The Indian Economy

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The growth and development of the Indian economy can be viewed within these articles.

http://www.heritage.org/index/country/india

Yojana is a monthly publication of the Indian government which highlight socio - economic issues. They provide insight and information in the present economic and social conditions in India.

http://yojana.gov.in/

Top 25 Insurance Blogs

These blogs are the top 25 insurance blogs. They are helpful for information about insurance and can also provide resources to calculate premium and find an agent.

http://www.blogmetrics.org/insurance

The US Economy

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The growth and development of the US economy can be viewed within these articles.

http://www.bea.gov/newsreleases/glance.htm


http://www.heritage.org/index/country/unitedstates

Principles of Property and Casualty Insurance

Features of Annuities

Annuities features are different from insurance. Under a contract of annuity, the annuitant agrees to pay a specific capital sum insured to the insurer. The insured has the option to pay the annuities in instalments. The amounts collected by the insurer are known as annuity funds and are invested for a certain expected return.

The insurer in turn agrees to make regular payments to the insured as long as the annuitant is alive. The benefits are calculated by the insurer based on the law of large numbers and the percentage of returns on capital. In the event that the annuity fund has more than the expected returns, the balance earnings is returned as bonus to the insured.

There are various types of annuities.

·      Single life annuity is payable until the death of the annuitant.

·     Joint life annuity pays during the life time of the annuitant or his spouse whichever is longer.

·    Revisionary annuity pays annuity till the death of the annuitant. After the annuitants death, 50% annuity is payable to the spouse until the spouse lives.

·    Annuity Certain pays definitely for a fixed number of years. After that it pays the annuitant only as long as he is alive.

Old and retired persons may not have a source of earning, may not have savings or even retirement benefits. Annuity has the advantage that it can cater to the needs of the old and retired persons. However, the limitation here is that annuities usually have an upper limit and therefore may not become a comprehensive source of earning. This has to be taken into consideration while planning for retirement.

Economics and Accountancy

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The fundamentals of Economics and Accountancy is a must for everybody. A newcomer to the subject would like to learn and apply the principles straightaway. This book is useful for individuals and working professionals to do so. It helps them in their quest to get  mastery in their work.

http://www.amazon.in/SUMMARY-OF-ECONOMICS-AND-ACCOUNTANCY-ebook/dp/B00RALWHF8

Insurance Act 2015

Take a look at the Insurance Act 2015

IFRS - The International Financial Reporting System

• The IFRS is a single language of financial accounting. 
• It enables comparability of financial statements all over the world and lead to an increase the mobility of capital.

• IFRS-4 was merged with the Indian Accounting standards during 2012. 
• The IFRS will be adopted by more than 150 countries by 2015.
• IFRS-4 is for Insurance contracts

Information about Insurance

For everything about insurance in the USA you can visit

www.insuranceusa.com

www.policybazaar.com gives you good info on insurance in India

Technology and Insurance

This is a good read about technology and business transformation in Insrance.

http://www.propertycasualty360.com/2015/10/16/embedding-underwriting-strategies-in-day-to-day-de?t=agency-technology?ref=featured-topics

Auto Insurance Liability System

The compulsory auto insurance law requires the owner or operator to have minimum liability insurance or a guarantee of financial responsibility. This statutory responsibility a precondition before the auto can be licensed or registered. Liability of a negligent or faulty driver for auto accident victims is based on the:

·         Tort liability system:  This is the traditional method of compensating injured automobile accident victims. Legal liability arises for bodily injury or damage to property caused to an injured victim. Under this circumstance, the fault and liability of the negligent party needs to be proved.

·         Contributory negligence law: Damages cannot accrue to third parties if the individual contributes in any way to his or her injury.

·         Comparative negligence law: The financial burden for injury and/or damage to property would be proportionately shared by the two parties to the accident according to their respective degrees of fault.

No –fault automobile insurance enables the insured to claim compensation from their respective insurers regardless of who was at fault. The benefits provided by no –fault liability include reimbursement for medical expenses subject to a maximum limit; other rehabilitation expenses; loss of earnings subject to maximum limit; payment for certain necessary services an  injured person normally performs, funeral expenses and survivors loss benefits due the death of the insured. The benefits do not include payment for pain and suffering. No-fault liability will enable faster and equitable claim payments as the need to establish fault in an accident is not required.

Property and Liability Insurance

Personal Insurance

Property insurance deals with the financial consequences associated with losses caused to property of families and individuals. The financial consequences of property losses include reduction in the value of property due to the loss, consequential expenses like loss of income resulting and subsequent increased expenses like rent paid while the property is repaired. Property includes:

 Real property: A house and the land on which it was constructed, items embedded in the land like the foundation and underground pipes and separate structures on the land like a garage or a storage shed.

Personal Property: Includes high value personal property like jewelry and with unusual intrinsic value like curios; the contents of the dwelling including furniture and clothing, business personal property like computer equipment and printer, and automobiles, motor vehicles, sailboat, trailers, watercraft and aircraft.

Liability insurance:

The insurance pays for money damages arising due to the breach of civil and criminal laws. Liability losses arise due to tort liability including libel, assault, trespassing and nuisance; contractual liability and statutory liability.  The financial consequences arise due to the liability declared by the court of law whenever the defense is not successful. The cost of investigation and defense also add up as the financial liability.