Business Services | Chapter 4 | Business Studies | Class 11 | Part 2

Summary

This educational video script covers the concluding segment of Chapter 4 on business services, focusing on telecom and insurance services. It explains the evolution of telecom from wired phones to modern mobile and internet services, including cellular, PCO, and VSAT. The script then delves into insurance, detailing its principles like utmost good faith and insurable interest, and types like life, fire, and marine insurance. It also discusses various life insurance policies, emphasizing their importance in financial planning and risk management.

Takeaways

• 📞 Telecom services encompass cellular mobile services, PCO, radio paging, fixed line services, cable services, VSAT, and DTH services.
• 🏢 Insurance is a mechanism to safeguard against future uncertainties, providing financial protection in events like death or health issues.
• 🤝 The insurer is the company providing the insurance, while the insured is the person or entity covered by the policy.
• 🔐 The principle of utmost good faith is fundamental in insurance, requiring honesty and full disclosure between the insurer and the insured.
• 💰 Insurable interest implies that the insured must have a financial stake in the insured asset, ensuring they have a legitimate claim to the policy.
• 💔 Indemnity in insurance aims to restore the insured to the financial position they were in before a loss occurred, except in life insurance where it doesn't apply.
• 🔍 Causa Proxima, or the proximate cause, refers to the direct and effective cause of a loss, which insurance companies consider for claims.
• ♻️ Subrogation is the right of the insurance company to take ownership of the damaged asset after compensating the insured for the loss.
• 🤝 Contribution is the principle where if an asset is insured multiple times, all insurers contribute proportionally to the claim, preventing overcompensation.
• 🔑 There are various types of life insurance policies, including whole life, endowment, joint life, NUT, and children's endowment policies, each serving different financial planning needs.

Q & A

What is the main focus of the video script?

The main focus of the video script is to discuss various aspects of business services, specifically telecom services and insurance, as part of a 100 days commerce pro series.

What does the term 'telecom' stand for and what does it include?

Telecom stands for telecommunications, which includes communication through the telephone. It encompasses services like cellular mobile service, PCO (Public Call Office), radio paging, fixed line services, cable services, VSAT (Very Small Aperture Terminal), and DTH (Direct to Home) services.

What is the significance of PCO in the context of telecom services?

PCO refers to Public Call Offices, which were used when people did not have mobile phones at home. They would go to PCOs to make calls, highlighting the evolution of telecom services from wired to wireless and modern communication methods.

How is insurance defined in the script?

Insurance is defined as a measure or provision to save oneself for future uncertainties, such as life and health insurance, which provide financial security to the policyholder's family or cover medical expenses in case of illness.

What are the key principles of insurance mentioned in the script?

The key principles of insurance mentioned in the script include utmost good faith, insurable interest, indemnity, proximate cause, subrogation, and contribution.

What is meant by 'utmost good faith' in insurance?

Utmost good faith refers to the requirement for both the insurer and the insured to be honest and transparent, not hiding any information that could affect the insurance agreement.

Can you explain the term 'insurable interest' as discussed in the script?

Insurable interest means that the person taking out the insurance policy must have a genuine stake or interest in the insured item. This ensures that only those with a financial or emotional tie to the asset can benefit from the insurance.

What is indemnity in the context of insurance?

Indemnity in insurance means that the insurer compensates the insured for the loss caused due to damage or destruction, with the aim of returning the insured to the same financial position they were in before the loss occurred.

What is the doctrine of 'causa proxima' or 'proximate cause' in insurance?

Causa proxima or proximate cause refers to the direct and most effective cause of a loss, which the insurance company is responsible for covering. It ensures that the insured is only compensated for losses directly resulting from the insured event.

What is subrogation as it relates to insurance?

Subrogation is the right of the insurance company to take over the insured's rights to recover damages from a third party responsible for the loss, after the insurer has paid the claim.

How does the principle of contribution apply in insurance?

The principle of contribution applies when an insured has multiple insurance policies for the same risk. In such cases, the total claim is divided among the insurers in proportion to their respective insurance values, preventing the insured from receiving more than the actual loss.

What are the different types of life insurance policies mentioned in the script?

The script mentions Whole Life Policy, Endowment Life Insurance Policy, Joint Life Policy, NUT (Non-Linked Endowment Term Assurance) Policy, and Children's Endowment Policy as different types of life insurance policies.

