Principles and Practice of Insurance LU B.COM 5th Sem

Syllabus

Course Code: P26

Principles and Practice of Insurance

UNIT–I

Introduction, Purpose and Need of Insurance, Insurance as a Social Security Tool; Insurance and Economic Development, Theories of Insurance, Principles of Insurance Contract, Risk, Double Insurance, Over Insurance, Under Insurance, Re-Insurance.

UNIT–II

Life Insurance – Principles and Practice; Life Insurance Contracts; Nature and Characteristics, Types of Life Insurance Policies, Terms & Conditions of the Policy, Nomination and Assignment of Policies, Computation of Premium, Annuity Payments, Mortality Table.

UNIT–III

Fire Insurance – The Basic Principles of Fire Insurance Contracts, Fire Policy; Conditions, Assignment, Claims.

UNIT–IV

Marine Insurance – General Principles, Conditions and Warranties in Marine Insurance Policy, Types of Marine Insurance Policies; Assignment of Policy, Loss and Abandonment, Marine Losses.