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DRIVE-summer
2015
PROGRAM/SEMESTER-
MBADS (SEM 4/SEM 6) MBAFLEX/ MBAN2 (SEM 4) PGDFMN (SEM 2)
SUBJECT
CODE & NAME-MF0018 & INSURANCE AND RISK MANAGEMENT
Q1. Explain the risk management methods.
(Loss control, Loss
financing, Internal risk reduction) 3,4,3
Answer:
There is various risk management strategies
used to handle both pure and speculative risk.
Loss control
Loss control
refers to measures that reduce the severity of a loss after it occurs. For
example segregation of exposure units by having warehouses with inventories at
different locations. Insurance companies provide guidance
Q2. An organization is a legal entity which is
created to do some activity of some purpose. There are elements of a life
insurance organization. Explain the elements of life insurance organization.
(Important
activities, Internal organization, Distribution system, Functions of the agent)
2,3,2,3
Answer:
Insurance is the equalization of fortune. The degree to
which it accomplishes that end is, of course, Hmited by its sufficiency and the
contingencies to which it applies. But,
by indemnifying one set of men for their losses through misfortune out of funds
Q3 Insurance is the most important industry.
Elaborate the different types of Mediclaim and liability policies.
(Explanation of types
of Mediclaim policies, Explanation of types of liability policies)5,5
Answer:
Types of Mediclaim
Mediclaim insurance
plays a significant role in individual’s financial planning. It offers many
benefits by lessening the burden on financial aspects and assisting in solving
medical problems. Mediclaim insurance is a non-life insurance. Mediclaim, or
medical insurance, is one of the most recent forms of insurance. A mediclaim
insurance policy ensures that your medical expenses are expensed, or reimbursed
by the insurance company, in case you
Q4. Give short notes on:
Pricing
objectives
Pricing
elements
Rate
computation
Answer:
Pricing objectives
The marketing
manager has to decide the objectives of pricing. Pricing objectives guides the
decision makers to make price policies, to plan pricing strategies and to set
actual prices.
Pricing
objectives are the overall goals that describe the role of price in the
long-range plans of organizations. The pricing objectives guide the marketing
manager in developing marketing plans.
The insurance
pricing
Q5.
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
means that the policy
Q6.
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.
Insurance is a
prime risk management tool which defines risk as a preloss exercise reflecting
an organization’s post loss goals. The main purpose of
risk management is to minimize losses and protect people. Insurance is an
easily affordable loss prevention technique. Insurance acts as contractual
transfer for risks. Insurance is an appropriate
Get fully solved assignment. Buy online from website
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