Outlines

00:00

📞 Telecom Services and Their Evolution

The paragraph introduces the topic of telecom services, explaining that telecom refers to communication through telephone lines. It discusses the modernization of telecom, with the advent of the internet and new technologies, making traditional wire phones less common. The speaker lists various telecom services including cellular mobile services, PCO (Public Call Office), radio paging, fixed line services, cable services, VSAT (Very Small Aperture Terminal), and DTH (Direct to Home) services. The paragraph also touches upon the transition from cable TV to internet-based streaming services and the importance of understanding these services despite their reduced visibility in modern times.

05:01

💡 Principles of Insurance and Their Components

This section delves into the concept of insurance, defining it as a measure to safeguard against future uncertainties. It explains life insurance and health insurance as examples of risk mitigation. The paragraph outlines key terms in insurance such as 'insurer', 'insured', and 'insurance policy'. It then discusses the principles of insurance, starting with 'Utmost Good Faith', which requires honesty and full disclosure between the insurer and the insured. 'Insurable Interest' is also explained, emphasizing that the insured must have a vested interest in the asset being insured. The concept of 'Indemnity' is introduced, stating that the insurer compensates the insured for losses due to damage or destruction, but this does not apply to life insurance. The paragraph also introduces 'Causa Proxima' or the proximate cause, which is the direct cause of loss, and is a critical factor in insurance claims.

10:02

🚓 Subrogation and Contribution in Insurance

The paragraph continues the discussion on insurance principles with 'Subrogation', explaining that once an insurer compensates for a loss, the ownership rights of the damaged asset pass to the insurer. It uses a bike accident example to illustrate this concept. 'Contribution' is another principle explained, which addresses the scenario where an asset is insured with multiple companies. It clarifies that the total claim is shared among the insurers, based on the actual loss, rather than each insurer paying the full claim separately. This prevents the insured from profiting excessively from a single loss event.

15:03

🔥 Types of Insurance and Their Significance

This section explores different types of insurance, starting with life insurance, which is described as a contract to protect against the uncertainty of life, particularly death. It explains that life insurance provides financial security to the insured's family upon their death. The paragraph also mentions other types of life insurance policies such as endowment policies, which pay out either on a specified date or upon the death of the insured, whichever comes first. It briefly touches on the importance of life insurance in providing financial support to families and the different policy options available to suit various needs.

20:09

🏦 Detailed Overview of Life Insurance Policies

The final paragraph provides a detailed overview of life insurance policies, including whole life policies, endowment life insurance policies, joint life policies, NUT policies, and children's endowment policies. It explains that a whole life policy pays out upon the death of the insured, while an endowment policy pays out on a specified date or upon death, whichever occurs first. Joint life policies are taken by two or more people, such as spouses or business partners. NUT policies provide a fixed monthly income after retirement, and children's endowment policies are designed to fund a child's education or marriage. The paragraph concludes with a memory technique to help remember the types of life insurance policies and emphasizes the importance of understanding these concepts in the study of insurance.

Keywords

💡Telecom Services

Telecom services refer to the various means of communication facilitated through telephone lines or wireless signals. In the context of the video, this term is used to introduce the topic of communication services that have evolved with technology. The script discusses the transition from traditional wire phones to modern cellular and internet-based communication, highlighting the significance of telecom services in the modern business landscape.

💡Cellular Mobile Service

Cellular mobile service is a type of mobile telecommunications service provided via a network of cell sites or base stations. The video script uses this term to explain the evolution of telecom services, emphasizing how voice, data, and messaging services are now predominantly provided through mobile networks. This service is a cornerstone of modern communication, replacing older technologies like PCOs (Public Call Offices).

💡Fixed Line Services

Fixed line services, as mentioned in the video, refer to telecommunications services that use physical cables to connect networks over long distances. The script discusses how these services have been largely replaced by wireless technologies, but they were foundational in establishing the infrastructure for modern communication systems. An example given is the cable services that were used for television before the advent of internet streaming platforms.

💡Insurance

Insurance is a risk management strategy used to hedge against potential losses. The video script delves into the concept of insurance as a means of providing financial protection against future uncertainties. It explains various types of insurance, such as life and health insurance, and the principles underlying insurance contracts, making it a central theme in the discussion of financial services.

💡Indemnity

Indemnity in the context of insurance refers to the principle of compensating the insured for the loss caused by damage or destruction of the insured property. The video script explains that indemnity aims to restore the insured to the same financial position they were in before the loss occurred, which is a fundamental concept in property and casualty insurance but does not apply to life insurance.

