Insurance Related All Questions Answers

Insurance Related All Questions Answers

At present we have to spend a lot in our daily life. But no one knows what will happen in the future. So in addition to spending now, we should save for the future. We can save this in a bank or insurance company.
If you deposit money in the bank, we will get back the full amount with profit at the end of the specified period. But if we keep money in the insurance company, that is, if we insure, then we will get profit and if there is any accident then we will get rid of that accident. The insurance company will also arrange treatment.
The insurance company that receives the insurance premium takes the risk in the event of an accident of that company, i.e. stands by the insured company. Help - Collaborate. If we insure then we are getting many benefits.

Table of Contents:

1. What does insurance mean?
2. Why insure?
3. What is an insurance policy and what to look for before purchasing an insurance policy?
4. What are the features of insurance contract?
5. What is the job of insurance company?
6. How do insurance companies bear the risk?
7. What are the principles of insurance company?
8. How many types of insurance and what are they?
9. What is life insurance?
10. What is meant by marine insurance?
11. What is meant by fire insurance?
12. What are the things to keep in mind before insuring?
13. Detailed discussion on the types of life insurance
14. History of Life Insurance Corporation
15. What does insurance mean?

What does insurance mean?

What is meant by insurance is taking any risk in exchange for money. That is, when a person insures, the insurance company takes the risk of accidents and misfortunes for the life of that person and his family in exchange for a certain amount of money. Insurance is not just a person who can insure an organization to deal with any future accidents. Not only this, with the help of different types of vehicles you can get insurance. Insurance is a part of taking a risk or risk of loss in exchange for money to deal with an uncertain accident or loss in the future.
Why insure?

Insure to ensure the safety of your life. To get rid of the accident, that is, to get rid of the loss that occurs during the accident. The insurance company will guarantee the security of your assets and property. It will be very beneficial for you to take out insurance to get rid of the risk of future financial loss and uncertainty.

What is an insurance policy and what to look for before purchasing an insurance policy?

An insurance policy usually refers to the amount of money purchased to buy insurance. That is how much money you are insuring. Insurance policy can be started with a minimum of 100 rupees in Bangladesh. Then you can buy an insurance policy with as much money as you want.

But before you buy an insurance policy, you must think carefully. Knowingly, knowingly, thinking about the future, then the decision should be made.

You need to think about what kind of insurance you want. For example,

Child Education Insurance

Hajj insurance

Retirement insurance

Accident insurance

Compensation insurance

Or short term insurance

Long term insurance.

1. Make sure you know what type of insurance you want. What do you need?

2. Know well about the insurance you want to do.

3. Make sure you know how to pay the premium, i.e. not on a monthly basis but on an annual basis.

4. Before buying a policy, you must know the benefits of the insurance policy and the rate at which the bonus will be paid.

What are the features of insurance contract?

The insurance contract is between the insurer and the employee of the insurance company. And there are definitely some features of this agreement that are discussed below:

The insurance contract must be valid:

A contract is a valid contract only if the terms of the legally enforceable contract meet the requirements of the law.

However, if the contract fails to meet the requirements of the law, it is deemed null and void from the outset. A termination agreement means that the agreement fails to meet one or more of the required legal requirements at the time of execution.

Informal contract:

Informal agreement refers to an agreement where the parties to the agreement place more emphasis on agreeing on the main points of the agreement than on determining the type of agreement and that is reflected in the original agreement. Most contracts, including life insurance contracts, are basically unofficial contracts.

Informal contract:

A valid informal agreement can be either oral or written. However, in most countries, the law guarantees that the insurance contract must be in writing. Because the terms of the contract are permanently recorded in the written contract. Life insurance contracts usually last for many years. Unwritten things in human memory do not last long. As a result, if the terms of the agreement are not written, there may be future misunderstandings or conflicts between the parties to the agreement. That is why most of the insurance contracts are in written form.

Informal contracts must meet certain conditions. The following conditions have to be met. Such as:

(1) The terms of the agreement must be mutually agreed upon by the parties to the agreement.

(2) The parties to the contract must exchange sufficient legal considerations between themselves.

(3) The contract must be executed for any valid purpose.

(4) The contracting parties must have a contractual capacity or legal qualification to execute the contract.

Mutual consent:

In order to execute a valid informal agreement, there must be mutual consent between the parties to the agreement. That is, both parties must agree on the terms of the agreement. Not only sound mental health but his alertness and dedication too are most required. One of the hallmarks of mutual consent is the execution of a written agreement stating the terms of the agreement.

Other agreements, including insurance policies, are mutually agreed upon.

Basically by offering and accepting offers.

An offer is a proposal through which one party enters into an agreement with the other party. The party making the proposal is called the proposer.

