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Course: Insurance & Risk Management
Sep 2020
1.
“Insurance is an important part in the financial sector that contributes
significantly to the economy of a country” With regard to the given statement
elaborate the Contribution of Insurance on economic growth in India.
Answer 1- Introduction: Insurance companies can be important for the
stability of financial systems mainly because they are large
investors in financial markets, because there are growing links
between insurers and banks and because insurers are safeguarding the financial stability
of households and firms by insuring their risks.
Concept
and Application: “Insurance is an important part in the
financial sector that contributes significantly to the economy of a country”.
With regard to this statement the Contribution of Insurance on economic growth
2. An insurance contract is a document
representing the agreement between an insurer and the insured. Discuss the
essentials of a valid contract.
Answer2-Introduction:The insurance
contract or agreement is a contract whereby
the insurer promises to pay benefits to the insured or on
their behalf to a third party if certain defined events
occur. Insurance policies are sold without the policyholder even
seeing a copy of the contract.
Concept and Application: A contract has six important elements so
that it will be valid which is offer, acceptance, consideration,
intention to create legal relation, certainty and capacity. If the main
elements are not in contract, it
3. Pratik and shayam are very good friends.
Pratik is an insurance advisor in a reputed insurance company and have taken
few policies including life insurance policy. Shayam do not believe in buying
any life insurance. Being a good friend of Shayam .
a. Suggest any five need for buying life insurance policy to Pratik
b. Explain briefly the various types of life insurance policies.
Answer
3(a)-Introduction:A life insurance
policy is a contract with an insurance company. In exchange
for premium payments, the insurance company provides a lump-sum payment,
known as a death benefit, to beneficiaries upon the insured's death.
Typically, life insurance is chosen based on the needs and goals
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