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MF0018 —Insurance and Risk Management

Master of Business Administration- MBA Semester 4
MF0018 —Insurance and Risk Management- 4 Credits
(Book ID: B1319)
Assignment (60 Marks)
Note: Answer all questions (with 300 to 400 words each) must be written within 6-8 pages. Each Question carries 10 marks 6 X 10=60
Q1. Explain the different types of pure risk and the difference between pure and speculative risk.
Answer : Types of Pure Risks
Personal Risks
They incur losses like loss of income, additional expenses and devaluation of property. There are 4 risk factors affecting this:
1. Premature death. This is death of a breadwinner who leaves behind financial responsibilities.
2. Old age / retirement. The risk of being retired
Q2. What are voluntary and involuntary insurances?
Answer : Most private insurance is purchased voluntarily, although some types, such as automobile insurance or insurance on mortgages and car loans, are required by law or contracts. In many states, the purchase of automobile liability insurance is mandatory, and if the car is financed, the lender requires property damage coverage.
Government insurance is involuntary under certain conditions for certain people. Most people are required by law to participat
Q3. Explain the steps in underwriting process.
Answer : The underwriting of life-insurance falls under a category that is different from all other forms of insurances. When the underwriter measures risk at beginning, the company assures a cover for 30 years or throughout life. Life assurance underwriting must consider factors, like, medical history, family details, occupational hazards, and person’s lifestyle.
The underwriting process for life insurance involves the following steps:
1) Execution of field underwriting.
Q4. Describe factors affecting claim management, and the importance of time element in claims payment.
Answer : The factors that affect claim settlement are:
·         The risk and cause of event covered in the policy.
·         The cause of event is directly related to the loss, a remote cause cannot be placed in the settlement.
·         The policy should be valid
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·         Q5. What do you understand by marketing of insurance products? Write down the issues in insurance marketing
Answer : Marketing of insurance products is an important tool in the insurance business. The marketing of insurance is possible in both the life insurance and the non-life insurance departments.
Marketing of insurance products is an important tool in the insurance business. The marketing of insurance is possible in both the life insurance and the non-life insurance departments.
Q6. List the changes made in the third and fourth regulations in the Insurance Regulatory and Development Authority (Investment) (Amendment) Regulations, 2001.
Answer : This section deals with the Insurance Regulatory and Development Authority (Investment)(Amendment) Regulations formed in 2001.IRDA investment regulations of 2001 were amended by the Insurance Advisory Committee to update the investment regulations for insurance companies in India .To implement the powers granted by sections 27A, 27B, 27D and 114A of the Insurance Act, 1938 (4 of 1938), the Authority

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