Nepal Education

Education in Nepal is structured as school education and higher education. School education includes primary level of grades 1-5, lower secondary and secondary levels of grades 6-8 and 9-10 respectively. Pre-primary level of education is also available in certain areas. Six years of age is the prescribed age for admission into grade one. A national level School Leaving Certificate (SLC) Examination is conducted at the end of grade ten. Grades 11 and 12 are considered as higher secondary level. Higher Secondary Education Board (HSEB) supervises higher secondary schools which are mostly under private management. Previously these grades were under the university system and were run as proficiency certificate level. Though some universities still offer these programs, the policy now is to integrate these grades into the school system.

Higher education consists of bachelor, masters and PhD levels. Depending upon the stream and subject, bachelor’s level may be of three to five years’ duration. The duration of master’s level is generally of two years. Some universities also offer programs like M Phil and post-graduate diploma.

Legally, there are two types of school in the country: community and institutional. Community schools receive regular government grant whereas institutional schools are funded by school’s own or other non-governmental sources. Institutional schools are organized either as a non-profit trust or as a company. However, in practical terms, schools are mainly of two types: public (community) and private (institutional). A third type of school is the schools run by the local people enthusiastic towards having a school in their localities. They do not receive regular government grants and most of them do not have any other sustainable financial source. Supported and managed by the local people, they can be thus identified as the real community schools.

Except one, all universities/academies are publicly managed and are supported by public source fund. However, public universities also provide affiliation to private colleges. Two academies of higher education are single college institutes whereas other universities have constituent and affiliated colleges across the country.

Tribhuvan University

About Tribhuvan University

Tribhuvan University (TU) is a public university in Kirtipur, Kathmandu, Nepal. Established in 1959, TU is the oldest of the five universities in Nepal. A huge number of students, approximately 272,746 from all over Nepal and abroad, make it the biggest university in Nepal and 22nd biggest in the world.

The University provides both undergraduate and graduate education. Currently, more than 2,400 courses are offered, of which 300 are for intermediate level courses (equivalent to Higher Secondary School), 1,079 are for undergraduate and 1,000 are for Postgraduate programs. The university has 65 integral colleges and more than 200 affiliated colleges throughout the country. Since it is government financed, it is less expensive than other private universities.

Tribhuvan University (TU) was named after Late King Tribhuvan. Established in 1959, it is the oldest University in Nepal.

Academics
During its 48 years, the state-owned university has expanded its programs in different disciplines. There are five technical institutes and four non-technical faculties, which offer 300 courses in certificate, 1079 courses in bachelor and 1000 courses in master level. Currently, the total courses offered by the university number more than 2400.

Both technical and non-technical Ph.D. programs are available in different disciplines. TU offers a variety of courses of study as required by the nation. TU decided to offer Biotechnology, Dietician, e-MBA, Distance Learning Courses at the Master Level and an M.A. in Conflict Peace and Development. M. Phil courses have been started in the faculty of Management, Humanities and Education.

• Institute of Medicine 
• Institute of Engineering 
• Institute of Science & Technology 
• Institute of Agriculture and Animal Science 
• Institute of forestry

Kathmandu University

About Kathmandu University:

Kathmandu University is an autonomous, not-for-profit, non – government institution dedicated to maintain high standards of academic excellence. It is committed to develop leaders in professional areas through quality education.




 
Purpose and Objectives
Kathmandu University is being developed with the aim to:

• Promote all-round development of the student’s abilities and personality. 
• Develop an awareness of the role of science and its application in the understanding of problems of the contemporary society. 
• Extend and disseminate knowledge and to foster its application. 
• Establish a community of scholars, students, and staff in which understanding and wisdom can grow and flourish.

The objective of Kathmandu University is to provide undergraduate and post-graduate programs in the fields of engineering, science, management, arts, education and medical sciences in the near future. It provides undergraduate courses in engineering (computer, electrical & electronics, and mechanical), science (pharmacy and biology & applied biology), management (Master in Business Administration), undergraduate studies in music and short duration courses provided by the School of Arts and the School of Education.

