Insurance - I

Paper Code: 
FSI 116
Credits: 
3
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 

The objective of this course is to understand basic concept of insurance & risk management

9.00
Unit I: 
Insurance:

Meaning and Definition of Insurance, characteristics of insurance, Origin and development, Functions, Limitations. Difference between Insurance & Assurance. Insurance Vs. gambling, Role and significance of Insurance, Important terminology used in Insurance. Role of Information technology in Insurance.

10.00
Unit II: 
General principles of Insurance

: Essentials of insurance contracts-Offer and Acceptance, Legal Considerations, Free consent, legality of contract etc. Distinction between General Law of contract and Insurance contract; Life and indemnity Contract.

8.00
Unit III: 
Principles of Insurance:

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

9.00
Unit IV: 
Double Insurance and Reinsurance

Double Insurance: Meaning, Features, over insurance

Reinsurance: Characteristics of Reinsurance ,Types of Reinsurance. Reinsurance Vs. Double insurance, Essentials of reinsurance and important terms used in reinsurance

9.00
Unit V: 
Insurance Agents

Meaning of insurance agent, Characteristics, Kinds of Insurance agent, qualities, requirements of insurance agent, Process of agency building, Agency law and code of conduct.

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
Jyotsna sethi, Nishwan Bhatia,”Elements of banking and Insurance”,Prentice hall of India,Delhi
Life Insurance,Vol.I,II ,Life Insurance Module (Insurance institute of India)

Academic Year: 
2019-2020
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