Insurance & Risk Management

NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Insurance & Risk Management
Internal Assignment Applicable for June 2021 Examination
Assignment Marks: 30
Instructions:
 All Questions carry equal marks.
 All Questions are compulsory.
 All answers to be explained in not more than 1000 words for question 1 and 2 and for
question 3 in not more than 500 words for each subsection. Use relevant examples,
illustrations as far as possible.
 All answers to be written individually. Discussion and group work is not advisable.
 Students are free to refer to any books/reference material/website/internet for attempting
their assignments but are not allowed to copy the matter as it is from the source of
reference.
 Students should write the assignment in their own words. Copying of assignments from
other students is not allowed.
 Students should follow the following parameter for answering the assignment questions.
1. The Indian regulator of Insurance Business IRDAI, has been very instrumental to
innovate the insurance products, sales along with the regulatory control. Please describe
the IRDAI’s duties and responsibilities in context with the given statement. (10 Marks)
For Theoretical Answer
Assessment Parameter Weightage
Introduction 20%
Concepts and Application
related to the question
60%
Conclusion 20%
For Numerical Answer
Assessment Parameter Weightage
Understanding and usage
of the formula
20%
Procedure / Steps 50%
Correct Answer &
Interpretation
30%
NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Insurance & Risk Management
Internal Assignment Applicable for June 2021 Examination
2. Insurance is given on the trust, basis the facts mentioned in the proposal form. What is
your understanding of this statement with reference to the basic principals of Insurance?
(10 Marks)
3. Simran a seasoned professional working with a well-known IT company, earning around
Rs. 1.50 Lacs per month. Her husband Samarjeet Singh is a Doctor and a successful
practicing surgeon earning around Rs. 5.00 Lacs per month. They have a daughter, 3-
year-old Simarpreet Kaur. Simran and Samarjeet are planning to buy a house for a price
of Rs. 5.00 Cr. in next 2-3 months and taking a loan from a Bank. While having a
conversation with them you got to know that the total Insurance Cover is only Rs 5.00
lacs in the family put to gather all the insurance and only a Health Insurance of Rs. 2 Lacs
given by Simran’s company.
As a consultant to Dr. Samarjeet and Simran you are expected to:
a. Do a comprehensive calculation of Human Life Value and identify the exact amount of
the Insurance Cover to be given. (5 Marks)
b. As per your understanding what all Insurance Products would you like to suggest them
as a complete financial protection for the family. (5 Marks)
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