Insurance Management

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

Course Objective:

  1. 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): 

Learning outcomes

(at course level)

Learning and teaching strategies

Assessment

Strategies

  
 

CO 111: To understand  the concept of the life insurance industry as part of the financial services industry

CO 112: To familiarize students with the diverse aspects of ‘risk’ and its relationship with the insurance business.

CO 113: To give students an overview of the structure of modern insurance organizations

CO 114: To acquaint students with the salient features of the operations performed by insurance companies

CO 115: To acquaint the students with the regulatory environment of 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.

·         IRDA Journal.

·         Asia Insurance Post

FORTE Insurance Journal

References: 

• Kenneth Blackawd Harold Skipper, Life and Health Insurance, Pearson, 13th Edition, 2009.
• Life Insurance, ICFAIUniversity Press, 2009.
• R.B.I. Bulletin.
• IRDA Journal.
• Asia Insurance Post.
• FORTE Insurance Journal
• www.Insuranceinstituteofindia.com

Academic Year: 
2020-2021
  • Printer-friendly version
  • PDF version