FIN404 – Insurance & Risk Management

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ASSIGNMENT

DRIVE	FALL 2018
PROGRAM	MBA
SEMESTER	IV
SUBJECT CODE & NAME	FIN404 – Insurance & Risk Management
BK ID	B1816
CREDITS	4
MARKS	30

Note – The Assignment is divided into 2 sets. You have to answer all questions in both sets. Average score of both assignments scored by you will be considered as your IA score. Kindly note that answers for 10 marks questions should be approximately of 400 words.

SET I

Question.1. Define Insurance from individual and Social Viewpoints.

Answer:Social insurance is any government-sponsored program with the following four characteristics:

·       the benefits, eligibility requirements and other aspects of the program are defined by statute;

·       explicit provision is made to

·        

Question.2. Discuss different Problems and Prospects of Public Insurance Enterprises.

Answer:In a developing country like Bangladesh, insurance companies are playing a very important role in the economy. Though insurance industry has very prospect in the economy but for some reasons it’s totally failed to achieve its goal. If we want to know the reasons behind this hen we should look forward the following

Question.3. Write short notes on

a. Insurance Regulatory and Development Authority (IRDA)

Answer:The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous, statutory body tasked with regulating and promoting the insurance and re-insurance industries in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by the Government of India. The agency's headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001.

b. Privatization of Insurance Industry

Answer:The decision of the government of India to privatise the insurance industry by way of acceptance of Malhotra committee report, we believe, militates against the interests of the people.

Insurance in India refers to the market for insurance in India which covers both the public and private sector organisations. It is listed in the Constitution of India in the Seventh Schedule as a Union List subject, meaning it can only be legislated by the Central government.

The insurance sector has gone through a number of

SET II

Question. 1. Explain following Principles of Rate Fixation in fire insurance

1. Personal judgement

2. Tabulated experience

3. Schedule.

Answer: 1. Personal judgement:Regardless of your IQ and EQ, there are three effective strategies you can adopt in order to improve your judgment:

1. Recognize Your Default Biases

Although human beings are capable of acting rational, most of the time their behavior is driven by emotional, spontaneous, and unconscious motives. However, once we get to the bottom of our irrationalities and are able to explain why we act the way we do, we at least become more predictable and consistent, which in turn makes us

Question.2. What do you mean by life insurance underwriting? Explain the three basic components involved in the process of life insurance underwriting.

Answer:Underwriting is the process of assessing the level of risk presented to the insurer in order to determine the cost of a premium for a life insurance applicant. This is similar to how a car insurance company will ask you if you have had any previous licence suspensions, accidents or major moving violations.

Question.3. Explain the concept of Reinsurance also discuss various benefits of Reinsurance

Answer:Benefits of Reinsurance

Reinsurance is an essential tool used for managing risk. Different from the common insurance that protects people from monetary loss, reinsurance offers protection to the main insurance company against financial loss. Find benefits of reinsurance discussed below.

1.       Protects insurance companies

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