SYNOPSIS
Sriyan Moulik XI-B
Project Synopsis: An Overview of Insurance
1. Project Title:
An In-depth Study of Insurance: History, Development, and Contemporary Practices
2. Introduction:
This project aims to explore the multifaceted world of insurance, covering its historical roots,
development in India, underlying principles, various types, common terminologies, relevant case
studies, and career opportunities in the insurance sector. The study will provide a comprehensive
understanding of how insurance has evolved, its significance in modern society, and its impact on the
economy.
3. Objectives:
To trace the history and development of insurance globally and in India.
To examine the functioning and roles of major insurance companies in India.
To understand the fundamental principles that govern the insurance industry.
To explore different types of insurance available in the market.
To familiarize with key terminologies used in the insurance sector.
To analyze real-life case studies to understand the application of insurance.
To investigate career opportunities within the insurance industry.
4. Scope of Study:
History and Development of Insurance:
This section will delve into the origins of insurance, from ancient practices to modern-day
policies. It will also trace the growth of insurance in India, highlighting key milestones and
the establishment of regulatory bodies.
Insurance Companies in India:
A detailed exploration of major insurance companies in India, both public and private,
including Life Insurance Corporation (LIC), General Insurance Corporation (GIC), and
prominent private players. The section will also discuss the role of the Insurance Regulatory
and Development Authority of India (IRDAI).
Principles of Insurance:
This section will cover the fundamental principles of insurance, such as the principles of
utmost good faith, insurable interest, indemnity, subrogation, contribution, and proximate
cause.
Types of Insurance:
An examination of various types of insurance, including life insurance, health insurance,
property insurance, liability insurance, and others. The section will highlight the purpose and
importance of each type.
Terminologies Used in Insurance:
A glossary of common insurance terms such as premium, policyholder, underwriter, claim,
risk, etc., to help readers understand the language of the insurance industry.
Case Studies:
Analysis of real-life cases where insurance played a critical role, illustrating how insurance
principles are applied in practical scenarios. These cases will cover diverse situations, from
natural disasters to personal accidents.
Careers in Insurance:
Overview of career opportunities in the insurance sector, including roles such as
underwriters, actuaries, claims adjusters, risk managers, and insurance agents. The section
will also discuss required qualifications, skills, and growth prospects in the industry.
