Risk Management and Insurance PlanningHumans are accustomed to risks. Be it a theft or burglary, a fatal road accident, natural disaster or death—the possibility of a person encountering a risk, can never be underestimated. To mitigate the intensity of risks, it is always advisable to manage risks, beforehand. This book explains how to minimize, monitor, and control the probability and impact of unfortunate events, through risk management. The chapters are skillfully designed to give a comprehensive approach to the need of insurance; the right plan for different needs; and the right place to buy the insurance. The essential concepts are dealt with thoroughly to build the foundation of the subject. The book skillfully elucidates the roles and the duties of an Agent, and the traits required to transform into an efficient one. It highlights some of the most important insurance claims, which are only prevalent in the developed countries (US and UK), like tort liability problems, long-term care insurance, personal umbrella insurance and Uninsured Motorist Coverage and personal umbrella policy. The book emphasizes on exposures to mortality, health, disability, auto, overseas and travel insurances. While discussing the topics, like retirement options, it ornately describes various pensions and annuity schemes available as well. The book is primarily intended for the postgraduate students of Management. However, it will also be beneficial for Risk Managers, and Insurance Agents. Key Features • The chapters are interspersed with Figures, Tables, Exhibits and Takeaway Tips to provide interesting facts related to the topic discussed in the chapter. • The topics are explained through case studies, and graphical represent-ations, to add a practical approach to the subject. • MCQs help in strengthening life insurance concepts. • A separate Chapter is devoted to the Insurance Laws. |
Common terms and phrases
accident amount annuity application assets Authority available basic beneficiary broker cash value cause Central Government charged claim clause client coinsurance company’s compensation consumer Corporation cost court coverage damage deductible different disability earnings employees event example exclusions expenses exposure family financial funds he/she health insurance his/her include income India individual injury insurable interest insurance agent insurance business insurance company insurance contract insurance cover insurance plans insurance policy Insurance Regulatory insurer’s investment IRDA issued law of large legal liability insurance license limit loan loss market medical money moral hazard needs negligence Ombudsman one’s option owner party payable payment period person policyholder principal products property insurance protection provide purchase rate regulations Regulatory and Development reinsurance required rider risk management risk management programme Roth IRA savings section securitization security services specific statements sum assured take term term life insurance tort total traditional IRA types underwriting vehicle