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Learning Outcome Statements
to accompany

Risk Analysis & Insurance Planning

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© ACE School for Professional Studies. 1

Chapter 1
RISK ANALYSIS-INTRODUCTION
Page No.
 Introduction 1
 Risk 2
 Perils, Loss & Hazard 2
 Classification of Risk 3
 Types of Pure Risks 4
 Personal Risks 4
 Property Risk 5
 Liability Risk 5
 Methods of Handling Risk 9


Chapter 2
INSURANCE AND RISK
Page No.
 Insurance-Introduction 19
 Characteristics of Insurance 19
 Requirements of Insurable Risks 21
 Adverse Selection 22
 Insurance Vs Gambling/Hedging 22
 Advantages of Insurance 23
 Disadvantages of Insurance 24
 Limitations of Insurance 25
 Reinsurance 26


Chapter 3
RISK ANALYSIS PROCESS
Page No.

 Risk Management 39
 Planning for Risk Management 40
 Steps in Personal Risk Analysis 41
 Risk Control and Risk Financing 44
 Insurance Market Dynamics and
Underwriting Cycle 46
 Loss Forecasting 47

Chapter 4
PRINCIPLES OF INSURANCE
Page No.
 Law of Contract 57
 Indemnity 59
 Insurable Interest 60
 Subrogation 62
 Utmost Good Faith 64
 Warranty 68
 Waiver & Estoppel 69
 Other legal characteristics of a contract
of insurance 70


Chapter 5
THE INSURANCE CONTRACT
 Contract of Insurance 79
 General Requirements for a Valid Contract 79
 Basic Principles of Law of Insurance 80
 Other Legal Characteristics of a Contract of Insurance 81
 Proposal Forms 81
 Policy Forms 82
 Meaning of Insured 84
 Cover Notes 85
 Certificates of Insurance 86
 Endorsements 86
 Riders 87
 Warranties 89
 Common Types of Deductibles 90
 Co-Insurance 91
 Other-Insurance Provisions 92

Chapter 6
LEGAL LIABILITY
 Meaning of Liability 103
 Types of Legal Liability 103
 Law of Torts 104
 Differences between Tort and Crime 104
 Difference between Tort and Contract 105
 Intentional Torts 105
 Absolute Liability 107
 Vicarious Liability 108
 Tort of Negligence 108
 Special Tort Liability Problems 111
 Indian Justice System 112
 Other Methods of Dealing with Disputes 113
 The Ombudsman Scheme 115

Chapter 7
IDENTIFICATION OF RISK EXPOSURES

 Data Gathering on Current Insurances 123
 Financial Needs 124
 Insurance Needs 126
 Existing Arrangements 128


Chapter 8: PERSONAL PROPERTY &
LIABILITY INSURANCE
 Importance of General Insurance 137
 Claim service and its Importance 138
 Limitations set for claim 138
 Householder's Insurance 139
 Motor Vehicle Insurance 140
 Liability Insurance 141
 Personal Umbrella Policy 143
 Overseas Medi claim Policy 144

Chapter 9
LIFE INSURANCE AND NEED ANALYSIS

 Human Life Value 153
 Needs Approach 156
 Capital Needs Analysis 157
 Earnings Multiple Approach 158


Chapter 10
LIFE INSURANCE POLICY ANALYSIS
 Basic Plans of Life Insurance 165
 Term insurance policies 165
 Types of Term Insurance plans 166
 Whole Life Policy 167
 Endowment Plan 168
 Joint Life Policy 170
 Children Plan 170
 Unit Linked Insurance Plans 170
 Riders 171
 Classification of Riders 171

Chapter 11
LIFE INSURANCE POLICY SELECTION
 Introduction 179
 Factors to be considered by planner before
recommending a policy 179
 Important factors in Insurance Policy before
Recommendation 180
 Determining the Cost of Life Insurance 181
 Methods to Calculate cost of Insurance 181
 Traditional Net Cost Method 181
 Taxation of Insurance Policies 184
 Important Insurance Provisions 185

Chapter 12
ANNUITIES
 Types of Annuities 196
 Annuities Vs Insurance 197
 Working of an Annuity 197
 Annuity - Taxation 198
 Annuities and Pension 198
 Individual Retirement 198


Chapter 13
MEDICAL INSURANCE
 Scope of Health Insurance Coverage 208
 Other medical expense coverage 208
 Policies Available in India 209
 Third Party Administrators (TPA) 209
 Mediclaim Policy 210
 Group Medi Claim Policy 211
 Overseas Medi Claim Policy 211
 Corporate Frequent Travelers Policy 212
 Personal Accident Insurance 212
 Group Personal Accident Policy 214
 Fidelity Guarantee Policy 214
 Baggage Insurance 214
 Liability Policies 214
 Average Clause 215

Chapter 14
BUSINESS RISK INSURANCE
 Key person insurance 222
 Business Continuation Insurance 223
 Directors & Officers Liability Policy 224
 Professional Indemnity Insurance 226
 Employers Liability Insurance 226
 Bankers Blanket Policy 228
 Public Liability Insurance 228
 Policy for
Office/Shopkeeper/ Commercial Policy 229

Chapter 15
IMPLEMENTING AND REVIEWING CLIENT'S
INSURANCE

 The Advisors Role in Underwriting 235
 Proposal Form 236
 Reviewing Financial Plans 237
 Establishing and Implementing Changes 238
 Handling Claims and Complaints 239
 Ongoing Review 245


Chapter 16
GOVERNMENT REGULATION OF INSURANCE

 The Insurance Regulatory and Development
Authority (IRDA) 247
 Insurance Ombudsmen 249
 Insurance Act, 1938 249
 Agents & Brokers 251
 Brokers 253
 Code of Conduct 255
 Insurance Advertisements 257
 Insurance Ombudsman 258

Chapter 17
INSURANCE PRICING
 Objectives of Rate Making 241
 Calculation of Premium and Claim 242
 Premium 244
 Other Important Definitions 246


Chapter 18
INSURANCE COMPANIES
 Insurance as a Business 275
 Rate Making 276
 Underwriting 280
 Claims 294
 Investment Policies 306
 Financial Reserves 306
 Selecting Life Insurance Company 307


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