Insurance, regulations and loss prevention :Basic Rules for the industry Insurance: Business strategy books, #5

By SANJIVAN SAINI

"Insurance, regulations and loss prevention" by sanjivan saini is a comprehensive and insightful book that covers various crucial aspects of the insurance industry and loss prevention strategies. With a focus on providing valuable information to insurance professionals, students, policymakers, and individuals interested in risk management, this book encompasses the following key units:

Insurance fundamentals: the book begins with a comprehensive introduction to the fundamentals of insurance. It explains the concept of insurance, its significance in risk mitigation, and the various types of insurance policies available for individuals and businesses. Readers will gain a clear understanding of how insurance works and how it benefits both insurers and policyholders.

Allied information: this section delves deeper into the insurance industry, covering essential information related to insurance companies, their roles, and the insurance market. It provides insights into insurance products, premium calculations, and the process of underwriting. Additionally, readers will learn about the importance of actuarial science in insurance and the role it plays in risk assessment.

Basic rules for industry and road transport: this unit focuses on the insurance considerations and regulations specific to the industrial sector and road transport. It addresses the risks faced by industries and transporters and how insurance plays a crucial role in protecting against potential losses. Readers will gain valuable insights into the types of insurance coverage required for industries and road transport businesses.

Basic rules for sea transport: in this section, the book covers the essential rules and regulations related to insurance in the maritime industry. It discusses the unique risks associated with sea transport and the need for specialized marine insurance coverage. Topics such as cargo insurance, hull insurance, and marine liability insurance are explored in detail.

Basic rules for warehousing: warehousing plays a critical role in supply chain management, and this unit highlights the insurance considerations related to warehousing operations. Readers will learn about the risks associated with storing goods and how insurance can provide protection against theft, damage, or other unforeseen events.

Throughout the book, sanjivan saini draws on his expertise in the insurance industry to provide practical examples and real-world applications of insurance principles and loss prevention strategies. With a clear and engaging writing style, the author makes complex insurance concepts accessible to readers from all backgrounds.

"insurance, regulations, and loss prevention" is an invaluable resource that equips readers with the knowledge to navigate the insurance landscape, understand insurance regulations, and implement effective loss prevention measures in various industries and transport sectors. It serves as a comprehensive guide that empowers readers to make informed decisions and enhance their risk management practices.

• Language: English
• Publisher: SANJIVAN SAINI
• Release date: Dec 16, 2023
• ISBN: 9798223006664

SANJIVAN SAINI

Sanjivan Saini is the author of this book. He holds a Bachelor of Science degree in Mathematics from RRBMU University in Rajasthan, India. He has also a diploma in Logistics Technology from the MSME Technology Centre in Bhiwadi, Alwar, Rajasthan, India. With his academic background and practical experience in the field of logistics and material handling, Saini brings a deep understanding of the subject matter to this book.

Book preview

Book Overview :

"Insurance, regulations and loss prevention" by sanjivan saini is a comprehensive and insightful book that covers various crucial aspects of the insurance industry and loss prevention strategies. With a focus on providing valuable information to insurance professionals, students, policymakers, and individuals interested in risk management, this book encompasses the following key units:

Insurance fundamentals: the book begins with a comprehensive introduction to the fundamentals of insurance. It explains the concept of insurance, its significance in risk mitigation, and the various types of insurance policies available for individuals and businesses. Readers will gain a clear understanding of how insurance works and how it benefits both insurers and policyholders.

Allied information: this section delves deeper into the insurance industry, covering essential information related to insurance companies, their roles, and the insurance market. It provides insights into insurance products, premium calculations, and the process of underwriting. Additionally, readers will learn about the importance of actuarial science in insurance and the role it plays in risk assessment.

Basic rules for industry and road transport: this unit focuses on the insurance considerations and regulations specific to the industrial sector and road transport. It addresses the risks faced by industries and transporters and how insurance plays a crucial role in protecting against potential losses. Readers will gain valuable insights into the types of insurance coverage required for industries and road transport businesses.

Basic rules for sea transport: in this section, the book covers the essential rules and regulations related to insurance in the maritime industry. It discusses the unique risks associated with sea transport and the need for specialized marine insurance coverage. Topics such as cargo insurance, hull insurance, and marine liability insurance are explored in detail.

Basic rules for warehousing: warehousing plays a critical role in supply chain management, and this unit highlights the insurance considerations related to warehousing operations. Readers will learn about the risks associated with storing goods and how insurance can provide protection against theft, damage, or other unforeseen events.

Throughout the book, sanjivan saini draws on his expertise in the insurance industry to provide practical examples and real-world applications of insurance principles and loss prevention strategies. With a clear and engaging writing style, the author makes complex insurance concepts accessible to readers from all backgrounds.

insurance, regulations, and loss prevention is an invaluable resource that equips readers with the knowledge to navigate the insurance landscape, understand insurance regulations, and implement effective loss prevention measures in various industries and transport sectors. It serves as a comprehensive guide that empowers readers to make informed decisions and enhance their risk management practices.

