BBA Semester VI - Insurance

UNIT - I : INTRODUCTION TO INSURANCE :

Definition and nature of insurance, Role, importance and functions of insurance.

Meaning of insurance and re-insurance, principles of insurance, types of insurance,

globalization of insurance and insurance sector reforms in India.

UNIT - II : LIFE INSURANCE :

Life insurance- procedure for issuing a policy, policy loans revival

The concept of life insurance, life insurance products- traditional and market related, pension

plans, group insurance, tax treatment of life insurance, claims settlement.

UNIT - III : GENERAL INSURANCE :

Concept of General Insurance procedure, group insurance, Group Insurance Types – Health,

Accident, Motor, fire insurance marine insurance, claim settlements.

UNIT – IV : POLICY DOCUMENTS AND ASSIGNMENT, NOMINATION &

SURRENDER OF POLICY:

a) Policy Documents : Life Insurance Policy Application and Process – Proposal Form

and Related Documents – Importance of a Policy Document – Format of a Policy Document

– Policy Schedule and its Various Components – Conditions and Privileges in a Policy

Document – Duplicate Policies.

b) Assignment, Nomination & Surrender of Policy: Assignment of Life Insurance

Policies – Conditional Assignment – Absolute Assignment – Process of Assignment –

Nomination – Process of Nomination – Features of Nomination – Assignment Vs.

Nomination – Surrender of Policies – Foreclosure of Insurance Policies.

UNIT – V : POLICY CLAIMS :

Types of Policy Claims – Survival Benefits – Death Claims – Maturity Documents required

for Processing Early Claims Processing State – Early Claims and Non-early Claims –

Documents required for Processing Early Claims – Death due to Un-natural Causes or

Accidents – Nomination – Assignment – Waiver of Evidence of Title – Claims Concession

Clause and Extended Claims Concession Clause – Presumption of Death – Insurance Riders

– Accidental Death Benefit Rider – Permanent Death Benefit Rider – IRDA Regulations for

Claim Payments.