PRINCIPLES AND PRACTICE OF NON LIFE INSURANCE (Elective Paper - IX)
OBJECTIVES:
1. To make students familiar with the fundamental principles of Non Life Insurance.
2. To give an in depth knowledge on practice of Non Life Insurance.
UNIT 1
Definition and nature of insurance, evolution of insurance, role and importance of insurance, insurance contract.
UNIT 2
Marine Insurance: Nature of Marine Insurance contract, marine insurance policies, policy
conditions, premium calculation, marine losses, payment of claims, progress of marine insurance business in India.
UNIT 3
Fire Insurance: Nature and use of fire insurance, fire insurance contract, kinds of policies, policy conditions, rate fixation in fire insurance, payment of claim, re-insurance, progress of fire insurance.
UNIT 4
Miscellaneous insurance: motor insurance, burglary and personal accident insurance, miscellaneous forms of insurance, rural insurance in India, Urban non-traditional insurance, progress of miscellaneous general insurance.
UNIT 5
Insurance Legislation in India: Insurance Act 1938, Marine Insurance Act 1968, General Insurance Business (Nationalisation) Act, 1972, IRDA Act.
SKILL DEVELOPMENT:
1. Develop an Innovative Insurance product in Marine, Fire, Motor, Burglary, Personal Accident Insurance.
2. List the product features of an existing Insurance product.
3. List the factors to be considered for fixation of premium.
4. List the terms of settlement of claims.
5. Identify some new areas where insurance concept can be introduced.
REFERENCE BOOKS:
1. M N MISHRA- Insurance Principles & Practice- S. chand & co., New Delhi.
2. G S PANDA – Principles & Practice of Insurance- Kalyani Publishers, Ludhiana.
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