💡Subrogation

Subrogation is the right of an insurer to recover from a third party the amount of a claim that the insurer has paid to the insured. The video script uses the concept of subrogation to illustrate how an insurance company retains ownership of the damaged asset after a claim has been settled, preventing the insured from making a profit from the loss.

💡Proximate Cause

Proximate cause, as discussed in the video, is the direct and effective cause of an event or loss. In insurance, determining the proximate cause is crucial for deciding liability and compensation. The script gives an example of a shop fire followed by theft, explaining that only the loss caused directly by the fire would be covered by insurance, not the subsequent theft.

💡Insurable Interest

Insurable interest is a requirement for obtaining insurance, where the insured must have a legal and financial interest in the subject matter of the insurance. The video script explains that this interest must exist at the time the insurance policy is taken out and at the time of the loss. It uses the example of a car owner selling the car and then no longer having an insurable interest in it for insurance purposes.

💡Life Insurance

Life insurance is a contract between an individual and an insurance company, where the company promises to pay a designated beneficiary a sum of money upon the death of the insured. The video script discusses life insurance as a means of providing financial security to the insured's family or dependents, covering various types of life insurance policies and their purposes.

💡Marine Insurance

Marine insurance, as touched upon in the video, is a type of insurance that covers perils incurred during transportation of goods or vessels at sea. The script explains that it includes coverage for the ship (hull), the cargo, and the freight, protecting against losses due to maritime risks. It is an essential part of international trade, ensuring financial protection for merchants and shippers.

💡Endowment Policy

An endowment policy is a type of life insurance policy that pays out a sum of money either upon the death of the insured or at the end of a specified period if the insured is still alive. The video script describes this policy as a form of savings and insurance, providing a financial payout at a predetermined date or upon the insured's demise, which can be used for retirement or other long-term financial goals.

Highlights

Introduction to the second part of chapter 4 on business services.

Completion of subjects like accounts, business studies, and economics within 100 days.

Telecom services explained, including cellular mobile service, PCO, and radio paging.

Discussion on fixed line services and the evolution to internet-based communication.

Definition and explanation of VSAT and its functionality.

Description of DTH services and their relevance to modern communication.

Insurance as a measure against future uncertainty, including life and health insurance.

Key terms in insurance like insurer, insurable interest, and insurance policy.

Explanation of the principle of utmost good faith in insurance contracts.

Importance of insurable interest and how it affects insurance claims.

Indemnity in insurance and its role in compensating for losses.

Doctrine of Causa Proxima and its significance in determining the cause of loss.

Subrogation in insurance and the transfer of ownership rights after compensation.

Principle of contribution and how it applies to multiple insurance policies.

Types of insurance, including life, fire, and marine insurance.

Elements of life insurance and its importance in providing financial security.

Different types of life insurance policies such as whole life, endowment, and NUD policies.

Summary of the key principles and types of insurance covered in the session.

Transcripts

What's up everyone, welcome back to the channel.

Guys, we have come to the second part in which we will finish our chapter

number 4, business services.

This is our 100 days commerce pro series.

And we will finish all our subjects, accounts, business studies, economics 100

days before that.

So let's start quickly today with telecom services.

And after this insurance and this chapter is also over.

Let's begin.

So let's start guys with telecom services.

What is telecom?

See telecom means basically the communication through the telephone.

What is it called telecom services?

Nowadays, a lot of this is not seen because it has become a lot of

modernization.

New technology has come, the internet has come.

So where do you get to see wire phones?

But still it is in the syllabus, you will have to bear it.

So see what comes to us in telecom services.

First of all, cellular mobile service comes.

Cellular, you all know that he is talking about cell phone.

All the types of mobile telecom services in which voice, known voice message,

data service, PCO.

PCO etc.

used to be when people did not have mobile phones in their homes.

So we used to go to PCO and call.

Radio paging, these kids are talking about radio.

In which we can transfer information.

Like first information is transferred on the radio.

Brother, there is a job available here.

Or this person is unknown.

So when we share information through radio networks, we call it radio paging

services.

What are fixed line services?

Fixed line is where we connect the network through cable at a long distance.

Like suppose Jio has internet.

How does Jio's internet reach everywhere?

Cables are laid from below the ground.

So all the communication services that reach through cable to a long distance.

What do they call them?

Fixed line services.

Cable services are not available to see today.

