Insurance and Risk Management

Introduction to Risk: Meaning of Risk and Uncertainty, Loss, Perils, Hazards · Types of Risks · Financial and Non-Financial Risks, Individual and Group Risks, Pure and Speculative Risk, Static and Dynamic Risk, Quantifiable and Non-Quantifiable risk · Risks for Financial Institutions · Classifying Pure Risks.

Risk Management: Risk Management Process, Risk Management     Objectives · Risk Retention and Risk Transfer · Levels of Risk Management · Corporate Risk Management · Management of Risk by Individuals · Measures of Risk – Mathematical, Subjective (Only Theory)

Insurance and Risk: Introduction to Insurance · Insurable Risk · Types of Insurance, Social and Economic Benefits of Insurance

Government and Controlling Authorities: IRDA Framework · Legal Aspects of Insurance, Essentials of Insurance Contracts

Principles of Insurance: Indemnity · Utmost Good Faith · Insurable Interest · Proximate Cause · Loss Minimization · Arbitration and Average

Classification of insurance:

Life Insurance: Meaning, Features and Benefits, Types of Plans, Traditional Products, Market Related Products, Annuities, Pension Plans, Riders-Business Insurance, Group Insurance, Pricing in Life Insurance

Non-Life Insurance: Features of Fire Insurance Contract · Marine Insurance – Definition, Types & Policies · Auto Insurance – Need, Types of Policies, Claims · Health Insurance – Introduction, Plans in India, Schemes, Micro-Health Insurance, TPAs

Underwriting:

• · Philosophy of Underwriting, Kinds of Underwriting, Requisites of Good Underwriting, Underwriting of Life Insurance, Underwriting of Non-Life Insurance, Pricing and Premium Setting, Types of Rating, Tariff/ Rate Making in General Insurance.

Claim Management: Claim Settlement in General Insurance, General Guidelines for Settlement of Claims, Fire Insurance Claims, Motor Insurance Claim, Marine Insurance Claim, Claim on Consignment by Road/Rail Personal Accident, Mediclaim, Theft /Burglary Insurance.

Financial Aspects Of Insurance Companies:

• · Financial Objective Of An Insurance Company, Responsibilities Off Insurance Manager, Performance Measurement Of Insurance Company, ALM, Ratio Analysis Of Insurance Company, Risk And Return Trade Off, Valuation Of Assets And Liabilities, Technical Provision, Risk Margin

Reinsurance: Hedging, Role Of Re-Insurers, Techniques Of Reinsurance, Issues And Challenges Of Indian Reinsurance, Investment By Insurance Company