DBFI403 LIFE INSURANCE MANAGEMENT

Description

SESSION	FEB-MARCH 2025
PROGRAM	MASTER OF BUSINESS ADMINISTRATION (MBA)
SEMESTER	IV
COURSE CODE & NAME	DBFI403 LIFE INSURANCE MANAGEMENT

 

 

Assignment Set – 1

 

 

Q1. What is Whole Life Insurance? Explain the same, mentioning the variations of Whole Life Insurance schemes. 2+8 

Ans 1.

Whole Life Insurance and Its Variations

Whole Life Insurance

Whole life insurance is a type of life insurance policy that provides coverage for the entire lifetime of the policyholder, as long as the premiums are paid regularly. Unlike term insurance, which provides coverage for a specific period, whole life insurance does not expire and guarantees a death benefit to the nominee. Additionally, whole life policies also build a cash value

 

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Q2. Explain the major settlement options. 10        

Ans 2.

Major Settlement Options in Life Insurance

Settlement Options

Settlement options in life insurance refer to the various ways in which the death benefit or maturity proceeds can be paid out by the insurer to the beneficiary or the policyholder. While most policies offer a lump sum payment, insurers today provide multiple options to meet the varied

 

 

Q3. “The profits generated are distributed as bonuses to the eligible policyholders at the end of every financial year.” Explain the statement by mentioning the types of bonuses in Insurance. 10      

Ans 3.

Bonus Distribution in Life Insurance and Its Types

Bonus Distribution in Life Insurance

In participating life insurance policies, the insurer shares a part of its surplus or profits with policyholders in the form of bonuses. These bonuses are not guaranteed and are declared only when the insurer earns surplus after accounting for claims, expenses, and reserves. The statement “The profits generated are distributed as bonuses to the eligible policyholders at the end of every financial year” refers to this practice where eligible policyholders receive additional financial benefits apart from the guaranteed sum assured.

Nature of

 

Assignment Set – 2

 

 

Q4. What is a Life Insurance Claim? Explain the three types of it in detail        2.5+7.5

Ans 4.

Life Insurance Claim and Its Types

Life Insurance Claim

A life insurance claim is a formal request made by the beneficiary or policyholder to the insurance company for the payment of benefits as per the policy terms. Claims arise either on the death of the insured or at the time of policy maturity. The claim process involves submitting required

 

Q5. Explain the reasons for Reinsurance.  10       

Ans 5.

Reasons for Reinsurance

Reinsurance

Reinsurance is the process through which an insurance company transfers a portion of its risk to another insurance company, known as the reinsurer. It is essentially “insurance for insurers.” By doing so, insurers protect themselves from significant financial loss in case of large claims or catastrophic

 

 

Q6. Write a detailed note on the functions performed by Agents in Insurance. 10       

Ans 6.

Functions Performed by Agents in Insurance

Insurance Agents

Insurance agents act as intermediaries between insurance companies and prospective customers. They play a pivotal role in generating business, spreading awareness about insurance products, and ensuring