The previous TV used to run through cable.

Now everyone sees through Hotstar and all this through the internet.

But first cable used to run.

I don't know if you remember or not.

Antennas used to be installed on the roof.

And black and white used to be dot dot dot.

Tell me in the comment section that you have seen those TVs.

We used to have big TVs.

These days, there are slim LEDs.

But at that time, communication was done through cable network.

So what is it called?

Cable services.

VSAT, very small aperture terminal.

This is basically a transmitter receiver like walkie talkie.

So it runs in a very small aperture terminal.

Like I am talking about this mic.

This is a sender and its receiver is in front of the camera.

So this is also running on a very small aperture terminal technology.

DTH services, direct to home.

The dish that is applied, we call it DTH, direct to home services.

Take a screenshot of this quickly.

The chances of coming to the exam are negligible.

But still, once we were in the book, we read it.

Let's go.

Now the most important topic coming in the paper is coming.

Which we call insurance.

Sir, what is insurance?

Insurance, children, we have the biggest measure.

Or say that you are making such a provision.

Where you are saving yourself for the future uncertainty.

People get life insurance.

What is life insurance?

That if in case someone dies, then his family gets money.

Later his family is not worried about money.

Health insurance, if someone is sick.

And to get him treated, money is needed.

So health insurance is done.

So we are saving ourselves against any kind of uncertainty.

So what do we call that insurance?

There are 2-3 terms in insurance that you should know.

The first is insurer.

Okay, insurer.

After that insurable interest.

How are all things happening after that?

All these terms are going to be read one by one in it.

Okay, let's see.

First of all, we are coming to the principles of insurance.

Now see, before reading the principles of insurance, children.

We understand the same term.

Who is the insurer?

Who is the insurer?

What is said about what has happened?

What is said about the agreement between these two?

See children, first of all understand this.

That the company that has given you insurance.

Okay, for example, I got insurance from a particular XYZ company.

Fine.

So the company in which the insurance was given, I will call it insurer.

My insurance was done, so I became insured.

Whose insurance was done was insured.

Insurance insurer.

The relationship between us, we will call it insurance policy.

Fine.

We will call it insurance policy.

Now this insurance is based on some principles.

Principles are very important.

If they come in the exam, they will understand very carefully.

The first principle is at most good faith.

What is called at most good faith?

Contract of yubiremei fidai.

Sir, what does yubiremei fidai mean?

Children, it means something that runs on good faith.

What does it mean to run on good faith?

Any kind of fraud here.

Any terms and conditions of hiding.

The one who is going to do any kind of insurance will not hide anything.

The one who is getting insurance from him.

And the one who is getting insurance will not lie.

Will not hide anything from the insurance company.

So insurer and insured.

There should be good faith between the two.

There should be trust.

Nothing should go wrong.

What do we call this?

At most good faith.

The insured must voluntarily make full accurate disclosure of all the facts.

An insurer must make clear all the terms and conditions in the insurance

contract.

What is the second child?

Insurable interest.

What does insurable interest mean?

Insurable interest means.

The person who is getting insurance.

There should be a hit in his policy.

There should be a hit means there should be some interest in it.

For example.

I got my car insured.

Okay.

And I sold my car to someone else.

Okay.

I sold it to someone else.

He bought the car.

Now what happened?

As soon as I sold the car.

So all my interest is over from that car.

Now the person who is B.

To whom I sold the car.

For example, I am A.

He is B.

To whom I sold the car.

He hit the car somewhere.

I got to know this.

I went to take insurance.

Give me my car insurance.

So what will the company tell me?

You sold the car.

You are not an owner.

You have transferred ownership.

So you have no insurable interest in that car.

So insurable interest means.

The person who has interest in that particular asset.

He will get insurance.

No one else will get insurance.

Understood.

So insurable interest means.

The insured must have an insurable interest.

In the subject matter of the insurance.

Perfect kids.

Insurable interest means.

Some pecuniary interest.

Pecuniary means.

Who is doing the payment?

Now see whom I have sold the car.

Now he will pay the insurance.

He will pay the insurance.

So when the car will hit.

He will get the claim too.

I will not get it.

He pays the premium.

In order to have insurable interest.

It is not necessary.

That one should be the owner of the property.

For example.

A trustee holding a property.

On behalf of others.

Has an insurable interest in the property.

See one thing is written here.

He is saying.

It is not necessary that you are the owner.

Then only your insurable interest will be there.

