for theft by drunk driving on pavement
A third-party liability policy or liability policy provides unlimited liability for death or personal injury and for damage to third-party property.
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