DBFI303 – PRINCIPLES AND PRACTICES OF INSURANCE

Description

SESSION MARCH 2023

PROGRAM MASTER OF BUSINESS ADMINISTRATION (MBA)

SEMESTER III

COURSE CODE & NAME DBFI303 – PRINCIPLES AND PRACTICES OFINSURANCE

CREDITS 4

Assignment Set – 1^st

 

1. What is IRDA? Write a brief note on the establishment of the same and mentionin brief the entities which are regulated by IRDAI.

Ans: IRDA stands for the Insurance Regulatory and Development Authority of India. It is an autonomous and statutory regulatory body responsible for regulating and promoting the insurance industry in India. IRDA was established by the Government of India under the Insurance Regulatory and Development Authority Act, 1999.

The establishment of Its Half solved only

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2. What is Life Insurance? Mention the three main categories of Life InsuranceProducts in detail with their subcategories.

Ans: Life insurance is a contract between an individual (the policyholder) and an insurance company, where the insurer provides financial protection and pays a designated sum of money to the beneficiaries upon the death of the insured individual.

It serves as a means to protect one’s dependents and loved ones from financial hardships in the event of the

 

3. Explain the principles of insurance in detail.

Ans: The principles of insurance are a set of fundamental concepts that form the basis of insurance contracts and guide the operations of insurance companies. These principles ensure fairness, integrity, and sustainability in the insurance industry.

Let’s delve into the key principles of insurance: 

Principle of Utmost Good

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assignment Set – 2^nd

 

4. Write a short note on:
5. Fire Insurance
6. Marine Insurance

Ans: a. Fire Insurance:

Fire insurance is a type of property insurance that provides coverage against losses and damages caused by fire. It aims to protect the insured against financial losses resulting from the destruction or damage of property due to fire-related incidents. Fire insurance policies typically cover the cost of repairing or rebuilding the property, replacing damaged belongings, and additional

 

5. What is Reinsurance? Mention the types of Reinsurance and explain theimportance of Reinsurance for the Insurer.

Ans: Reinsurance is a risk management practice where insurance companies transfer a portion of their risks and liabilities to other insurance companies known as reinsurers. In other words, reinsurers provide insurance coverage to primary insurance companies. Reinsurance helps primary insurers manage their risks, stabilize their financial positions, and protect themselves against

 

6. “The Insurance agents are the backbone of the Insurance industry however theytoo are bound by regulations”. Explain the statement with the rules to be followedby the insurance agent in detail.

Ans: The statement “The Insurance agents are the backbone of the Insurance industry; however, they too are bound by regulations” highlights the important role that insurance agents play in the insurance industry and emphasizes that they must adhere to specific regulations and rules. Insurance agents act as intermediaries between insurance companies and customers, helping