On the other hand, the party to whom the proposal is made is called Afari. Acceptance of an offer is an unsupported agreement by the officer which constitutes the terms of the offer. When the proposal is accepted, including all the conditions contained in the proposal, it must be understood that there is mutual consent.

Adequate legal considerations:

For the validity of the informal agreement, the parties to the agreement will respect the key considerations of the agreement and exchange them with each other to a sufficient extent. That is, the promises made between the two parties must be considered valuable to each other. In addition, the main points of the agreement that will be exchanged with each other will be considered quite valuable from the point of view of law.

An insurance applicant submits the initial premium along with the application form as a consideration of the life insurance contract. The insurance applicant takes the promise of the insurance company to provide benefits in the event of the event described in the policy as the basis of his consideration.

If the applicant fails to pay the initial premium, then no agreement is held. Because here the applicant has failed to prove the necessary consideration.

Renewal premium refers to the premium that is paid at the next stage of the initial premium. Renewal premium is a special condition for the policy to continue later. This is by no means a policy consideration.

Legal purpose:

No agreement can be made against the fulfillment of illegal motives or against the public interest. The agreement has to be executed only for the purpose of fulfilling the legal purpose. Illegal criminal acts are considered punishable offenses. For example, if the purpose of an agreement between two people is to commit a criminal act, then that agreement is legally invalid. For example, killing people for money is not a legally enforceable contract.

In the early days of insurance policy, many people turned life insurance policy into a gambling object. Later it was stopped by laws in different countries. Provision has been made for insurable interest to prevent such tendency. The presence of insurable interest is required when an insurance policy is issued. So at present the main purpose of insurance policies is to fulfill the legal purpose. To compensate for the economic loss of such person. However, the presence of insurable interest is required only when an insurance contract is first issued. The presence of such insurable interest is not required to keep the insurance policy running in the future.

What is the job of insurance company?

The person or organization that takes out insurance pays premiums to the insurance companies, and the insurance companies try to protect the insured person or organization from various possible losses by taking premiums. The insurance company increases the capital of the insurance company by accepting premiums from the insured.

How do insurance companies bear the risk?

If the insured person dies in an accident, the insurance company pays the appropriate amount to the family of that person, that is, pays the full amount received by that person. And if there is any loss of life of the insured person in the accident, then the insurance company bears the medical expenses of that person.

For example, one person's name is Michael. Michael receives an insurance premium of Rs.1000 per month. This insurance premium has to run for 10 years.

1000 taka a month. 12000 in twelve months. That is 12000 rupees in one year: then in 10 years it will be 120000 taka. And after ten years, about 2 lakh taka will be returned.

Now I think Michael died in a road accident after paying a premium of Rs 2,000 in two months. The insurance company will no longer receive any premiums from Michael's family after the family has been notified of the accident. But after the expiration of 10 years, the full amount, that is, the amount of money received after 10 years, the amount of money will be received without paying any premium. Will get about 2 lakh taka.

Then we realized that the insurance company saved Michael's family from a big loss here. When a person leaves to earn money from a family, there is a big loss in that family. And the insurance company saves from that loss.

 What are the principles of insurance company?

Every company has a principle. No business organization can last long without certain rules and regulations. Insurance companies are also obliged to adhere to its principles.

When an individual or an organization wants to take out insurance, he must adhere to the business principles of the insurance company. If these are not followed properly, his insurance contract may be canceled. Below is a detailed description of all the qualifications that the insured must have.

1. Insured Interest Policy:

Insurable interest is the financial interest of the insured person or organization with the insurance company. That is

* If the insurance premium payer pays the premium to the insurance company regularly, then the insured will benefit and get the right profit.

And if the insured does not pay his premium properly then the insured will suffer.

* If you want to insure, you have to insure on the thing or content that actually exists. That means the insurance must be true and valid. Those who do not exist cannot be insured.

** No one person can insure another person or another person's property. It is against the policy of insurance.

2. Principles of Final Faith:

According to this policy, the insurance company and the insured will be able to share everything with each other. No one will break anyone's trust. If the insured says something private to the person or employee of the insurance company, the employee of the insurance company must also keep it confidential. Cannot be published.

This time the insured will not be able to deliberately hide any information from the employee of the insurance company. Then it would be a crime. It would be against the law of the insurance company.

And if you hide the necessary information in this way, the insurance contract may be canceled. So all the necessary information has to be disclosed in the insurance contract.

3. Policy of Compensation:

If the policyholder pays his premium properly, the insurance company will be obliged to pay any loss to the policyholder if the rules are followed. This is part of the policy of compensation.

The insured has to be compensated in the same way as the insured. If the insured buys a small premium, he will be compensated accordingly. And if the insured buys a large premium or makes a large transaction, the insurance company will take the risk of a major accident.

If the loss of content is more than the sum insured, the insurance company will pay compensation equal to the sum insured. And if less, it will compensate for the actual loss.

