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UNIT - I
RISK MANAGEMENT AND INSURANCE & INSURANCE TERMINOLOGY
Risk Management -Types of Risks - Actual and Consequential Losses -
Management of Risks - Different Classes of Insurance - Importance of Insurance -
Management of Risk by Individuals and Insurers - Fixing of Premiums – Reinsurance
- Role of Insurance in Economic Development and Social Security - Constituents
of Insurance Market - Operations of Insurance Companies - Operations of
Intermediaries - Specialist Insurance Companies - Role of Regulators - Common
and Specific Terms in Life and Non-Life Insurance - Understanding Insurance
Customers - Customer Behavior at Purchase Point - Customer Behavior when
Claim Occurs - Importance of Ethical Behavior.
UNIT - II
INSURANCE CONTRACT AND INSURANCE PRODUCTS
Insurance Contract Terms - Principles of Insurance: Principle of Insurable Interest,
Principle of Indemnity, Principle of Subrogation, Principle of Contribution, Relevant
Information Disclosure, Principle of Utmost Good Faith, Relevance of Proximate
Cause - Life Insurance Products: Risk of Dying Early - Risk of Living too Long -
Products Offered - Term Plans - Pure Endowment Plans - Combinations of Plans
- Traditional Products - Linked Policies - Features of Annuities and Group Policies
- General Insurance Products: Risks Faced by Owner of Assets - Exposure to
Perils - Features of Products Covering Fire and Allied Perils - Products covering
Marine and Transit Risks - Products Covering Financial Losses Due to Accidents
- Products Covering Financial Losses Due to Hospitalization - Products Covering
Miscellaneous Risks.