This document provides an assignment for an insurance and risk management course. It includes 6 questions related to key concepts in insurance. The questions cover topics such as the meaning and process of risk management, solvency margins and claim procedures for general insurance, insurable interest and how life insurance plans work, types of liability policies and aviation insurance, evidence and claims notices, and the role of insurance ombudsmen. Students are instructed to answer all questions, with 10 mark questions requiring answers of approximately 400 words. The document provides a breakdown of the marks for each question and notes that the answers will be evaluated based on the schemes provided.

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ASSIGNMENT
DRIVE SPRING 2014
PROGRAM MBADS (SEM 4/SEM 6)
MBAFLEX/ MBAN2 (SEM 4)
PGDFMN (SEM 2)
SUBJECT CODE &
NAME
MF0018 & INSURANCE AND RISK MANAGEMENT
BK ID B1816
CREDIT & MARKS 4 Credits, 60 marks
Q.No Questions Marks Total Marks
1 Risk is used to describe any situation involving an uncertainty about the
outcome. What is the meaning of risk management? Explain the Risk
Management process and methods with a flow chart.
A Introduction of risk management
Explanation of risk management process
Explanation of risk management methods
Flow Chart
2
3
3
2
10
2 Insurance industry is highly regulated in all the countries.
Explain on solvency margin and methods of determining solvency margins. Write
down the claim procedures in respect of a general insurance policy.
A Introduction of solvency margin
Methods of determining solvency margins
Explanation of claim procedures in respect of a
general insurance policy
2
3
5
10
3 What do you understand by the concept of insurable interest? Write down about
the essentials, creation and application of insurable interest.
How does a life insurance plan work and write about the two key elements.
Also write about riders.
A Explanation on concept of insurable interest
Essentials, creation and application of
insurable interest
Explanation on life insurance plan with two
elements
Explanation on riders
2
3
3
2
10
4 Liability insurance is classified into two categories. Explain on the types of
liability policies and explain on aviation insurance with all the three section of the
policy.
A Explanation on types of liability policies 5 10

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Explanation on aviation insurance with three
section of the policy 5
5 When a policy has been issued, the risk for the danger insured against gets
covered.
Explain on the evidence and claim notice. Also write about the Extent of liability
A Explanation on the evidence and claim notice
Explanation on extent of liability
5
5
10
6 Insurance Ombudsman was created for quick disposal of the grievances of the
insured customers. Write the complete information on Insurance Ombudsman.
A Explanation on Insurance Ombudsman 10 10
*A-Answer
Note – Answer all questions. Kindly note that answers for 10 marks questions should be
approximately of 400 words. Each question is followed by evaluation scheme.