Licentiate Examination - IC 01 - Principles of Insurance Exam - Important Points
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Economic development - Economic growth depends on business and business depends on insurance. Non-life insurance business grows parallel to economic growth, The industry depends on insurers to manage their manufacturing and commercial risks.
Economic development - General insurance contributes to the continuation of trade by fulfilling obligations at claim time which in turn can prevent businesses from going broke, Insurers collect premium, a substantial part of which is invested in various infrastructure projects which leads to economic growth.
The Insurance Market can be broadly divided into 5 Categories: Insurance Companies, Intermediaries, Specialists, Regulatory Bodies, and Educational Institutions.
The Insurance Companies, transacting Insurance Business, can be broadly classified into Life Assurance Companies, Non-Life Insurance Companies, Stand alone Health Insurance companies and Re-Insurance Companies.
Agents and Brokers are intermediaries, and procure Insurance Business, on behalf of the Insurers. Specialists - Surveyors, Medical examiners, TPA
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