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DRIVE- SUMMER 2014
PROGRAM/SEMESTER -
MBADS – (SEM 4/SEM 6) / MBAN2 / MBAFLEX – (SEM 4) / PGDFMN – (SEM 2)
SUBJECT CODE &
NAME- MF0018 & INSURANCE AND RISK MANAGEMENT
Q1. What do you
understand by the term risk and uncertainty? Explain different types of risk
facing business and individuals. (Introduction of risk and uncertainty,
Explanation of different types of risk) 4, 6
Introduction of risk
and uncertainty
RISK:
Risk is defined in many different ways. Risk theorists, economists, statisticians,
behavioral scientists each have their own definition and meaning of risk. But
generally risk can be well associated and understood in terms of uncertainty.
Q2. Identify the role
of insurance in managing risk financing. Explain the importance of insurance
transaction. Discuss in different perspectives of insured and insurer. (Role of
insurance in managing risk financing, Introduction of insurance transaction,
Explanation of different perspectives of insured and insurer) 2, 4, 4
Answer:
Insurance
as a Prime Risk Management Tool
In
general, risk management deals with risks by designing the procedures and
implementing the methods that lessens the loss occurrence or the financial
impacts.
Q3. Explain the reasons
that have been responsible for the privatization of the insurance industry in
the country. Identify the problems and prospects of public insurance
enterprises. (Complete information on the privatization of the insurance
industry, Problems and prospects of public insurance enterprises. ) 5, 5
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Answer:
Privatization of the
insurance industry:
Insurance
companies are mainly divided into public and private sector companies. The
government to help manage the risks faced by the people of India formed public
sector insurance companies. Public insurance is also known as social insurance
as it helps citizens below the poverty line or people who cannot face their
basic risks by themselves. A public sector insurance company works by
redistributing profits to the needy
Q4. Explain the
creation and application of insurable interest. Give the differences between
wagering and insurance. (Creation of insurable interest, Application of
insurable interest, Differences between wagering and insurance) 2, 3, 5
Answer:
Creation of insurable
interest:
True,
valid, determinable, and direct economic stake of an insurance policy holder
(or of the beneficiary of the policy) in the continued existence or safety of
the insured property or person. Often stated as "an interest in the
outcome of a contingency other than that arising under the contract of insurance,"
an insurable interest
Q5. Give the important
activities of life insurance company. Describe the important historical
milestones in the development of the life insurance sector in India. (Important
activities of life insurance company, The important historical milestones in
the development of the life insurance sector in India) 4, 6
Answer:
Important activities of
life insurance company
Insurance
pricing has to balance the risks and returns of the insurance company. It needs
to take into account the role of the market in determining the price of the
insurance products. The pricing strategy must ensure
Q6. Give short notes on :
Pricing objectives.
Pricing elements.
Rate computation.
Answer:
Pricing objectives
The
insurance pricing has the following general objectives:
1)
The rating system must create adequate premium income for the insurance
corporation to be able to settle its claims and expenses; to provide a
realistic return rate to the sponsors of funds and to finance continuing
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