Department of Commerce
Subject: Principles of Insurance
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Course: B.COM Group: Sec. A&B Semester: III
Paper:
Credits:
Syllabus
Unit I: Risk Management, Concept of Insurance, Business of Insurance, Insurance Market and Insurance Terminology
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Understanding of Risk-Types of Risks- Actual and Consequential Losses-
Unexpected Eventualities - Loss Minimization Techniques- Basics, Evolution
and Nature of Insurance- Concept of Pooling in Insurance- Different classes
of Insurance- Importance of Insurance- Management of Risk by Individuals
-Management of Risk by Insurers- Fixing of Premiums- Reinsurance and its
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importance for Insurers- Role of Insurance in Economic Development and
Social Security-Constituents of Insurance Market- Operations of Insurance
Companies- Operations of Intermediaries- Specialist Insurance Companies-
Insurance Specialist- Role of Regulators and Other Bodies Connected with
Insurance- Common Terms -and specific terms in Insurance: Life and Non
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Life- Usage of Insurance . Terms- Understanding Insurance Customers and
their needs and behavior in purchase and claims- Importance of
Customers- Customer Mindsets-Customer Satisfaction- Importance of
Ethical Behavior.
Unit II: Insurance Customer, Insurance Products and Insurance
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Contracts
Life Insurance and General Insurance Products: Risk of Dying Early- Risk of
Living too Long- Products offered- Term Plans- Pure Endowment Plans-
Combinations of Plans- Traditional Products - Linked Policies- Features of
Annuities and Group Policies. General Insurance Products: Risks faced by
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Owner of Asset- Exposure to Perils- Features of Products Covering Fire and
Allied Perils- Products covering Marine and Transit Risks- Products covering
Financial Losses due to Accidents- Products covering Financial Losses due to
Hospitalization- Products Covering Miscellaneous Risks. Insurance Contract
Terms- Principles of Insurance, Insurable Interest, Principle of
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Indemnity, Principle of Subrogation, Principle of Contribution, Relevant
Information Disclosure, Principle of utmost Good Faith, Relevance of
Proximate Cause.
Question Bank
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UNIT I: Risk Management, Concept of Insurance, Business of
Insurance, Insurance Market and Insurance Terminology
Short Questions:
- Define Risk Management.
- Define Insurance
- What is the pooling of Insurance?
- What is meant by Unexpected Eventualities?
- What is fixing of premiums?
- What is Reinsurance?
- List out different Insurance Specialists?
- Define Bank Assurance?
- What do you mean by Ceding Party?
- What is potential risk?
- List out common terms used in life Insurance contracts?
- list out common terms used in non life Insurance?
- What is Consequential Loss?
- Different kinds of Agents?
- What do you mean by understanding Insurance Customers?
- What is meant by Ethical Behavior?
- What is Customer mindset?
- What is premium?
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Long Questions:
- Explain the importance of Insurance?
- Explain Different types of Risks and different types of Risk management Techniques?
- Explain the Importance of Reinsurance for Insurers?
- Explain the different classes or types of Insurance?
- Explain different steps in Individual Risk Management Process and How the Management of Risk is done by Insurers?
- Explain different Operations of Insurance Intermediaries?
- Explain the role of Insurance Regulatory Bodies?
- Why customer satisfaction is important to an Insurance company and explain about the customer behavior at purchase point?
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Unit II: Insurance Customer, Insurance Products and Insurance Contracts
Short Questions:
- What is Insurance?
- What is Double Insurance?
- What is underinsurance?
- What is Subrogation?
- What is Liability Insurance?
- What is single premium plan
- What is ULIP
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Long Questions:
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- Explain the essentials of an Insurance Contract?
- Define Insurance and explain the Principles of Insurance?
- What is Life Insurance? What are the Risks it covers and explain different types of Life insurance products?
- Explain difference between Term Life Insurance and whole life insurance Policies?
- What are the major types of Group Insurance schemes or Group Policies?
- What is mean by Annuities? Explain different types of Annuities with its Benefits?
- What is General Insurance and explain various types of General Insurance Products?
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