MBA 562  Course Name: Life & Non Life Insurance Domains ( PTU PAPER –2 )

 

 

Course CONTENT

 

Pension and Retirement Insurance

 

·        Introduction to retirement schemes

·        Superannuation schemes

·        Basic Annuity Concepts, variable and market value adjusted annuities, taxation of annuities.

·        Regulation of annuities

·        Marketing basics

·        Taxation Treatment provisions for Retirement Benefits

 

Fire & Consequential Loss

·         History of Fire Insurance;

·         Need, Purpose & Functions of Fire Insurance   

·         Application of basic principles    

·         Subject matter of fire insurance;   

·         Introduction to All India Fire Tariff;     

·         Classification of Risks;

·         Building Rules;      

·         FEA Rules/ Discount     

·         Low-Claim Discount

·         Categorization of Hazardous Goods;     

·         Hazards of Speciatic Trades and Industries.

 

Fire & Spl. Peril Policy

·               Scope : In built causes/perils; Add on Covers;    

·               Exclusions: property, Causes and Perils; Conditions;     

·               Special Policies and Clauses;   

·               IAR Policy : Scope Rating & other aspects;

·               Warranties and their importance;       

·               Underwriting Aspects and applications;

·               Rating of fire Risks (Industrial & Non-industrial);

·               Rating of Add on Perils;   

·               Fixing of Sum Insured for various Subject Matters;    

·               Practice of Fire Insurance : procedural Aspects  

         (including overseas practices);

·               Policy Drafting;  

·               Pre inspection of Risks;    

·               Co-insurance practices;   

·               Acceptance Limits.

·               Consequential – loss (Fire) insurance

·               Claims

 

Health and Personal Accident

·         Brief introduction

History & importance of health insurance; definition of health; role & directive principles of state policy; current trends in India; IRDA Regulations; Principles & Standards; Regulatory status of select health insurance schemes

·         Documents

      Proposal form & its importance; Policy & Schedule; Endorsements; Riders; Renewals

 

·         Health & Accident Insurance In India

      Relation of Health Insurance to Life Insurance & General Insurance Policies; Types of policies ; Standard Products - Basic health insurance, accident insurance and related overseas travel insurance; Individual and Group Coverages; Issues related to Critical Illness, domiciliary treatment, hospitalization ; comparative study of few available new health insurance products in the market.

 

·         Underwriting

      Concept of Morbidity and importance of morbidity tables to insurers;       Underwriting Factors and Rate making in health insurance

·         Claims Management

      Documents; Methods of settlement – Reimbursement & Cashless; Third Party Administrators – regulations and their role in health insurance in India

·         Reinsurance of Health insurance risks

 

Miscellaneous Insurance

1. Background of Misc. Insurance

2. Scope, Exclusions, Conditions, Underwriting considerations and Rating aspects of:

Personal :- All Risk Ins., Baggage Ins., TV/Video Ins., Gun Ins., Pedal Cycle Ins., Cellphone Ins.

Commercial :- Burglry Ins., Plate Glass Ins., Lift Ins., Money Ins., Sign Ins., Fidelity Guarantee Ins.

Package Products :- House Holders Ins., Sampoorne Suraksha/ Sweet Home., Shopkeepers Pkg. Ins., Office Umbrella Ins., LPG Trader’s Combines Ins.,  Jeweller  Block Ins.,

Hotellers Pkg. Ins., Banker’s Blanket Ins., Doctors Pkg. Ins., Film Studio Ins., Stock Brokers Ins., Golfers Pkg. Ins.

3. Special Products & Related Aspects : Kidnap & Ransom Ins.

4. Special Contingency Policies & Related Aspects.

5. Other Products & their Analysis.

6. Claim procedure and Loss Minimization aspects.

7. Acceptance Limits.

 

Automobile Insurance

·             Introduction to Motor Insurance

·             Legal provisions (Motor Vehicles Act 1938 & subsequent amendments (1988)  and its applications

·             Documents

·             Motor Insurance Policies –

(i)              Liability Only Policy

(ii)            Package Policy

(a)          Private Vehicles & Two wheelers

(b)          Commercial Vehicles

·            General Regulations

·            Principles & Practices of Underwriting

·            Principles & Practices of Claims Management

(i)              Own Damage Claims

(ii)            Third Party Liability Claims

·            Reinsurance of Motor Insurance

 

