3. LIFE INSURANCE (Elective Paper - IX)
OBJECTIVES:
i. To expose students to an overview of the working of life insurance business.
ii. To impart to students relevant skills for handling major functions of life insurance business.
MODULE – 1:
Life Insurance Organisation – The Indian Context, The Distribution System, Function of Agents, Appointment and Continuance of Agency, Remuneration to Agents, Trends in Life Insurance Distribution Channels.
Plans of Life Insurance – Need Level, Term Life Insurance, Increasing / Decreasing Term Policy, Whole Life Insurance, Endowment Insurance, Money Back Endowment Plan, Marriage Endowment Plan, Educational Annuity Plan, Children Deferred Assurance Plans, Annuities.
Group Insurance – Nature of Group Insurance, Types of Group Insurance, Gratuity Liability, Group Superannuation Scheme, Other Group Schemes, Social Security Schemes.
Other Special Need Plan – Industrial Life Insurance, Salary Saving Scheme, Disability Plans, Sickness related, Unit Linked Insurance plans.
MODULE – 2:
Application and Acceptance – Prospectus, Proposal Forms and other related documents, Age proof, Special Reports.
Policy document – need and format – Preamble, Operative clauses, Proviso, Schedule, Attestation, Conditions & Privileges, Alteration, Duplicate Policy.
MODULE – 3:
Premium, premium calculation, Days of grace, Non-Forfeiture Options, Lapse and Revival Schemes.
Assignment Nomination Loans – Surrenders – Foreclosure – Married Women’s Property Act Policy, Calculations.
MODULE – 4:
Policy Claims, Maturity Claims, Survival Benefit Payments, Death Claims, Waiver of evidence of title, Early claims, Claim concession, Presumption of Death, Accident Benefit and Disability Benefit, Settlement options, Valuations and Bonus, Distribution of Surplus. Types of Re-insurance, Exchange Control Regulations, Payment of premium, Payment of Claims etc.., Assignment in favour of Non-Residents.
Books for Reference:
1. M.N. Mishra; Insurance Principles and Practice; Sultan Chand & Co., New Delhi.
2. Pande; Insurance Principles and Practice.
3. M.J. Mathew; Insurance Principles and Practice.
4. Julia Holyoake / Bill Weipers; Insurance.
5. C. Arthur Williams, Jr. , Michael L. Smith, Peter C. Young; Risk Management and Insurance.
6. Insurance Regulatory Development Act 1999 and other relevant Acts.
7. Life Insurance Corporation Act 1956.
8. Gupta O.S.: Life Insurance; Frank Brothers, New Delhi.
9. Vinayakam N., Radhaswamy and Vasudevan SV: Insurance – Principles and Practice, Sultan Chand & Co., New Delhi.
10. Mishra M.N: Life Insurance Corporatin of India, Vols I, II and III; Raj Books, Jaipur.
11. Dinsdale M.A: Elements of Insurance.
12. Srinivasan M. N: Principles of Insurance Law.
13. New & Bacon: Principles and Practice of Life Assurance.
14. Books published by Insurance Institute of India, Bombay.
a. Principles of Life Insurance
b. Practice of Life Assurance
c. Life Assurance under writing
d. Legal Aspects of Life Assurance
e. Principles of General Insurance
f. Fire Insurance subjects
g. Marine Insurance subjects
h. Miscellaneous Insurance subjects
i. Legal Digest
15. Books published for vocational courses in Life assurance and general insurance.
16. Sharma R.S: Insurance Principles and Practice.
17. Dhavi B.S: Insurance Principles and Practice.
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