DBFI403 LIFE INSURANCE MANAGEMENT

Description

SESSION	Jan-Feb 2026
PROGRAM	MASTER OF BUSINESS ADMINISTRATION (MBA)
SEMESTER	IV
course CODE & NAME	DBFI403 LIFE INSURANCE MANAGEMENT

 

 

Assignment Set – 1

 

Q.1. Explain whole life Insurance policies and their variations.

Ans 1.

Concept of Whole Life Insurance

Whole life insurance refers to a form of permanent life insurance policy that provides coverage for all of the life span of the person insured as it is paid in full. It is different from term insurance that runs out after a set time the whole life insurance policy does not have an end date. When the policyholder dies, insured, the insurance policy will pay the assured amount to the named beneficiary. Additionally, in addition to the death benefit, life policies also accumulate amount of cash over time which the policyholder can borrow against or trade to receive a lump sum. This combination of saving and protection make

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Q.2. What is a Life insurance contract? List and explain all five elements of it.

Ans 2.

Definition of a Life Insurance Contract

Life insurance contracts are legally binding between the insurer and policyholder under which the insurer is required to pay a specified sum of money to the designated beneficiary upon the occurrence of an insured event that is typically passing away of the insured or the maturity of the policy. In return, the insured agrees to pay a consideration known as the premium in the method agreed on. Life insurance contracts in India are subject to the Insurance Act, 1938, the Life Insurance

 

Q.3. Life insurance companies categorize applicants into three risk classes, describe all of them in detail.

Ans 3.

Risk Classification in Life Insurance

Life insurance companies assess the applicants before they issue an insurance policy in order to assess the risk level they carry. This process is known as underwriting. The insurer collects information about the applicant’s health conditions, family medical history and lifestyle, job and the income. In light of this the applicants are classified in three risk categories. This classification assists the insurer to establish appropriate rates and determine on whether it is appropriate to accept, modify or

 

Assignment Set – 2

 

Q.4. Write a detailed note on the claim settlement procedure.

Ans 4.

Claim Settlement in Life Insurance

Settlement of claims is the method by which the life insurance company pays the amount of the benefits for the policyholder’s nominee in the event of an insured incident. This is the primary job of an insurance company as it is the principal objective of the contract. Fast and prompt claim settlement helps build trust with the insurer and the insurance business as a whole. IRDAI established guidelines that define timelines and

 

Q.5. Enumerate advantages and disadvantages of Reinsurance.

Ans 5.

Concept of Reinsurance

Reinsurance is the practice by where a major insurance firm is able to transfer a part of its risk to another insurance company, known as the reinsurer, to exchange in exchange for a percentage of the cost. It’s basically insurance for insurance companies. Reinsurance allows the primary insurer to cover policies over what it could normally absorb within its own balance sheets and, in turn, increase the market’s overall capacity in providing insurance. Reinsurance is based on treaties, which are contracts that have been negotiated or, in particular circumstances, facultative agreements to

 

Q.6. Who is an insurance agent? Also mention the functions of Life Insurance agents.

Ans 6.

Definition of an Insurance Agent

An insurance agent is a person who is licensed through the Insurance Regulatory and Development Authority of India to request the purchase of, as well as service general or life insurance policy for the benefit of several insurance companies. Article 42 of the Insurance Act, 1938 defines the lawful framework that agents must follow. In India the law requires that agents pass the