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Insurance & Risk Management
June 2023 Examination
1. If a Joint Family takes a Life Insurance for 2-3 family members from an Insurance Advisor. In context to above Scenario, what are different types of Costs Involved in above Insurance Process? Kindly Elaborate with Examples.
Answer: In the scenario where a joint family takes a life insurance policy for 2-3 family members from an insurance advisor, there are various costs involved. Here are the different types of costs and their examples:
1. Premium Cost – This is the amount paid by the joint family to the insurance company to buy the policy. The premium cost depends on various factors such as the age of the insured, sum assured, and the type of policy. For example, if the family takes a term insurance policy with a sum
2. If a small scale MSME Firm is setting up a Risk Management Department, what could be the Instrumental Techniques would be considered by their Risk Manager?
Answer: If a small scale MSME firm is setting up a risk management department, there are several instrumental techniques that their risk manager can consider implementing. Here are some commonly used instrumental techniques for risk management:
1. Risk Assessment – This involves identifying and analyzing potential risks that the company may face. The risk manager can conduct a thorough risk assessment by using tools such as SWOT analysis, PESTLE analysis, and risk heat maps.
2. Risk Mitigation – This involves taking steps to reduce or eliminate the potential risks identified during the risk assessment process. The risk manager can implement risk mitigation techniques such
3a. How far Ratemaking can be a crucial feature of Operations of Insurance Company?
Answer: Ratemaking is a crucial feature of the operations of an insurance company because it determines the premiums that the company charges its customers for the insurance coverage provided. The goal of ratemaking is to ensure that the premiums charged are sufficient to cover the costs of the claims paid out by the company while also providing a profit for the insurer.
There are several reasons why ratemaking
3.b. A newly established Grocery Store want to have his Grocery Shop covered under Insurance with respectable/ probable Loss areas. How Insurer / Underwriter identify the respective Loss Exposures in Risk?
Answer: When an insurer or underwriter is assessing the loss exposures of a grocery store, they typically follow a systematic process to identify the potential risks and determine the appropriate coverage and premium. Here are some of the steps involved in this process:
1. Risk Assessment: The insurer or underwriter will conduct a risk assessment of the grocery store to identify
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