The liberalization of markets especially in developing countries has accentuated the need for risk products. Recently government has taken various policy initiatives like crop insurance, financial guarantee schemes for unemployed, various social security programs and raising limits of FDI in insurance and the latest being allowing public sector companies to enter into the capital markets. This has resulted into a sudden spurt in the demand of insurance professionals. More and more academic institutions all over the countries are offering highly specialized insurance programs to cater to this demand.
Recently, the universities in India and abroad have introduced insurance as a specialized study both at graduate and postgraduate level. This has accentuated the dire demand for the literature on insurance in the Indian context suited to meet the defined curriculum. It is expected that the book shall be useful to the students and as well as the trainers.
The book has been organized into five modules.
Unit 1 introduces the concept of risk management to the readers. It conceptualizes the risk definitions, classes of risk; risk management process, pooling and the nature of insurance.
Unit 2 discusses the risk management by individuals and insurers. It covers the concept of reinsurance and the role of insurance in society and economy. This unit provides a framework of insurance intermediaries and specialists.
Unit 3 provides an overview of the terminology applied to life and non-life insurance. It also discusses the important aspects of customer behaviors and ethics in insurance.
Unit 4 extensively covers the principles underlying the insurance contracts and their applications to various classes in insurance.
Unit 5 deals with various life and non-life insurance products, their coverage, underwriting and claim settlement processes. Specifically, Fire, Marine and Health insurance have been discussed.
Contents –
1. Risk Management and Insurance
2. Insurance Business and Market
3. Insurance Terminology and Insurance Customers
4. Insurance Contract
5. Insurance Products
