Insurance Term Paper

Table of Contents

Letter of Transmittal

August 22nd,2017.

Md. Nazrul Islam,

Lecturer, School of Business Studies,

Southeast University.

Sub: Submission of Report on Insurance policies of Phoenix Insurance Company .

Sir,

I, hereby submit my report on the Insurance policies offered by Phoenix Insurance Company Ltd.

I believe the knowledge and information acquired during the assignment will be extremely helpful in my future professional and academic life. I will be greatful if you accept the assignment.

Obediently,

Kowsik Mitra,

Sign: ……………………………………..  

Date:………………………………………                              

ID: 2015210000012, batch : 41st

Acknowledgement

At first, I would like to express my deepest gratitude to my course instructor Md. Nazrul Islam for giving the opportunity to work on such an important and essential project.  This project has been a landmark in my study so far. It is a result of dedicated effort of my course instructor. This project would not have been possible without the kind support and help of many individuals. I would like to extend my sincere thanks to all of them. I would also like to thank some of my course members who helped me improve this report with their suggestions and inputs.

Chapter - 01

Introduction to the Study

Insurance, a mechanism that spreads common loss over a number of people who are affected by it and are insured against it. It is a contract whereby the insurers, on receipt of a consideration known as premium, agree to indemnify the insured against losses arising out of certain specified unforeseen contingencies or perils insured against.

Insurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.

Insurance Business in Bangladesh is one of the common phenomenon traditional businesses. This business has a long history. Insurance business in Bangladesh started almost century back for the during the British regime in India, some insurance companies began business operation , both life and general.

Bangladesh Insurance business increased for the duration of 1947-1971, when there are 49 insurance companies operate their business both life and general insurance. In that time Twenty seven Insurance company head office in Bangladesh former West Pakistan and Ten Insurance company head office in East Pakistan.

After liberation war in 1972 The People's Republic Government of Bangladesh nationalized the insurance industry along with the banks in 1972 by Presidential Order No. 95. By virtue of this order, all insurance company  in Bangladesh operate they are businesses under this nationalization order. This was observed by formation of 5 insurance companies in the life and non-life sector. Further changes were added on 14th May,1973.

This study takes a look at the Insurance products offered by a particular Insurance company- Phoenix Insurance Company Ltd. Here the different Schemes offered by the company will be discussed and we will take a look at the different aspects of the company, its history, present and the expected future.

Objective of the Study

In this study our fundamental motive is to find out how the Phoenix Insurance Company provides various Insurance policies. We also learn how the elements of insurance policies vary from each other. Specifically the Objectives are-

• To learn about various policies offered by Phoenix Insurance Company Ltd.
• To learn about the eligibilities for the policies.
• To learn how an Insurance company operates.
• To find out the Insurance risk factors and premium.
• To find out available services of the Company.

Methodology

The Collection of the data for this study has mainly been from Secondary Sources. They include-

•        The web-site of Phoenix Insurance Company Ltd

•        Other internet sites

The composition of the report was done using Microsoft Office Word 2010 edition on the Operating System Microsoft Windows 8.1.

Limitations

The only major limitation faced while preparing this report was the lack of availability of some information. Some information was not available on the official website of Phoenix Insurance Company Ltd which had to be obtained from third party sources. Also the personnel in the organization were not very eager when it came to providing information

Chapter - 02

Company Background

The Phoenix Insurance Company Ltd, one of the first generation leading general insurance companies in Bangladesh embarked on its journey on November 27, 1986. Mr. Dean Mohammad, Chairman of the Phoenix Group in association with Maj. Gen. (Retd) Abdul Mannan Siddiqui who was the founder chairman along with a group of entrepreneurs founded the company with a paid-up capital of Tk 30 million.