Insurance and Risk Management  
Published by Vijay Nicole Imprints Private Limited
Publication Date:  Available in all formats
ISBN: 9789348415288
Pages: 364

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ISBN: 9789348415790 Price: INR 250.00
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This book Insurance and Risk Management is designed to oer undergraduate students a comprehensiveunderstanding of the principles and practices of insurance and the evolving landscape of riskmanagement. It demysties complex insurance concepts and explains how businesses and individuals can strategically manage various types of risks.

Salient Features:

Covers Essentials of Insurance, Double Insurance, Reinsurance and Bancassurance.
 Includes five dedicated chapters on Life Insurance.
 General Insurance coverage includes in-depth coverage of Marine, Fire, Motor and
Miscellaneous Insurance.
 Provides separate coverage of Risk.
 IRDA and Insurance Regulatory Framework covered in detail.
 Includes end of chapter review questions and MCQs at the end of each chapter.

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Description

This book Insurance and Risk Management is designed to oer undergraduate students a comprehensiveunderstanding of the principles and practices of insurance and the evolving landscape of riskmanagement. It demysties complex insurance concepts and explains how businesses and individuals can strategically manage various types of risks.

Salient Features:

Covers Essentials of Insurance, Double Insurance, Reinsurance and Bancassurance.
 Includes five dedicated chapters on Life Insurance.
 General Insurance coverage includes in-depth coverage of Marine, Fire, Motor and
Miscellaneous Insurance.
 Provides separate coverage of Risk.
 IRDA and Insurance Regulatory Framework covered in detail.
 Includes end of chapter review questions and MCQs at the end of each chapter.