Academic:
Kathmandu University provides quality education in different streams of arts, sciences and management through the following six schools.

1. School of Arts 
2. School of Education 
3. School of Engineering 
4. School of Management 
5. School of Medical Sciences (KUSMS, formerly known as KUMS) 
6. School of Science

Affiliated Colleges of Kathmandu University

1. College of Medical Sciences 
2. Kathmandu College of Management 
3. Kathmandu Medical College 
4. Kathmandu University School of Management (KUSOM) 
5. Little Angels College of Management 
6. Lord Buddha Educational Academy (Nepalgunj Medical College) 
7. Manipal College of Medical Sciences 
8. National College Centre for Development Studies 
9. Nepal College of Management 
10. St. Xavier’s College 
11. Training Institute for Technical Instruction

Pokhara University

About Pokhara University



Pokhara University was established in 1997 as the fifth University in the Country under the government’s policy of adopting a multi-University system in the country with aims to expand the access to higher education. The Prime Minister is the Chancellor of the University and the Pro-Chancellor is the Minister of Education. The Vice Chancellor is the Principal Administrator of the University. The central office of the university is located in Lekhnath Municipality, Kaski district, Western Development Region of Nepal.

Purpose and Objectives

Provide the quality education
Expand the opportunity of higher education in the country
Supply skilled human resources necessary for national development
Enhance academic freedom in the University
Increase private participation in higher education
 
Academics
Pokhara University has been offering different academic programs under the:

1. Faculty of Science and Technology 
2. Faculty of Management Studies 
3. Faculty of Humanities and Social Sciences

Affiliated College of Pokhara University:

• Ace Institute of Management (AIM) New Baneshwor, Kathmandu 
• Apex College, Baneshwor, Kathmandu 
• Brihaspati College, Siddharthanagar-5, Rupandehi 
• College of Computer Technology, Devinagar, Butwal-13, Rupandehi 
• Cosmos College of Management and Technology, Tutepani, Lalitpur 
• Everest Engineering College, Gangabu Kathmandu. 
• Gandaki College of Engineering and Science GCES, Lamachour, Pokhara 
• Institute of Advance Communication, Education & Research, Baneshwor, Kathmandu 
• Lumbini Engineering College, Butwal, Rupandehi 
• National Academy of Science & Technology, Dhangadi 
• National Open College(NOC) Sanepa, Lalitpur 
• Nepal College of Computer Studies, Gaindakot-2, Nawalparasi 
• Nobel College, Sinamangal, Kathmandu 
• Nepal College of Information Technology NCIT, Gwarko, Lalitpur 
• Nepal Engineering College(NEC) Changunarayan, Bhaktapur 
• Nepal Tourism & Hotel Management College, Chinnedanda, Pokhara 
• Pokhara College of Management Studies, New Road, Pokhara 
• Pokhara Engineering College(PEC) Phirke-8, Pokhara 
• Pokhara College of Technology, Simalchour Pokhara. 
• School of Environmental Mgt.Sustainable Dev (SchEMS) 62/38 Siddhicharan Marg,Shantinagar, New Baneshwor. 
• Tilottama Campus Yogikuti, Butwal, Rupandehi 
• Universal Science College (USC) Maitidevi, Kathmandu. 
• V.S.Niketan College Min Bhawan, Kathmandu

Purbanchal University

About Purbanchal University

The establishment of Purbanchal University in 1993 was visualized as an extraordinary endeavour by the Government of Nepal to create an academic centre of excellence in the Eastern Development Region of Nepal. Its prime role was outlined to act as a catalytic agent for the promotion of socio-economic transformation in Nepal through quality education appropriate for quality life and sustainable future. Since its establishment, the university is motivated by its fundamental objective of preserving, refining, inventing, adopting, extending and transmitting knowledge in an environment that fosters free enquiry and open scholarly debate, leading to all-encompassing development of the rural people and their economies and environment.

