Insurance Awareness Notes: Everything You Need for LIC, GIC, NIACL
Insurance awareness is the differentiator in insurance exams. Here's your complete revision guide.
IRDAI (Insurance Regulatory & Development Authority of India)
Established: 1999. Headquarters: Hyderabad. Current Chairman: Check latest. Functions: Regulate insurance companies, protect policyholder interests, promote insurance industry growth.
Types of Life Insurance
Term Insurance: Pure protection, no maturity benefit. Cheapest form. Endowment: Protection + savings. Maturity benefit available. Whole Life: Coverage till age 99-100. Money Back: Periodic payouts during policy term. ULIP: Insurance + market-linked investment.
Important Principles
Utmost Good Faith: Both parties must disclose all material facts. Insurable Interest: Policyholder must have financial interest in the insured. Indemnity: Insurance pays only actual loss (general insurance). Subrogation: Insurer can claim from third party after paying claim.
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