Now like a trustee.

Who handles the property.

On behalf of the trust.

So if he wants any money there.

Then the trustee can also go and claim.

His insurable interest will be there.

Okay.

At most good faith.

Insurable interest is done.

Indemnity.

What does indemnity mean?

Indemnity means.

That children.

How much you have lost.

To get up.

Indemnify.

Indemnify means.

To bring you back to the same position.

In which you were before.

For example.

In my warehouse.

There was a lot of money.

There was a fire.

And a loss of 40,000 rupees.

So the company.

Insurance company.

This responsibility is made.

That he should compensate me with 40,000 rupees.

So that I am back.

In my shop.

I can complete a lot of money.

So what does indemnity mean?

Indemnity means.

The insurer undertakes.

To compensate the insured.

For the loss caused to him.

Due to damage or destruction.

All our.

The contracts of fire.

Of marine.

Fire means.

Firing.

Marine means.

Drowning in water.

Damage happened.

Stuff drowned.

So all the fire and marine.

Indemnity runs in all of them.

Indemnity does not run in life insurance.

Children.

Why?

Because the person who died.

How to bring him back?

There were 6 people in a family.

One died.

So now we are saying.

No.

Complete our 6.

So the company will say.

No brother.

Indemnity does not run in life.

Indemnity runs in fire and marine.

Okay children.

Next is the doctrine of.

Causa Proxima.

Causa Proxima means.

Proximate cause.

Causa Proxima means.

Proximate cause.

Proximate means.

Actual cause.

Proximate cause.

That is the direct cause.

For example.

This is a shop.

In this shop.

There is a product of Rs.

70,000.

There was a fire in this shop.

There was a fire.

So 2-4 people entered from here.

There was a fire.

Picked up some stuff and took it.

So what happened now?

We are saying that.

Brother, we had done insurance.

There was a fire in the product of Rs.

50,000.

And because of the fire.

5,000 was stolen.

So give us 55,000 in the claim.

So do you know what will be said?

Brother, the money you will get.

It will only get 50.

Because that was your actual cause.

So the insurance.

Its money is only.

Proximate cause.

Proximate cause means.

Actual cause.

You will not get such money.

Which is not the actual cause of loss.

Okay.

It means the direct.

The most dominant.

And the most effective cause of loss.

Should be taken into.

Consideration.

If there is any cause related to it.

For that the company is not responsible.

Okay.

So you understood the utmost good faith.

Understood insurable interest.

Understood indemnity.

Understood approximate cause.

Sir, what is subrogation?

What is subrogation?

Subrogation means children.

That for example.

My bike collided somewhere.

And in my bike.

The front head is broken.

Now I had insurance.

I told the company.

Brother, I had an accident.

My bike is broken.

The front head is broken.

Give me a claim for this.

So what will the insurance company do?

Will give me a claim.

Will get me a new bike head.

Now the old head.

I am thinking.

I sell it in the cupboard.

You will get something.

Brother, you will get 500,000.

Party in the evening.

Momos momos.

I will take friends around.

Its work will be done.

Right.

So what happened now?

As soon as I went to sell.

So the company came to me.

Brother.

When we got you a new part.

Got a new head.

So you have no right on the old one.

What do we call this?

Subrogation.

So what is subrogation?

Subrogation means child.

Whenever an insurance company.

Gives you a claim.

So whatever asset.

You have taken a claim against.

Any part of that asset.

Old.

Who has the right on all that?

Company has.

You can't make any profit from it.

This is written.

After the insured is compensated.

For the loss and damage of the property.

The right of the ownership.

Of such damaged property.

Passes to the insurer.

Okay.

You can't make any profit in it.

This happens in subrogation.

What happens in contribution?

Children in contribution.

Many people become smart.

And keep 2-3 insurance policies.

For example.

I have a car.

I got one policy from Bajaj.

I have one policy.

One is Bajaj.

One is Ajaj.

One is Sajaj.

So there are three companies.

Bajaj, Ajaj, Sajaj.

I got insurance from all three.

I thought if the car is damaged.

Then I will claim from all three.

It will be fun.

Now the car is damaged.

Loss of 90,000.

I also told Bajaj to bring 90.

I also told Ajaj to bring 90.

I also told Sajaj to bring 90.

I am claiming 90-90-90 from all three.

I am asking for 2,70,000.

While the loss was only of 90,000.

So in this case.

What does contribution say?

Contribution says.

If you have done multiple insurance.

