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Insurance & Risk Management Course

This document outlines a course on Insurance and Risk Management. The course objectives are to develop an understanding of identifying, analyzing, and managing various types of risks, and to understand principles of insurance and its usefulness in business. The course covers concepts of risk, types of insurance, legal aspects of insurance contracts, loss assessment, regulation of the insurance industry, and uses lectures, projects, and case studies for teaching. Student assessment includes class participation, tests, assignments, project work, and an exam.

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Archana XD
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65 views2 pages

Insurance & Risk Management Course

This document outlines a course on Insurance and Risk Management. The course objectives are to develop an understanding of identifying, analyzing, and managing various types of risks, and to understand principles of insurance and its usefulness in business. The course covers concepts of risk, types of insurance, legal aspects of insurance contracts, loss assessment, regulation of the insurance industry, and uses lectures, projects, and case studies for teaching. Student assessment includes class participation, tests, assignments, project work, and an exam.

Uploaded by

Archana XD
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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B.Com.

(Hons) CBCS Department of Commerce, University of Delhi

B.Com. (Hons.): Semester-IV


Paper BCH 4.4(a): INSURANCE & RISK MANAGEMENT

Duration: 3 Hrs. Marks: 100 Credits: 6

Course Objective
To develop an understanding among students about identifying, analyzing and managing various
types of risks. Besides the students will be in a position to understand principles of insurance and
its usefulness in business along with its regulatory framework.
Course Learning Outcomes
After completing the course, the student shall be able to:
CO1: understand the Concept of Risk, it’s types, sources and measurements.
CO2 : learn the Concepts and Principles of Insurance and its operations.
CO3: develop insights into various types of Insurance
CO4: examine the Legal aspects of Insurance contract and Actuaries
CO5: familiarize with the Regulatory Framework of Insurance

Course Contents
Unit I: Introduction
Concept of risk, Types of risk, Assessment and Transfer, Sources and Measurement of risk, Risk
evaluation and Prediction, Disaster risk management, Risk retention and Transfer
Unit II: Insurance I
Concept of insurance, Need for insurance, Principles of utmost good faith, Insurable interest,
Indemnity, Economic Function, Proximate cause, Subrogation and Contribution.
Unit III: Insurance II
Types of insurance: Life and Non-life insurance; Features, Need and Policies of insurance; Re-
insurance and Co-insurance: Features, Objectives and Methods; Bancassurance- features and
Merits.
Unit IV: Insurance & Risk Management
Legal aspects of insurance contract, Loss Assessment and Loss control, Control of Malpractices
and Mis-selling, Exclusion of perils, Actuaries, Computation of insurance premium.
Unit V: Regulatory Framework of Insurance
Regulatory Framework of Insurance, IRDA act 1999: objectives of IRDA, Composition of IRDA,
Duties, Powers and Functions of IRDA, Role of IRDA, Delegation of powers, establishment of
Insurance Advisory Committee, powers to make regulations.

References:
• All the three modules of Insurance and Risk Management by Institute of Chartered
Accountants of India
• George, E, Rejda, Principles of Risk Management and Insurance. Pearson Education
• Gupta. P.K. Insurance and Risk Management, Himalaya Publishing House
• Mishra, M.N. Principles and Practices of Insurance. Sultan Chand & Sons.
• Vaughan, E.J. and Vaughan, T, Fundamental of Risk and Insurance, Wiley & Sons

133
B.Com.(Hons) CBCS Department of Commerce, University of Delhi

Additional Resources
• Black, K & H. D. Skipper, Life and Health Insurance, Pearson Education
• Crane, F. Insurance Principles and Practices, John Wiley and Sons, New York
• Dorfman, Marks S. Introduction to Risk Management and Insurance, Pearson Education
2. Dinsdale, W.A. Elements of Insurance. Pitaman
• Hansell, D.S. Elements of Insurance, Macdonald Evans

Note: Latest edition of text books may be used.


Teaching Learning Process
As the course is designed to develop an understanding among students about identifying, analyzing
and managing various types of risks, the teaching learning process will be based on lectures,
project work and cases studies
Assessment Methods
The assessment of the students must be aligned with the course learning outcomes and requires
Class Participation, Class Test, Assignment, Project Work, End Semester Examination
Keywords
Risk Management, Insurance, Bancassurance, Actuaries, Insurance Premium, Regulatory
Framework Of Insurance

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