Fundamentals of Insurance

Due to the complexity of the dynamic environment, new insurance products are evolving as well as the existing business models of insurance companies are undergoing significant change. After liberalisation of the economy, large number of alternative products and financial services have evolved that paved the way for the potential and unconventional entrants to penetrate to penetrate the financial market through innovative higher product profile and portfolios, resulting into a sudden spurt in the demand of insurance professionals. The study of insurance as an academic discipline in new form is an obvious outcome. More and more academic institutions all over the countries are offering highly specialised insurance programmes to cater to this demand.

The book is organised into 4 units.

Unit I introduce the concept of risk management to the readers. It conceptualizes the risk definitions, class of risk and the methods of handing risk and attempts to provide an overall view of the risk management and control systems.

Unit II deals with various aspects of insurance management. Chapter 3 and 4 give a framework of insurance basics and underlying principles respectively. Chapter 5 has been deliberately introduced to give an idea of insurance mathematics. Chapter 6 and 7 deal with the insurance legal framework. Chapter 9 and 10 deal with underwriting and rating of insurance products.

Unit III deal with the life insurance business covering the life insurance players and products, claim settlement and procedural aspects, group insurance management.

Unit IV focuses on non-life category. It cover the history of general insurance, the players and their performance, product wise the various non-life insurance categories. Attempt has been made to provide the statistics to the maximum possible extent.