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PURPOSE OF INSURANCE

Posted by KK

The purpose of insurance is to minimize the loss or damage arising from unforeseen circumstances. Insurance is relevant only when there is uncertainty as to the happening of the event. Insurance envisages sharing of similar risk.

NEED FOR INSURANCE

Posted by KK

* Human being is an income generating asset. Unexpected death or incapacitation of the bread-winner will result in the loss of future income thus putting the family under financial crisis. * Life Insurance is aimed at avoiding this eventuality. * Insurance does not avoid the peril; it only mitigates the loss due to the peril.

What are the other alternatives to Insurance ?

Posted by KK

* One alternative to Insurance is to provide self-Insurance i.e. the individual has to create a fund to meet risk exigencies. * Specified trusts have also tried to provide insurance by a scheme of self-insurance. However, these are not very popular. * The postal department provides Insurance coverage to all working people. * There are many financial instruments which advocate savings and provide future returns at specific intervals such as the provident fund and pension plans. However, none of these provide for life coverage.

Insurance Rules : 1983

Posted by KK On 6:09 AM 0 comments
Mission Statement:

* A clear statement of your company’s long-term mission. Try to use words that will help direct the growth of your company, but be as concise as possible.

The Team :

* List CEO and key management by name
Include previous accomplishments to show these are people with a record of success
Summarize number of years of experience in this field

* Market Summary :

Market: past, present, & future:
Review those changes in market share, leadership, players, market shifts, costs, pricing, or competition that provide the opportunity for your company’s success.

* Opportunities :

Problems and opportunities:
State consumer problems, and define nature of product/service opportunities created by those problems.

* Business Concept :

Summarize key technology, concept or strategy on which your business is based.

* Competition:

Summarize competition
Outline your company’s competitive advantage

* Goals & Objectives

Five-year goals
State specific measurable objectives
State market share objectives
State revenue/profitability objectives

* Financial Plan

High-level financial plan that defines financial model, pricing assumptions, and reviews yearly expected sales and profits for the next three years.
Use several slides to cover this material appropriately.

* Resource Requirements

Technology requirements
Personnel requirements
Resource requirements
Financial, distribution, promotion, etc.
External requirements
Products/services/technology required to be purchased outside company

* Risks & Rewards

Risks
Summarize risks of proposed project
Addressing risk
Summarize how risks will be addressed
Rewards
Estimate expected pay-off, particularly if seeking funding

* Key Issues

Near term
Isolate key decisions and issues that need immediate or near-term resolution
Long term
Isolate issues needing long-term resolution
State consequences of decision postponement
If you are seeking funding, state specifics

Insurance Rules : 1983

Posted by KK On 6:09 AM 0 comments
Mission Statement:

* A clear statement of your company’s long-term mission. Try to use words that will help direct the growth of your company, but be as concise as possible.

The Team :

* List CEO and key management by name
Include previous accomplishments to show these are people with a record of success
Summarize number of years of experience in this field

* Market Summary :

Market: past, present, & future:
Review those changes in market share, leadership, players, market shifts, costs, pricing, or competition that provide the opportunity for your company’s success.

* Opportunities :

Problems and opportunities:
State consumer problems, and define nature of product/service opportunities created by those problems.

* Business Concept :

Summarize key technology, concept or strategy on which your business is based.

* Competition:

Summarize competition
Outline your company’s competitive advantage

* Goals & Objectives

Five-year goals
State specific measurable objectives
State market share objectives
State revenue/profitability objectives

* Financial Plan

High-level financial plan that defines financial model, pricing assumptions, and reviews yearly expected sales and profits for the next three years.
Use several slides to cover this material appropriately.

* Resource Requirements

Technology requirements
Personnel requirements
Resource requirements
Financial, distribution, promotion, etc.
External requirements
Products/services/technology required to be purchased outside company

* Risks & Rewards

Risks
Summarize risks of proposed project
Addressing risk
Summarize how risks will be addressed
Rewards
Estimate expected pay-off, particularly if seeking funding

* Key Issues

Near term
Isolate key decisions and issues that need immediate or near-term resolution
Long term
Isolate issues needing long-term resolution
State consequences of decision postponement
If you are seeking funding, state specifics