B.COM SEM VI MCQ BANK ON Principles and Practice of Insurance

Description

Principles and Practice of Insurance

Objectives:
This course aims at introducing students about the concepts and insurance practices in Life
and General insurance. The objective is to familiarize students with the various products and
schemes of life insurance and provisions as well as contracts in fire and marine insurances.
Course Outcome: The students will be able to:-
 Gain knowledge about the concept & purpose of insurance, Double insurance, Over
insurance, Under-insurance and Re-insurance.
 Gain insight about the Theories, Principles and Contracts of Insurance.
 Learn various policies, Terms & conditions and Types of Life Insurance.
 Gain knowledge regarding basic principles of Fire Insurance contracts, fire policy,
assignment and Claims.
 Acquire knowledge on Principles, Types, Conditions, Warranties in Marine Insurance
policy as well as marine losses.
Unit –I : Introduction, Purpose and Need of Insurance, Insurance as a social security tool;
Insurance and economic development, Theories of Insurance, Principles of Insurance
Contract, Risk, Double insurance, Over insurance, Under insurance, Re-insurance.
Unit –II : Life Insurance – Principles and Practice; Life insurance contracts; nature and
characteristics, Types of life insurance policies, Terms & Conditions of the policy,
Nomination and Assignment of policies, Computation of premium, Annuity payments,
Mortality Table.
Unit –III : Fire Insurance – The basic principles of Fire Insurance contracts, Fire Policy;
Conditions, Assignment, Claims.
Unit –IV : Marine Insurance – General Principles, Conditions and Warranties in marine
insurance policy, Types of Marine insurance policies; Assignment of policy, Loss and
abandonment, Marine losses.