Course No.403 : FUNDAMENTALS OF
INSURANCE(FINS XV)
Marks: 80 Hours: 40
Objective:
This course enables the students to know the fundamentals of insurance.
Course
Contents:
UNIT-I:
Introduction to insurance: Purpose and need of insurance; Insurance as a social
security tool; Insurance and economic development, Fundamentals/Principles of
Life Insurance and General Insurance 20 : 10 hrs
UNIT-II:
Fundamentals of Agency Law: Definition of an agent; Agents regulations; Insurance
Intermediaries; Agent’s compensation. Promotional Schemes for Agents- Agents’
Club Membership. 20 : 10 hrs
UNIT-III:
Procedure for becoming an Agent: Pre-requisites for obtaining a license;
Duration of license; Cancellation of license; Revocation or
suspension/termination of agent appointment; Code of conduct; Unfair practices.
20 : 10 hrs
UNIT-IV:
Functions of the Agent: Proposal form and other forms for grant of cover;
Financial and medical underwriting; Material information; Nomination and
assignment; Procedure regarding settlement of policy claims. Hazards- Physical
hazards, Moral Hazards. 20
: 10 hrs
Text
and Reference Books::
1.
Mishra M.N.: Insurance Principles and Practice; S. Chand and Co, New Delhi.
2.
Insurance Regulatory Development Act. 1999.
3.
Life Insurance Corporation Act 1956.
4.
Gupta OS: Life Insurance; Frank Brothers, New Delhi.
5.
Vinayakam N., Radhaswamy and Vasudevan SV; Insurance- Principles and Practice,
S.
Chand and Co. , New Delhi.
6.
Mishra MN: Life Insurance Corporation of India, Vols I, II & III; Raj
Books, Jaipur..
7.
Nalini P. Tripathi, Prabir Pal: Insurance Theory and Practice
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