Table of contents
  • Cover
  • Halftitle Page
  • Title Page
  • Copyright Page
  • Contents
  • Preface
  • Chapter 1 Introduction to Insurance Business
    • Meaning and Definition of Insurance
    • Main Features of an Insurance Contract
      • Essentials of Valid Insurance Contract
      • Essential Elements of General Contract in Insurance
    • Characteristics of Insurance Contract
      • Difference between Insurance Contract and Wagering Agreement
    • Functions of Insurance
    • Importance of Insurance
    • Benefits of Insurance
      • Benefits to Society
      • Benefits to Business
    • Role of Insurance in the Development of Commerce and Industry
    • Scope of Insurance Business
    • Insurance and Hedging
      • Broad Categories of Hedging
      • Key Concepts in Hedging
      • Hedging Strategies
      • Role of Derivatives in Hedging
      • Hedging in Business
      • Legal and Regulatory Framework
      • The Future of Insurance and Hedging
    • Review Questions
  • Chapter 2 Classification of Insurance
    • Introduction
    • Broad Categories of Insurance
    • Classification on the Basis of Practical Point of View
      • Business Point of View
      • Risks Point of View
      • Development Point of View
    • Types of Insurance
    • Review Questions
  • Chapter 3 Essentials of Contract of Insurance
    • Introduction
      • Nature of Contract
      • Utmost Good Faith
      • Insurable Interest
      • Indemnity
      • Cause Proxima
      • Contribution
      • Risk Must Attach
      • Mitigation of Loss
      • Subrogation
      • Terms of Policy
    • Insurance Documents
      • Proposal Forms
      • Policy Forms
      • Cover Note
      • Certificate of Insurance
      • Endorsements
    • Review Questions
  • Chapter 4 Introduction to Life Insurance Business
    • Life Insurance
      • Introduction
      • Definition
      • Difference between Insurance and Assurance
      • Origin and Development of Life Insurance
    • Essential Features of Life Insurance
    • Procedure for Effecting Life Insurance
    • Review Questions
  • Chapter 5 Classification of Life Insurance Policies
    • Life Insurance Policies
      • Objectives
    • Classification of Policies
    • Policies According to Duration
      • On the Basis of Duration of Policies
      • On the Basis of Term Insurance Policies
      • On the Basis of Endowment Policies
    • On the Basis of Premium Payment
    • On the Basis of Participation in Profits
    • On the Basis of Number of Persons Assured
    • On the Basis of Methods of Payment of Policy Amount
    • Money Back Policies
    • Special Plans
    • Group Insurance Schemes
    • Partnership Insurance
      • Need of Partnership Insurance
    • Employer-employee Insurance
    • Pension Plans
    • Shopkeepers Insurance Policy
      • General Conditions
    • Life Insurance Products
      • Definition and Importance
      • Overview of Life Insurance Market
      • Types of Life Insurance Products
      • Riders and Add-ons
      • Selecting the Right Life Insurance Product
      • Regulatory Aspects of Life Insurance Products
    • Review Questions
  • Chapter 6 Assignment and Nomination of Life Policies
    • Assignment
      • Meaning and Procedure
      • Conditions for a Valid Assignment
    • Nomination of Life Policy
      • Difference between Nomination and Assignment
      • Surrender Value
      • Paid Up Value
      • Difference between Surrender Value and Paid Up Value
    • Review Questions
  • Chapter 7 Introduction to General Insurance Business
    • General Insurance in India
      • History
      • Law Relating to General Insurance
    • General Insurance Business (Nationalisation) Act 1972
    • General Insurance Corporation of India (GIC)
      • Establishment of GIC
      • Sources of Funds
      • GIC with its Subsidiaries
      • Organization Structure of GIC
      • Functions of GIC
      • General Insurance Products (Policies)
    • The Changing Scenario of General Insurance Business
      • Privatization of General Insurance Business
    • Review Questions
  • Chapter 8 Nature of Marine Insurance Contract
    • Introduction
      • Meaning and Definition of Marine Insurance
      • Subject Matter of Marine Insurance
      • Characteristics of Marine Insurance Contract
      • Important Definitions
    • Contents of Marine Policy
    • Essential Elements of Marine Insurance
      • Warranty of Non-deviation
    • Double Insurance in Marine Insurance
    • Re-insurance in Marine Insurance Scheme
    • Mutual Insurance in Marine Insurance
    • Procedure for Taking Out a Marine Policy
      • Marine Insurance by Insurance Companies
      • Lloyd’s Marine Insurance
    • Review Questions
  • Chapter 9 Marine Insurance Policies, Important Clauses, Losses and Abandonment
    • Marine Policy
      • Contents of Policy
      • Essentials of a Valid Marine Insurance Policy
    • Kinds of Marine Policies
    • Important Clauses in Marine Policy
    • Marine Losses and Abandonment
      • Kinds of Marine Losses
    • Total Loss
    • Abandonment
    • Partial Loss
      • York-Antwerp Rules
      • General Average Contribution
      • Claims Documents
    • Rights of Insurer on Payments
    • Review Questions
  • Chapter 10 Nature of Fire Insurance Contract
    • Introduction
    • Fire
      • Causes of Fire
    • Subject Matter of Fire Insurance
    • Features of Fire Insurance
    • Fundamental Principles of Fire Insurance
    • Fire Policy
      • The Risk
    • Procedure for Taking Fire Insurance Policy
    • Review Questions
  • Chapter 11 Types of Fire Insurance Policies and Insurance Claims
    • Common Policies in Fire Insurance
    • Double Insurance in Fire Insurance
    • Re-insurance in Fire Insurance
    • Assignment of Fire Policy
    • Payment of Claims
    • Average Clause in Fire Policy
    • Rights of the Insurer
    • Fire Insurance Claims
      • Procedure for Fire Insurance Claim
    • Types of Losses due to Fire
      • Claims for Loss of Stock
      • Claim for the Loss of Profit
      • Important Terms
      • Steps in the Preparation of Claim Under Loss of Profits
    • Review Questions
  • Chapter 12 Motor Insurance
    • Motor Vehicle Insurance
      • Meaning and Definition
      • Classification of Motor Vehicles
      • Kinds of Policies
      • Legal Necessity for Third Party Insurance
      • Procedure for Motor Vehicle Insurance
      • Settlement of Claims under Motor Vehicle Insurance
    • Missing Documents Indemnity
    • Review Questions
  • Chapter 13 Health Insurance and Personal Accident Insurance
    • Health Insurance
      • Meaning
      • Importance of Health Insurance
      • Challenges of Health Insurance in India
    • Types of Health Insurance Policies
    • Student Safety Insurance
      • Benefits under this Scheme
      • Hospitalization Expenses
      • Procedure for Issuing Student Safety Policy
    • Personal Accident Insurance
      • Definition
      • Rating
      • Classification of Occupation
      • Proposal Form
      • Claims
    • Review Questions
  • Chapter 14 Agricultural Insurance Schemes
    • Introduction
    • Crop Insurance