4. Substitution policy:

The insurance business has a law of its own. The main purpose of insurance is to reimburse the insured if he is harmed. That is, it is not possible to make a financial profit through insurance. Legally, the insured will not receive any more money from any other source after the loss has been compensated.

For example, an insured car of an insured was completely canceled in an accident. In that case the insurance company gave him a new car. But the insurer will get the money from selling the wrecked car; The insured will not get it.

5. Closest Reason Policy:

There can be many reasons for the loss. According to this policy, the nearest reason will be considered while filing the insurance claim, not the farthest reason.

If more than one cause is involved in a loss, the cause that is closest to it is considered to be the cause of the loss. But it has to be insured.

** Suppose a ship has marine insurance. The ship sank due to mechanical reasons. The insurer will not get any compensation for this. Because the mechanical reason is not insured. This requires mechanical insurance.

6. Contribution Policy:

In the case of insurance, the policy of contribution is applied to implement the policy of compensation. Content may have multiple insurances. In that case, if there is any loss, he will give compensation in proportional rate.

** Suppose a person insures one of his houses for a fire insurance of Rs. 500,000.00 to three insurance companies. The fire caused a loss of Rs. 1,00,000. In that case everyone will pay compensation of Rs. 1,00,000 in proportional rate.

However, this does not apply to life insurance and personal accident insurance.

7. Substitution policy:

In the event of any loss to the insurer, the insurance company reimburses the insured after paying the loss to the insured and this policy is called replacement policy. That is, after paying the loss of the insurer, the insurance company goes back to the previous state with the insurer.

8. Specific losses:

The insurance company will only be contracted to compensate for one or more specific losses.

For example, if a car has only fire insurance, then the insurance company will not be obliged to pay any compensation if the car is lost.

He will be obliged to pay compensation only if he is burnt in the fire.

9. Compensation for natural disasters should be limited to:

For example, insurance companies are reluctant to pay this amount of compensation for the extensive damage caused by floods or earthquakes because it is not possible for a single insurance company to pay such a large amount of compensation.

10. The existence of many elements that can cause similar damage:

Since an insurance company compensates for the loss, there must be a large amount of material that can actually cover that kind of loss. For example, Lloyds of London is famous for insuring the lives of popular artists and players and their vital organs. The material that Lloyds of London insures here exists in large quantities in real life, and although these elements are not the same, they can be categorized as such.

 How many types of insurance and what are they?

Answer:

Life insurance

Health insurance

General insurance

Hajj insurance

Marine insurance

Fire insurance

Motor insurance

Travel insurance

Home insurance

Naval insurance Commercial insurance

What is life insurance?

Life insurance is the risk of human death, loss,

A strategy of handing over or avoiding danger. Life insurance in the modern age serves as an effective means of relieving the insured or his family members from financial loss in case of death or old age of the insured.

Life insurance is a contractual arrangement in which the insurer or insurance company promises to pay a pre-determined amount after a certain period of time or after his death in return for paying premium at a fixed rate to the insured.

Therefore we can say that

Life insurance is a modern contract executed between the insured and the insuring company in which the insuring company promises to pay a certain amount of money to the insured or his heirs or his nominee after his death or at the end of a certain term in return for payment of a specific premium.

 What is meant by marine insurance?

The contract that the insurer executes with the guarantee of compensation in case of damage to the vessel, ship's goods or freight insured by a certain danger is called naval insurance or marine insurance.

That is to say, a contract which promises to compensate for the loss of marine damage up to a certain limit in a certain way, is called naval insurance.

What is meant by fire insurance?

Fire insurance refers to a contract in which one party agrees to bear the risk of a certain amount of financial loss to the other party in return for compensation, which means loss or destruction of something by fire. In other words, fire insurance is a system of insurance companies that pays compensation in the event of a fire.

Purpose of fire insurance:

1. Compensation:

One of the main purposes of fire insurance is to compensate for the damage caused or destroyed by fire. If the insured property of the insured is damaged in a fire, the insurer pays appropriate compensation.

2. Investment creation:

Insurance companies reinvest a large portion of the proceeds from fire insurance premiums in various businesses and industries. Insurers engage in insurance business for the purpose of such investment.

3. Risk Sharing:

Since fire insurance also distributes one's loss among other people in the society, it protects a person from a single major loss.

4. Other insurance supplements:

Life insurance, fire insurance, maritime insurance, accident insurance, etc. cannot be the sole insurer to carry out the overall activities of insurance.

Fire Insurance Classification:

1. Assured insurance policy:

A fire insurance policy that is accepted without determining the value of the insured material at the time of execution of the contract is called a valued insurance policy. The condition of valuation of the property is written after such insurance policy.

2. Unvaluable insurance policy:

A fire insurance policy that is accepted without determining the value of the insured material at the time of execution of the insurance contract is called unvaluable insurance policy. The condition of valuation of the property is written after such insurance policy.

