Risk Management & Insurance

Syllabus

BCOP 622-18

Risk Management and Insurance

UNIT-I

Concept of Risk: Risk and Uncertainty, Types of Risk, Burden of Risk, Sources of Risk, Methods of Handling Risk, Degree of Risk, Management of Risk.

Corporate and Personal Risk Management: Risk Management Process, Objectives of Risk Management, Risk Management Techniques, Need for a Rationale for Risk Management in Organisations, Understanding the cost of Risk, Individual Risk Management and the Cost of Risk.

UNIT-II

Identification of Risk: Tools/Techniques for Perception of Risk; Methods for Determining the Operative Causes of Peril; Safety Audit.

Evaluation of Risk: Risk Avoidance & Reduction of Risk: Methods of Loss Prevention and Risk Reduction; Role of Surveyors in Loss Prevention/Risk Reduction.

Techniques of Risk Financing: Retention of Risk; Captive Insurance Companies,

UNIT-III

Insurance: Definition and Basic Characteristics of Insurance, Requirements of an Insurable Risk, Adverse Selection and Insurance, Insurance vs. Gambling Insurance vs. Hedging; Essentials of Insurance Contracts, Principles of Insurance, Legal Aspects of Insurance Contract

Types of Insurance: Life Insurance, General Insurance: Fire and Motor Insurance, Health Insurance, Marine Insurance, Automobile Insurance.

UNIT-IV

Regulatory Framework of Insurance: Role, Power and Functions of IRDA, Composition of IRDA, IRDA Act’1999.

Control of Malpractices, Negligence, Computation of Insurance Premium, Loss Assessment and Loss Control, Exclusion of Perils.