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Insurance Management

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Insurance Management

Issues

ELECTIVE- INSURANCE MANAGEMENT

Subjects:-

 Insurance Management- Paper- 1st

Risk Management and Insurance – Paper 2nd

 Curriculum of Insurance Management- Paper 1st   (IBM- E1049)

 

S.No. Topics
 1 The Concept of Risk:Defining Risk, The Concept of Risk, The Nature of Risk, Management of Risks.
2 The Evolution and Meaning of Insurance:History of Insurance, Rights and Responsibilities of the Insurer, Rights and Responsibilities of the Insured, Classification of Insurance, Role of Insurance in Financial System.
3 Essentials of Insurance Contracts:Essentials of a Valid Contract, Is Insurance a Contract?, Principles of Insurance, Principal of utmost Good Faith or Uberrimae  Fides, Principal of Insurable Interest, Principal of indemnity, Proximate Cause, Principal of Contribution, Principal of Subrogation, Utilization of the above Principals at Various Stages of Insurance Contract.
4 Risk Appraisal and Selection:Objectives of Risk Selection, Determinants of Risk.
5 Premium:Life Table, Mortality Table.
6 Classification of Insurance:Life Insurance, Group Insurance.
7 Basics of Life Insurance:Growth of Actuarial Sciences – A boost to Development of Life Insurance, Life Insurance Needs at Various Life Stages.
8 Life Insurance Documents:The Proposal Form.
9 Classification of Life Insurance Policies:Basic elements and features of Plans of Life Insurance, Riders.
10 Annuities:Pension Plans/ Annuities.
11 Claims Management in Life Insurance:Features of Insurance Claims, Special Cases, Proof of Title.
12 Principles of General Insurance:Insurable Interest, Indemnity, Utmost Good Faith, Subrogation, Contribution, Proximate Cause/ Causa Proxima.
13 General Insurance Business:Introduction, Theory of Rating, Role of Tariff Advisory Committee (TAC), Claim Settlement Non-Life Insurance.
14 Fire and Motor Insurance:Definition, Exclusions, Standard Policy Coverages, Policies for Stocks, Consequential Loss Policy, Motor Insurance / Vehicle Insurance / Auto Insurance / Car Insurance.
15 Nature of Marine Insurance Contract:History, Definition of Marine Insurance Business, Insurance Property, Marine Adventure, Voyage, Maritime Perils/Perils of the Sea, Contents of a Marine Policy, Essential Elements or Principles of Marine Insurance, Features of a General Contract, Insurable Interest, Utmost Good Faith, Contract of Indemnity, Principles of Subrogation, Contribution, Warranties, Proximate Cause, Assignments of Policy, Clauses Incorporated in a Marine Policy, Kinds of Marine Insurance Policies.
16 Marine Losses:Introduction, Constructive Total Loss, Partial Loss.
17 Reinsurance:Reinsurance, Profit Commission, Practical Problems, Methods/ Kinds of Reinsurance,

Co-Insurance.

18 Information Technology, The Key to Success of Insurance Services:The Human Element.
19 Insurance Distribution in India:Insurance is sold and not bought, Role Transformation of Intermediaries in the Challenging Scenario, Focus on Multiple Distribution Channels.
20 Ethics in Insurance Distribution:Issues in India.
21 Loss Prevention and Control:Why loss prevention?, Who is the beneficiary?, Risk Control Measures, Educational Protection.

Curriculum of Risk Management and Insurance- Paper  2nd (IBM- E1050)

                                                                                                                                                                           M-1234

 

