Risk Management in Insurance

Paper Code: 
FSI 316
Credits: 
3
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 

The objective of this course is to understand the importance of risk in insurance

9.00
Unit I: 

Risk: Meaning , Definition of Risk, Chance of loss vs.Risk
Objective and subjective risk
Classification of Risk: Property ,liability and personal risks, Physical ,social and economic risks ,static and dynamic risks ,fundamental and particular risks ,speculative and pure risks, uninsurable and insurable risks.

10.00
Unit II: 

Hazards and Perils in Insurance: Meaning of perils and hazards .Classification of Hazards: Physical hazards, Occupational hazards, Morale hazards, internal Hazards, Legal Hazards.Perils vs. hazards.

8.00
Unit III: 

Methods of handling risk: Avoidance, Risk Reduction ,Risk retention, Risk transfer ,combination, Hedging method.
Requirements of an Insurable risk.

9.00
Unit IV: 

Risk Management: Meaning, features of risk management,
Objective-Preloss objective and post loss objective, scope and tools in Risk management.

9.00
Unit V: 

Risk management process: Identify loss exposure, Analyze the loss exposures, Select appropriate techniques for treating the loss exposures, Implement an monitor the risk management programme. Personal risk management.

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

Academic Year: 
2018-2019
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