Insurance and Risk Management — Winter 2023

Explain the principles of insurance in detail.

Define Risk. Classify various types of risk in detail.

Explain the process of risk management

Explain the concept of underwriting. Also explain the requisites of successful underwriting.

What is claim settlement? Explain the general guidelines to be followed for claim settlement of insurance.

Briefly explain the powers & functions of IRDA.

Explain various types of general insurance plans offered in India.

Define health insurance. Also explain the benefits of health insurance.

Disscuss in detail various financial objectives of insurance company.

Explain various types of life & non-life insurance policies available in the country.

Explain the role of TPA’s in health insurance sector.

CASE STUDY: Naresh took a fire insurance policy from NICL of Rs 50 Lakhs for his factory at the annual premium of Rs 75,000. In order to avoid premium more than his amount he did not disclose that highly explosive chemicals are being manufactured in his factory. Within a month due to a fire his factory gets damaged. The insurance company NICL refused to make the payment for the claim as they were aware of the highly explosive chemicals manufactured in his factory.

Is Naresh entitled to claim?

What are the liabilities of proposer while taking the insurance policy?

Explain the principle of insurance violated by Naresh. 0

Explain the features of fire insurance in light of the case. 0 Page 1 of 1