What I learn from doing this?

       I have learn a lot of things from doing this Blog. Finally,I have done it and finish. The things I learn from this Blog is:

* How to do business without travelling.

* How to do business via internet.

* I have learn something new which can make life easy and to earn some cash.

*The way to communicate with other businesses easily.

* We can attached so many information about our business.

*It may reduce the cost for us.

*Its more update technology.

       For me,I have learn a lot by doing this Blog. Its something new for me. Whenever this is only my assignment but still it helps me a lot.Thank you for me dearest lecturer Puan Azlina .

FAQ

                Question and Answer

1.     According to the role of Insurance Agent, what is best attitude that the agent must provide to the client?

= provide in a sense the best possible advice to the client.

2.     When is the year that the The Equitable Assurance fixed the premium for the first time?

= In the year of 1762

3.     Why the growth of few life insurance in 1960 which wound up soon after?

= This is because of inadequate technical background and unsound    operation

4.     The meant of event in the insurance term

= contingency

5.     What the small meaning of Source of capital for investment?

= funds are invested to earn interest

6.     What subrogation considered as?

= It is corollary and indemnity

7.      What is insured peril means?

= Peril means which are expressly covered by a policy

8.     Which policies are freely assignable in Marine Insurance?

= Cargo policies

9.      What are the percentage reported that foreign insurers domination of the local insurance market?

= 95%

10.                         Why Amicable Society for a Perpetual Assurance in 1706 was adopted?

= It is for each member have required to contribute a fixed sum annually

Main classes

                       The main Classes of General Insurance

There are nine type of classes that cover under the General Insurance:

·        Marine Insurance

·        Fire Insurance

·        Motor Insurance

·        Miscellaneous Accident Insurance

·        Liability Insurance

·     Personal Accident Insurance

·        Fidelity Guarantee and Bond

·        Engineering Insurance

·        Aviation Insurance

   Only three  classes that cover under the General Insurance is very important

·        Fire Insurance

           Fire Insurance is mainly about insurance that cover under the damages that caused by fire. The basic cover insurance in this class is can be due to fire, lighting, explosion of gas used for illuminating and domestic purposes only.  The other type of insurance that cover under the Fire Insurance is Fire Policy, Houseowners’  Insurance, Householders’ Insurance and Consequential Loss Insurance.

·        Motor Insurance

                    Motor Insurance can be defined as Motor Tariff. There three type          of vehicle that cover under this Insurance .It is private cars, commercial vehicles and motorcycle. In this insurance there also will be main type of Motor Cover list :

·        Act only

·        Third Party

·        Third party, fire and theft and

·        Comprehensive

Personal Accident Insurance

                 This Insurance normally very helpful to the person or victim that have meet in accident due to the some reason. This insurance mainly provide under the policy are in respect of death, disablement and/or medical expenses arising from the injury. There also some exclusion that the policy does not cover under this Insurance. It is death, disablement or medical expenses caused by strike, suicide, disease and alcohol or drug. Moreover there are second exclusion also  it is death, disablement or medical expenses sustained by the insured such as travelling at aircraft, outdoor games and commit in any unlawful act.      

The Importance of Insurance

    There is three aspects that stated the importance of the insurance. The first aspect is about The Need For Income. It means when an individual or families and business unit will overcome their problem together. It gives a complete meaning like shared the similar risk exposures to solve the problem. This loss-sharing arrangement is called as insurance.

    The second aspect is Sources of Income. Whenever individual have an income from work or even earn money from his saving or investing. This source may give a bad affect by the circumstance which an individual has no self control to spend their money.

     The third aspect is about Unfortunate Events or Risk. Unfortunate or unpredictable events and risks such as death, old age, sickness, accident which may result in disability or fire may causes financial loss which will affect the estate or the individual. Those affected have no other source to which they can rely on for relief for sharing a part off all the loss. These sad consequences are obvious to anyone therefore it is unpredictable and likely to happen anyone.

                             Classes of Insurance

      There two useful and classify Insurance business largely into Life Insurance and General Insurance. What is Life Insurance? Life Insurance can be defined as a contract which pays an agreed sum of money on the happening of the contingency (event), or of a variety of contingencies, dependent on human life. Life Insurance is actually an contract that no agreed sum of money at the outlet that has arranged to provide cover against the following form at risk such as Premature death, continuous stream of income during retirement and sickness or disability.

          What is General Insurance? This General Insurance actually can consider in different way in insurance such as Insurance business than Life Insurance Business. Only third parties can form following risk which covered such as Motor Vehicle, Marine and Aviation and Product or Good Sold.

 Introduction for Insurance 

.What is insurance

    Insurance is an group or the public society thats giving an protection to the public against their financial lost caused by some autorism. Insurance defined as An economic institution based on the principle of mutuality, formed for the purpose of establishing a common fund, the need for which arises from chance accurrences of nature, whose probability can be fairly estimated (from The Pre Contract Examination For Insurance Agents).

.Function of Insurance

     In this section, the outline will be bout the function of Insurance,There is two types of function in Insurance.It is Primary Insurance and Secondary Insurance.The Primary function of insurance is about the equal of spreading of the financial problem of a few public has insured their insurance in some insurance company. After the the Primary function take place,then the secondary function automaticly start to accur. The Secondary function is about seven aspect.The first aspect is about Cost stabilization.It is about a Business company who avoid the importance of the freeze capital thorough the purchase of insurance to provide financial protection against loses.It mean it will manage the outcomes problem and stabilize he cost involved.The second aspect is Stimulated Business Enterprise.It is about the large scale commercial and industrial enterprises would not have started their business by the owner if the risk transfer mechanism never transfer their risk through insurance.

       The third aspect is about Remove Fear and Worries.It is all about the management of insurance will control or remove the fear and worries when the public or the individual or business executives loses or fails.It will help us to overcome the confidence level and makes us moves forward to the success by planning of the economic activities.The fourth aspect is about Reduction of Losses.It is all about the insurance will help us to reduce our problem and circumtance in both easy and hard ways.There will taken an action and recommendation in judging, marking, survey, inspection service and salvage.The fifth aspect is Means of Saving. It is about it give us function by saving our financial and avoid problem.It also can clasify as  an Endowment Insurance that has combined by increase and decrease the term of insurance.By combining this two features there will a single plan that provides or help to protect our saving to the insurannce.

      The sixth aspect of the Secondary function is Source of Capital For Investment.It is all about it will accumulate or manage the large fund or can stated as cost which they hold for custodian.It help us claim or money when there loses their money through other company or unlicensed insurance.By doing this the invester  can gain  an interest and extra money.,This mean that the local or public bank will invest our money(to earn interest) to help overall development in the bank, insurance company or economy.The seventh and the last aspect of the Secondary Function is Provides Employmnet  For Many.This all about in Malaysia there is several insurance industry has offer numerous employment or jobs opputunities.There will be offer jobs for example: claims handling, accounts, administration, electronic data processing, marketing, servicing investment and managerial activities.