Description
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Insurance & Risk Management
1. The life insurance penetration rate in India continues to be one of the lowest across the globe at 2.74 percent as per the latest annual report by the Insurance Regulatory and Development Authority of India (IRDAI). The life insurance penetration had gone up from 2.15 percent in 2001 to 4.60 percent in 2009. Since then, it has exhibited a declining trend up to the year 2019. In this context describe the need of privatization of Insurance Industry in India, with a perspective of past and current trends. (10 Marks)
2. Insurable Interest and Utmost Good Faith are the key principals of life insurance, but Principal of Indemnity is applicable only with Non-Life Insurance, explain by giving the example. (10 Marks)
3. Rajesh age 35, is working in a big corporate house as a Production Engineer, a sole earner to the family of 5 (Parents, wife and a 3-year-old daughter). He is earning Rs. 300,000/- PM as salary and company has also given him a rent-free house. The market rent of the same type of house is approx. Rs. 35000/- PM. Rajesh is planning to buy a House as an investment, you as a finance consultant to him, got to know that he doesn’t have any Insurance. He is having a family health insurance given by his company and having some investment in Mutual Funds for Rs. 7.50 Lacs.
As a consultant to him, please suggest him the right solutions for his family’s financial protection.
a. Please convince him that why he should have an Insurance on his life with using the example of his Human Life Value. (5 Marks)
b. Also Suggest him the right solutions for his family’s financial protection. (5 Marks)
For Nmims answersheets contact
[email protected]
+91 95030-94040
doc_155739743.docx
For Nmims answersheets contact
[email protected]
+91 95030-94040
Insurance & Risk Management
1. The life insurance penetration rate in India continues to be one of the lowest across the globe at 2.74 percent as per the latest annual report by the Insurance Regulatory and Development Authority of India (IRDAI). The life insurance penetration had gone up from 2.15 percent in 2001 to 4.60 percent in 2009. Since then, it has exhibited a declining trend up to the year 2019. In this context describe the need of privatization of Insurance Industry in India, with a perspective of past and current trends. (10 Marks)
2. Insurable Interest and Utmost Good Faith are the key principals of life insurance, but Principal of Indemnity is applicable only with Non-Life Insurance, explain by giving the example. (10 Marks)
3. Rajesh age 35, is working in a big corporate house as a Production Engineer, a sole earner to the family of 5 (Parents, wife and a 3-year-old daughter). He is earning Rs. 300,000/- PM as salary and company has also given him a rent-free house. The market rent of the same type of house is approx. Rs. 35000/- PM. Rajesh is planning to buy a House as an investment, you as a finance consultant to him, got to know that he doesn’t have any Insurance. He is having a family health insurance given by his company and having some investment in Mutual Funds for Rs. 7.50 Lacs.
As a consultant to him, please suggest him the right solutions for his family’s financial protection.
a. Please convince him that why he should have an Insurance on his life with using the example of his Human Life Value. (5 Marks)
b. Also Suggest him the right solutions for his family’s financial protection. (5 Marks)
For Nmims answersheets contact
[email protected]
+91 95030-94040
doc_155739743.docx