Objectives

Run professional and Technical Institutions of Career-oriented higher Education facilitating study, research and teaching programs related to various disciplines and promote all around development of its student, teachers and scholars abilities and personalities.
Contribute to the creation of a comparative high competitive environment in higher education by extending and disseminating knowledge by fostering its efficient and effective application.
Mobilize and utilize resources-local, national or International- with a view of introducing improvement in the quality and effectiveness of its academic programs catering for the changing socio-economic needs of the country.
Develop as model institution of higher learning by correcting academic weaknesses of both public and private Institutions.
Academics
Purbanchal University has been offering different academic programs under the:

Faculty of Management

• The Faculty of Medical And Allied Sciences (FOMAS) 
• The Faculty of Science & Technology 
• Faculty of Education 
• The Faculty of Arts and Humanities 
• The Faculty of Law

Mahendra University

About

Mahendra Sanskrit University (MSU) established in December 1986, has its central office at Beljhundi in Dang district of Mid-Western Development Region, Nepal. The university offers Intermediate (Uttar Madhyama), Bachelor (Shastri), Bachelor of Education, Masters (Acharya) and Doctoral courses in classical and modern subjects. It also offers intermediate in Ayurveda and condensed courses for Ayurvedacharya. The university has 12 constituent and 13 affiliated Vidhyapithas (campuses) situated in different parts of the country.

Objective

• Inspired by the long unbroken tradition of Sanskrit in Nepal, the university was established for the following purposes:
• To fulfill the need for an autonomous institution for teaching/learning activities and research of Sanskrit field at various levels.
• To systematize Sanskrit education up to the highest level in the Kingdom.
• To preserve and promote Sanskrit education in different sectors of the Nepalese society.
• To develop the Kingdom of Nepal into a centre for learning through Sanskrit education.

Lumbini Bauddha University

About Lumbini Bauddha University

The first World Buddhist Summit held in Lumbini from 30th November to 2nd December, 1998 proposed to establish a Buddhist university in Lumbini, the birthplace of Gautam Buddha, to impart standard education on Buddhist Philosophy, Literature and Culture , and the Lumbini Declaration, issued at the conclusion of the Summit, requested the Nepal government to take immediate action in this direction. Accordingly, the Lumbini Development Trust constituted a seven-member Preparatory Committee with Prof. Tulasi Ram Vaidya as convener and Ven. Sudarshan Mahasthavir, Ngawang Hoser Lama, Pt. Badri Ratna Bajracharya, Prof. Mohan Prasad Lohani, Prof. Tri Ratna Manandhar and Mr. Min Bahadur Shakya as members. Finally, on 14th Marga 2061 B.S (29th November 2004), Lumbini Buddhist University was formally established with the promulgation of an Ordinance. Later in 2006, the Parliament approved the Ordinance with modifications as Lumbini Buddhist University Act (Lumbini Bauddha Vishwavidyalaya Ain 2063).

Objective

• To propagate the teachings of Gautam Buddha for the promotion of peace, brotherhood, amity and understanding in the world;

• To impart education relating to Buddhist religion, philosophy, literature and culture;

• To develop LBU as a Centre for intellectual interaction among the Buddhist scholars of the world for the welfare of humanity at large; 
• To enter into educational and cultural & agreements with local and international organizations for the promotion of Buddhist learning; 
• To exhibit the tangible and intangible cultural heritage relating to Buddhism; 
• To conduct research on various aspects of Buddhist studies, including Buddhology and Buddhist cosmogony; 
• To explore the ways and means of developing; LBU as the Fountain of World Peace and the Centre for inculcating the Buddha way of life. 
• To explore and conduct excavation in the potential excavation sites related to mortal Buddhas 
• To produce manpower for academic pursuits on Buddhism at different levels for advancement of Buddhist learning; 
• To work as an academy or cultural centre for conservation of primary source materials on Buddhology or Buddhist archives; 
• To facilitate Buddhist laities with the help of Acharyas,Bhikshus and Bhikshunis (monks and nuns) for Buddhist rites and rituals relating to different traditions; 
• To promote Buddhist culture by conducting short term and long term training programme; 
• To lay down skill standards of Buddhist learning for accreditation, standardization and certification of different levels of Buddhist education and training offered by national and international organizations 
• To provide honorary titles to the scholars who have made substantial contribution to the development of Buddhism.
  

