Insurance. 2010 级 3B2 金融学 102 本科班 乔贝 10154040206 金融学 102 本科班 张多 10154040213 金融学 102 本科班 周昕毓 10154040223 金融学 102 本科班 宣沁瑶 10154040229. 1. 2. 3. 4. Definition and Background. Types of Insurance. Choice of Insurance. F unction s of I nsurance. Insurance. Definition and
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金融学102本科班 乔贝 10154040206
金融学102本科班 张多 10154040213
金融学102本科班 周昕毓 10154040223
金融学102本科班 宣沁瑶 10154040229
Definition and Background
Types of Insurance
Choice of Insurance
Functions of Insurance
What is insurance?
Insurance is to show policy-holder is according to the contract, pay insurance premium to the underwriter, the insurer may be agreed upon in the contract by an occurrence of a property shall be liable to compensation for the losses caused by the insurance liability, or when the death, disability, disease or reaches the age of the contract, the time limit for the payment of the insurance benefits of commercial insurance responsibility behavior.
Insurance in some form is as old as historical society. So-called bottomry contracts were known to merchants of Babylon as early as 4000–3000 bc.
Bottomry was also practiced by the Hindus in 600 bc and was well understood in ancient Greece as early as the 4th century bc.
Ancient Roman law recognized the bottomry contract in which an article of agreement was drawn up and funds were deposited with a money changer.
Ocean Marine Insurance is the oldest form of insurance, probably dating to the Middle Ages.
The organization of Insurance took great steps forward with the formation and development of an insurance market on Lombard Street in London, England and subsequently-- since 1769--Lloyds of London.
Today, Lloyds still plays a prominent role in Marine Insurance.
The history of Insurance Industry
Risks and Losses
Why do we need to buy insurance?
In China, China Insurance Clauses(C.I.C.）issued by the People’s Insurance of China(PICC) is mainly adopted for international cargo transportation insurance.
Basic Risks Coverage
Free from Particular Average (FPA)
With Particular Average(WPA/WA)
Additional Risks Coverage
General Additional Risks
Special Additional Risks
China Insurance Clauses
Basic Functions of Insurance
Collective risk bearing
Covering larger risks with small capital
Helping in the development of larger industries
The function of auto insurance is to provide protection in the event of an automobile accident or other incident involving a motor vehicle. The policy is designed to pay for damage to property as well as medical expenses of injured parties.
Homeowner’s, or property, insurance protects your house or other real estate from unexpected damage or malicious actions. If your home is damaged, vandalized, or robbed, the functions of insurance for your home are to provide funds, typically in the form of reimbursement, to repair or replace those items affected by the incident.
Life insurance provides a lump sum of money to your chosen beneficiaries in the event of your death. Some types of life insurance expire after a certain number of years, while other types last forever.
The functions of insurance related to medicine are to offset the cost of well visits, sicknesses, and major health occurrences. Health insurance pays the bulk of your medical expenses when you need treatment. Most policies limit your potential expenses to relatively minor deductibles and participation costs called co-pays.
Disability insurance pays you a monthly benefit if you get injured and are unable to perform the normal functions of your job. These payments will continue until you are well again or until you exhaust your benefits.
If you need to stay in a nursing home or assisted living facility, long term care insurance will pay a daily or monthly benefit toward the cost of that care. These payments will continue until you no longer need that care or until you have exhausted your benefits.
Types of Insurance
Typical insurance companies & products
The background of
Decide the species (age )
Decide the species (needs)
Choose the exact product
How to choose the right insurance product
According to the age
long-term life insurance
According to our needs
Don’t reject the sellers as soon as you see them.
When facing the door-to-door selling
Then make your own judgment, believe it or not.
Be polite. If you have time, listen to them first.