Principles of Insurance and Risk Management Syllabus
2
Principles of Insurance and Risk Management Objective Max Hours 40 The objective of the course is to acquaint the student with the basic knowledge of the principles of risk and insurance and the methods of risk management found in strategic planning. It is an attempt to give some basic principles of insurance buying, with an emphasis on how to develop a strong insurance and financial estate planning program. Module 1: Introduction and Scope of Insurance: (9 Sessions) Historical perspective, Conceptual Framework, Meaning, Nature and Scope of Insurance, Classification of Insurance Business viz., Life Insurance and General Insurance. Fundamental principles of insurance- Utmost good faith, Insurable Interest, Indemnity & its corollaries, Proximate cause, Co- insurance, Condition of Average. Module 2: Financial Aspects of Insurance Management (12 Sessions) Role of Financial Institutions, Insurance Companies, Financial Market, Structure and functions, Important Life Insurance Products and General Insurance Products, Determination of Premiums and Bonuses, Various Distribution Channels Module 3: Risk Management and Underwriting (9 Sessions) Risk, Uncertainty, Peril, Hazard, Classification of risk, Meaning, Scope & Objective of Risk Management, Role of Actuaries- Product framing, Underwriting guidelines, Re-
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Principles of Insurance and Risk Management Syllabus Principles of Insurance and Risk Management Syllabus
Transcript of Principles of Insurance and Risk Management Syllabus
Principles of Insurance and Risk Management
Objective Max Hours 40The objective of the course is to acquaint the student with the basic knowledge of the principles of risk and insurance and the methods of risk management found in strategic planning. It is an attempt to give some basic principles of insurance buying, with an emphasis on how to develop a strong insurance and financial estate planning program.
Module 1: Introduction and Scope of Insurance: (9 Sessions)Historical perspective, Conceptual Framework, Meaning, Nature and Scope of Insurance, Classification of Insurance Business viz., Life Insurance and General Insurance. Fundamental principles of insurance- Utmost good faith, Insurable Interest, Indemnity & its corollaries, Proximate cause, Co-insurance, Condition of Average.
Module 2: Financial Aspects of Insurance Management (12 Sessions)Role of Financial Institutions, Insurance Companies, Financial Market, Structure and functions, Important Life Insurance Products and General Insurance Products, Determination of Premiums and Bonuses, Various Distribution Channels Module 3: Risk Management and Underwriting (9 Sessions)Risk, Uncertainty, Peril, Hazard, Classification of risk, Meaning, Scope & Objective of Risk Management, Role of Actuaries- Product framing, Underwriting guidelines, Re-insurance, Preparation of Insurance Documents, Policy Conditions Module 4: Settlement of Claims, Insurance Laws and Regulations (10 Sessions)Insurance Act 1938, Life Insurance Corporation Act 1956, IRDA Act 1999, Consumer Protection Act 1986, Ombudsman Scheme, Income Tax Act, Wealth Tax Act 1957, Married Women's Property Act 1874. Code of Conduct in Advertisement, Financial Planning and Taxation, Bank Deposit Schemes, Tax Benefits under Life Insurance Policies
Text Books Mishra M.N. - Insurance Principle & Practice (Sultan Chand & Company Ltd., New Delhi)
Suggested Readings: Ganguly Anand - Insurance Management (New Age International Publishers, New Delhi) Vaughan & Vaughan - Fundamentals of risk & Insurance (John Wiley & Sons, New York) Srivastava D.C., Srivastava Shashank - Indian Insurance Industry Transition & Prospects (New Century Publications, Delhi) Kakkar D.N. & Srivastava S.N.- Insurance & Risk Management (New Age Publication, New Delhi)
