Description

SESSION FEB-MARCH 2024
PROGRAM MASTER OF BUSINESS ADMINISTRATION (MBA)
SEMESTER IV
COURSE CODE & NAME DBFI404GENERALINSURANCEMANAGEMENT
CREDITS 4

Assignment Set – 1st

Questions
1. WriteindetailaboutthehistoryofnationalizationofGeneralInsurance?
Ans:
History of Nationalization of General Insurance in India The nationalization of the
general insurance industry in India marked a significant transformation in the country’s
insurance sector. This process, which began in the 1960s, aimed to address inefficiencies,
ensure broader coverage, and promote economic development.
Here’s a detailed account of the history of nationalization of general insurance in India:
Pre-Nationalization Era Early Development: General insurance in India began in the 19th
century with the establishment of companies like Triton Insurance Company Ltd. in 1850 and
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2. WhatarethedifferentsegmentsinGeneralInsurance?Elaborate?
Ans: General insurance encompasses a wide range of policies that provide financial
protection against various risks and uncertainties. Unlike life insurance, which covers the risk
of death, general insurance covers risks related to property, health, liability, and other areas.
Here are the main segments within general insurance, each catering to different types of
risks:
1. Property Insurance Description: Property insurance covers damage or loss to physical
property due to various perils such as fire, theft, vandalism, natural disasters, etc.
Types: Home Insurance: Covers residential properties against risks such as fire, theft, and
3. WhatdoyouunderstandbyGeneralInsuranceContract?Discuss?
Ans: A General Insurance Contract is a legal agreement between an insurer and an insured
that provides financial protection against specific risks and liabilities other than life-related
risks. These contracts are designed to cover various forms of property damage, liability,
health issues, and other risks that individuals or businesses may face. General insurance
contracts are distinct from life insurance contracts, which primarily deal with the risk of death
Assignment Set – 2nd
Questions
4. WhoistheregulatorinInsurance?Explainitsfunctionsin detail?
Ans: Insurance Regulatory and Development Authority of India (IRDAI) The Insurance
Regulatory and Development Authority of India (IRDAI) is the apex body responsible for
regulating and developing the insurance industry in India. It was constituted by an act of
Parliament, the IRDA Act, 1999, and began its operations on April 19, 2000. Functions of
IRDAI
1. Regulation and Supervision of the Insurance Sector Issuance of Licenses: IRDAI
issues licenses to insurance companies, intermediaries, and agents, ensuring they meet
5.WhatarethedifferentkindsofInsurancedocuments?
Ans: In the insurance industry, various documents are used to establish, manage, and execute
insurance policies. These documents serve different purposes, from providing information
and legal frameworks to ensuring policyholder rights and facilitating claims processes.
Here are the different kinds of insurance documents:
1. Proposal Form Description: A proposal form is an application form that a prospective
policyholder fills out to apply for an insurance policy. It contains detailed information about
6. “VehicleInsuranceisanintegralpartinGeneralInsurance”Discuss?
Ans: Vehicle Insurance as Integral Part of General Insurance Vehicle insurance, also known
as motor insurance or auto insurance is a critical component of general insurance. It provides
financial protection against losses and liabilities arising from the use of vehicles. Given the
widespread ownership and use of vehicles globally, vehicle insurance plays a vital role in
ensuring the safety, security, and financial stability of individuals and businesses.