INSURANCE

Paper Code: 
: DFSG 611A
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

Course Outcome (COs):

Learning outcome (at course level)

Learning and teaching strategies

Assessment Strategies

On completion of this course, the students will be able to:

 

CO181 Analyze the characteristics & functions of Insurance in context to   various Life Insurance plans. 

CO182 Explore various Perils, Hazards and also classify the insurable risk and appraise the different methods of handling risk to evaluate the risk management process.

CO183 Evaluate the principle and essential legal requirements of insurance contract

CO184 Differentiate different types of Insurance and appraise the process of issuing life insurance policy.

CO185 Differentiate types of premium and critically evaluate the methods of Calculation of premium and claim settlement Procedures

Approach in teaching:

Interactive Lectures, Discussion, Tutorials, Reading assignments, Team teaching

Field activities.

Observation, Presentation, Report writing

 

12.00
Unit I: 
Insurance

• Meaning, Definition, Characteristics, Functions, Limitations. Insurance as Investment Opportunity. Types of Life Insurance plans- Annuity, endowment, Term plans, Unit Link Plans, whole life policy. Difference between Insurance & Gambling. Types of Insurance- Life, General, Marine, fire Insurance.

12.00
Unit II: 
Risk

• Meaning, definition, characteristics of Insurable risk Classification of Risk, Methods of handling Risk, Perils, Hazards, Types of Hazards.
• Risk Management: Meaning, need, Process

12.00
Unit III: 
Principles of Insurance

• Principle of Utmost Good Faith, Principle of Insurable interest, Indemnity, Subrogation, Causa Proxima.
• Essentials of Insurance Contracts: Legal requirements of Insurance contract. Distinction between General Law of Contract and Insurance Contract; Life and indemnity Contract.

12.00
Unit IV: 
Types of Insurance

• overview of Over insurance, Under insurance and Double Insurance
• Reinsurance: Meaning, characteristics, Methods-Facultative, Treaty, Pooling methods, Advantage of Reinsurance, Double Vs. Reinsurance
• Process of issuing Life Insurance policy

12.00
Unit V: 
Calculation of Premium

• Net premium, Gross premium, Methods of computation of Premium-Assessment plan, Natural premium Plan, Level Premium Plan, Mortality table-meaning, characteristics, need
• Settlement of claim: Death claims, Maturity/Survival claims

Essential Readings: 

SUGGESTED TEXT BOOKS:
• MJ Mathew, ”Risk Management and Insurance”,RBSAPublications,Jaipur.
• “Risk and Insurance management” Dr. R.K. Kothari, Dr. MukeshJain,RBD publications, Jaipur
• Neelam C.Gulati,”Principles of Insurance Management", Excel books

SUGGESTED REFERENCE BOOKS:
• Insurance management(text and cases), Swarup C. Sahoo, Suresh C.Das, Himalaya publishing house
• Principles of risk management and Insurance, George E. Rajda, Pearson Publication
• Insurance and risk management, P.K. Gupta, Himalaya publishing house
• Life Insurance module,Vol.I,II

E RESOURCES:
• Investments (SIE),https://www.expresslibrary.mheducation.com/bookshelf Workbook for NISM
• Mutual fund products and services, Indian institute of banking and finance

REFERENCE JOURNALS:
• Economic and Political Weekly, www.epw.in
• Indian Journal of Finance
• The Economic Challenge

Academic Year: 
2023-2024
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