Summer Internship in Lic

SUBMITTED BY: Amaresh Chandra Panda K H Gupta Mehul Shah SNDS Ramanish Sadhu Upasana Patra

Benjamin Franklin helped to establish in 1752, what it would be the first mutual insurance company. For many years, the United States government never considered necessary to incorporate a system that would compensate their citizens in case any injury, accident or loss happen to them. It wasn’t until 1735 the first underwrote fire insurance company was created; in Charleston, South Carolina. Underwrite insurance companies are the ones, that analyze all the risk of insuring a particular person or asset and uses that information to set a premium pricing for insurance policies. But it took 20 years to create the first mutual insurance company, one in which policyholders would come together to share the risk.

For many years, the organizations had purchased life insurance for their employees, the key reason is that through some key personnel from the insurance company to maintain their own financial loss on their lives when events occur (Martin, 2010). On the other hand, the insurance company by emphasizing their tax advantages, to encourage corporations to purchase the corporate-owned life insurance. The goal of corporate-owned life insurance is corporations need to take large loans in order to pay for the insurance fee and make the maximize profits of tax. At the same time, the corporations can get a large amount of income tax from their interest payment. However, in 1986, the insurance organizations established new form which named Tax Reform

Submitted By: Sahil Bhambri (12 DCP-097) Saksham Sharma (12 DCP-098) Sandeep Bedi (12 DCP-100) Sawan Gupta (12 DCP-104) Tanuj Arora (12 DCP-117) Abhishel Bansal (12 DCP-134)

business of insurance. But the lack of uniformity, loop holes, blind spots and deficiencies within

In the words of the erstwhile Finance Minister, Morarji Desai: Whereas Life Insurance Corporation will always bear in mind that its primary obligation is to its policy holders whose money it holds in trust, and will never lose sight of the fact that, as a single investor in India, it has to keep before it the investors of the community as a whole. It will, therefore, invest in ventures which further the social advancement of the country. Its funds will, as far as practicable, be invested for the entire good of the country. The following factors are essential for an ideal insurance policy:

I would love to be a High School Insider Summer Intern this year because I have a passion for writing. I am a storyteller that loves to write and speak about what I write about. Since I am one of the younger students in high school, I have a young and fresh perspective on different events, so I believe I can add my perception and my creativity skills to the intern team and the Times. I am responsible, reliable, honest, bold, optimistic, outgoing, and affable. I can definitely work well with different types of people and I am someone who likes to lead and I am someone who likes to follow and support others. I also want to grow as a reporter, storyteller, and writer. I want to be able to use this experience and expand onto it later in the future.

The most thought provoking question an individual can ask you is where do you see yourself in long period of time. This question tends to evoke a great deal of wondering, for the simple fact that the average person truly does not know. However, I am not an average person and I have a sense of where I will be in the next six years. Before I tell my future endeavors I want to brief description about myself, I see myself as a determined and driven person that will stop at nothing in order to be successful. These skills tie into my goals because, in the next six-year, I want to be a filmmaker as well a strong philanthropist in my community. The reason why the Jersey City Summer Internship Program can assist me with my goal is by providing me with

Insurance provides protection against economic misfortune or ruin. Health insurance protects against financial loss due to sickness or accident, life insurance protects against financial loss due to death, property insurance protects against financial loss due to destruction of property, and casualty insurance protects against financial loss due to negligence or even crime. If citizens are not able to purchase insurance to protect their fortunes against these risks, many would suffer economically

With the introduction of this reformed market,more than 70% of people who were not a holder of insurance are now insured. It impact has largely been positive on insurance holders.

The Insurance industry is very heavily state regulated. According to the Government Accountability Office (GAO) study, the state run regulatory system is Federal verses State Regulation protecting the markets, insurance industry and policy holders and was evidenced during the financial crisis of 2008-09. The insurance business is highly profitable. “Well-run companies can make a lot of money, which breeds competition” from both “inside and outside competitors” (Property, 2013). Insurance companies were well “insulated” from the “severe” financial crisis of 2007-2008 that affected the banks and security firms, because the State regulations have the Insurance Industry “walled off” from Federal Regulations (Property, 2013). During the “Great Depression of the 1930s” “Insurance policy holders were protected by the states’ prudent supervision and regulation” (Property, 2013).

Prominent life insurance companies prepared to capture the private health care market and target it towards all of their consumers as well as growing families and other groups (Budrys 72). These companies seized the growing opportunity to cover Americans everywhere and by 1950 almost half the American population had hospital insurance, compared to less than ten percent just a decade before (Stevens 259). These private companies functioned as for-profit businesses in order to earn money for elite company employees, unlike the scarce options, which preceded their plans that sought to improve their companies with acquired profits.

The statistics on the test data, indicate Allstate agency owners can increase revenue through the offering of financial and life insurance products. With proper procedures implemented, each agency owner’s staff can identify consumers as the need develops. First, the registered financial advisor is recommending that a staff requirement exist for new Allstate agency owner’s consumers. Further, the registered financial advisor recommends staff require financial meeting for new consumers after policy

Insurance is a federal subject in India. It is a subject matter of solicitation. The legislations that deal with insurance business in India are Insurance Act, 1938 and Insurance Regulatory & Development Authority Act (IRDA), 1999. Insurance is defined as is a form of risk management primarily used to hedge against unforeseen risks of contingent losses. Another approach to Insurance is as the equitable transfer of risks, or the possibility of occurrence of losses, from one entity to another, by the method of diversification in exchange for a premium. An Insurer is a company designing, promoting and selling insurance products and services amongst the public. An insured or policyholder is the person or entity purchasing these products and services.

I undersigned ………………………a student of T.Y.B.B.A., here by declare that the project work presented in this report is my own work and has been carried out under the supervision of prof. Kuldeep Jobanputra of R.P.Bhalodia College, Rajkot. This work has not been previously report submitted to any other university for any other examination.