Different types of terminology are used insurance.

Prime Minister Sheikh Hasina has called for the insurance industry to be utilized for human welfare. He made the call at an inaugural conference of Inclusive Insurance for Emerging Markets: Coping with Climate Risk at Pan Pacific Sonargaon Hotel on Tuesday.Prime Minister Sheikh Hasina said insurance companies have to play a more effective role to keep production and economy risk-free. I urge the insurance company owners to emphasize the importance of social liability in addition to making a profit. He said that extreme natural disasters such as cyclones, floods, droughts, rains, earthquakes etc. are now occurring in various parts of the world. These disasters are getting worse from day to day. Asia and the Pacific are the most natural disasters in the world.He also said that Bangladesh, the world’s largest sub-island, is one such climate-prone area. Natural disasters such as cyclones, floods, droughts, rains etc. occur at different times of the year. The marginalized population is the most affected. The Prime Minister said that according to a recent survey, Bangladesh is ranked 5th as a natural risk country.

The government directly monitors these risks. In addition, the initiatives taken to tackle the disaster by voluntary organizations and NGOs have been praised all over the world. Bangabandhu was the first volunteer. They worked in the service of people in distressed areas.The insurance sector has also contributed. Because the insurance sector helps to generate investment by collecting savings from people of all sections of society. This creates a workplace and eliminates poverty. The Insurance Development and Regulatory Authority (IDRA) has formed two surveillance committees to seek irregularities of insurance companies. The amendment of the previous committee was announced on Monday by the formation of Surveillance Committee-1 and Surveillance Committee-2. Surveillance Committee-1 has been convened by the Executive Director of the Authority (Additional Secretary). Sheikh Maha. Rezaul Islam, and convener of the Surveillance Committee-2 has been made the Executive Director of the Authority (Additional Secretary) Khalil Ahmed. Earlier on September 7, IDRA formed a surveillance committee comprising representatives of BIA and BIF. Then, on 8 October, the committee was revised and the BIA and BIF representatives were removed. At the same time, the convener changes and the number of members was increased. These committees will work for non-life insurance companies financing, collecting stamp duty on insurance policies and freezing up to 5 percent of the agent’s maximum limit.

 

The source said that the insurance company will visit the head office and branch office at any time. IDRA Executive Director (Additional Secretary) Dr. Sheikh Maha. The members of the Surveillance Committee-1 formed by calling Rezaul Islam – the director of the authority. Siddikur Rahman, Shah Alam, Kamrul Haque Maruf, Abul Kashem Mohammad Fazlul Haque and Mohammad Ariful Islam. In addition, Advisor to the authorities Enayet A Khan, Senior Executive Officer Mohammad Morshedul Muslim, Officer. Rashidul Ahsan Habib and Md. Abul Hasnat is a member of the committee. And Kazi Sadia, a junior officer of the authority, is a member secretary of the Arabic committee.On the other hand, the members of the Surveillance Committee-II formed by convening IDRA’s Executive Director (Additional Secretary) Khalil Ahmed are – Director of the Authority. Siddikur Rahman, Shah Alam, Kamrul Haque Maruf, Abul Kashem Mohammad Fazlul Haque and Mohammad Ariful Islam.In addition to the executive officer of the authority Mohammad Delwar Hossain Bhuiyan, the officer said. Abu Mahmud, junior officer Mohammad Shafiqul Islam, Sameer Chandra Sarkar and Md.

Sohail Rana is a member of the committee. Hamed Bin Hassan, a junior officer of the authority, is a member secretary of the committee.

Different types of terminology are used in naval insurance. Non-Life Insurance Affiliates That Need to Know I would like to introduce you to some of the terminology readers of InsuranceNewsBD today.

2. Letter of Credit – L / C: A type of loan that is used exclusively for naval insurance. Importer / Buyer buys or buys securities equal to the value of merchandise through its own bank. Which is sent to the Exporter / Seller’s Bank.

If the importer refuses or refuses to accept the purchased merchandise without actual or valid reasons, such as a decline in the market price or a decrease in the price before reaching the merchandise destination; Guarantee you get the guaranteed money for exporting goods through securities.

2. Initial Price of Products (Ex-Factory or Ex Works): This terminology shows the Factory Price of the exporter / supplier’s stock of merchandise or warehouse. This price does not include or add to any other price or cost.

Importer / Buyer carries transportation costs, freight and insurance expense along with the initial cost of the product.

2. Free on board – FOB: The exporter / supplier carries a number of costs for shipping the merchandise to the exporter / supplier. For example, a) the exporter’s transportation from the factory or warehouse to the seaport, b) the loading expense, and c) other incidental costs.

2. Cost and Freight (C&F): This term is a combination of both the Factory Price and Freight Price. Insurance expense is not included with this cost.

2. Basic Price of Products, Ship Rentals and Insurance Cost (Cost, Insurance & Freight-CIF): This terminology is comprised of the three components of the basic price of the product (Factory Price), Freight and Insurance Expense.

2. Bill of Lading-B / L: This is a type of contract executed between the goods dispatcher or the supplier and the shipowner. Through this agreement, the shipowner or his representative pledges to arrive at the respective destination safely. In addition to the various terms and conditions of transporting goods, the following information is described.

A) Name of the importing company.

Name of the ship concerned.

C) Seaport, from which goods are shipped.

D) Name of the seaport at the destination where the merchandise is discharged.

E) Details of the merchandise.

F) possible date of departure etc.