      • Crop Insurance Scheme
      • Salient Features of Crop Insurance
      • Basis of Indemnity
      • Central Crop Insurance Fund
      • State Crop Insurance Fund
      • Advantages of Crop Insurance
      • Practical Problems of Crop Insurance
      • Operation of Crop Insurance Schemes
    • Agricultural Insurance Company
      • Area Approach
      • Schemes Approach
      • Premium Rates
      • Premium Subsidy
    • Agricultural Pumpset Insurance
      • Important Exclusion
      • Sum Assured
      • Discounts
    • Horticulture / Plantation (Input) Insurance
      • Period of Insurance
      • Premium Rates
    • Hut Insurance
      • Individual
      • Group / State Governments
      • Salient Features
    • Rainfall Insurance
      • Pilot Project on Rainfall Insurance
      • Payment on Rainfall Insurance
      • Varsha Bima Rainfall Insurance Scheme
      • Problems of Rainfall Insurance
    • Review Questions
  • Chapter 15 Cattle Insurance, Livestock Insurance, Poultry Insurance, Sheep and Goat Insurance
    • Introduction
      • Age of Animals
    • Cattle Insurance
      • The Premium Rates
      • Claim Procedure
      • Exclusions
      • Identification of Animal
    • Livestock Insurance
      • Exclusions
    • Poultry Insurance
      • Underwriting Consideration
      • Claims
    • Sheep and Goat Insurance
    • Review Questions
  • Chapter 16 Fidelity Guarantee Insurance and Property Insurance
    • Fidelity Guarantee Insurance
      • Meaning
      • Scope
      • Classification
      • Types of Policies
      • Procedure for Applying
      • Rating
      • Claims
    • Property Insurance
      • Meaning
      • Burglary Insurance
      • Types of Policies
      • Insurance of Money in Transit
    • Pedal Cycle Insurance
    • Plate Glass Insurance
    • Review Questions
  • Chapter 17 Re-insurance and Double Insurance Business
    • Re-insurance
      • Meaning and Definition
      • Chart of Re-insurance
      • Implication of Re-insurance
      • Causes of Re-insurance
      • Advantages of Re-insurance
      • Liability of Re-insurer
      • Important Concepts of Re-insurance
    • Characteristics of Re-insurance
    • Types of Re-insurance
    • Double Insurance
      • Implications of Double Insurance
    • Over Insurance
    • External Insurance and Internal Insurance
    • Review Questions
  • Chapter 18 Legal Framework of Insurance
    • Indian Insurance Act, 1938
      • Introduction
      • The Salient Features of the Act
    • Life Insurance Corporation Act, 1956
      • Important Definitions
    • Essential Features
    • General Insurance Business (Nationalisation) Act, 1972
      • Important Definitions
      • Main Provisions
    • Consumer Protection Act, 1986
    • The Insurance Ombudsman
    • Marine Insurance Act, 1963
    • Review Questions
  • Chapter 19 Insurance Regulatory and DevelopmentAuthority of India (IRDAI)
    • Introduction
    • Constitution of the IRDAI
    • Objectives of IRDAI
    • Duties and Powers of IRDAI
    • Role of IRDAI in Appointment of Agents
    • Regulation of Insurance Act 1938 for Duties and Powers of IRDAI
    • Insurance Regulations
      • Effects of Insurance Regulations
    • Excerpts from Insurance Regulatory and Development Authority (Appointed Actuary) Regulations, 2000
      • Procedure for Appointment of Appointed Actuary
      • Powers of Appointed Actuary
      • Duties and Obligations of Appointed Actuary
      • Absolute Privilege of Appointed Actuary
      • Applicability to Re-insurance Business
    • Excerpts From Insurance Regulatory and Development Authority (Actuarial Report and Abstract) Regulations, 2000
      • Requirements Applicable to Abstract and Statement
      • Distribution of Surplus
      • Returns on Assets
      • Distribution of Surplus
      • Principles Adopted in Distribution of Profits
      • Composition of Surplus
    • Excerpts from Insurance Regulatory and Development Authority (Assets, Liabilities and Solvency Margin of Insurers) Regulations, 2000
      • Valuation of Assets
    • Valuation of Liabilities – Life Insurance
      • Policy Options
      • Valuation Parameters
      • Applicability to Re-insurance
      • Additional Requirements for Linked Business
      • Additional Requirements for Provisions
      • Statement of Liabilities
    • Review Questions
  • Chapter 20 Role of Insurance Intermediaries
    • Introduction
    • Insurance Brokers
      • Types of Insurance Brokers
      • Functions of Insurance Brokers
    • Corporate Insurance Agents
      • Bancassurance
      • Third Party Administrators (Health Services)
      • Meaning and Definition of Agents
      • Recruitment and Selection of Agents
      • Mandatory Training for Insurance Intermediaries
      • Training of Agents
      • Duties or Roles of Insurance Agents
      • Code of Conduct for Agents
      • Rights of Agents
      • Remuneration of Agents
      • Termination of Agents
    • Essential Qualities Required for a Successful Agent
    • Review Questions
  • Chapter 21 Bancassurance
    • Meaning of Bancassurance
      • Necessity to Enter Insurance
    • Origin of Bancassurance
      • Bancassurance in India
      • Bancassurance Alliance in India
    • Types of Bancassurance
      • With Risk Participation
      • Without Risk Participation
    • Benefits of Bancassurance
      • Benefit to the Banks
      • Benefits to the Insurance Company
      • Benefits to the Customer
    • Distribution Channels of Bancassurance
    • Guidelines for Bancassurance
      • RBI Guidelines
      • IRDAI Guidelines
    • Challenges for Bancassurance
    • Review Questions
  • Chapter 22 Risk Management: Conceptual Overview
    • Introduction
      • Meaning and Definition of Risk
      • Definition of Perils and Hazards
      • Classification of Hazards
      • Meaning of Uncertainty
      • Difference Between Risk and Uncertainty
      • Meaning of Certainty and Safety
      • Risk vs. Safety
      • The Degree of Risk (Risk Attitude)
    • Causes of Risks
      • Natural Causes of Risks
      • Causes of Business Risks
      • Causes of Risks in Finance
      • Causes of Risks in Human Forces
      • Causes of Risks in Economic Forces and Government Policies
      • Causes of Risks in Development of Science and Technology
      • Causes or Sources of Political Risks
    • Dangers of Uncontrolled Risks
    • Characteristics of Insurable Risks
    • Classification of Risks
    • Financial and Non-financial Risks
      • Financial Risks
      • Non-financial Risks
    • Static and Dynamic Risks
      • Static Risks
      • Dynamic Risks
    • Fundamental and Particular Risks
      • Fundamental Risks
      • Particular Risks
    • Pure and Speculative Risks
    • On the Basis of Economic Risks
    • On the Basis of Business Risks
    • On the Basis of Human Risks
    • On the Basis of Portfolio Risks
    • Other Risks
    • Risk Management
    • Methods of Handling Risks
      • Prevention of Risks (or) Avoiding of Risks
      • Reduction of Risks
      • Shifting of Risks (or) Transferring of Risks
      • Acceptance of Risks
      • Spreading of Risks
    • Review Questions
For Authors

