Dear students get fully solved assignments
Send your semester & Specialization name to our mail id
-> help.mbaassignments@gmail.com
or
call us at -> 08263069601
Summer 2013
Master of Business Administration- MBA Semester 4
MF0018 – Insurance and Risk Management – 4 Credits
(Book ID: B1319)
Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.
Q1.Explain the Risk Management Process.
Answer : Risk management is the identification, assessment, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives, whether positive or negative) followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities. Steps to study risk management are :
(1) Identify –
Risk identification allows individuals to identify risks so that the operations staff becomes aware of potential problems. Not only should risk identification be undertaken as early as possible, but it also should be repeated frequently. as a group, list the things that might inhibit your ability to meet your objectives. You can even look at the things that would actually enhance your ability to meet those objectives e.g. a fund-raising commercial opportunity. These are the risks that you face e.g. loss of a key team member; prolonged IT network outage;
Q2.Write about IRDA. Explain the functions and powers of IRDA.
Answer : IRDA : Insurance Regulatory and Development Authority (IRDA) is an autonomous apex statutory body which regulates and develops the insurance industry in India. It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999 and duly passed by the Government of India. The agency operates its headquarters at Hyderabad, Andhra Pradesh where it shifted from Delhi in 2001. IRDA is a ten membered body consisting of :
A Chairman,
Five whole-time members and
Q3.Write down about the objectives, purpose, functions and advantages of life insurance.
Answer : Objectives of life insurance :
(1)Spread Life Insurance widely and in particular to the rural areas and to the socially and economically backward classes with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost.
(2)Maximize mobilization of people’s savings by
Q4. Explain the product development process, classification of new products, stages in new product development, pricing strategy for new products.
Answer : Product development process :
In business and engineering, new product development (NPD) is the complete process of bringing a new product to market. A product is a set of benefits offered for exchange and can be tangible (that is, something physical you can touch) or intangible (like a service, experience, or belief). There are two parallel paths involved in the NPD process: one involves the idea generation, product design and detail engineering; the other involves market
Q5. Marketing of insurance products is an important tool in the insurance business. The marketing of insurance is possible in both the life insurance and the non-life insurance departments. Explain the tools that help in advertising the company’s insurance policies. Write down the issues in insurance marketing.
Answer : Tools in advertising the company’s insurance policies :
1. Know the Market :
First and foremost, insurance companies must know their market. This means having a strong understanding of their target audience, their competition and the most effective ways to connect with that audience, according to Lin Grensing-Pophal, author of "Marketing With the End in Mind.&quot.
2. Establish a Plan :
Based on their knowledge of the market,
Q6. Reinsurance is a kind of insurance. It is an important operation of insurance.
Give an overview of reinsurance and explain the reasons for reinsurance.
Answer : Overview of reinsurance :
Reinsurance is insurance that is purchased by an insurance company from one or more other insurance companies (the “reinsurer”) as a means of risk management, sometimes in practice including tax mitigation and other reasons described below.
Dear students get fully solved assignments
Send your semester & Specialization name to our mail id
-> help.mbaassignments@gmail.com
or
call us at -> 08263069601