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Module 2_Learning Outcomes
- 1. Learning Outcome Statements
to accompany
Risk Analysis & Insurance Planning
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© 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
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