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Module 2_Learning Outcomes

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Module 2_Learning Outcomes

  1. 1. Learning Outcome Statements to accompany Risk Analysis & Insurance PlanningCopyright © ACE School for Professional Studies.All rights reserved. Requests for permission to makecopies of any part of the work should be mailed to: Permissions Department, ACE School for Professional Studies, 26/32, Pal Mohan Sadan, East Patel Nagar, New Delhi-110008. Email: adminmanager@asps.edu.in Visit us at www.asps.edu.in © ACE School for Professional Studies. 1
  2. 2. Chapter 1RISK ANALYSIS-INTRODUCTION Page No. Introduction 1 Risk 2 Perils, Loss & Hazard 2 Classification of Risk 3 Types of Pure Risks 4 Personal Risks 4 Property Risk 5 Liability Risk 5 Methods of Handling Risk 9 © ACE School for Professional Studies. 2
  3. 3. Chapter 2INSURANCE AND RISK Page No. Insurance-Introduction 19 Characteristics of Insurance 19 Requirements of Insurable Risks 21 Adverse Selection 22 Insurance Vs Gambling/Hedging 22 Advantages of Insurance 23 Disadvantages of Insurance 24 Limitations of Insurance 25 Reinsurance 26 © ACE School for Professional Studies. 3
  4. 4. Chapter 3RISK ANALYSIS PROCESS Page No. Risk Management 39 Planning for Risk Management 40 Steps in Personal Risk Analysis 41 Risk Control and Risk Financing 44 Insurance Market Dynamics and Underwriting Cycle 46 Loss Forecasting 47 © ACE School for Professional Studies. 4
  5. 5. Chapter 4PRINCIPLES OF INSURANCE Page No. Law of Contract 57 Indemnity 59 Insurable Interest 60 Subrogation 62 Utmost Good Faith 64 Warranty 68 Waiver & Estoppel 69 Other legal characteristics of a contract of insurance 70 © ACE School for Professional Studies. 5
  6. 6. Chapter 5THE INSURANCE CONTRACT Contract of Insurance 79 General Requirements for a Valid Contract 79 Basic Principles of Law of Insurance 80 Other Legal Characteristics of a Contract of Insurance 81 Proposal Forms 81 Policy Forms 82 Meaning of Insured 84 Cover Notes 85 Certificates of Insurance 86 Endorsements 86 Riders 87 Warranties 89 Common Types of Deductibles 90 Co-Insurance 91 Other-Insurance Provisions 92 © ACE School for Professional Studies. 6
  7. 7. Chapter 6LEGAL LIABILITY Meaning of Liability 103 Types of Legal Liability 103 Law of Torts 104 Differences between Tort and Crime 104 Difference between Tort and Contract 105 Intentional Torts 105 Absolute Liability 107 Vicarious Liability 108 Tort of Negligence 108 Special Tort Liability Problems 111 Indian Justice System 112 Other Methods of Dealing with Disputes 113 The Ombudsman Scheme 115 © ACE School for Professional Studies. 7
  8. 8. Chapter 7IDENTIFICATION OF RISK EXPOSURES Data Gathering on Current Insurances 123 Financial Needs 124 Insurance Needs 126 Existing Arrangements 128 © ACE School for Professional Studies. 8
  9. 9. Chapter 8: PERSONAL PROPERTY &LIABILITY INSURANCE Importance of General Insurance 137 Claim service and its Importance 138 Limitations set for claim 138 Householders Insurance 139 Motor Vehicle Insurance 140 Liability Insurance 141 Personal Umbrella Policy 143 Overseas Medi claim Policy 144 © ACE School for Professional Studies. 9
  10. 10. Chapter 9LIFE INSURANCE AND NEED ANALYSIS Human Life Value 153 Needs Approach 156 Capital Needs Analysis 157 Earnings Multiple Approach 158 © ACE School for Professional Studies. 10
  11. 11. Chapter 10LIFE INSURANCE POLICY ANALYSIS Basic Plans of Life Insurance 165 Term insurance policies 165 Types of Term Insurance plans 166 Whole Life Policy 167 Endowment Plan 168 Joint Life Policy 170 Children Plan 170 Unit Linked Insurance Plans 170 Riders 171 Classification of Riders 171 © ACE School for Professional Studies. 11
  12. 12. Chapter 11LIFE INSURANCE POLICY SELECTION Introduction 179 Factors to be considered by planner before recommending a policy 179 Important factors in Insurance Policy before Recommendation 180 Determining the Cost of Life Insurance 181 Methods to Calculate cost of Insurance 181 Traditional Net Cost Method 181 Taxation of Insurance Policies 184 Important Insurance Provisions 185 © ACE School for Professional Studies. 12
  13. 13. Chapter 12ANNUITIES Introduction 195 Types of Annuities 196 Annuities Vs Insurance 197 Working of an Annuity 197 Annuity - Taxation 198 Annuities and Pension 198 Individual Retirement 198 © ACE School for Professional Studies. 13
  14. 14. Chapter 13MEDICAL INSURANCE Introduction 207 Scope of Health Insurance Coverage 208 Other medical expense coverage 208 Policies Available in India 209 Third Party Administrators (TPA) 209 Mediclaim Policy 210 Group Medi Claim Policy 211 Overseas Medi Claim Policy 211 Corporate Frequent Travelers Policy 212 Personal Accident Insurance 212 Group Personal Accident Policy 214 Fidelity Guarantee Policy 214 Baggage Insurance 214 Liability Policies 214 Average Clause 215 © ACE School for Professional Studies. 14
  15. 15. Chapter 14BUSINESS RISK INSURANCE Introduction 221 Key person insurance 222 Business Continuation Insurance 223 Directors & Officers Liability Policy 224 Professional Indemnity Insurance 226 Employers Liability Insurance 226 Bankers Blanket Policy 228 Public Liability Insurance 228 Policy for Office/Shopkeeper/ Commercial Policy 229 © ACE School for Professional Studies. 15
  16. 16. Chapter 15IMPLEMENTING AND REVIEWING CLIENTSINSURANCE The Advisors Role in Underwriting 235 Proposal Form 236 Reviewing Financial Plans 237 Establishing and Implementing Changes 238 Handling Claims and Complaints 239 Ongoing Review 245 © ACE School for Professional Studies. 16
  17. 17. Chapter 16GOVERNMENT REGULATION OF INSURANCE Introduction 247 The Insurance Regulatory and Development Authority (IRDA) 247 Insurance Ombudsmen 249 Insurance Act, 1938 249 Agents & Brokers 251 Brokers 253 Code of Conduct 255 Insurance Advertisements 257 Insurance Ombudsman 258 © ACE School for Professional Studies. 17
  18. 18. Chapter 17INSURANCE PRICING Objectives of Rate Making 241 Calculation of Premium and Claim 242 Premium 244 Other Important Definitions 246 © ACE School for Professional Studies. 18
  19. 19. Chapter 18INSURANCE COMPANIES Insurance as a Business 275 Rate Making 276 Underwriting 280 Claims 294 Investment Policies 306 Financial Reserves 306 Selecting Life Insurance Company 307 © ACE School for Professional Studies. 19
  20. 20. For free ONLINE Mock Test, email us atadminmanager@asps.co.in © ACE School for Professional Studies. 20

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