Programmes Offered:

1. Bachelors in Buddhist Philosophy 
2. Masters in Applied Buddhism 
3. Masters in Buddhism and Himalayan Studies 
4. Masters in Buddhism and Peace Studies 
5. Masters in Buddhist Philosophy

Education In Nepal

Education in Nepal was long based on Home schooling and Gurukula. The first formal school was established in 1853 but was intended to the elites. The birth of the Nepalese democracy in 1951 opened the classrooms to a more diverse population.

The education plan in 1971 fastened the development of Education in the country: In 1951, Nepal had 10 000 students divided in 300 schools, with an adult literacy rate of 5%. By 2010, the adult literacy rate had jumped to 60.3% (female: 46.3%, male: 73%) and the number of schools to 49 000. Poverty and social exclusion of women, lower caste,indigenous people are nowadays the main constraints to an equitable access to Education.

Administration.

School children in Kathmandu, Nepal.
The Ministry of Education is the apex body responsible for initiating and managing education activities in the country. The Minister of Education, assisted by the State/Assistant Minister, provides political leadership to the Ministry. The Ministry, as a part of the government bureaucracy, is headed by the Secretary of Education and consists of the central office, various functional offices, and offices located at the regional and district levels. The Central Office or the Ministry is mainly responsible for policy development, planning and monitoring, and evaluation regarding different aspects of education.

With a purpose of bringing education administration nearer to the people, the Ministry has established five Regional Directorates and 75 District Education Offices in five development regions and 75 districts respectively. These decentralized offices are responsible for overseeing nonformal and school-level education activities in their respective areas. Regional Directorates are mainly responsible for coordinating and monitoring and evaluation of education activities and the District Education Offices are the main implementing agencies.

The National Center for Educational Development (NCED)  is an apex body for teacher training in Nepal. There are 34 Educational Training Centers (ETCs) under NCED to support the teachers in pedagogical areas.

Legally, there are two types of school in the country: community and institutional. Community schools receive regular government grants whereas institutional schools are funded by school's own or other non-governmental sources. Institutional schools are organized either as a non-profit trust or as a company. However, in practical terms, schools are mainly of two types: public (community) and private (institutional).

A third type of school is the kind run by the local people enthusiastic toward having a school in their locality. They do not receive regular government grants and most of them do not have any other sustainable financial source. Supported and managed by the local people, they can be thus identified as the real community schools.

Except one, all universities/academies are publicly managed and are supported by public source fund. However, public universities also provide affiliation to private colleges. Two academies of higher education are single college institutes whereas other universities have constituent and affiliated colleges across the country.*

Vehicle insurance

Vehicle insurance (also known as car insurance or motor insurance) is insurance purchased for cars, trucks, motorcycles, and other road vehicles. Its 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 there from. The specific terms of vehicle insurance vary with legal regulations in each region. To a lesser degree vehicle insurance may additionally offer financial protection against theft of the vehicle and possibly damage to the vehicle, sustained from things other than traffic collisions.

History

Widespread use of the automobile began after the First World War in the cities. Cars were relatively fast and dangerous by that stage, yet there was still no compulsory form of car insurance anywhere in the world. This meant that injured victims would seldom get any compensation in an accident, and drivers often faced considerable costs for damage to their car and property.

A compulsory car insurance scheme was first introduced in the United Kingdom with the Road Traffic Act 1930. This ensured that all vehicle owners and drivers had to be insured for their liability for injury or death to third parties whilst their vehicle was being used on a public road.[citation needed] Germany enacted similar legislation in 1939.

