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DRIVE Spring 2018
PROGRAM MBA
SEMESTER 4
SUBJECT CODE &
NAME

Fin404 & INSURANCE AND RISK MANAGEMENT

Set 1

Ques 1. An organization is a legal entity which is created to do some activity of some
purpose. There are elements of a life insurance organization. Explain the elements of life
insurance organization.
[Important activities-2
Internal organization-3
Distribution system-2
Functions of the agent-3]
Answer: Important activities
• Procuring applications or proposals from prospective buyers of life insurance.
• Scrutinizing and making decisions on the proposals for insurance. This is called
underwriting.
Ques 2. Business organizations and individuals take insurance policies. These insurance
policies help them to cover the losses in case of any emergency. Explain how insurance
works, the need for insurance and some examples.
Answer
How insurance works
An agreement wherein a stipulated payment called a premium is paid by one party to another
upon a specific loss is called an insurance. This claim payment amount can be either fixed or can
be reimbursed in part. Premiums paid by the policyholder may reflect any special characteristics
of the particular policy. Thus, insurances covers the financial losses of the policyholder. Thus,
the

Ques 3. Explain the marketing mix (7 P’s) for insurance companies
Answer: Marketing Mix (7 P’s) for Insurance Companies
Marketing for insurance companies implies marketing insurance services with the objective to
create a

Set 2

Ques 1. Explain the benefits of reinsurance. Elaborate on the application of reinsurance.
Benefits of reinsurance
Application of reinsurance
Answer: Benefits of Reinsurance
(i) Increase in risk-taking capacity
As the direct insurer can reinsure part of certain risks, it can therefore accept more of the original
risk. It could be that a particu-lar insurer has calculated that it would not want to provide fire
insurance cover for manufacturers of plastic goods for the sum insured in excess of `10,00,000.
Should it then receive an enquiry from a potential insured for a sum of `40,00,000, it would be in
a difficult position if there was no reinsurance. The said insurer could accept only ` 10,00,000
and ask the
Ques2 To assess some cases, the underwriter needs more additional information; it can be
procured from various sources. Explain them.
Answer To assess some cases, the underwriter needs more additional information. The
additional information required could be as small as the response to a single question that was
left blank on the application or as extensive as the results of a complete medical examination.
Additional information could be procured from various
sources, some of
Ques 3 Explain the term ‘Agent’, ‘Criteria for appointment of an Agent’ and ‘functions of
an Agent’.
Answer To avail a license, an agent must meet the following conditions:
• He/she must be not less than 18 years of age.
• Should have passed
(i) Senior secondary

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