Podcast
Questions and Answers
Which module of the course discusses the concept of insurance?
Which module of the course discusses the concept of insurance?
- Module 1 (correct)
- Module 2
- Module 3
- Module 4
What is the purpose of risk management?
What is the purpose of risk management?
- To ignore risks
- To handle risks effectively (correct)
- To transfer risks to others
- To eliminate all risks
Which module discusses the history of insurance in India?
Which module discusses the history of insurance in India?
- Module 3
- Module 4
- Module 2 (correct)
- Module 1
What is the role of Insurance Regulatory and Development Authority of India?
What is the role of Insurance Regulatory and Development Authority of India?
What are the elements of a valid insurance contract?
What are the elements of a valid insurance contract?
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Study Notes
Insurance Module
- Covers the fundamentals and types of insurance, including life, health, and property insurance.
- Explores the interplay between insurance principles and risk management strategies.
Purpose of Risk Management
- Aims to identify, assess, and prioritize risks to minimize potential impacts on resources and profitability.
- Involves strategic planning and implementation of mitigating actions to address risks effectively.
History of Insurance in India Module
- Traces the evolution of insurance practices in India from ancient times to contemporary developments.
- Discusses significant regulatory changes and the emergence of private players in the insurance sector.
Role of Insurance Regulatory and Development Authority of India (IRDAI)
- Establishes guidelines for the functioning of the insurance sector in India.
- Protects policyholders' interests and ensures financial stability within the industry.
Elements of a Valid Insurance Contract
- Must include an offer, acceptance, and consideration to form a legally binding agreement.
- Requires insurable interest, which verifies that the policyholder will suffer a loss if the insured event occurs.
- Necessitates clear and precise terms, including the risks covered and exclusions.
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