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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