Course

Unit 1

Insurance: Meaning, definition, nature, functions, types, classification on the basis of nature, business and risk, Insurance principles: principles, general or essential principles of insurance contract, specific and miscellaneous principles.

Unit 2

Insurance products: Introduction, term life insurance, whole life insurance, endowment type plans, combination of whole life insurance and endowment type plans, children’s assurance plans, annuities and pension plans.

Unit 3

Insurance and economic development: Introduction, role of insurance in economic development.

Unit 4

Growth of life insurance appraisal of insurance sector growth, product diversification by LIC, growth of general insurance after nationalization, issues and problems, future potential in future.

Unit 5

Business insurance: Insurance business in pre and post nationalization, weakness, liberalization, Functions of IRDA, Regulatory investment of funds, Accounting and actuarial standards, features of the revised guidelines, Actuaries Act 2006, International association of insurance supervisors, impact of liberalization, present scenario.

Course Objective:

The objective of this course is to understand the subject matter of insurance management and its importance in the present economic environment.

Course Outcomes:

Textbooks:

1. Karam Pal, Bodla, M C Garg – Insurance Management, Principles and Practices – Deep and Deep Publications
2. Dorfman Mark – Introduction to Risk Management and Insurance – PHI

Reference Books:

1. Scott Harrington, Gregory R Hiehaus – Risk Management and Insurance – McGraw Hill
2. Emmett J Vaughan, Therese M Vaughan – Essentials of Risk Management and Insurance – John Wiley and Sons.
3. Neelam Gulati – Principles of Insurance Management – Excel Books
4. Hargovind Dayal – Fundamentals of Insurance: Theories, Principles and Practices – Notion Press