Public policies

In many jurisdictions it is compulsory to have vehicle insurance before using or keeping a motor vehicle on public roads. Most jurisdictions relate insurance to both the car and the driver, however the degree of each varies greatly.

Several jurisdictions have experimented with a "pay-as-you-drive" insurance plan which is paid through a gasoline tax (petrol tax). This would address issues of uninsured motorists and also charge based on the miles (kilometers) driven, which could theoretically increase the efficiency of the insurance, through streamlined collection.

Life insurance

Life insurance or life assurance, especially in the Commonwealth, is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses (such as funeral expenses) can also be included in the benefits.

Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.

Life-based contracts tend to fall into two major categories:

Protection policies – designed to provide a benefit, typically a lump sum payment, in the event of specified event. A common form of a protection policy design is term insurance.
Investment policies – where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the U.S.) are whole life, universal life, and variable life policies.

History

Insurance began as a way of reducing the risk to traders, as early as 2000 BC in China and 1750 BC in Babylon. An early form of life insurance dates to Ancient Rome; "burial clubs" covered the cost of members' funeral expenses and assisted survivors financially.


Amicable Society for a Perpetual Assurance Office, established in 1706, was the first life insurance company in the world.
Modern life insurance policies were established in the early 18th century. The first company to offer life insurance was the Amicable Society for a Perpetual Assurance Office, founded in London in 1706 by William Talbot and Sir Thomas Allen. The first plan of life insurance was that each member paid a fixed annual payment per share on from one to three shares with consideration to age of the members being twelve to fifty-five. At the end of the year a portion of the "amicable contribution" was divided among the wives and children of deceased members and it was in proportion to the amount of shares the heirs owned. Amicable Society started with 2000 members.

The first life table was written by Edmund Halley in 1693, but it was only in the 1750s that the necessary mathematical and statistical tools were in place for the development of modern life insurance. James Dodson, a mathematician and actuary, tried to establish a new company that issued premiums aimed at correctly offsetting the risks of long term life assurance policies, after being refused admission to the Amicable Life Assurance Society because of his advanced age. He was unsuccessful in his attempts at procuring a charter from the government before his death in 1757.

His disciple, Edward Rowe Mores, was finally able to establish the Society for Equitable Assurances on Lives and Survivorship in 1762. It was the world's first mutual insurer and it pioneered age based premiums based on mortality rate laying "the framework for scientific insurance practice and development" and "the basis of modern life assurance upon which all life assurance schemes were subsequently based".

Mores also specified that the chief official should be called an actuary - the earliest known reference to the position as a business concern. The first modern actuary was William Morgan, who was appointed in 1775 and served until 1830. In 1776 the Society carried out the first actuarial valuation of liabilities and subsequently distributed the first reversionary bonus (1781) and interim bonus (1809) among its members. It also used regular valuations to balance competing interests.The Society sought to treat its members equitably and the Directors tried to ensure that the policyholders received a fair return on their respective investments. Premiums were regulated according to age, and anybody could be admitted regardless of their state of health and other circumstances.


Life insurance premiums written in 2005
The sale of life insurance in the U.S. began in the late 1760s. The Presbyterian Synods in Philadelphia and New York City created the Corporation for Relief of Poor and Distressed Widows and Children of Presbyterian Ministers in 1759; Episcopalian priests organized a similar fund in 1769. Between 1787 and 1837 more than two dozen life insurance companies were started, but fewer than half a dozen survived. As the United States grew as a nation, its military presence increased on its own continent and became mobile on the high seas. Military officers banded together to found both the Army (AAFMAA) and the Navy Mutual Aid Association (Navy Mutual) after the widely publicized plight of widows and orphans left stranded in the West after the Battle of the Little Big Horn, June 25, 1876, and U.S. sailors had died while at sea, leaving families back home to fend for themselves.

