DBFI404 GENERAL INSURANCE MANAGEMENT

Description

SESSION	FEBRUARY-MARCH  2025
PROGRAM	MASTER OF BUSINESS ADMINISTRATION (MBA)
SEMESTER	IV
COURSE CODE & NAME	DBFI404 GENERAL INSURANCE MANAGEMENT

 

 

 

Assignment Set – 1

 

 

Q1. What are the different kinds of Insurance documents?  10  

Ans 1.

Different Kinds of Insurance Documents

Insurance Documents

Insurance documentation is critical for ensuring clarity, transparency, and legal compliance in insurance contracts. These documents serve as proof of coverage, outline the terms and conditions of the insurance policy, and help manage claims efficiently. Both insurers and insured rely heavily on these documents throughout the policy lifecycle

 

 

Q2. Who is the regulator in Insurance? Explain its functions in detail?  10       

Ans 2.

Regulator in Insurance and Its Functions

Insurance Regulatory Authority

The insurance industry in India is regulated by the Insurance Regulatory and Development Authority of India (IRDAI). Established under the IRDA Act, 1999, IRDAI acts as the watchdog and facilitator of the insurance sector. It ensures financial stability, policyholder protection, and

 

 

Q3. What do you understand by a General Insurance Contract? Discuss?  10 

Ans 3.

General Insurance Contract: Meaning and Features

General Insurance Contract

A general insurance contract is an agreement between the insurer and the insured to cover financial losses other than life. It includes coverage for risks such as fire, theft, motor accidents, health issues, marine losses, and liability claims. It is usually a short-term contract, typically for a year, and renewed periodically.

Nature of General Insurance Contracts

Unlike life insurance, general insurance does not provide a payout on death but compensates the insured for financial loss. The policyholder pays a premium, and in return, the insurer promises to indemnify

 

 

Assignment Set – 2

 

 

Q4. ‘Health Insurance is an absolute must’ Discuss?  10

Ans 4.

Health Insurance is an Absolute Must – Discussion

Health Insurance

Health insurance has become a necessity in today’s world due to the rising costs of medical treatment and increasing health risks. It provides financial protection against hospitalization, surgeries, and critical illness, which can otherwise drain an individual’s savings. With lifestyle diseases and unpredictable health emergencies on the rise, health insurance is a safety net that every individual

 

 

Q5. What do you understand about Liability Insurance? Explain?        10      

Ans 5.

Understanding Liability Insurance – Explanation

Meaning and Purpose of Liability Insurance

Liability insurance provides protection to individuals or businesses against legal claims arising from injuries, negligence, or property damage caused to third parties. Unlike property insurance, which covers the insured’s own assets, liability insurance focuses on compensating others who suffer

 

 

Q6. “Vehicle Insurance is an integral part of General Insurance” Discuss?           10   

Ans 6.

Vehicle Insurance as an Integral Part of General Insurance

Vehicle Insurance in General Insurance

Vehicle insurance, also known as motor insurance, is one of the most widespread and essential forms of general insurance. It provides financial protection against damages to the vehicle and legal liability to third parties due to accidents, theft, or natural disasters. With millions of vehicles on