INSURANCE MANAGEMENT

Paper Code: 
24MFM324
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

This course will enable the students to provides an in-depth exploration of different types of insurance, examining the fundamental concepts, purposes, and significance of insurance in the contemporary society.

 

Course Outcomes: 

Course

Learning outcome

(at course level)

Learning and teaching strategies

Assessment Strategies

Course Code

Course

title

 

24MFM324

 

Insurance Management

(Theory)

CO339 Analyze the basic principles of insurance, evaluate insurance as a social security tool, assess the role of insurance in economic development, Analyze the diverse aspects of ‘risk’ and its relationship with the insurance business

CO340 Explore basic principles and functions of Life Insurance and analyze various types of Life Insurance products

CO341 Explore different types of fire insurance policies and assess claims under Fire insurance.

CO342 Explore types of Marine Insurance policies and assess maritime risks

CO343 Explore legal framework of Insurance and analyze recent developments in Insurance Sector.

CO344 Contribute effectively in course-specific interaction

 

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 and recent developments

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: 
  • Rejda & McNamara, Principles of Risk Management and Insurance, Pearson, 13th  Edition
  • Insurance management(text and cases), Swarup C. Sahoo, Suresh C.Das, Himalaya publishing house
  • Principles of risk management and Insurance, George E. Rajda, Pearson Publication
  • Sethi Jyotsana & Bhatia Nishwan, Elements of Banking and Insurance, PHI Learning, Latest Edition
  • Kenneth Blackawd Harold Skipper, Life and Health Insurance, Pearson, 13 th Edition.

 

References: 

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

 

E-Resources:

 

Journals:

 

Academic Year: 
2024-2025
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