Health insurance

Health insurance is insurance against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care and health system expenses, among a targeted group, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to ensure that money is available to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a central organization such as a government agency, private business, or not-for-profit entity. According to the Health Insurance Association of America, health insurance is defined as "coverage that provides for the payments of benefits as a result of sickness or injury. Includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment"

Background
 
A health insurance policy is:

A contract between an insurance provider (e.g. an insurance company or a government) and an individual or his/her sponsor (e.g. an employer or a community organization). The contract can be renewable (e.g. annually, monthly) or lifelong in the case of private insurance, or be mandatory for all citizens in the case of national plans. The type and amount of health care costs that will be covered by the health insurance provider are specified in writing, in a member contract or "Evidence of Coverage" booklet for private insurance, or in a national health policy for public insurance.
Provided by an employer-sponsored self-funded ERISA plan. The company generally advertises that they have one of the big insurance companies. However, in an ERISA case, that insurance company "doesn't engage in the act of insurance", they just administer it. Therefore, ERISA plans are not subject to state laws. ERISA plans are governed by federal law under the jurisdiction of the US Department of Labor (USDOL). The specific benefits or coverage details are found in the Summary Plan Description (SPD). An appeal must go through the insurance company, then to the Employer's Plan Fiduciary. If still required, the Fiduciary's decision can be brought to the USDOL to review for ERISA compliance, and then file a lawsuit in federal court.
The individual insured person's obligations may take several forms:

Premium: The amount the policy-holder or their sponsor (e.g. an employer) pays to the health plan to purchase health coverage.
Deductible: The amount that the insured must pay out-of-pocket before the health insurer pays its share. For example, policy-holders might have to pay a $500 deductible per year, before any of their health care is covered by the health insurer. It may take several doctor's visits or prescription refills before the insured person reaches the deductible and the insurance company starts to pay for care. Furthermore, most policies do not apply co-pays for doctor's visits or prescriptions against your deductible.
Co-payment: The amount that the insured person must pay out of pocket before the health insurer pays for a particular visit or service. For example, an insured person might pay a $45 co-payment for a doctor's visit, or to obtain a prescription. A co-payment must be paid each time a particular service is obtained.
Coinsurance: Instead of, or in addition to, paying a fixed amount up front (a co-payment), the co-insurance is a percentage of the total cost that insured person may also pay. For example, the member might have to pay 20% of the cost of a surgery over and above a co-payment, while the insurance company pays the other 80%. If there is an upper limit on coinsurance, the policy-holder could end up owing very little, or a great deal, depending on the actual costs of the services they obtain.
Exclusions: Not all services are covered. The insured are generally expected to pay the full cost of non-covered services out of their own pockets.
Coverage limits: Some health insurance policies only pay for health care up to a certain dollar amount. The insured person may be expected to pay any charges in excess of the health plan's maximum payment for a specific service. In addition, some insurance company schemes have annual or lifetime coverage maxima. In these cases, the health plan will stop payment when they reach the benefit maximum, and the policy-holder must pay all remaining costs.
Out-of-pocket maxima: Similar to coverage limits, except that in this case, the insured person's payment obligation ends when they reach the out-of-pocket maximum, and health insurance pays all further covered costs. Out-of-pocket maxima can be limited to a specific benefit category (such as prescription drugs) or can apply to all coverage provided during a specific benefit year.
Capitation: An amount paid by an insurer to a health care provider, for which the provider agrees to treat all members of the insurer.
In-Network Provider: (U.S. term) A health care provider on a list of providers preselected by the insurer. The insurer will offer discounted coinsurance or co-payments, or additional benefits, to a plan member to see an in-network provider. Generally, providers in network are providers who have a contract with the insurer to accept rates further discounted from the "usual and customary" charges the insurer pays to out-of-network providers.
Prior Authorization: A certification or authorization that an insurer provides prior to medical service occurring. Obtaining an authorization means that the insurer is obligated to pay for the service, assuming it matches what was authorized. Many smaller, routine services do not require authorization.
Explanation of Benefits: A document that may be sent by an insurer to a patient explaining what was covered for a medical service, and how payment amount and patient responsibility amount were determined.
Prescription drug plans are a form of insurance offered through some health insurance plans. In the U.S., the patient usually pays a copayment and the prescription drug insurance part or all of the balance for drugs covered in the formulary of the plan. Such plans are routinely part of national health insurance programs. For example, in the province of Quebec, Canada, prescription drug insurance is universally required as part of the public health insurance plan, but may be purchased and administered either through private or group plans, or through the public plan.

