INSURANCE

Paper Code: 
SBFS 202
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

Learning Outcome (at course level)

Learning and teaching strategies

Assessment Strategies

 
 
  1. Understand fundamentals of Insurance and different types of Insurance. 
  2.  Analyze the impact of Risk and hazards on insurance by understanding the concept of Risk Management process.
  3. Examining the principle and essentials of insurance contract.
  4. Distinguish between different types of Insurance and examine the process of issue of insurance policy.
  5. Critically Evaluate the Calculation of premium and claim settlement Procedures.

Approach in teaching:

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

Learning activities for the students:

Field activities, Presentation, Giving tasks

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 & Risk Management

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

12.00
Unit III: 
Principles of Insurance & Essentials of Insurance Contracts

 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

 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 & Settlement of claim

 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: 

• MJ Mathew,”Risk Management and Insurance”,RBSA Publications, Jaipur.
• “Risk and Insurance management” Dr. R.K. Kothari, Dr. ukeshJain,RBDpublications,Jaipur
• Neelam C.Gulati,”Principles of Insurance Management", Excel books.
• Insurance management(text and cases), Swarup C. Sahoo, Suresh C.Das, Himalyapublishing house
• Rejda & McNamara, Principles of Risk Management and Insurance, Pearson, 13th Edition, 2017.
• Sethi Jyotsana & Bhatia Nishwan, Elements of Banking and Insurance, PHI Learning, Second Edition, 2012.

References: 

Suggested readings:
• Principles of risk management and Insurance,George E. Rejda, Pearson Publiction
• Insurance and risk management, P.K. Gupta, Himalya publishing house
• Kenneth Blackawd Harold Skipper, Life and Health Insurance, Pearson, 13 th Edition, 2009.
• Mishra,M.N and S.B.Mishra. (2016). Insurance: Principles and Practice. S.Chand publications.
• Life Insurance module,Vol.I,II
E-READINGS
• https://books.askvenkat.org/risk-management-insurance-book-pdf-free...
• https://books.askvenkat.org/mba-books-free-download-pdf
• https://archive.org/details/riskmanagementin0011trie
• National Digital Library
• World EBook Library

JOURNALS
• IRDA Journal
• FIIB Business Review- http:// sagepub.com
• Directory of Open Access Journals
• R.B.I. Bulletin.

Academic Year: 
2023-2024
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