Coming soon
INSURANCE
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.
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Course |
Learning Outcome (at course level) |
Learning and teaching strategies |
Assessment Strategies |
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Paper Code |
Paper Title |
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FSG 616 |
Insurance
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CO222 Students will analyze the characteristics& functions of Insurance in context to various Life Insurance plans. CO223 Students will explore various Perils, Hazards and also classify the insurable risk and appraise the different methods of handling risk to evaluate the risk management process. CO224 Students will evaluate the principle and essential legal requirements of insurance contract and differentiate different types of Insurance and appraise the process of issuing life insurance policy. CO225 Students will differentiate between the 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 Learning activities for the students: Field activities, Presentation, Giving tasks |
Observation, Presentation, Report writing |
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.
Risk:
• Meaning, definition, characteristics of Insurable risk Classification of Risk, Methods of handling Risk, Perils, Hazards, Types of Hazards.
• Risk Management: Meaning, need, Process
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.
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
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
• 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
• 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
