INSURANCE MANAGEMENT

Paper Code: 
MFM 324
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

Course Outcomes

Learning and teaching strategies

Assessment Strategies

At the end of this course, a student should be able to:

 

CO 1: Understand the concept of the life insurance

industry as part of the financial services industry.

CO 2: Analyze about the diverse aspects

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

of ‘risk’  and  its  Relationship  with  the

 

 

insurance business.

 

 

CO 3: Identify the structure of modern

 

 

insurance organizations

 

 

CO 4:  Understand  and  recognize  the

 

 

salient    features    of             the             operations

 

 

performed by insurance companies.

 

 

CO 5: Recognize the theory and practice

 

 

of types of Life and Non- life Insurance.

 

 

CO 6: Create awareness about the regulatory environment and framework of IRDA for the insurance industry.

 

 

 

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.

*Case studies related to entire topics are to be taught.

Essential Readings: 

Essential Readings:

  • Rejda & McNamara, Principles of Risk Management and Insurance, Pearson, 13th Edition, 2017.
  • Sethi Jyotsana & Bhatia Nishwan, Elements of Banking and Insurance, PHI Learning, Second Edition, 2012.
  • Kenneth Blackawd Harold Skipper, Life and Health Insurance, Pearson, 13 th Edition, 2009.
  • Mishra,M.N and S.B.Mishra. (2016). Insurance: Principles and Practice. S.Chand publications.

 

Suggested Readings:
  • Life Insurance, ICFAI University Press, 2009.
  • Rejda, George: Principles of Risk Management and Insurance, 11th edition, Prentice Hall, 2011
  • H. Arif Khan. (2016). Theory and Practice of Insurance. Kalyani Publishers.
  • Gupta, P.K. (2016). Legal Aspects of Insurance, HPH.
  • R.B.I. Bulletin.
  • IRDA Journal

 

References: 
E-Resources:

 

Journals:

 

Academic Year: 
2023-2024
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