Insurance Management

Paper Code: 
MFM 325
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

Course Objectives- The objective of this paper is to acquaint the students with different types of insurance policies and framework of IRDA for the insurance industry.

Course Outcomes (COs):

 

Course

Learning outcomes (at course level)

Learning and teaching strategies

Assessment Strategies

Paper Code

Paper Title

MFM 325

Insurance Management

CO 126: Understand the concept of the life insurance industry as part of the financial services industry

CO 127: Analyze about the diverse aspects of ‘risk’ and its relationship with the insurance business.

CO 128: Identify the structure of modern  insurance organizations

CO 129: Understand and recognize  the salient features of the operations performed by  insurance companies.

CO 130: Recognize the theory and practice of types of Life and Non- life Insurance.

CO 131: Create awareness about the regulatory environment and framework of IRDA for the insurance industry.

Approach in teaching:

Interactive Lectures, Group Discussion, Tutorials, Case Study

 

 

Learning activities for     the students:

Self-learning assignments, presentations

Class test, Semester end examinations, Quiz, Assignments, Presentation

 

12.00
Unit I: 
Introduction to Risk and Insurance

Concept of insurance, purpose and need of insurance, basic principles of insurance – utmost good faith, insurable interest material facts, indemnity, proximate cause. Insurance as a social security tool, role of insurance in economic development. Risk management – meaning & process, objectives.

 

12.00
Unit II: 
Life Insurance

 

Basic principles of life insurance, functions of life insurance, life insurance product – endowment, life annuities, unit and index linked, pension funds, Calculation of Premium and Settlement of Claim, Government’s role and contribution of LIC of India as economic & social security. Duties and rights of insurance agent, working system of insurance agent.

12.00
Unit III: 
Fire Insurance

 

Characteristics or nature of fire insurance, significance of fire insurance, principles of fire insurance, procedure of effecting fire insurance, types of fire insurance policies, claim procedure under fire insurance

12.00
Unit IV: 
Marine Insurance

 

Meaning and scope of marine insurance, procedure effecting marine insurance, types of marine polices

12.00
Unit V: 
Legal Framework

 

Insurance Act 1938, Insurance (Amendment) Act, 2002, IRDA Regulation 2002, General Insurance Business (Nationalisation) Amendment Act, 2002 (Elementary provisions only), Recent Developments in the insurance sector.

 

Essential Readings: 

·         Rejda& McNamara, Principles of Risk Management and Insurance, Pearson, 13th Edition, 2017.

·         SethiJyotsana& Bhatia Nishwan, Elements of Banking and Insurance, PHI Learning, Second Edition, 2012.

·         Kenneth Blackawd Harold Skipper, Life and Health Insurance, Pearson, 13th Edition, 2009.

·         Life Insurance, ICFAIUniversity Press, 2009.

·         R.B.I. Bulletin.

 

Academic Year: 
2021-2022
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