Then your total loss.

Companies will contribute.

That is 90,000.

All three will give together.

It is not that you have claimed all the money from all three.

This will not happen.

What is this principle called?

The principle of contribution.

So understood contribution.

Understood subrogation.

Understood approximate cost.

Understood indemnity.

Insurable interest and good faith.

Okay kids.

We have these.

The principles of insurance.

Now we are going to read from here.

Types of insurance.

What are we going to read from here?

Types of insurance.

In types of insurance.

Life insurance is coming first.

Now in the name only.

Life insurance.

With life.

Even after life.

In life insurance.

In life insurance.

We are basically protecting ourselves from the uncertainty of life.

We are protecting our family.

Life is very uncertain.

Who has seen tomorrow?

So it is said that if you take life insurance.

Then you get safety.

If there is any loss tomorrow.

If there is an accident in your life.

If someone dies.

Then his family can get money.

Okay.

So see what is written.

Life insurance policy is basically a protection against uncertainty of life.

That is death.

Life insurance may be defined as a contract.

In which.

Insurance company.

Which we call insurer.

It.

Secures.

Whose life.

Assured.

Assured means that whose insurance has been done.

In exchange.

Of a sum of money called premium.

That is, a person.

A premium keeps filling.

An amount keeps filling the company.

And when his death happens.

So after his death.

His family does not have any money problem.

If there is no financial problem.

Then he gets that money.

This is what we call life insurance.

Okay kids.

Why is life insurance important?

Because it protects your family.

Your family will not have any problem later.

Along with that.

You also get an adequate amount.

Now see, there are types of policies in this.

There are some that only when you die.

Your family will get money.

Okay.

There are some in which.

You get money after a certain age.

For example, this happened.

Brother, there is a Mr. X.

Mr. X's death.

If it happened before 80 years.

So whenever it will happen.

His family will get money.

For example, Mr. X died at 65.

He died at the age of 65.

The family will get money then.

Or if they are 80 years old.

Then they will get money.

Come on, brother.

Now you can't earn.

If you are 80 years old.

Then you can sit comfortably with this money.

You can cut your retirement.

You can give money to your family.

So there are such policies.

Okay.

After that, what are the main elements of life insurance?

This is a contract of utmost good faith.

You should be honest, brother.

Tell everything about your health.

Okay.

Whoever has an insurable interest.

He is going to get this money.

It is perfect.

Along with that.

Life insurance contract is not a contract of indemnity.

I have told you this.

This is not indemnity.

The person who has gone.

It cannot be taken back as it is.

We do give money.

But the loss to the family.

It is a very big loss.

Okay.

Now fire insurance is coming.

Fire insurance means.

We want to protect the loss from fire.

It is a contract where insurer in consideration of the premium.

Undertakes to make good any loss.

If any loss happens, we will make it good.

Good means payment.

And it should be from fire.

What is this called?

Fire insurance.

Children in this.

Two conditions are very important.

First of all, there should be an actual loss.

And that loss should be due to fire.

Okay.

Done Sir.

After this.

What happens in fire insurance?

Again, it is almost the same.

You should have an insurable interest.

Second.

This contract of utmost good faith.

Along with that.

It runs in indemnities.

Along with that.

You will be compensated only if the fire is its main cause.

Approximate cause.

Then we have marine insurance.

What is marine?

Children.

Water.

If there is a problem of water.

Then such insurance is called marine insurance.

Like ship got damaged.

Ship sank.

All the goods went into the water.

There was a loss.

So the problems in water are called marine insurance.

Marine insurance contract is an agreement where the insurer.

Undertakes to compensate the insured.

For complete or partial loss at sea.

Okay.

There should be a loss in water.

Okay.

Now see there are three things in it.

What all things have insurance?

Ship has insurance.

The boat.

That too will be bad.

Will be broken.

So ship has insurance.

Children.

Second.

Cargo.

What is cargo?

Cargo is the goods.

In which the goods are going.

The cargo while being transported by the ship.

Is subject to many risks.

Like theft.

There can be loss.

There can be damage.

In transit.

So the insurance of the goods.

Ship has insurance.

The goods have insurance.

Third.

Freight insurance.

Freight means rent.

Now for example.

A goods is going from point A to point B.

Now when that goods reached to B.

So B said.

This goods is damaged.

This goods is broken.

This goods is not right.

I don't give freight.

I don't give rent.

What kind of goods have you brought?

