Insurance and risk management MBA subject contains for modules. The first module is about the basic principles of insurance, it deals with indemnity, insurable interest, materiality of facts, duty of disclosure, types of insurance and the principles that govern marketing of insurance products. The second module is about insurance regulatory that deals with registration of insurance companies, licensing, rules and ethics, and protection of policy holder’s interest. The third module is about risk management techniques and process, that specifically deals with all kind of risk (pure risk, personal risk, property risk, liabilit risk, etc.), analysis of clients exposure to risk, construction of management plan, implementation and monitoring of plan. The last module is about underwriting that will cover the rules of underwriting, sources of underwriting information, annuities, claim management and settlement. It is a 30 hours subject.
Module-I: Basic principles of Insurance
This module covers the Indemnity, Insurable interest, Materiality of facts, Uberimmae Fidae and
implications, Duty of disclosure. Types of Insurance: Life Insurance, General Insurance, Health & Medical Insurance, Property related Insurance, Liability Insurance, Critical illness or Dread disease Insurance, Reinsurance. Principles governing marketing of insurance products.
Module-II: Insurance Regulatory & Development Authority (IRDA)
This module explores the Insurance legislation, Registration of Insurance companies, Licensing of
Insurance Agents and Surveyors, Professional standards, Rules and Ethics Governing Insurance practice, Code of conduct in advertisement, Protection of Policy holders’ interest.
Modules-III: Risk Management Techniques & Process
This module deals with the Definition of Risk, Classification of Pure Risks: Personal Risks, Property Risks, Liability Risks, Failure of Others, Overlapping Risks; Rules of Risk Management, Risk Management Technique, Risk Management Process: Identify risk management goals, gather relevant and comprehensive data, analyse risk exposures faced by the client, construct a risk management plan, implementation of the plan, Monitoring of the plan and its outcome.
Module-IV: Underwriting
This module explores Guidelines for underwriting, source of underwriting information, methods of underwriting, Annuities, Third Party Arrangement (TPA), Pension scheme implemented by the insurance companies. Bancassurance, ULIPS, Claim management and claim settlement.