What is Premium? Definition of Premium, Premium Meaning – The Economic Times
Realty developer Group 108 to invest Rs 2,000 crore in Uttar Pradesh
Realty developer Group 108, managing partners of Grandthum, an under-construction IT/ITES project located in Greater Noida West, will invest Rs 2000 crore in the region across various projects. The company will complete their maiden project, Grandthum, under the new brand name.
Embassy Property plans to divest assets soon to pare debt by over 30%
Embassy Property Development, a leading real estate firm, intends to slash its debt of ₹8,800 crore by more than a third in the upcoming two quarters by divesting specific assets, including its office park in Chennai spanning 5 million square feet, a development known as N2 within Embassy Manyata Business Park covering 1.6 million square feet, and an additional 1 million square feet of office property.
Can you increase your cover, sum assured for group insurance policy?
In fact, the benefit in a group insurance can be a level benefit across the company. So your company may say, look, everybody is going to get 10 lakh or 20 lakh of death benefit or it may be a graded sum assured where they say persons of so and so seniority get more and persons of so and so seniority get less or it could be linked to your salary.
Shemaroo’s Q4 Results: Net profit skyrockets 136.5% YoY to Rs. 4.8 crore
Shemaroo noted that its general entertainment channels have a viewership share of over 9% in the overall Hindi GEC genre. The contribution of B2C revenue as a percentage of total revenue has doubled in FY23 compared to FY22 and now contributes to around 1/3 of the overall revenue
Hero MotoCorp gearing up for highest ever model introductions in FY24: CEO Niranjan Gupta
“We’ll have product launches every quarter of this fiscal year. Probably this fiscal, we’ll see the maximum number of launches ever seen in the company’s history,” PTI quoted Gupta as saying in an analyst call. The company is bullish on growth prospects this year with plans to further enhance its market share across segments, he noted.
LIC Tech Term online term insurance plan: Features, benefits, eligibility, other details
Term insurance policies are most suitable for working people who have dependents (kids, parents) and want to safeguard themselves against life’s unforeseen events.
Jio added around 4X active users vs Airtel in Feb, Vi cedes more ground: Analysts
The muted growth in Airtel’s active subscriber base can be attributed to a limited impact of the entry level tariff hikes it implemented in pre-paid, analysts said. Vodafone Idea continued to lose active subs (0.8 million), even as the total active subscriber base rose to 1,028 million, according to data collated by the Telecom Regulatory Authority of India (Trai).
Nexus Select Trust REIT IPO receives 57% subscription on Day 2 of offer
Nexus Select Trust, the first Real Estate Investment Trust (REIT) backed by rent-yielding retail real estate assets, has been subscribed 57% on the second day of the Rs3,200 crore ($434m) Initial Public Offering (IPO), according to an update. The non-institutional investors’ category has been fully subscribed while the qualified institutional buyer’s share was subscribed 17%. Blackstone sponsors the REIT, which has a portfolio of 17 operational shopping malls, two hotels and office spaces across 14 cities in India including New Delhi’s Select City Walk. The issue runs until 11 May.
App-based bus service scheme being sent to LG for approval, says Arvind Kejriwal
“Following the LG’s approval, we will share the policy online for seeking public feedback,” the chief minister said at a press conference. Arvind Kejriwal said the buses, which will be equipped with CCTV cameras, panic buttons and will be air conditioned, will encourage the middle and upper middle classes to use public transport.
Lofty prices tarnish gold’s lustre in top Asian retail hubs
Retail buyers in China and India, the world’s largest and second-largest retail gold consumers, are leaving gold stores without buying anything due to high gold prices. With gold prices just off their records of 2020, caused by safe-haven investors seeking solace amid recession fears and banking crises in the US and Europe, retail buyers are not purchasing jewellery items. India and China accounted for 48% of total global retail demand in 2022; hence dealers in these countries have reduced premiums by almost $40 an ounce in China to small discounts, and cutting discounts to $57 an ounce under official domestic prices in India.
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
