Principles and Practice of Insurance
Subject Overview
The second Banking and Insurance elective, covering risk management and insurance fundamentals, life insurance classification and LIC operations, general/marine/fire insurance, and specialized insurance schemes along with IRDA regulation and the current state of India's insurance sector. A 4-credit elective theory paper.
Unit-wise Syllabus
4 units — click WhatsApp below to get the full notes for each
Unit 1: Risk management and insurance fundamentals
Nature and scope of risk management, methods of handling risk, nature of insurance business, reinsurance, classification of insurance, principles of insurance contracts and insurance documents
Unit 2: Life insurance
Classification of life insurance policies, assignment of life policies, Life Insurance Corporation of India, marketing of life insurance, role of development officers and insurance agents
Unit 3: General, marine and fire insurance
General insurance business and role of GIC, nature of marine insurance contracts, kinds of marine policies, important marine policy clauses, marine losses and abandonment, fire insurance contract nature, types of fire policies, fire insurance claims, miscellaneous insurance
Unit 4: Specialized insurance and regulation
National agricultural insurance schemes, fidelity guarantee, property, motor vehicle, health and public liability insurance, IRDA, privatization of insurance business in India, current scenario of India's insurance sector