Engineering and Project Insurance

·         Origin and history of Engineering Insurance

·         Special features of Engineering Insurance

·         Project Insurance (Construction Phase) Policies

·         Contractor’s all risks insurance:

·         Storage cum Erection (Erection All Risks) Insurance:

·         Contract works Insurance:

·         Contractor’s Plant and Machinery Insurance:

·         Operational phase or Annual policies

·         Machinery Insurance

·         Boiler & pressure plant Insurance

·         Electronic Equipments Insurance

·         Civil engineering completed risks

·         Machinery Loss of Profits Insurance:

·         Advance Loss of Profits Insurance:

·         Deterioration of stocks Insurance:

·         General Aspects of Engineering Insurance:

·         Industrial All Risks

 

Group and Social Insurance

·         Group Life Insurance Schemes

·         Rate making in Group Insurance

Pension and Retirement Insurance

 

·        Introduction to retirement schemes

·        Superannuation schemes

·        Basic Annuity Concepts, variable and market value adjusted annuities, taxation of annuities.

·        Regulation of annuities

·        Marketing basics

·        Taxation Treatment provisions for Retirement Benefits

 

Fire & Consequential Loss

·         History of Fire Insurance;

·         Need, Purpose & Functions of Fire Insurance   

·         Application of basic principles    

·         Subject matter of fire insurance;   

·         Introduction to All India Fire Tariff;     

·         Classification of Risks;

·         Building Rules;      

·         FEA Rules/ Discount     

·         Low-Claim Discount

·         Categorization of Hazardous Goods;     

·         Hazards of Speciatic Trades and Industries.

 

Fire & Spl. Peril Policy

·               Scope : In built causes/perils; Add on Covers;    

·               Exclusions: property, Causes and Perils; Conditions;     

·               Special Policies and Clauses;   

·               IAR Policy : Scope Rating & other aspects;

·               Warranties and their importance;       

·               Underwriting Aspects and applications;

·               Rating of fire Risks (Industrial & Non-industrial);

·               Rating of Add on Perils;   

·               Fixing of Sum Insured for various Subject Matters;    

·               Practice of Fire Insurance : procedural Aspects  

         (including overseas practices);

·               Policy Drafting;  

·               Pre inspection of Risks;    

·               Co-insurance practices;   

·               Acceptance Limits.

·               Consequential – loss (Fire) insurance

·               Claims

 

Health and Personal Accident

·         Brief introduction

      History & importance of health insurance; definition of health; role & directive principles of state policy; current trends in India; IRDA Regulations; Principles & Standards; Regulatory status of select health insurance schemes

·         Documents

      Proposal form & its importance; Policy & Schedule; Endorsements; Riders; Renewals

·         Health & Accident Insurance In India

      Relation of Health Insurance to Life Insurance & General Insurance Policies; Types of policies ; Standard Products - Basic health insurance, accident insurance and related overseas travel insurance; Individual and Group Coverages; Issues related to Critical Illness, domiciliary treatment, hospitalization ; comparative study of few available new health insurance products in the market.

 

·         Underwriting

      Concept of Morbidity and importance of morbidity tables to insurers;       Underwriting Factors and Rate making in health insurance

·         Claims Management

      Documents; Methods of settlement – Reimbursement & Cashless; Third Party Administrators – regulations and their role in health insurance in India

·         Reinsurance of Health insurance risks

 

Miscellaneous Insurance

1. Background of Misc. Insurance

2. Scope, Exclusions, Conditions, Underwriting considerations and Rating aspects of:

Personal :- All Risk Ins., Baggage Ins., TV/Video Ins., Gun Ins., Pedal Cycle Ins., Cellphone Ins.

Commercial :- Burglry Ins., Plate Glass Ins., Lift Ins., Money Ins., Sign Ins., Fidelity Guarantee Ins.

Package Products :- House Holders Ins., Sampoorne Suraksha/ Sweet Home., Shopkeepers Pkg. Ins., Office Umbrella Ins., LPG Trader’s Combines Ins.,  Jeweller  Block Ins.,

Hotellers Pkg. Ins., Banker’s Blanket Ins., Doctors Pkg. Ins., Film Studio Ins., Stock Brokers Ins., Golfers Pkg. Ins.