3. Specific insurance policy:

The contract is executed at a fixed price on the specified property of such fire insurance. The insurer pays a fixed price in case of loss. Compensates for loss of three lakh rupees.

4. Overall insurance policy:

In addition to such insurance fires, the loss of certain assets due to the damage caused by the stolen load worker etc. is guaranteed to be compensated. 5: Fire Extinguisher Insured: If the fire extinguisher is damaged and the insured property and property is damaged, the insurance policy taken to cover it is called Agni Nibarani Insurance.

 What are the things to keep in mind before insuring?

Many times after getting the insurance, it is too late to get the money. Such allegations are heard a lot. All you have to do is:

Before insuring, one has to look at the relevant insurance terms, i.e. read the book that the insurer has or read and understand the details from the insurance agent. The following points should be kept in mind before insuring:

 Premium submission rules and what to do after the deadline.

It is important to know exactly how much money will be paid after the expiry of the term and within how many days the promised amount will be received.

 If the promised money is not received in time after the expiry of the term, the customer has to know what legal protection he has.

Detailed discussion on the types of life insurance:

2. Health insurance.

3. General insurance.

Life Insurance: Life insurance guarantees the financial security of a person's life.

Health Insurance: 

Health insurance is a type of contract that provides the insurer with protection against the cost of medical treatment for any accident, illness or serious illness.

General insurance:

 human wealth such as; Ensures safety of cars, houses, mills, etc.

Many people living in the society have misconceptions about insurance. Many people think that insurance is a kind of investment. In other words, many people think that insurance is a kind of money deposit method which later pays interest on our risk. Here we confuse Insurance with Investment scheme. Insurance is insurance to ensure the safety of any future accident. This is not a service investment scheme provided by the bank. Remember, insurance provides financial compensation for various future losses Otherwise, it does not help you financially.

You can better understand the subject by describing it with an example. Suppose you take out a health insurance for yourself. According to the agreement of the insurance company, you have to pay a premium of Tk 3,000 every year. The higher the premium you pay, the more the insurance company will pay for any of your losses. The insurance company will not pay you even 1 taka from the premium you have deposited every year. However, if you have to be hospitalized for a health problem, the insurance company will pay for it.

History of Life Insurance Corporation:

After the independence of Bangladesh in 1972, all the life insurance and general insurance companies in Bangladesh were nationalized. This nationalization reduced the number of companies and formed a total of 5 companies. Among them were two companies, Surma Jeevan Bima Corporation and Teesta Bima Corporation. Later, by order of the President, these two companies were merged in 1973 to form Life Insurance Corporation.

Answers to insurance and life insurance questions:

What is the difference between life insurance and general insurance?

Life insurance means the risk of life if you take out insurance, that is, the amount of policy that the person purchased for his family in case of death in an accident; That amount of damage is compensated. And general insurance does not cover life insurance. That is, naval insurance, fire insurance, etc. These are general insurance.

When was the Life Insurance Corporation established?

Answer: 14th May, 1983.

How many types of insurance schemes are there in Life Insurance Corporation?

A: Life Insurance Corporation has been providing their insurance services through 15 types of insurance schemes.

Does the life insurance corporation have to be accountable to the government?

Answer: Life Insurance Corporation is a self-financed commercial organization. So it is not accountable to the government or the bank in any way.

What is the life fund of life insurance corporation?

Answer: Till 2016, the life fund of Jeevan Bima Corporation was calculated at Tk. 162.72 crore.

What is the policy of Life Insurance Corporation?

Answer: According to the calculated calculations till 2017, the number of policies of the Life Insurance Corporation is 3,8,98.

Is life insurance corporation government?

Answer: Life Insurance Corporation is a government organization. It is the first insurance company of the government of Bangladesh to be established with a deficit of more than 15 billion rupees. At present, the insurance company of the government of Bangladesh. Selina Afroza is serving as the chairman.

What are the primary benefits of an insurance policy?

- Works as the perfect cover for your family after you leave.

- Compensation benefits are available

-Tax benefits are available.

-To get financial support after retirement.

-To achieve success for a specific purpose.

-For stable business operations.

What are the disadvantages of an insurance policy?

-Strict conditions and rules have to be followed.

-Long legal formalities and like bank when money can not be withdrawn.

In the end, every business has its advantages and disadvantages. We will consider the benefits. What are the advantages and disadvantages?

We can save in the bank for saving. But the bank will not provide the same benefits as the insurance company.

In other words, if you save in the bank, you will get additional benefits. The bank will not provide that facility. The bank will not take any risk. But if you insure, you will get your money with profit, and again you will get compensation in case of various accidental losses. The insurance company will stand by your family in times of trouble.

So I think it is better to take an insurance policy. However, you must accept the policy knowingly. And keep in touch with the insurance company.