Life and Health Insurance Syllabus - BBA-BI (PU)
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Course Description
Course Objectives
The aim of this course is to provide students broad knowledge on the principles and practices of life and health insurance. It also aims to provide students required skills useful to apply the principles and practices in managing life and health insurance business.
Course Description
This course mainly covers: fundamental principles of life insurance, types of life insurance policies, life insurance contractual provisions, underwriting and claim settlement processes, buying life insurance, group insurance and annuities, individual health insurance coverage, and life insurance market.
Course Outcomes
- On successful completion of this course students will be able to:
- Understand fundamental principles of life insurance;
- Evaluate the significance of different types of insurance policies and their contractual provisions;
- follow the procedures of underwriting and claim settlement in case of life and health insurance;
- Determine the cost, rate of return and tax implications of life policies and annuities
- Explain major aspects of group insurance along with their benefits and costs;
- Explain individual health care coverage and identify problems of health care; and
- Understand the life insurance market and its participants.
Unit Contents
Course Contents
Unit I: Introduction 4 hours
Meaning of life insurance; economic value of life, brief history of life insurance in general and in Nepal.
Unit II: Fundamentals of Life Insurance 6 hours
Premature death; financial impact of premature death on different types of families; amount of life insurance to own; methods of providing life insurance protection.
Unit III: Life Insurance Contract Procedures 6 hours
Requirements of life insurance contract; proposal form; agent’s report; medical report; insurance policy; coverage; adds on cover; exclusion; policy condition; schedule; life insurance contractual provisions.
Unit IV: Life Insurance Underwriting and Claim Settlement 10 hours
Guiding principles in life insurance; life underwriting process; mortality table; premium; different reserves and provisions; investment of life insurance fund; nomination and assignment; policy lapse and revival. Life insurance claim settlement process; maturity claim; death claim; obligation of policyholders and insurers; settlement option; paid up value; surrender value and their calculation; valuation and surplus.
Unit V: Types of Life Insurance Policies 5 hours
Term life insurance; whole life insurance; endowment life insurance; variation of whole life insurance; other types of life insurance policies; life insurance products in Nepal.
Unit VI: Buying Life Insurance 5 hours
Determining the cost of life insurance; rate of return on saving components; taxation of life insurance in Nepal; shopping for life insurance.
Unit VII: Group Insurance and Annuities 6 hours
Group insurance; group life insurance; group accident insurance; group health insurance; annuities; taxation on annuities, individual retirement account.
Unit VIII: Health Insurance 6 hours
Health insurance: individual and group health insurance; hospital-surgical insurance; major medical insurance; third party administrator; shopping for health insurance; health care problem in Nepal.
Text and Reference Books
Basic Texts
- Black, Keneth Jr. & Skipper, Harrold D. Jr. Life & health insurance. New Delhi: Pearson Education.
- Regda, E. G. Principles of risk management and insurance. New Delhi: Pearson Education.
References
- Kutty, Shashidharan K., Meaning life insurance. Delhi: Prentice Hall of India.
- Indian Institute of Banking and Finance, Risk management. Delhi: Macmillan India Ltd.
- Holyoake, J. & Weipers, W. Insurance. Delhi: A.I.I.B.S. Publishers and Distributers.
- Balachandran, S., Thomas, George E., Choubal, A.S., Sharma, Madhuri & Nalkur, Nandini. Practice of life insurance. India: Insurance Institute of India.
- Mishra, M. N. & Mishra S. B. Insurance principles and practice. Delhi: S. Chand & Company Ltd.
- Beema Samiti, Directives to insurance companies.
- Short Name N/A
- Course code FIN 331
- Semester Sixth Semester
- Full Marks 100
- Pass Marks 45
- Credit 3 hrs
- Elective/Compulsary Compulsary