Some, if not most, health care providers in the United States will agree to bill the insurance company if patients are willing to sign an agreement that they will be responsible for the amount that the insurance company doesn't pay. The insurance company pays out of network providers according to "reasonable and customary" charges, which may be less than the provider's usual fee. The provider may also have a separate contract with the insurer to accept what amounts to a discounted rate or capitation to the provider's standard charges. It generally costs the patient less to use an in-network provider.

Agriculture in India is highly susceptible to risks like droughts and floods. It is necessary to protect the farmers from natural calamities and ensure their credit eligibility for the next season. For this purpose, the Government of India introduced many agricultural schemes throughout the country.

Comprehensive Crop Insurance Scheme(CCIS)[edit]
The Comprehensive Insurance Scheme (CIS) covered 15 states and 2 union territories. Participation in the scheme was voluntary. Around 5 million farmers and between 8-9 million hectares were annually covered by this scheme. If the actual yield in any area covered by the scheme fell short of the guaranteed yield, the farmers were entitled to an indemnity on compensation to the extent of the shortfall in yield. The General Insurance Corporation of India administered the scheme on behalf of the Ministry of Agriculture, Government of India.

A major drawback of the scheme could be seen from the fact that out of all the all-India claims of Rs 1,623 crores, Gujarat alone received Rs. 792 crores for one single crop, groundnut.

The scheme was scrapped in 1997.

Experimental Crop Insurance[edit]
An experimental crop insurance scheme was introduced in 1997-98, covering non-loanee small and marginal farmers growing specified crops in selected districts. The premium was subsidized. The premium collected was about Rs. 3 crores and the claims amounted to Rs. 40 crores.

The Government discontinued the scheme during 1997-98 itself.

Farm Income Insurance Scheme[edit]
The Central Government formulated the Farm Income Insurance Scheme (FIIS) during 2003-04. The two critical components of a farmer’s income are yield and price. FIIS targeted these two components through a single insurance policy so that the insured farmer could get a guaranteed income.

The scheme provided income protection to the farmers by insuring production and market risks. The insured farmers were ensured minimum guaranteed income (that is, average yield multiplied by the minimum support price). If the actual income was less than the guaranteed income, the insured would be compensated to the extent of the shortfall by the Agriculture Insurance Company of India. Initially, the scheme would cover only wheat and rice and would be compulsory for farmers availing crop loans. NAIS (explained in the section below) would be withdrawn for the crops covered under FIIS, but would continue to be applicable for other crops.

The FIIS was withdrawn in 2004.[1] The recent attempt by the Gujarat government to reintroduce the Farm Income Insurance Scheme (FIIS) can reform agricultural insurance and prevent farm-level distress.[2]

National Agriculture Insurance Scheme(NAIS)[edit]
The Government of India experimented with a comprehensive crop insurance scheme which failed. The Government then introduced in 1999-2000, a new scheme titled “National Agricultural Insurance Scheme” (NAIS) or “Rashtriya Krishi Bima Yojana” (RKBY).[3] NAIS envisages coverage of all food crops (cereals and pulses), oilseeds, horticultural and commercial crops. It covers all farmers, both loanees and non-loanees, under the scheme.

The premium rates vary from 1.5 percent to 3.5 percent of sum assured for food crops. In the case of horticultural and commercial crops, actuarial rates are charged. Small and marginal farmers are entitled to a subsidy of 50 percent of the premium charged- the subsidy is shared equally between the Government of India and the States. The subsidy is to be phased out over a period of 5 years.

