Answer to Question #166088 in Management for Ps

Question

Subject: insurance management

1.a)explain the classes of life insurance?( please answer in 200 to 250 words in detail) b)explain in detail the special purpose policies of life insurance ?(please explain in 200 to 250 words)

2.explain in detail the current scenario of Aviation insurance in India ?(please answer in detail in 200 to 250 words in points)

Answer 1

1 a). There exists many types of life insuarance wich falls under two major categories; parmanet life insuarance and term life insuarance. Parmanent life insuarance is typically the most expensive and wich last till the day you die as long the premium was being paid. The benefits associated with parmanent insuarance is build up of cash and your life is covered entirely. In other hand this type of insuarance is very expensive compared to term insuarance. Term life insuarance expires when the specified time frame reach, so if you outlive the policy you lose everything invested in the insuarance. Most people prefer this kind of insuarance since it is less expensive. Other types of insuarance includes; universal life insuarnce, you decide how much to pay each year with mandatory minimun payment otherwise the policy lapse, due to this flexibility different policies may earn more than others yearly. Also there is valiable life insuarance that allows policies to invest with insurer’s portion of their premium, there is hope of earning more cash, if the policy under perform the policy may lapse due to sufficient cash and you will probably lose cash value.

b). The special purpose of life insuarance is considered to be provision of adequate protection incase the person pass away. The normal routine of insuarance beneficiallies is expected to moves on incase the insured person passes on.Saving in the insuarance companies is considered to be of secondary concern since there are other many option of saving your cash value and earn high returns on investments. Beneficially of life insuarance are not subjected to tax payments at all hence high cash value is provided on compensation.

2 .The current scenario of aviation insuarance in india offers wide protection to wide array of damages, danger risk and perils, given in mind that aircraft is prone to accident, technical failure and terrorism. Some of the cover provided by insuarance policy in india are as follow; In-flight cover that protect aircraft when in mid-air, it is mostly expensive but it is worth given that many accident happens when in mid-air. Other include, Hull all risk, wich is ideal for privates jet and mainly small jet, it covers dissapearance and damage to air-craft . other insuarance policy is loss of license, this happen when the license is suspended on ground of health to crew member, it take care financial loss by the crew member. Other type of insuarance policyis spare part insuarance, incase the spare is damage or loss the insuarance will cover the loss or damage. The final insuarance cover by india aviation is aviation personal accident, it covers the crew against death, injury and usually granted yearly.