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Insurance & Risk Management
June 2024 Examination
Q1. Anita is self employed. She is thirty one years old, and is a fitness freak. She looks upon health insurance policies as useless annual drain on people’s monetary resources. Confident that she will remain fit and healthy in the foreseeable future, she has decided not to spend yearly sums on buying a health insurance policy. Do you feel that she is doing the right thing? If not, suggest suitable types of health insurance policies that she can consider. (10 Marks)
Ans 1.
Introduction:
In the realm of insurance and risk management, health insurance holds a paramount importance, serving as a shield against unforeseen medical expenses and providing financial security during times of illness or injury. However, there exist individuals like Anita who perceive health insurance as an unnecessary expenditure, driven by confidence in their own health and fitness. Anita, a self-employed fitness enthusiast at the age of thirty-one, has chosen to forgo health insurance, viewing it as an avoidable drain on financial resources. This stance raises pertinent questions about the prudence of such a decision in the face of potential health risks and uncertainties. This essay delves into the rationale behind Anita’s choice and evaluates its viability,
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Q2. Insurance is provided on the trust basis and the facts mentioned in the proposal form. What is your understanding on the above statement with reference to the basic principles of Insurance? (10 Marks)
Ans 2.
Introduction:
Insurance operates on the principle of trust between the insured and the insurer, relying heavily on the accuracy and completeness of information provided by the insured in the proposal form. This trust forms the foundation of the insurance contract, where the insurer agrees to indemnify the insured against specified risks in exchange for premium payments. The proposal form serves as a vital document in this process, as it contains crucial information about the insured’s risk profile, which helps the insurer assess and price the risk appropriately. Hence, the accuracy and truthfulness of the information provided in the proposal form are paramount for the smooth functioning of the insurance mechanism. This essay aims to explore the significance of trust and the proposal form in insurance, elucidating how they align with the fundamental
Q3. Jatin has recently started working with a renowned MNC after passing out of a premier B- School. A senior colleague has suggested him to take a life insurance policy. However, Jatin is not convinced with the idea of taking a life insurance policy and is unaware of the various life insurance products which are available in the market. As a friend of Jatin You need to make Jatin understand the following:
- Explain the concept of life insurance to Mr. Jatin and highlight the importance of a having life insurance policy (5 Marks)
Ans 3a.
Introduction:
Life insurance is a critical financial tool that provides protection and peace of mind to individuals and their loved ones. As Jatin embarks on his professional journey, it’s essential for him to understand the concept of life insurance and its significance in securing his and his family’s future financial well-being.
Concept and
- Help Jatin in explaining the various types of life insurance policies (any 4) which are available in the market. (5 Marks)
Ans 3b.
Introduction:
Navigating the world of life insurance can be overwhelming, especially for someone like Jatin who is new to the concept. However, understanding the different types of life insurance policies available in the market is crucial for making informed decisions about financial protection. Let’s