This is not a matter.

So in this case see the company.

Oil is applied.

Fuel is applied.

Ship has come.

So there is a loss.

So there should not be such loss.

That's why the company takes freight insurance.

It is for reimbursement.

It is for reimbursement for the loss of freight to the insured.

If the cargo does not reach the destination.

Due to damage or loss in transit.

So what can come in marine?

Ship or hull.

Cargo.

Freight.

Remember this.

What are the elements of marine?

All those elements are there.

Indemnity is there.

At most good faith is there.

He is talking about your insurable interest.

Proximate cause should be water.

There are the same things in this.

Then children.

We have a difference in life fire marine.

Quickly take a screenshot of this difference.

When you will sit to read.

Then you will get clarity from this.

Take a screenshot of this.

Done.

Take a screenshot of this.

Right.

Now see children.

We have a small topic left.

What is that?

Types of life insurance policies.

What comes in this?

Whole life policy.

Endowment.

Life assurance policy.

Joint life policy.

NUD policy.

Children's endowment policy.

So we have children.

In the types of insurance policies.

There are 5 types of life insurance policies.

The first is the whole life policy.

The money that children get in the whole life policy.

The one who has insurance.

His family gets it after his death.

This means.

The family of the insured is compensated after his death.

What is this called?

Whole life policy.

What happens in endowment life insurance policy?

In this children.

Date and death.

Whichever is earlier.

Sir which date?

Children for example.

X took insurance.

And it was said that.

If X will die before the age of 70.

Then he will get money.

Otherwise, as soon as he is 70, he will get money.

So date or death.

Whatever came first.

For example, his death was in 65.

Then only the family will get money.

He is 70 years old.

He is making his birthday.

Happy birthday X.

70 years old.

70 years old.

So as soon as he is 70, he will get a gift from the company.

Money.

Okay.

This is called endowment life insurance policy.

That your date or death.

Whatever will come first.

You will get money on it.

Joint life policy children.

When two people take it together.

Like husband and wife took a policy together.

Partners are partners of the firm.

ABC 3 partners.

Partnership firm.

They took the policy together.

It is called joint life policy.

What is NUT policy children?

So NUT policy is the part of your retirement plan.

In which you get a fixed monthly amount.

Like for example.

I thought like this.

I thought like this.

Brother, now I.

Let's suppose.

18 years old.

And I have just started working.

So I took a policy from today.

And I told the policy maker.

Brother, I will pay from 18 to 40.

I will pay you premium every month.

After that, when I will be 50.

Then I will retire.

So from 51.

You will make a payment to me every month.

So that I don't do anything.

A way for me to get that pension.

What will we call it?

NUT policy.

So what happens in NUT policy?

The children of the parents are useless.

They don't do their work.

They don't take care of their age.

So they use this policy a lot.

They keep getting a monthly fixed amount.

After a certain age.

Now that policy depends on the policy.

That age will be 50, 60.

Depends on the policy.

So after a certain age.

They will get some amount from the company every month.

This is called NUT policy.

Children's endowment policy.

This is for children's marriage.

Or for children's education.

Parents take policy.

That children.

Whenever their age.

21 years, 22 years, 25 years.

So for their higher education.

Or for their marriage.

The money we need.

We call it children's endowment policy.

Its memory technique is.

Whole Jack.

Sir Whole Jack.

Whole is whole life policy.

E is endowment life policy.

J is joint life policy.

A is NUT policy.

C is children's endowment policy.

So how many types of life insurance policies can be there?

We have 5 types.

Whole life policy.

Endowment life insurance policy.

Joint life policy.

NUT policy.

And children's endowment policy.

I hope.

You understood all these 5 things very well.

And in insurance.

You have to study insurance.

You have to study the principles of insurance.

You have to study types of insurance.

Life fire marine.

In that also types of life insurance.

Whole life.

Endowment life insurance.

Joint life.

NUT and children's endowment.

You have to go through this once.

Whatever book you have.

Read it once.

I explained everything.

And I hope it will help you a lot.

Alright.

Thank you so much guys for joining in.

Let's meet tomorrow.

Tomorrow a new chapter.

Chapter no.

5.

Emerging modes of business.

We will also start.

And in two parts.

We will also finish.

Thank you so much.

I am gonna see you all super soon.

Till then see ya.

Take care.

Bye bye.

Keep growing and keep growing.

Thank you so much.

Bye.

Bye.

Bye.

Bye.