3. Special Products & Related Aspects : Kidnap & Ransom Ins.

4. Special Contingency Policies & Related Aspects.

5. Other Products & their Analysis.

6. Claim procedure and Loss Minimization aspects.

7. Acceptance Limits.

 

Automobile Insurance

·             Introduction to Motor Insurance

·             Legal provisions (Motor Vehicles Act 1938 & subsequent amendments (1988)  and its applications

·             Documents

·             Motor Insurance Policies –

(iii)           Liability Only Policy

(iv)           Package Policy

(a)          Private Vehicles & Two wheelers

(b)          Commercial Vehicles

·            General Regulations

·            Principles & Practices of Underwriting

·            Principles & Practices of Claims Management

(iii)           Own Damage Claims

(iv)           Third Party Liability Claims

·            Reinsurance of Motor Insurance

 

Engineering and Project Insurance

·         Origin and history of Engineering Insurance

·         Special features of Engineering Insurance

·         Project Insurance (Construction Phase) Policies

·         Contractor’s all risks insurance:

·         Storage cum Erection (Erection All Risks) Insurance:

·         Contract works Insurance:

·         Contractor’s Plant and Machinery Insurance:

·         Operational phase or Annual policies

·         Machinery Insurance

·         Boiler & pressure plant Insurance

·         Electronic Equipments Insurance

·         Civil engineering completed risks

·         Machinery Loss of Profits Insurance:

·         Advance Loss of Profits Insurance:

·         Deterioration of stocks Insurance:

·         General Aspects of Engineering Insurance:

·         Industrial All Risks

 

Group and Social Insurance

·         Group Life Insurance Schemes

·         Rate making in Group Insurance

·         Gratuity Schemes and its objectives

·         Employees recognized provident fund

·         Social Security Schemes

·         Taxation Treatment Provisions for Group Insurance Benefits.

 

Marine Insurance

·         General Background

·         Principles of Trade/Commerce Applicable in Marine Cargo Insurance

·         Application of Fundamental Principles to  Marine Insurance

·         Types of Insurance Documents

·         Types of Policy

·         Underwriting Considerations & Rating

·         Types of Losses & measure of Profits.

·         Claims

·         Cargo Loss Prevention :

·         Containerisation, Multi-Modal Transport, ICDS etc.

·         Health Insurance (In Brief)

 

Rural Insurance

·         Agriculture (Crop Insurance) and Weather Insurance

·         Agricultural Pumpset Insurance

·         Insurance of Cattle

·         Insurance of Poultry and Ducks

·         Live stock Insurance

·         Insurance of micro animals

·         Janata Personal Accident & Gramin Accident Insurance

·         Horticulture and Plantation Insurance

·         Farmer’s Package (Kisan Package) Insurance

·         Aquaculture (Shrimp & Prawn) Insurance

·         Re-insurance of Agriculture Risks

 

Required Readings

 

·         Group and Retirement Benefits Schemes IC-83 by Insurance Institute of India.

·         Pension Schemes and Retirement Benefits by Hosking

·         IC-57 -I.I.I. George E. Rejda

·         Jr. Kenneth Black & Harold Skipper Pearson – Life and Health Insurance (13th Edition) (Indian Economy Edition)

·         George E. Rejda – Principles of Risk Management & Insurance (13th Edition), (Indian Economy edition)

·         Insurance Institute of India Publication – IC 73 / S. Heubner – Life Insurance  

·         Trieschman, Gustavson & Hoyt – Risk Management & Insurance – South Western College Publishing, Cincinnati, Ohio

·         ICFAI Publication – Life Insurance Vol. I, II & III (LBRARO)

·         IC-78 – III Publication

·         Insurance Institute of India publication - Motor Insurance (IC 72) 

·         ICFAI publication - Insurance Underwriting  - Managerial Perspective Volume III  

·         ICFAI Publication – General Insurance Volume I

·         IRDA Website : <www. Irdaindia.org>  for latest amendments and updates

·         IC-77 –III Publication

·         Group and Retirement Benefits Schemes IC-83 by Insurance Institute of India.

·         Group Life Insurance by Dr. D.W. Gregg.

·         IC-63, 65, 66- III Publication

IC-71 – III Publication