S. No.  
 1 The Concept of Risk:-Introduction, Risk – Definition and Classification, Uncertainty and Certainty, Measuring Risk, Nature Risk, Types of Risk, Cost of Risk, Impact of Risk on the Economic Well-being of a Person.
2 Management of Risk and Risk Implication:- Introduction, Risk Management – Definition and Measuring, Risk Management – Marco Level, Features and Benefits of Risk Management, Objectives of Risk Management, Scope of Risk Management, Risk Management Policy (RMP),Methods of Handling Risk, Principle of Risk Management, Risk Management – A Dynamic Exercise, Limitations of Risk Management.
3 The Risk Management Process:-Introduction, Process of Risk Management, Risk Management (RM) Strategy Formulation and Implementation, Strategies for Risk Management, Ideal Risk Management.
4 Requirements of an Insurable Risk:-Introduction, Risk and Insurance, Classes of Risk and their Insurability, Requirements of an Insurable Risk, Adverse Selection and Insurance, How Insurance Companies Motivate People to Cover Risks?, Insurer and Insured: Mutuality of Goals.
5 Enterprise Risk Management:-Introduction, Enterprise Risk Management (ERM), ERM and Stakeholders, ERM Frameworks, Implementing an ERM Program, Evaluation of Risk Management Process, Future Prospects and Challenges of ERM.
6 Financial Risk Management:-Introduction, Financial Risk, Financial Risk Management, Process of  Financial Risk Management, Some Financial Risks and their Management,  Financial Risk Modeling,  Financial Risk Mitigation, Financial Risk and Diversification.
7 Financial Instruments for Risk Management:-Introduction, Derivatives, Future, Options, Valuation or Pricing of Options, Swaps, Netting, Foreign Exchange Exposure, Forward Rate Agreement/ Future Rate Agreement, Forward Cover ( Currency), Rollover Forward Cover, Spot Hedge/ Market Hedge, Leads and Lags, Interest Rate Cap/Ceiling, Interest Rate Floor, Interest Rate Collar, Swaptions.
8 Other Areas of Risk Management:-Introduction, Project – Definition and Meaning, Project Risk Management, Social  Risk Management, Disaster and  Risk Management,  Risk Management and Business Continuity Planning, Miscellaneous Topics on Risk, Risk Communication,  Risk Management Information Systems/ Services (RMIS).
9 The Evolution and Meaning of Insurance:-Introduction, Insurance, How Insurance Works, Rights and Responsibilities of the Insurer, Rights and Responsibilities of Insured, Is Insurance a Contract? What is Its Nature? , Difference between Insurance Contract and Wagering Contract, Classification of Insurance, Role of Insurance in Financial System, Risk and Insurance, Classes of Risk and their Insurability, Effects of Risks on the Economic Well-being of a Person, Insurance Companies Motivate People to Cover Risks, Marketing of Insurance, Structure of Insurance Devices/Products.
10 Essentials of Insurance Contracts:-Introduction, Essentials of a Valid Contract, Is Insurance a Contract?, Basic Principles of Insurance, Benefits/ Utilisation of the Insurance Principles at Various Stages of Insurance Contract, Consequences of Non-compliance of the Principles.
11 Classification of Insurance:-Introduction, Classification of Insurance, Other Classifications of Insurance.
12 Basics of Life Insurance and Life Policies:-Introduction, Life Insurance – Definitions and Importance, Growth of Actuarial Sciences – A Boost to Development of Life Insurance, Salient Features and Specifications of Life Insurance,  Life Insurance as a Scientific Concept,  Life Insurance Needs at Various  Life Stages, Basic Elements and Features of  Life Insurance Plans, Types of Insurance Policies, Some Important Policies, Riders.
13 Claims Management in Life Insurance:-Introduction, Meaning and Importance of Claim Settlement, Features of Insurance Claims and Steps in the Process, Need for Claims Management System, Advantages of Use of Information Technology in Claims Management, Types of Insurance Claims and their Settlement, Exemption of Policy Claim Amount on Maturity.
14 Principles and Practices of General Insurance:-Introduction, Principles of Non- Life Insurance/ General Insurance, Structure of the General Insurance Industry Before and After Liberalisation, Classification of  General Insurance Business, Some Additional Policies, Need of Research and Development in General Insurance Sector, Theory of Rating, Role of Tariff Advisory Committee (TAC), Claims Settlement in Non-Life Insurance.
15 Fire, Motor, Health and Other Insurances:-Introduction, Fire Insurance –  Definitions and Meaning, Essentials of Fire  Insurance Contract, Kinds of Fire Insurance Policies and Risks Insured, Standard Policy Coverage’s, Fixation of Premium, Exclusions, Add-on Covers, Special Coverage, Motor Insurance/Vehicle Insurance/Auto Insurance/Car Insurance, Medical Insurance/ Health Insurance/Mediclaim, Health Insurance Schemes in India, Health Insurance Issues in India, Long-term Care Insurance Policy, Personal Accident/Disability Income Insurance.
16 Marine Insurance: Introduction, History and Definition of Marine Insurance Business, Definition of Related Concepts, Types of Risks Covered by Marine Insurance Policy, Marine Insurance Policy, Calculation of Rates of Premium, Kinds of Marine Insurance Policies, Marine Losses – Meaning and Types, Your Antwerp Rules, Marine Claims Documents.
17 Insurance Distribution in India:-Introduction, Need of Channels of Distribution, Role Transformation of Intermediaries in the Challenging Scenario, Focus on Multiple Distribution Channels – A Critical Analysis, Need for Insurance Distribution.
18 Reinsurance:-Introduction, Reinsurance, Profit Commission, Double Insurance, Practical Problems, Methods of Reinsurance, Peculiar Features of Reinsurance Business, Liberalised Indian Insurance Sector and the Indian Reinsurer – GIC.
19 Information Technology – The Key to Success of Insurance Services:-Introduction, Information Technology in Financial Services Sector, Information Technology in Insurance, Human Element and Information Technology.
20 Loss Prevention and Control:-Introduction, Need for Loss Prevention, Risk Control Measures, Loss Prevention Association of India (LPA).
21 Risk Management in Insurance Companies:-Introduction, Major Risk Issues, Insurers and Need for Risk Management, Risk Management Strategies, Elements of Risk Management System, Risks in Providing Insurance Services, Risk Management Best Practices for Insurance Companies, Regulation of Risk Reduction and Management by IRDA, Catastrophic Risk and its Management, ERM in Insurance, Solvency II and Risk in Insurance Business, Solvency II is Basel for Insurers, Tools of Risk Analysis.
22 Miscellaneous Topic in Insurance:- Annuities/Pension Plans, Risk Selection, Premium, Ethics in Insurance Distribution, Ombudsman, Organisational Structure, Types of Insurance Companies, Underwriting, Servicing of Policyholders, Insurance Pricing, insurance Rating, Types of Insurers, insurance Industry as Service Sector, Functions of Insurers.

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