Insurance)

Prof. V.K.Agarwal

Peace of Mind
We pray to God for Prosperity/Happiness Peace of Mind So that we may have a Good Time

We wish each other A Good Day

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How ever, life is not always full of Happiness. It is full of Happiness As well as Sorrow/Sadness God gives us Some times Happiness & Sometimes Sadness

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God gives us Some times Khushi & some times Gum God gives us KABHI KHUSHI KABI GUM

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We get Khushi We have Certanity Events as per expectations Get Good News Then, we feel happy Encouraged Motivated

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Become active Have positive attitude Optimist Get peace of mind Feel happy Delighted

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Result is We gain some thing And try to continue to gain in future Gain may be Direct gain As well as Indirect gain

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Direct Gain May be Monetary Gain Monetary Gain Results in Profit / Income

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Indirect Gain Is Notional gain May be Good feelings Emotions Happiness Pleasure

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Goodwill Satisfaction Enjoy Good Health Help in Ageing Can not be measured In terms of money

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We make efforts To continue to gin For Prosperity Peace of mind Happiness

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We seek Financial Security Protection Against any Uncertainty Unforeseen Event

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We use Management Techniques For managing the Uncertainty Unforeseen Events By bringing some discipline in individuals life Family / Business

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We practice RISK MANAGEMENT In our Life Consciously / Unconsciously Knowingly / Unknowingly OR

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Transfer the risk To some one By Financing the Risks (Risk Financing) Or Using Alternatives Of Risk Financing

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Financial Planning By Buying Insurance or Arranging Self Insurance GUM SORROW UNCERTANITY UNEXPECTED EVENTS

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Bad News Feelings are hurt Discouraged Attitudes becomes Negative Pessimist No Gain Incurs/Suffers Financial Loss

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Indirect Loss Feelings are hurt Sorrow Sadness Not insurable To stop the loss Also Practice

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RISK MANAGEMENT RISK TRANSFER INSURANCE IN PROSPERITY AS WELL AS SORROW IN KHUSHI AS WELL AS GUM WE TAKE CARE OF FORTUTIOUS EVENTS

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We manage the risks in both the situations And if we are not able to manage We transfer the risks to some one else By risk financing/buying insurance Which is called Financial Planning However, all the risks can not be transferred

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All business risks Trade risks Risks hidden in the trade Not necessarily transferred Or insured Only Pure Risks Can be transferred Insured for survival

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Survival Plan is Insurance Insurance Products May be treated As Financial Products It involves Two elements

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Transfer or Shifting of risks From one individual to a group And Sharing losses of a Equitable Basis By all members of the group

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Insurance Is a Financial Arrangement That re-distributes The costs of Unexpected losses Among the members Of Insurance Pool

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In Legal Terms Insurance is a Contractual Agreement Whereby One Party Agrees For a Consideration Called Premium To Compensate Another Party LOSSES