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Module 2_Learning Outcomes
1.
Learning Outcome Statements
to accompany Risk Analysis & Insurance Planning Copyright © ACE School for Professional Studies. All rights reserved. Requests for permission to make copies 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.
Chapter 1 RISK 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.
Chapter 2 INSURANCE 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.
Chapter 3 RISK 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.
Chapter 4 PRINCIPLES 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.
Chapter 5 THE 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.
Chapter 6 LEGAL 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.
Chapter 7 IDENTIFICATION 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.
Chapter 8: PERSONAL
PROPERTY & LIABILITY INSURANCE Importance of General Insurance 137 Claim service and its Importance 138 Limitations set for claim 138 Householder's 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.
Chapter 9 LIFE 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.
Chapter 10 LIFE 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.
Chapter 11 LIFE 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.
Chapter 12 ANNUITIES
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.
Chapter 13 MEDICAL 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.
Chapter 14 BUSINESS 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.
Chapter 15 IMPLEMENTING AND
REVIEWING CLIENT'S INSURANCE 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.
Chapter 16 GOVERNMENT 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.
Chapter 17 INSURANCE 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.
Chapter 18 INSURANCE 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.
For free ONLINE
Mock Test, email us at adminmanager@asps.co.in © ACE School for Professional Studies. 20