What is Premium? Definition of Premium, Premium Meaning – The Economic Times
From mobiles to TVs, Indians are buying ‘smart’ gadgets
The pandemic has accelerated the trend of Indian consumers purchasing smart electronic products such as smartphones, smart televisions, and smart appliances, which connect to the internet and can be controlled through smartphone apps. Data from Counterpoint Research shows that the share of smartphones in total mobile phone sales has increased from 59% in 2019 to 72% in 2022, and that of smart televisions from 52% to 90% during the same period.
Gurugram MNC executive loses Rs 76 lakh in app-based film rating scam
According to police, the woman was then asked to deposit Rs 21,23,765 and was given an assurance she would be able to withdraw all her deposits onc she does that. In all, the victim deposited Rs 76,84,493 in the account on the app before she realised she was duped, police said.
Maharaja’s makeover continues! Air India introduces refreshed inflight menu on international flights
The refresh of the menus is based on guest feedback and is designed to offer travellers an assortment of gourmet meals, trendy appetizers, decadent desserts, and showcase India’s locally sourced culinary influence while keeping in line with the healthy eating trend, stated the company.
Stocks and option: A tyre major for bullish trade and options trade in global metal player
The price of this company has been moving sideways in the range of Rs 340 to Rs 306 since December 22. Within this range, the price has now given a triangle breakout, which suggests the trend will turn bullish in the short term. The breakout in price is supported by the rise in volume, which increases the reliability of the move.
Indowind Energy board approves allotment of 1.75 cr shares
“In the meeting held on March 31, 2023, the Board considered and approved the allotment of 1,75,93,294 equity shares at a price of Rs 12 per equity share (including a premium of Rs 2 per equity share) (allotment),” it said.
What is top-up in health insurance and when to buy it? Ashish Lath answers
A health top-up plan is an insurance plan that comes into play when the basic health insurance coverage is insufficient. For individuals, a deductible limit applies to the top-up plan, which begins after the basic insurance plan reaches its limit. A health top-up plan can be purchased separately or in combination with a basic health insurance plan. The deductible amount will influence the premium that is paid for the top-up plan. The coverage and policy terms for the top-up plan differ slightly from basic health insurance plans. It is preferred to buy both health insurance plans from the same insurer.
Shriram Finance raises $150 million from MUFG
The notes are secured by a fixed charge over specified receivables, in line with the company’s domestic secured bonds and its senior secured debt issued overseas in US dollars and rupees.
An entertainment giant for going short & a power counter where bulls are in trouble
The stock price of this company had breached a multi-month support offering trendline. Now the same trendline is acting as a resistance and restricting prices from rising further. The price has also formed a bearish engulfing candlestick pattern, which suggests that the price is now expected to slide below Rs 200 and test its previous low again.
Growth at reasonable price stock strategy: 10 GARP stocks with up to 52% price potential
Growth at reasonable prices (GARP) could be a helpful strategy to adopt in this market environment.
For every Rs 100 of premium paid for crop insurance under PMFBY; farmers received Rs 514 as claims: Govt
“During this period, nearly Rs 25,252 crore were paid by farmers as their share of premium against which claims of over Rs 1,30,015 crore (provisional) have been paid to them. Thus, for every 100 rupees of premium paid by farmers, they have received about Rs 514 as claims,” the minister said.
Definition: Premium is an amount paid periodically to the insurer by the insured for covering his risk. Description: In an insurance contract, the risk is transferred from the insured to the insurer. For taking this risk, the insurer charges an amount called the premium. The premium is a function of a number of variables like age, type of employment, medical conditions, etc. The actuaries are entrusted with the responsibility of ascertaining the correct premium of an insured. The premium paying frequency can be different. It can be paid in monthly, quarterly, semiannually, annually or in a single premium. Also See: Life Assured, Non-Standard Life, Premium Paying Term, Adverse Selection, Subrogation, Paid-Up Policy, Mitigation
Annualized premium equivalent (APE) is a common measure of ascertaining the business sales in the life insurance industry. It is the sum of the regular annualized premium from the new business plus 10% of the first single premium in a given period. Description: APE is computed as: APE = Annualized regular premium + 10 % of single premium (Including top-up premium). Where annualized regular pre
The total amount of premium paid annually is called the annualized premium. Description: Any insurance policy comes up with many premium payment options. Premium can be paid monthly, quarterly, semi annually and annually. For instance, if the monthly premium is Rs 2000, then the annualised premium will be 2000*12 = Rs 24000 Also See: Insurance, Concealment, Bancassurance
An agent is a person who represents an insurance firm and sells insurance policies on its behalf. Description: Generally, there are two types of such agents who reach the prospective parties that may be interested in buying insurance. These are independent agents and captive or exclusive agents. Independent agents may represent many insurance firms and receive commission for their services a
Adverse selection is a phenomenon wherein the insurer is confronted with the probability of loss due to risk not factored in at the time of sale. This occurs in the event of an asymmetrical flow of information between the insurer and the insured. Description: Adverse selection occurs when the insured deliberately hides certain pertinent information from the insurer. The information may be of crit
A person with expertise in the fields of economics, statistics and mathematics, who helps in risk assessment and estimation of premiums etc for an insurance business, is called an actuary. Description: Insurance business requires advanced statistical and analytical skills for evaluation of risks and returns associated with each proposal. Insurance companies employ these experts from the field of
Actuarial Science is a discipline that deals with assessing the risks in insurance and finance field using various mathematical and statistical method. Description: The professionals who carry out these tasks of ascertaining, analyzing and providing solutions of future uncertainties having financial risks are the actuaries. Mathematics of probability and statistics are the major tools they use to
A valuation of the damaged property, i.e. its monetary worth at market value immediately preceding the occurrence of the loss, is called actual cash value of the property. It gives the estimate of the cost of replacement or repair of the damaged asset. Description: To ascertain the exact extent of loss, the insurance company undertakes an evaluation of the property before and after the loss occur
Accidental death benefit and dismemberment is an additional benefit paid to the policyholder in the event of his death due to an accident. Dismemberment benefit is paid if the insured dies or loses his limbs or sight in the accident. Description: In an event of death, the insured person gets the additional amount mentioned under these benefits in the insurance policy. These are the supplementary
An absolute assignment is the act of complete transfer of the ownership (all rights, benefits and liabilities) of the policy completely to other party without any terms and condition. Description: Absolute assignment shifts the ownership of the insurance policy. For instance, a policy owner X wants to gift his life insurance policy to another person named Y. Hence X is doing absolute assignment.
: Motor third-party insurance or third-party liability cover, which is sometimes also referred to as the ‘act only’ cover, is a statutory requirement under the Motor Vehicles Act. It is referred to as a ‘third-party’ cover since the beneficiary of the policy is someone other than the two parties involved in the contract (the car owner and the insurance company). The policy does not provide any
