Insurance Module

This module aims at providing comprehensive insight about the concept of insurance, types of insurance, fundamentals of risk management, insurance contracts & principles.

Why should one take this course?

 

• To have a comprehensive understanding about the concept of insurance

• To learn about the various types of insurance, fundamentals of risk management, insurance contracts and principles etc.

 

COURSE CONTENT:

CHAPTER 1: INTRODUCTION TO INSURANCE

1.1 Definition of Insurance

1.2 How Insurance Works

1.3 Two concepts emerge:

1.3.1 Can Insurance insure all kinds of risks?

1.3.2 Underwriting:

1.4 Insurance Act, 1938

1.5 Insurance Regulatory and Development Authority (IRDA)

1.5.1 Duties, Powers, and Functions of IRDA

1.6 Insurance Advertisements and Disclosure Regulations, 2000

1.7 Protection of Policyholders Interest Regulations, 2002

1.7.1 Matters to be stated in life insurance policy

1.7.2 Matters to be stated in general insurance policy

1.7.3 Claims procedure in respect of a life insurance policy

1.7.4 Claim procedure in respect of a general insurance policy

1.7.5 Policyholders’ Servicing

1.8 Third Party Administrators (TPA) - Health Insurance

1.8.1 Code of Conduct for TPA

CHAPTER 2: FUNDAMENTALS OF RISK MANAGEMENT

2.1. Definition of Risk

2.1.1 Subjective Risk and Acceptable Risk

2.2 Classification of Risks

2.3 Definition of Risk Management

2.4 Stages of Risk Management

2.4.1 Risk Identification

2.4.2 Risk measurement/evaluation

2.4.3 Risk Avoidance

2.4.4 Risk Transfer

2.4.5 Risk Financing

2.4.6 Risk Retention

2.4.7 Construction of a plan

2.4.8 Implementation of a plan

2.4.9 Monitoring the Plan

CHAPTER 3: INSURANCE CONTRACT, TERMINOLOGY, ELEMENTS AND PRINCIPLES

3.1 Introduction

3.2 Contract Terminology

3.3 Elements of a Valid Contract

3.3.1 Offer and Acceptance

3.3.2 Consideration

3.3.3 Capacity

3.3.4 Legal Purpose

3.4 Distinguishing Characteristics of Insurance Contracts

3.4.1 Principle of Indemnity

3.4.2 Insurable Interest

3.4.3 Subrogation

3.4.4 Utmost good faith (uberrimae Fidei)

3.4.5 Aleatory contract

3.4.6 Contract of Adhesion

3.4.7 Unilateral contract

3.5 Common clauses and sections in an insurance contract:

CHAPTER 4: GENERAL INSURANCE

4.1 Classification of Insurance

4.2 Classification of Non-life Insurance

4.3 Types of Property Insurance:

4.3.1 Fire Insurance

4.3.2 Various Types of Engineering Insurance

4.3.3 Contractors All Risk Insurance

4.3.4 Marine Cargo Insurance

4.3.5 Features of Motor Insurance

4.3.6 Burglary Insurance

4.3.7 Money Insurance

CHAPTER 5: PERSONAL AND LIABILITY INSURANCE

5.1 Personal Insurance

5.2 Mediclaim Policies

5.2.1 Individual Mediclaim

5.2.2 Exclusions

5.2.3 Age Limit

5.2.4 Policy conditions:

5.3 Group Mediclaim Policy

5.3.1 Bonus/Malus

5.3.2 Maternity Extension

5.4 Personal Accident Insurance (PA)

5.4.1 Coverage

5.4.2 Definition of some of the terms used in PA policy

5.4.3 Types of Coverage:

5.4.4 Exclusions under PA policy

5.4.5 Policy conditions

5.5 Liability Insurance

5.6 Employers Liability Insurance

5.6.1 Coverage under the policy

5.6.2 Exclusions

5.7 Public Liability Insurance

5.7.1 Compulsory Public Liability (Act Policy)

5.7.2 Policy Exclusions:

5.7.3 Conditions

5.8 Professional Indemnity Insurance

5.8.1 Coverage

5.9 Product Liability Insurance:

5.9.1 Exclusions

5.9.2 Conditions

CHAPTER 6: FINANCIAL PLANNING AND LIFE INSURANCE

6.1 Financial Planning

6.1.1 Emergency funding

6.1.2 Education Fund

6.1.3 Unemployment

6.1.4 Premature Death

6.1.5 Property loss

6.1.6 Retirement Planning

6.2 Ratios as a Tool for Financial Analysis

6.3 Definition of Life Insurance

6.4 Law of Large Numbers

6.5 Factors affecting rating under Life insurance

6.6 Principles of Insurance and Life Insurance

6.6.1 Utmost good faith

6.6.2 Insurable Interest

6.6.3 Indemnity

6.6.4 Subrogation

6.6.5 Contribution

CHAPTER 7: TYPES OF LIFE INSURANCE POLICIES

7.1 Term Insurance

7.2 Types of Term Life Insurance

7.2.1 Yearly renewable term insurance

7.2.2 Level term life insurance

7.2.3 Decreasing Term Life Insurance

7.2.4 Increasing Term Life Insurance

7.3 Whole Life Insurance

7.3.1 Limited payment whole life insurance

7.3.2 Types of Whole Life Insurance

7.4 Endowment policy

7.4.1 Joint Life Endowment Policy

7.4.2 Double Endowment Policy

7.5 Children’s Policies

7.6 Annuities

7.6.1 Types of Annuity

7.6.2 Method of Premium Payment

7.7 Group Insurance

7.7.1 Types of groups

7.7.2 Experience Rating

7.8 Industrial Life Assurance

7.9 Life insurance premium and tax benefits

CHAPTER 8: INSURANCE INTERMEDIARIES

8.1 Introduction

8.2 Individual agent

8.2.1 Corporate Agent

8.2.2 Code of Conduct

8.3 Broking regulations

8.3.1 Functions of a direct broker

8.3.2 Functions of a re-insurance broker

8.3.3 Functions of Composite Broker

8.3.4 Procedure for licensing

8.3.5 Validity of licence

8.3.6 Renewal of licence

8.3.7 Remuneration

8.3.8 Professional Indemnity Insurance

8.4 Indian Insurance Market

8.4.1 Life Insurance

8.4.2 Nationalisation of Life Insurance in India

8.4.3 Privatisation of Life Insurance in India

8.4.4 Life Insurance Players

8.4.5 Non-Life Insurance

8.4.6 Nationalisation of General Insurance in India

8.4.7 Privatisation of Non-Life Insurance

 

What you will get?

Pre-recorded chapter vise videos - Yes (approx 5 hours in Hindi & 5 hours in English)

Language:  HINDI & ENGLISH

Book:  Yes (Ebooks in pdf format in English)

Mock test:  Yes (online mock test with approx 500 question answers) 

Certification: Certification from NIFM

 

Assesment Structure of Insurance Module:

Duration: 120 minutes

No. of questions: 60

Total Marks: 100

Marks per question: 1-2

Passing score: 60%

Negative Marking: Yes (25%)

NIFM Certificate validity: Life time

 

Faculty: Mr. Ram Kumar Gupta

Computer, Laptop, ipad, tab or mobile phone required with broadband or 4G internet.

Students

Investors

Financial planners

Finance Professionals

Insurance Distributors & Agents

People working in Banks, Broking houses, Financial Insitutions

Anybody having interest in the Insurance Industry