A study on Financial Administration of Insurance Companies in Iran

Behzad Pagheh

Abstract


In a growing economy of any country Financial Administration plays an important role with respect to insurance, industries and areas like agriculture. Administration is a procedure under the insolvency laws of a number of common law jurisdictions which functions as a rescue mechanism for insolvent companies and allows them to carry on running their business. Financial Administration involves critical management of funds. Insurance which is the area of proposed research is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium. An insurer is a company selling the insurance. The insurance rate is a factor used to determine the amount, called the premium, to be charged for a certain amount of insurance coverage. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice. Financial Administration means putting together the economic resources at hand to make efficient use of them and taking decisions that can successfully culminate in acquiring more assets for the family or business. The whole process is intense and deals with the selection of specific or a combination of assets to deal with a financial issue, if any. The aim of financial administration is to reduce the size of a problem and ensure fiscal growth of the enterprise. Effective financial administration and its management involve calculation of risk, cost and control and maintaining the cost of funds at minimum. This is done with the intent of establishing a proper balance between the involved risk and optimized control.


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References


Issawi Charles 1996, The Economic History of the Middle East. 1800-1914: A Book of Readings (Chicago: University of Chicago Press)

Floor Willem 1998, A Fiscal History of Iran in the Safavid and Qajar Periods 1500-1925. Persian Studies Series - PSS 17 Persian Heritage Foundation

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http://www.businessmonitor.com/insurance/iran.html#L4

http://www.haminoor.com/showinsurance.asp?id=1&p=1&title=Past%20and%20%20Peresnt

http://www.buzzle.com/articles/financial-management.html

http://www.nationsencyclopedia.com/Asia-and- Oceania/Iran-INSURANCE.html


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