Coming soon
INSURANCE MANAGEMENT (Theory)
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 (Cos):
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Course |
Learning outcome (at course level) |
Learning and teaching strategies |
Assessment Strategies |
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Course Code |
Course title |
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25MFM324 |
Insurance Management (Theory) |
CO301: 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 CO302: Explore basic principles and functions of Life Insurance and analyze various types of Life Insurance products CO303: Explore different types of fire insurance policies and assess claims under Fire insurance. CO304: Explore types of Marine Insurance policies and assess maritime risks CO305: Explore legal framework of Insurance and analyze recent developments in Insurance Sector. CO306: 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 |
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.
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.
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
Meaning and scope of marine insurance, procedure effecting marine insurance, types of marine polices
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.
• 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
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:
• https://books.askvenkat.org/risk-management-insurance-book-pdf-free...
• https://books.askvenkat.org/mba-books-free-download-pdf
• https://archive.org/details/riskmanagementin0011trie
Journals:
• https://books.askvenkat.org/risk-management-insurance-book-pdf-free...
• https://books.askvenkat.org/mba-books-free-download-pdf
• https://archive.org/details/riskmanagementin0011trie
