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Insurance & Risk
Management
September
2023 Examination
Q1) In case if a
Business Man want to avail 3 tier Insurance as Keyman Life & his Family
Insurance, Health Insurance along with Property Insurance. As per Insurance
basic Principles which 3 IMP / Crucial Principles would be foreseen in Insurer
& Insured Contract Signing – Kindly explain with relevant paradigm (10
marks)
Ans:
Introduction
In today's dynamic and uncertain business environment,
insurance has become integral to risk management strategies for individuals and
businesses. Insurance provides financial protection against various risks, such
as loss of life, health issues, property damage, and more. When availing of
multiple insurance policies, such as keyman life insurance, family insurance,
health insurance, and Dear students, get fully solved assignments by professionals
Do send your query at :
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Q2) If a Company
establish Risk Management Dept. Kindly explain how a Risk Manager can foresee
& chalk out different types of Loss Exposures for them? (10 Marks)
Ans :
Introduction:
Risk
management is a fundamental issue of modern business operations, aiming to
identify, analyze, and mitigate capability dangers that can prevent an
organization's capability to obtain its objectives. Many corporations set up a
committed risk control department to streamline the risk management process.
This department is responsible for foreseeing and addressing various styles of
loss exposures that can arise from internal or external elements.
In
today's volatile and complex business landscape, organizations face
multifaceted risks that could have ways-reaching consequences. These risks
include economic uncertainties,
Q3.a. Explain the
technicalities of Re Insurance that can be perceived /applied well in advance
by Insurance Company? (5 Marks)
Ans :
Introduction:
Reinsurance
is a crucial aspect of the insurance industry that helps companies manage risk
and protect their financial stability. It's miles a mechanism through which
insurance companies transfer some of their dangers to any other insurance company,
the reinsurer. This process allows the primary insurer to mitigate losses from
high-fee claims or catastrophic events. In this discussion, we can explore the
technicalities of reinsurance and how insurance
Q3.b If a Health
Insurance Policy plans with respective separate Covers of Rs 5-5 Lakhs have
been taken from Govt. (Oriental) Insurance Company and STAR Health Insurance
Company out of which is Oriental Insurance Policy cover is about to expire on
31st of December & somehow it has been skipped out to renew till date. On
25th of Dec person gets Heart Attack & gets admitted in Hospital &
undergone Angioplasty with cost of 4 Lakhs. Kindly advise which company will
settle the Claim. (5 Marks)
Ans :
Introduction:
In
the given situation, the person has health insurance policies with separate
insurance amounts from two unique insurance companies, Oriental Insurance
Corporation, and a famous personal health insurance organization. The Oriental
insurance policy is set to expire on December 31st and has not been renewed
until now. The individual suffered a heart attack
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