Insurance

Paper Code: 
FSG 616
Credits: 
02
Contact Hours: 
30.00
Max. Marks: 
100.00
Objective: 

 Course Objective:

  The objective of this course is to understand basic concept of insurance and risk management and also understand the procedure of claim settlement.

 

Course Outcome(COs):

Course

Learning Outcome (at course level)

Learning and teaching strategies

Assessment Strategies

Paper Code

Paper Title

FSG 616

Insurance

 

CO221. Understand fundamentals of Insurance and different types of Insurance. 

CO222. Analyze the impact of Risk and hazards on insurance by understanding the concept of Risk Management process.

CO223. Examining the principle and essentials of insurance contract.

CO224. 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

 

8.00
Unit I: 
Insurance

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.

8.00
Unit II: 
Risk & Risk Management

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

10.00
Unit III: 
Principles of Insurance & Essentials of Insurance Contracts

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

9.00
Unit IV: 
Types of Insurane

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

10.00
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,”RiskManagement and Insurance”,RBSAPublications,Jaipur.
• “Risk and Insurance management” Dr. R.K. Kothari, Dr. MukeshJain,RBDpublications,Jaipur
• Neelam C.Gulati,”Principles of Insurance Management", Excel books

References: 

• Insurance management(text and cases), Swarup C. Sahoo, Suresh C.Das, Himalyapublishing house
• Principles of risk management and Insurance,George E. Rejda, Pearson Publiction
• Insurance and risk management, P.K. Gupta, Himalya publishing house
• Life Insurance module,Vol.I,II

Academic Year: 
2020-2021
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