Hafalarf, a Lloyds Insurance syndicate is thinking of underwriting a policy to cover students. A market survey needs to be done to determine the level of cover currently in place, examine the attitude of the students to buying insurance cover, and identify the different kinds of insurance available in the market. This paper is in the form of a project report to identify the feasibility of Lloyds entering the college-level insurance sector for students.
What is Insurance Web definition: Insurance is a plan in which individuals and organisation who are concerned about potential risks, pay premiums to an insurance company, who in return, will reimburse them if there is loss. To generate a profit, the insurer will invest the premiums it receives. Insurance is covered for almost all products except those that are caused by natural calamities such as, Earthquakes, landslide, hurricane. Insurance cover life, health, home, work, studies, mortgage, etc. Whereas in most cases the insured is paid for his or her loss, with life insurance a beneficiary is paid when the insured person passes away (www.environmentalinvestors.com/glossary/ilIneIns.htm).
Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of potential financial loss. it is contract in which one party agrees to pay for another party's financial loss resulting from a specified event. An entity seeking to transfer risk (an individual, corporation, or association of any type) becomes the 'insured' party once risk is assumed by an 'insurer', the insuring party, by means of a contract, defined as an insurance 'policy' (Insurance Information: The Insurance Facts You Need to Know!, http://www.summarized.org/insurance-information.htm).
3.0 Insurance and the global market
2002 was a year of turmoil for the international insurance and reinsurance industry, as many companies faced contrasting fluctuations and challenges. Investment returns fell further, making the need to achieve real underwriting profits even more important. Ratings agencies implemented an unprecedented downgrading of their assessments of the industry's financial strength.
Losses under policies written in the latter years of the 1990s required insurers and re-insurers to make substantial reserve additions for billions of dollars. The awareness of risks arising from potential terrorist acts threw many insurers' traditional pricing methodologies out of order. Some companies failed, others withdrew, and a clutch of new competitors joined the global market. Some capital providers fled the sector; others redoubled their commitments.
4.0 Students Insurance
Student Medical Insurance is ideal for students who are no longer covered as a dependent under their parents insurance, or who are attending school outside