MANAGEMENT

Though there are different orguement about origin of insurance its present form is assumed to be started form 12th century marine insurawnce is the oldest and orginal form of insurance in ancient times when when most of the international trade was done through sea route to mainimize risk on the transit concept of insurance was born general average and bottomry bond are two different from of initial marine insurance
fire insurance is another from of insurance conceptudize after great fire happenning in london in 1666 life insurance started form 18th century during 19th century and then after other forms of insurance like ficlelity insurance accidental thift crop etc were develop.

Insurance is based on principle of cooperation even before starting of formal insurance people from certain society and group used to collect some fonds to help the needy member of their group who suffers form some kind of financial losses this concepts of cooperation prevails insurance collects premium from the incurred and compensates the loss of any of the members form the collected premium hence its based on cooperation for mutual benefits.Insurance is base on principle of probity insurance premium which is determined in advance is based on this principle premium amount is determined considering the changes of loss since the degree loss depends upon various factor the avouching factors are analyzed before determining the amount of loss for example higher the age of people higher the changes  of death higher the changes of loss higher the premium.

On the basis of involvement of person in deciding making decision are classified as individual and group decision if single person is involved in decision making process it is individual decision for this purpose individual has to use his personal knowledge skill idea to take decision generally proprietors to sole trading concerns and autocratic leaders take such type of decisions
In group decision a group of people person are involved in decision making process such decisions are taken in in IMO stock companies partnership firms cooperative organizations etc in such decision group of people come into discussion and finally take a decision through mutual consent generally group decision made for unique and creative nature of subject matter

                 Delegating authority does not mean that responsibility also has been shifted from one person to another person.Responsibility assigned to a staff is fixed and absolute an executive can delegate authority to subordinates making the subordinate responsible for the assigned task however final responsibility remains with the executive
 according to this principle there should be balance and parity between authority and responsibility of a staffs higher the responsibility authorial without or less responsibility may create probability of authority misuse and responsibility without or less authority creates problems in performance
this principle everybody should take the decision up to their level of authority provided to him or her if staffs have to take only decision or have to perform any task that is out of their authority they should talk to their superior and act accordingly like wise senior also should not get involve in the activities for which authority is delegated to his or her Junior

Pure endowment policy insurance amount is paid only after maturity of insurance period but to get the claim should be alive if policy holder dies before maturity period insured amount is paid to non this policy is suitable for those who do not have dependents or who do not want any others to get the insurde amount after their death.
doubb endoement is after maturity of insurance period is if the policy holder is alive double of insured amount is paid howefer if the policy holder dies before  maturity the dependents get the basic insureance amount generally premium amount is comparitively high .
ioint life endowment is covers more than one life premium amount is calculated considering age of involved persons and insured amount is paid on maturity of after death of any of the insuraed person

Routine decision is related with day to day operation of the organization in regular activities of the organization such decision should be taken generally lower level management takes such types of decision exchange of  work between co workers repair and maintains of machining amiability of raw material are the example of routine decision generally such decisions are repetitive in nature.Basic decisions are necessary for long run survivable and growth of business generally top level managers are responsible for such type of decision to take such decision creativity and detail study of the matter is essential the example of such decision involves expansion of business investment of extra capital replacement of plant and machines .
Organizational decision is formal decision which is taken considering the goal of the organization besides the decision maker has to fulfil all the official procedure and official authority to takes the decision according to requirement and situation decision making authority can be delegate to other officials
personal decision is informal decision taken considering personal interest such decision do not affect regular performance of the organization personal decision can not be delegated to other deciding to get voluntary retirement not seeking promotion etc are the example of personal decision.