ABSTRACT
The present system of the insurance companies is characterized by the manual method as a result serious threat has been posed to the operation of the service and too much workload on the staffs. The manual method involves the marketing staffs moving from one location to the other to meet up with the requirement of their broker and also the files and data of their broker are stored in cabinet which are easily destroyed by rodents. With regards to this method the insurance computer application for insurance company would be developed this would have the ability to remotely connect insurance brokers in any location for them to carry out their insurance services and also their data would be stored in a secured database. In the software design, to achieve this task I intend to use the Microsoft visual studio platform and Microsoft access 2007 as the database to store the information.
CHAPTER ONE
INTRODUCTION
Insurance is a promise of compensation for specific potential future losses such as damage, illness or death in exchange for a periodic payment. It is designed as a risk management mechanism to protect the financial well being of an individual, company or other entities in the case of unexpected loss.
Some forms of insurance are required by law while others are optional. Agreeing to the terms of an insurance policy creates a contract between the insured and the insurer in exchange for payments from the insured called PREMIUM. The insurer agrees to pay the policy holder a sum of money upon the occurrence of a specific event. In most cases, the policy holder pays part of the loss called the DEDUCTIBLE and the insurer pays the rest.
There are different types of insurance such as life insurance, health insurance, auto insurance, property insurance, travel insurance, etc. This project centers on auto or vehicle insurance.Vehicle insurance for instance is an insurance policy purchased for cars, trucks and other road vehicles. The primary use is to provide financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise therefrom.Auto insurance is the most widely purchased type of insurance coverage. It is applicable to all types of automobiles and their drivers. It covers physical damage caused to your vehicle and other vehicles you might come in contact with. It offers liability protection. This means that if you are involved in an accident and another person is injured, your vehicle insurance policy will cover a portion of the person’s medical expenses.
1.1 Background
This insurance company is a company that offers insurances policy either by selling directly to an individual or through another source such as an employee’s benefit plan. An insurance company is usually comprised of multiple insurance agents. An insurance company can specialize in one type of insurance, such as life insurance, health insurance, auto insurance or offer multiple types of insurance. Encompass into the insurance policies is the insurance service which the insurance company decided to specialize in offering the public.
Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.
An insurer, or insurance carrier, is a company selling the insurance, the insured, or policy holder, is the person or entity buying the insurance policy. The amount to be charged for a certain amount of insurance coverage is called the PREMIUM. Risk management, the practice of appraising and controlling risk, has evolved as a discrete yield of study and practice.
The transaction involves the insured assuming a guaranteed and known relatively promise to compensate (indemnify) the insured in case of a financial (personal) loss. The insured reviews a contract called the insurance policy, which detects the conditions and circumstances under which the insured will be financially compensated.
