MANAGEMENT

In whole life policy the insurance is effective for the whole life of assured in this policy insured amount is paid only after death of the insured the nominee or dependent of the insured will be paid with insured amount whole life policy can be classified as follow es

ordinary whole life insurance policy

in this policy the insured should pay the premium for life time after death of the insured insurance amount is paid to the beneficiary nominee of the insured policy holder does not get the policy amount as insurance company will be liable to pay the insurance amount after death of policy holder .

limited payment whole life policy

in this policy the premium amount is paid for a certain period of time but the insurance company provide s life time protection premium rate is higher for this types of policy compared to ordinary whole life policy policy amount is paid to the dependent of the police holder.

convertible whole life policy

in this policy holder has a option of converting this policy to any other types of life insurance policy after certain time period normally policy holder convert their whole life policy to endowment policy if they have option to convert the policy.

endowment life insurance policy
insurance is done for certain period and the insurance amount is paid after maturity of the period of after death of the policy holder which ever is earlier endowment policy can divided as follows

In this 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 insured amount after their death. In this policy after maturity of insurance period if the policy holder is alive double of insured amount is paid however if the pollicy holder dies before maturity the dependents get the basic insurance amount generally premium amount is comparitively high for this policy . this policy covers more than one life premium amount is calculated considering age of involved persons and insured amount is paid on maturity or after death of any of the insured person.

 Fire insurance is a contract between insurer and insured to indemnify loss of property due to fire and other reasons as it is involved in insurance contract for this purpose insurer changes certain rate of premium fire insurance is also known as insurance of indemnification.
the necessary of fire insurance was felt for the first time in England in 1666 when one third of house of London city were destroyed by a great fire at present it becomes one of the most important parts among other insurance policies .
According to v.r. bhusan and prof. r.s. sharma Fire insurance is an agreement for a consideration undertakes to the indemnify the other party against financial loss which the latter may sustain by reason of certain deadlined subject matter being damaged or destroyed by fire or other defined perils up to an agreement amount.
After completion of essential documentation and payment of first installment of the premium insurance company issues insurance policy certificate to the assured insurance policy certificate is issued to insured through post office or any other means insurance policy certificate contains name of policy holder sum assured number and amount of premium installment maturity period and other information after accepting insurance policy insurance also takes the risk of financial compensation.

Life insurance is a contract where by the insurer agrees to pay certain amount to the assured or his dependent nominee on maturity of the contract period or on the death of assured in the consideration of certain amount paid by the as sued as premium life insurance is suppose being started during 18th century life of human being is uncertain a man may die at any time or may meet with serious accident which disables the person form doing regular job or from earning money in the both cases the person or the family may suffer financial crises life insurance provides financial security to those people however it is not a contract of indemnity
For life insurance of a person insurances companies design different types of insurance policies with different features and benefits for easiness to understand life insurance policies can be categories in different types those policies can be classified on the basis of premium payment method number of lives covered method of claim payment participation on profit and duration of policies widely accepted classification which is based on duration of policies is as follows
1. Whole life policy.
2. Endowment policy.
3. Term policy.

Authority means the right provided to staffs to perform certain task to make dedcisions to direct other staff to perform certain task it is related to position and person since people working in certain position may be changed the authority is assigned for a position however the level of authority may different the basis of the still and capacity of a person having certain position authorily is provided to the staffs from the management or broad of directors so it flows downward the authority can further be delighted to other staffs as well manager should be clear about the rules regulation and procedures of the organization so that they can properly use their authority it is based on orginational hrrecly higher level managers have higher authority and vice versa
Responsibility is known as obligation to perform certain assigned task in an effective way if a staffs is assigned certain task he/she should be responsible towards his her superviser is duty as well as obligation to complete assigned task it is personal obligation which can never be delegated to others a manager can delegated his authority but not his responsibility responsibility flows up ward from subordinatees to supervisers responsibility is personal and cannot be vested in organizational position responsibility arises only when a duty has been assign and authority has been delegated by a superier to subordinate according to gerge r tetty responsibility is the obligation to carryout assigned activities to the best of his abilities.

Delegation of authority means an act and process of providing authority and power by supering to the subordinate to perform certain task management is known as art of getting things don't from others so management has to get the things done form the subordinate for subordinate to perform certain task they should be provided with sufficient Rights to perform the task assigned to them in delegation assignment of works is done along with the authority to perform the work delegation of authority provides responsibility and authority to a prison making him or her accountable for the performance.
according to fg More delegation means assigning works to others and gives them authority to do it , delegation of authority is the downward process a superior does not provide his her full authority to subordinates only partial authority is delegated while delegating the authority authority should match with the responsibility however a manager can not escape form his responsibility by delegating authority to the sub ordinates the managers who delegate the authorities has right ti outdraw reduce or add more  authority to the subordinate whenever found reasonable.

An organization should get various activities done through its staffs to achieve the organizational goals the activities differ on the basis of nature process procedure skill required timings etc if a staff or a group of staffs tries to perform all the activities at a time they cannot perform effectively sometimes some task they have equal importance and may required equal priority so it is as very essential to classify the activities of the organization logically into some manageable units the process of grouping of action into smaller manageable unit is called departmentation
Departmentation facilitates over all coordination of the activities and optimum utilization of organizational resources it provides advantage of specialization of work in the organization it increases operating skills and efficiency of an enterprises it is one of the primary task in designing an organizational structure it is a process where task are group into jobs , jobs into effective work group and word group into identifiable segment or department it helps for effective control supervision coordination between organizational activities . this is one of the commonly used basis for departmentation according to this basis de4partments are establish on the basis of the nature of the functions to be performed in the organization like finance production marketing human resources a Marjory function can farther be divided into sub function if required a team along with specialized department head is assigned responsibility of a department it focuses on specialized department head is assigned responsibility of a department if focused on specialization .