Insurance

Paper Code: 
FSG 616
Credits: 
03
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 

The objective of this course is to understand basic concept of insurance & risk management because Insurance plays important role in the socio-economic prosperity of the country.

9.00
Unit I: 
Insurance

Meaning, Definition, Characteristics, Functions, Limitations.Insurance as Investment Opportunity.
Difference between Insurance & Assurance. Types of Insurance- Life, General, Marine, fire Insurance.

10.00
Unit II: 
Risk & Risk Management

Risk: Meaning and definition of Risk, Classification of Risk, Perils, Hazards, Types of Hazards.

Risk Management: Meaning, Features, Objective, Process

8.00
Unit III: 
Principles of Insurance

Principle of Utmost Good Faith, Principle of Insurable interest, Indemnity, Subrogation, Causa Proxima.

9.00
Unit IV: 
Types of Insurance Contracts

Legal requirements of Insurance contract. Distinction between General Law of Contract and Insurance Contract; Life and indemnity Contract.
Double Insurance and Reinsurance.

9.00
Unit V: 
Insurance Product

Types of Life Insurance plans- Annuity, endowment, Term plans, Process of issuing Insurance policy.

Essential Readings: 

• MJ Mathew,”RiskManagement and Insurance”,RBSA Publications,Jaipur.
• Neelam C.Gulati,”Principles of Insurance Management", Excel books

References: 

• Karam Pal,B.S.Bodla,M.C.Garg,”Insurance Management: Principles & Practices, Deep& Deep Publications
• Life Insurance,Vol.I,II

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