Dr. P. Periasamy is a Postgraduate in management and holds a doctorate in international marketing. He was formerly Associate Professor in the Department of Business Management, Erode Arts College (Autonomous), Erode, Tamil Nadu. He has more than 20 years of teaching and research experience. He has contributed innumerable research papers published in various reputed journals and has authored the books, Principles and Practice of Insurance, Question Bank in Management Studies, Working Capital Management: Theory and Practice and a Textbook of Financial, Cost and Management Accounting.

Dr. S.A. Senthil Kumar is a Professor in the Department of Management at the School of Management, Pondicherry University, Karaikal Campus, Puducherry, a position he has held since July 2010. Previously, he served as an Assistant Professor in the Department of Management Studies at Manonmaniam Sundaranar University, Tirunelveli. With a rich teaching career spanning 24 years, he is also a Post-Doctoral Fellow from the University of Massachusetts Dartmouth, USA. His research and academic interests encompass Insurance Management, Healthcare Management, Health Insurance, and Human Resource Management.

Biographical note

Dr. P. Periasamy is a Postgraduate in management and holds a doctorate in international marketing. He was formerly Associate Professor in the Department of Business Management, Erode Arts College (Autonomous), Erode, Tamil Nadu. He has more than 20 years of teaching and research experience. He has contributed innumerable research papers published in various reputed journals and has authored the books, Principles and Practice of Insurance, Question Bank in Management Studies, Working Capital Management: Theory and Practice and a Textbook of Financial, Cost and Management Accounting.

Dr. S.A. Senthil Kumar is a Professor in the Department of Management at the School of Management, Pondicherry University, Karaikal Campus, Puducherry, a position he has held since July 2010. Previously, he served as an Assistant Professor in the Department of Management Studies at Manonmaniam Sundaranar University, Tirunelveli. With a rich teaching career spanning 24 years, he is also a Post-Doctoral Fellow from the University of Massachusetts Dartmouth, USA. His research and academic interests encompass Insurance Management, Healthcare Management, Health Insurance, and Human Resource Management.

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