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DRIVE summer 2017
PROGRAM MBA
SEMESTER 4
SUBJECT CODE &
NAME
MF0018 & INSURANCE AND RISK MANAGEMENT
1.
Explain price risk and its types. Explain Risk management methods
Explanation of
price risk and types
Explanation on
risk management methods
Answer: Price risk
Price risk represents the uncertainty about the
magnitude of cash flows because of the probable changes in the input and output
prices. Output price risk stands for the risk of changes in the prices which an
organization may ask for its goods and services. Input price risk means the
risk of changes in the
2.
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-2
Internal
organization-3
Distribution
system-2
Functions of the
agent-3]
Answer: Important activities
•
Procuring applications or proposals from
prospective buyers of life insurance.
•
Scrutinizing and making decisions on the
proposals for insurance. This is called underwriting.
3.
Explain the doctrine of indemnity, doctrine of subrogation and warranties and
its types and classification.
Explanation of
doctrine of indemnity
Explanation of
doctrine of subrogation
Explanation of
warranties and its types and classifications
Answer: Doctrine of indemnity
The contract of marine insurance is in the nature
of indemnity. In any situation the insured is not allowed to earn a
4.
Give short notes on :
Evidence
and claim notice.
Subrogation
Salvage
Answer: Evidence
To admit a claim, appropriate evidence related to
the policy is needed. In marine insurance the policy is generally issued on
mutual understanding and good faith of both the parties. However, at the time
of claim, the insurer should satisfy itself about the information furnished by
the insured. The value of subject matter, nature of the subject matter,
warranties, insurable interest, etc., are some of
5.
Explain the marketing mix (7 P’s) for insurance companies
Explanation on
the marketing mix for insurance companies
Answer: Marketing Mix (7 P’s) for Insurance Companies
Marketing for insurance companies implies marketing
insurance services with the objective to create a customer base and make profit
by the means of customer satisfaction. This emphasizes on forming an
appropriate marketing mix for insurance business for the insurance organization
to sustain in the industry. The marketing mix is a conglomeration of marketing
activities managed by an organization in order to meet the requirements of its
targeted market to the greatest extent.
6.
Explain the benefits of reinsurance. Elaborate on the application of
reinsurance.
Benefits of
reinsurance
Application of
reinsurance
Answer: Benefits of Reinsurance
(i) Increase in
risk-taking capacity
As the direct insurer can reinsure part of certain
risks, it can therefore accept more of the original risk. It could
Get fully solved
assignment. Buy online from website
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