NAIS operates on the basis of

Area approach- defined areas for each notified crop for widespread calamities.
On individual basis- for localized calamities such as hailstorms, landslides, cyclones and floods.
Under the scheme, each state is required to reach the level Gram Panchayat as the unit of insurance in a maximum period of 3 years.agriculture insurance corporation of India is implementing the scheme.

Types of insurance

Subcategories
This category has the following 4 subcategories, out of 4 total.

A
► Agricultural insurance‎ (6 P)
H
► Health insurance‎ (7 C, 32 P)
L
► Life insurance‎ (3 C, 30 P)
V
► Vehicle insurance‎ (1 C, 31 P)

"Types of insurance"
The following 83 pages are in this category, out of 83 total. This list may not reflect recent changes (learn more).

A
Alien abduction insurance
Assumption reinsurance
Aviation insurance
B
Bancassurance
Bond insurance
Builder's risk insurance
Business interruption insurance
Business overhead expense disability insurance
Business owner's policy
C
Casualty insurance
Catastrophe bond
Chargeback insurance
Computer insurance
Contents insurance
Credit insurance
Crime insurance
Cyber-Insurance
D
Death bond
Deposit insurance
Directors and officers liability insurance
Dual trigger insurance
E
Earthquake insurance
Expatriate insurance
F
Fidelity bond
Financial reinsurance
Flood insurance
G
GAP insurance
General insurance
German Statutory Accident Insurance
Group insurance
Guaranteed asset protection insurance
H
Health insurance
Home insurance
I
Income protection insurance
Inland marine insurance
Interest rate insurance
K
Key person insurance
Kidnap and ransom insurance
L
Labor insurance (Japan)
Landlords' insurance
Legal expenses insurance
Lenders mortgage insurance
Liability insurance
Longevity insurance
M
Marine insurance
Mortgage insurance
Multiple-peril insurance
Mutual insurance
N
No-fault insurance
P
Parametric insurance
Payment protection insurance
Pension term assurance
Perpetual insurance
Pet insurance
Political risk insurance
Pollution insurance
Prize indemnity insurance
Professional liability insurance
Property insurance
Protection and indemnity insurance
R
Reinsurance
Rent guarantee insurance
S
Satellite insurance
Savings Deposit Insurance Fund of Turkey
Shipping insurance
T
Takaful
Tenancy Deposit Scheme (England and Wales)
Tenancy deposit schemes (Scotland)
Terminal illness insurance
Terrorism insurance
Trade credit insurance
Travel insurance
U
UCC Insurance
Uninsured employer
Workers' compensation employer defense
V
Vehicle insurance
W
Wage insurance
War risk insurance
Weather insurance
Worker's compensation (Germany)
Workers' accident compensation insurance (Japan)
Workers' compensation
Z
Zombie fund

Insurance

Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for money. 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 selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount of money 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 field of study and practice.

The transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate (indemnity) the insured in the case of a financial (personal) loss. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated.

History

Merchants have sought methods to minimize risks since early times. Pictured, Governors of the Wine Merchant's Guild by Ferdinand Bol, c. 1680.
Methods for transferring or distributing risk were practiced by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC, respectively. Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel's capsizing. The Babylonians developed a system which was recorded in the famous Code of Hammurabi, c. 1750 BC, and practiced by early Mediterranean sailing merchants. If a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loan should the shipment be stolen or lost at sea.

At some point in the 1st millennium BC, the inhabitants of Rhodes created the 'general average'. This allowed groups of merchants to pay to insure their goods being shipped together. The collected premiums would be used to reimburse any merchant whose goods were jettisoned during transport, whether to storm or sinkage.

Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of contracts) were invented in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates. The first known insurance contract dates from Genoa in 1347, and in the next century maritime insurance developed widely and premiums were intuitively varied with risks.[3] These new insurance contracts allowed insurance to be separated from investment, a separation of roles that first proved useful in marine insurance.