3. PRINCIPLES AND PRACTICE OF INSURANCE

Note : Candidates are required to attempt at least one question from each unit and five question in all.
Scheme :
Max. Marks : 200Min. Pass Marks : 72
Paper - I 3 hrs. durationMarks 100
Paper - II3 hrs. durationMarks 100
Paper-I: PROPERTY AND LIABILITY INSURANCE
Max. marks : 100 3 Hrs. duration Min. Pass Marks : 36

Section-A

Introduction : Risk and Insurance : Insurable and non-insurable risks : Nature of property and liability insurance, crop and cattle insurnace, Types of liability insurance, Reinsurance.

Section-B

Basic Concepts of Liability Insurance :

  1. Basic concept : Specific and all risk insurance: Valuation of risk : Indemnity contracts and specific value contracts; Average and contribution ; Excess and short insurance careers.
  2. Liability Insurance : Procedure for obtaining liability insurance. Legal position of insurance agent, Construction and issue of policy; Reports of liability insurance; Policy conditions.
Section-C

Types of Liability - Insurance Policy : Mandatory Public Liability Insurance.


Dwelling Property Losses : Business interruption and related losses. Theft insurance contracts Budgetary covers. Auto Insurance Medical Benefit Insurance; Dishonesty, disappearance and destruction insurance, employees liability; Aviation insurance; personal and residential insurance. Boiler machhinery insurance; Commercial enterprises and industrial property insurance.
Section-D

Insurance Problems of Institutions : Insurance problems of educational and religious institutions- hospitals, clubs and association; professional package contracts; Errors and omissions insurance; Professional liability insurance; Accountants liability insurance; Limits in amount of insurance, Marketing and underwriting of liability insurance; Finance of liability insurance.

Section-E

Adjustment of Losses and Claims Compensation : Adjustment of losses and their adjustment; Procedure of adjustment; Functions of adjuster's : Responsibilities of adjuster's Survey of losses; Procedure for preparing claims statements, Documents in use in claim settlement. Requirement of the insured in the event of loss. Appointment and loss valuation; statutory control over liability insurance in india. Liability policies by General Insurance Corporation of India.

Suggested Book :
  1. Rodda : Property and liability Insurance (Prentice Hall, New Jersey)
  2. John Carydon I. : Introduction to liability claims Adjusting Cinenati (The National Underwriting Co.)
  3. Long and Gregg : Property and Liability Insurance (Hand book, Homewood, Richard D. Irwin).
Note : Candidates have to attempt at least one question from each unit and five questions in all.
Paper-II : GROUP INSURANCE & RETIREMENT BENEFIT SCHEMES

Max. marks : 100 3 Hrs. duration Min. Pass Marks : 36

Section-A

Introduction

Section-B

Superannuation Scheme I.
superannuation Scheme-II.
Superannuation Scheme III.

Section-C

Gratuity schemes.

Section-D

Group Life Insurance Scheme I.
Group Life Insurance Scheme II.
Provident Funds and Employee's family pension and Deposit-linked Insurance Schemes.


Section-E

Taxation Treatment of Provisions of Retirement Benefit-I.
Taxation Treatment of Provisions of Retirement Benefit-II.
Group Schemes and Data Processing. Note : Candidates are required to attempt at least one question from each unit and five questions in all.