Book Contents:

UNIT-1 Insurance

1.1 Insurance

1.2 Insurance, History Of Insurance

HISTORY OF INSURANCE IN INDIA

Acts/Regulations Governing Both Life & General Insurance Business in India

Regulations Governing/Affecting  Life Insurance Business in India

Regulations affecting  General Insurance Business in India

1.3 Need For Insurance

1.4 Definition Of Insurance

1.5 Rules For Insurance

1.6 Principles Of Insurance

1.7 Insurable Interest

1.8 Utmost Good Faith And Proximate Cause

Utmost Good Faith:

Proximate Cause:

1.9 Indemnity

1.10 Subrogation

1.11 Insurance Agents

Roles and Responsibilities:

Types of Insurance Agents:

Licensing and Regulation:

Commission and Compensation:

Professional Development:

1.12 Insurance Surveyors

1.13 Valuer  And Average Adjusters

Valuer:

Average Adjusters:

1.14 Various Insurance

1.15 Various Losses

1.16 Loss Prevention

1.17 Traffic Advisory Committee

1.18 Proposal Form

1.19 Content Policy:

1.20 Risk Covered:

1.21 Premium Payment Terms And Conditions

1.22 Institute Warranty

1.23 Stamp Duty

UNIT-2. Allied Information

2.1 Transit Insurance

2.2 Accidents

2.3 Information To Insurance Companies

2.4 Time Frame For Accident Information And Appointment Of Surveyors

2.5 Procedure For Rectifications

2.6 Rectification Reports

2.7 Scrutinizing The Report And Settlement Of Claim

2.8 Deductibles, Breach Of Warranty

Deductibles:

Breach of Warranty:

2.9 Termination And General Average Salvages

General Average:

Salvage:

2.10 P and I club, Duty Of Assured (sue and labour )

P and I Club:

Duty of Assured (Sue and Labour ):

2.11 New for Old:

2.12 Return for Lay:

UNIT-3 Basic rules for Industry and Road Transport

3.1 Basic rules for the industry and road transport

Industry:

Road Transport:

3.2 Factory Act

3.3 Industrial Dispute Act

3.4 Minimum Wages Act

3.5 Payment Of Wages Act:

3.6 Negotiable Instruments Act:

3.7 Shops and Establishments Act:

3.8 Employees' State Insurance (ESI) Act:

3.9 Employees' Provident Fund (EPF) Act:

3.10 Motor Vehicles Act:

3.11 Motor Vehicle Maintenance Rules:

3.12 Regulation regarding qualifications for running staffs,

3.13 Cargo Rules And Rules Regarding Interstate Activities.

Cargo Rules:

Rules Regarding Interstate Activities:

UNIT-4. Basic rules for Sea Transport

4.1 Introduction :

4.2 Carriage Of Goods Act By Sea

4.3 Merchant Shipping Act 1958, Marpol  Act 1973/73 Pertaining To Oil Spillage Only

4.4 International maritime organization and international maritime dangerous goods Act

4.5 Control of pollution by harmful substances

4.6 Limitation of liability for maritime claims and SOLAS

UNIT-5 Basic Rules for warehousing

5.1 Basic Rules for warehousing

5.2 Rules And Regulations For Warehousing Construction

5.3 Rules For Stocking And Protection Of  Goods

5.4 Rules for stocking of chemicals, toxic gases, radioactive goods

5.5 Rules for safety methods at warehousing

5.6 Rules for up keeping of warehouse premises

5.7 Rules regarding safety road transport system

5.8 Rail transport system and keeping of good sheds for rail transport

Rail Transport System:

Goods Sheds for Rail Transport:

5.9 Rules regarding air cargo transportation

5.10 Rules for currency transport

UNIT-1 Insurance

LESSON OUTLINE-

❖  Insurance

❖  History Of Insurance,

❖  History Of Insurance In India

❖  Acts/Regulations Governing Both Life & General Insurance Business in India

❖  Regulations affecting  General Insurance Business in India

❖  Need For Insurance, Definition,

❖  Rules For Insurance,

❖  Principles Of Insurance, Insurable Interest, Utmost Good Faith And Proximate Cause

❖  Indemnity, subrogation, loss prevention association of India ltd and institute of underwriters

❖  Insurance Agents, Insurance Surveyors, Valuer  And Average Adjusters

❖  Various Insurance, Various Losses,

❖  Traffic Advisory Committee, Proposal Form, Content Policy,

❖  Risk Covered, Premium Payment Terms And Conditions, Institute Warranty, Stamp Duty

1.1 Insurance

Insurance is a risk management tool that provides financial protection against unforeseen events or losses. It is a contract between an individual (policyholder) and an insurance company (insurer). The policyholder pays a regular premium to the insurer, and in return, the insurer agrees to compensate the policyholder or their beneficiaries in case of specified events covered by the insurance policy.

There are various types of insurance policies available, catering to different needs and risks. Some common types of insurance include:

Life Insurance: Provides a sum of money to the beneficiaries upon the death of the insured person. It ensures financial security for the family in case of the policyholder's untimely demise.

Health Insurance: Covers medical expenses, hospitalization costs, and treatment expenses. It helps individuals meet healthcare expenses without significant financial burden.

Auto Insurance: Protects against financial loss due to damage or theft of a vehicle. It also provides coverage for bodily injury and property damage caused to others in an accident.

Home Insurance: Provides coverage for damage or loss to a home and its contents due to fire, natural disasters, theft, or other specified perils.

Travel Insurance: Offers protection against unexpected events during travel, such as trip cancellation, medical emergencies, or lost baggage.

Disability Insurance: Replaces a portion of the insured person's income if they become disabled and unable to work.

Insurance is essential because it provides financial security and peace of mind in times of crisis or unforeseen events. It helps individuals and families cope with the financial impact of unfortunate circumstances, thereby reducing financial stress and ensuring a more stable future. However, it's essential to choose insurance policies that align with your specific needs and circumstances to make the most of the protection they offer.

1.2 Insurance, History Of Insurance

Insurance is a system of protection against potential financial loss. It involves the transfer of risk from an individual or entity (the insured) to an insurance company (the insurer) in exchange for a premium payment. The insurer, in turn, agrees to provide financial compensation or coverage