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Insurance [1]

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.

8.00
Unit I: 
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 Insurance

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: 
2019-2020 [2]

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Source URL: https://finance.iisuniv.ac.in/courses/subjects/insurance-2

Links:
[1] https://finance.iisuniv.ac.in/courses/subjects/insurance-2
[2] https://finance.iisuniv.ac.in/academic-year/2019-2020