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Overview of Insurance Principles and Types

This document outlines topics to cover in introducing insurance concepts. It includes defining key insurance terms and principles like indemnity, risk, and insurable interest. It also covers specific types of insurance like life insurance, marine insurance, fire insurance, and reinsurance. For each topic, it lists sub-points to discuss such as features of insurance contracts, methods of determining premiums and reserves, conditions for claims, and roles of insurance in economic development. The goal is to provide a comprehensive overview of the insurance industry and fundamental concepts within it.

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Vijay
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4K views5 pages

Overview of Insurance Principles and Types

This document outlines topics to cover in introducing insurance concepts. It includes defining key insurance terms and principles like indemnity, risk, and insurable interest. It also covers specific types of insurance like life insurance, marine insurance, fire insurance, and reinsurance. For each topic, it lists sub-points to discuss such as features of insurance contracts, methods of determining premiums and reserves, conditions for claims, and roles of insurance in economic development. The goal is to provide a comprehensive overview of the insurance industry and fundamental concepts within it.

Uploaded by

Vijay
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC or read online on Scribd

1

Introduction of Insurance

 Define insurance. Give a brief description about the different types of


insurance.
 Discuss the function of insurance.
 Describe the nature of insurance.
 Principles of insurance.
 State the scope of insurance.
 Discuss the role of insurance in the Economic Development of Bangladesh/Role
& importance of insurance.
 Discuss the problems & prospects of insurance industry in Bangladesh.
 Discuss about the brief history & present pattern of insurance in Bangladesh.
 Define assurance. Explain - “Insurance is a contract of indemnity.”
 Difference:
(a) Insurance & Gambling.
(b) Insurance & Assurance.
 Do you think that insurance can reduce risk? Give reasons.
 What are your suggestions for bringing effectiveness in insurance management
in Bangladesh?
 Explain the distinctive features of insurance & gambling.

Principles of Insurance

 Describe the various principles of insurance contract.


 Distinction between insurance contract & gambling contract.
 “Proximate cause is not very essential in case of life insurance contract” Explain.
 “A contract of insurance is not a wagering contract”. Do you agree? – Explain.
 When concealment of facts does not affect a contract.
 What do you mean by insurable interest? What are the essentials of a valid
insurable interest?
 Distinguish between principle of indemnity & principle of subrogation.
 Describe the different determinates of proximate cause.
 Who posses the insurable interest?
 What are the essentials of doctrine of subrogation?
 What facts need not be disclosed by the insured in case of utmost good faith?
 Describe the conditions for indemnity principle.
2
 Distinguish between subject-matter of insurance & subject-matter of insurance
contracts.

Reinsurance
 Define reinsurance.
 Describe the reasons/purpose for reinsurance.
 Describe the different types of reinsurance.
 Distinguish between “Excess of loss & Excess of loss ratio”.
 Consider a hypothetical example’s of excess of loss treaty.
 What is a proportionate form of reinsurance?
 (a) A company has an 8-line surplus treaty. The retention of the company is Tk
10,000. A risk of Tk 1,00,000 has been proposed. Assuming that the required
facultative arrangement could be made, how the risk would be distributed?
(b) Under the above arrangement how a loss of Tk 10,000 would be
shared?

Risk
 What is risk? Critically examine the various factors affecting the risk. From
where these information of risk obtained.
 Examine the judgment method & numerical rating system of evaluating risk.
 Types of risk.
 Discuss the objectives of risk management.
 What are the sources of risk information & approaches to risk management?
 How risk is determined in life insurance?
 Describe with examples the risks that human being face for their life &
property. Discuss in brief role does insurance play in order to face these risks.
 Describe those factors regarding which case should be taken in taking the risks
for indemnification.
3

Life Insurance

 What is life insurance? Classification of life insurance.


 Describe the features of life insurance contract.
 Describe the essential elements of life insurance contract.
 What are the conditions for the purpose of life insurance policy?
 Define premium. What are the factors governing the rate of premium in life
insurance?
 Describe the different methods for premium calculation of premium.
 “The policies are freely assignable in case of life insurance”. Discuss.
 “Life insurance is insurance against dying too soon & endowment insurance is
insurance against living tool long” - Explain.
 Both protection & investment factors are present in life insurance” - Explain.
 Define annuity. Discuss the different types of annuities.
 Difference between annuity contracts & life insurance policies.
 Distinguish between life insurance & other types of insurance.
 What is mortality table? Discuss the features of mortality table.
 Draw an imaginary mortality table taking 5 years into consideration.
 The risk can be measured by the mortality rate in life insurance.
 What are the different types of mortality table?
 Define Net Single Premium (NSP). What are the assumptions underlying
premium calculation.
 Write down the steps for calculation of premium.
 What is reserve? How is reserve created & for what is it created?
 “Reserve is to determine solvency” – Discuss in the light of insurance fund.
 How do you calculate the terminal reserve at the end of 2nd year?
 How would you determine different insurance interest in life insurance?
 Distinguish between level premium annuities & single premium annuities.
 Calculate the level premium taking imaginary number, considering 3 years of
insurance.

Marine Insurance

 What is marine insurance? Classification of marine insurance.


 Classification of marine insurance policy.
4
 What are the essential elements of the standard policy?
 Describe the various types of marine perils.
 What are the subject-matters of marine insurance? Explain briefly.
 What is meant by marine loss? Explain different types of marine losses with
example.
 Describe the documents that are generally required for the payment of claims
under marine insurance.
 What risks are usually covered under marine insurance policy?
 Distinguish between general & particular average loss.
 Distinguish between total & partial loss.
 What are the essential features of marine insurance contract? Explain.
 Discuss the procedure of making a claim for total loss in marine insurance.
 Discuss how the Insurable Interest, Utmost Good Faith & Indemnity are
applicable to Marine Insurance.
 What is premium of marine insurance returnable?
 What are the procedures of adjusting marine insurance losses?
 Discuss the procedures of settlement of claims.
 What do you mean by warranties? What are the important warranties in marine
insurance?
 How is the extent of liability determined by the insurer?
 What do you mean by valuation? State the process of valuation.

Fire Insurance
 What is fire insurance? Discuss the different types of fire insurance
policies.
 Discuss the function of fire insurance.
 Which element is essential in case of fire insurance & why?
 Discuss the renewal, cancellation & assignment of fire insurance policy.
 What do you mean by moral hazard & physical hazard in fire insurance policy
& discuss how they influence in assessing the risk?
 What are the causes of fire? Which cause is more important in fire
insurance & why?
 What is a fire waste? What are its causes?
 How is premium determined in fire insurance policy?
5
 Discuss the role of fire insurance in the economic development of a
country/State the important of fire insurance.
 Explain the method of claiming losses & settlement of claim in fire insurance.
 Illustrate methods of claims payment under fire insurance with example.
 Explain the drawbacks of fire insurance in respect of Bangladesh.
 Explain the claim payment in case of fire insurance.
 Discuss the features of fire insurance contract
 “Assignment is set possible in fire insurance” Comment.
 Explain – Estoppel, Adjuster, Waiver & Estoppel.

Created by, Russel (DIIT)


&
Composed by, Sojib (DIIT)

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