Description

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
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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
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:
a. 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 application
Life insurance is a contract between an individual (the insured) and an insurance company
b. 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 explore the various types of life insurance policies to help Jatin gain clarity