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Introduction to Risk Analysis |
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a. Meaning of risk
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b. Basic categories of risk
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c. Types of pure risk
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d. Property risk
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e. Liability risk |
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f. Methods of handling risk |
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2
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Insurance and Risk |
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a. Basic characteristics of insurance – pooling of losses, risk transfer, indemnification
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b. Requirements of insurable risks
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c. Difference between insurance and gambling or hedging
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d. Benefits and costs of insurance to society
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e. Advantages and disadvantages of insurance in handling risks
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3
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Risk analysis Process |
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a. Meaning and objective of risk analysis
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b. Steps in personal risk analysis
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c. Risk control and risk financing
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d. Insurance market dynamics and the underwriting cycle
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e. Loss forecasting using probability and regression analysis, loss distributions, law of large numbers
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Insurance Concepts
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4
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Legal principles in insurance
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a. Indemnity
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b. Insurable Interest
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c. Subrogation
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d. Utmost good Faith (representation, concealment, and warranty
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5
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The Insurance contract
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a. Requirements of an insurance contract
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b. Distinct legal characteristics of an insurance contract
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c. Basic parts of an insurance contract
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d. Meaning of ‘insured’
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e. Endorsements/riders
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f. Common types of deductibles
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g. Co-insurance – nature, purpose and problems
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h. Other-insurance provisions
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6
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Legal Liability
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a. Intentional Torts
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b. Absolute Liability
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c. Law of Negligence
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d. Special tort liability problems
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e. Civil justice system
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Insurance Policies and Strategies
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7
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Identification of life, medical, householders, auto and other property and liability risk exposures
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a. Gathering data on current insurances
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b. Identifying client’s insurance needs – life, disability and medical, property, liability, etc.
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c. Analysis of current insurances
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8
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Personal property and liability insurance
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a. Householders insurance
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b. Motor vehicles insurance
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c. Motor vehicles insurance and society
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d. Other liability insurance
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e. Personal umbrella policy
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f. Overseas and travel insurance
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9
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Life insurance needs analysis
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a. Human life approach
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b. Needs approach
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c. Capital needs analysis approach
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10
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Life insurance policy analysis
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a. Types of life insurance policies
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b. Life insurance policy provisions
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c. Life insurance policy riders
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d. Types, benefits and risks of life insurance (including use of policy provisions and riders)
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11
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Life Insurance policy selection
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a. Determining the cost of life insurance
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b. Cost comparison method
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c. Return on savings component
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d. Taxation of life insurance
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e. Factors to consider while buying life insurance
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12
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Annuities
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a. Difference between annuity and life insurance
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b. Types of annuities
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c. Taxation of individual annuities
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d. Individual Retirement Accounts (IRAs) in the international context
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13
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Medical insurance
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a. Medical expenses
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b. Types of coverage
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c. Determination of appropriate coverage
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d. Long term care insurance
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e. Personal accident / Disability-income insurance
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f. Special life insurance benefits
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g. Factors to consider while buying medical insurance
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14
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Insurance of business risk
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a. Key person insurance
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b. Business assets and liabilities insurance
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15
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Implementing and reviewing client’s insurance
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a. Advisor as first-line underwriter.
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b. Completing application forms
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c. Frequency of review
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d. Establishing and implementing changes
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e. Handling claims and complaints
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f. Ongoing review
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Environment of an Insurance Advisor
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16
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Government regulation of insurance
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a. Insurance Regulatory and Development Authority (IRDA)
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b. The Insurance Act
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c. Laws regarding insurance companies in India
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d. Agents and Brokers
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e. Agency law and procedures for becoming an agent
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f. Doctrines of Waiver and Estoppel
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g. Functions of an agent, personal development and behavioral aspects
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h. Code of professional ethics and advertisements
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17
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Insurance Pricing
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a. Objective of rate making
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b. Definitions in rate making
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c. Basis of rating in Indian context
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d. Rate making in property and liability insurance
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e. Concept of tariff and market agreement
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f. Rate making in life insurance
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18
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Insurance Companies
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a. Types of insurers
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b. Rate making
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c. Underwriting
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d. Production
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e. Claim settlement
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f. Reinsurance
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g. Investments
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h. Financial reserves
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i. Selecting insurance companies
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