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SECOND SEMESTER 2012-2013 Course Handout (Part-II) DATE: 08/01/13 In addition to part-I (General Handout for all courses appended to the time table) this portion gives further specific details regarding the course. Course No. : FIN C413 Course Title : RISK MANAGEMENT AND INSURANCE Instructor-in- Charge: ANIL BHAT 1.Scopes and Objective: The objective of the course is to provide students with • A conceptual framework for making risk management decisions to increase business value and individual welfare • An understanding of risk transfer through pooling and key features of insurance market • An understanding of the effects of and rationale for public policies that affect risk and its allocation and finally • Knowledge about insurance markets and essential details of an insurance contract as a risk management tool. The course will be also anchored around specific issues of relevance to Indian context. Students are expected and encouraged to bring to the class and initiate discussions regarding issues of contemporary concern in the relevant domain. A number of journal articles used in this course give the course its academic rigor. The course pedagogy lays special emphasis on “learning by doing” and three assignments in this course characterize this orientation. The course is partly descriptive and partly analytical in nature. 2. Text Book: TB1 : Rejda, G.E., “Principles of Risk Management and Insurance”, Pearson Education, 2009 10th ed (or Latest ed. Available in India.) *TB2: Harrington scott E.& Niehaus Gregory “Risk Management and Insurance” Tata McGraw-Hill, Second ed.2004 3. Reference Books: Vaughan E.J & T. Vaughan : “Fundamentals of Risk & Insurance”John Wiley & Sons(Asia) Ninth ed.2003 Williams, Jr, M.L.Smith &Peter G. Young “Risk Management and Insurance” Mc Graw-Hill International, Eighth ed.1998 4 Reference Websites: www.irdaindia.org ; www.tac.org.in ; www.rims.org 5. Some Representative Reference articles: • “A Framework for risk management” Froot Kenneth et al. Harvard Business review, Nov-Dec 1994, pp 91-104 • “How risky is your company” Robert Simons Harvard Business Review May-June 1999, pp 8594
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Andrew Freeman. Explain objectives of risk management. 1-3 Learning Objectives Introduction of risk.BIRLA INSTITUTE OF TECHNOLOGY AND SCIENCE. S Krishnamurthy et al.2 7-10 Introduction to Risk Management Chap. Commencement of Assignment:1 Chap. Harvard Business review. Explain Fundamental legal Principles of Insurance contracts. Discuss various techniques of risk management.2 11-15 Advanced Topics in Risk Management. Sahu . Financial risk management.Issues and Challenges” Ramesh Bhat & Sumesh . Define insurance. September 2008. pp3149-3159 “Insurance Industry in India: Structure. Explain the expanding scope of risk management. July-September 2005. Performance and Future Challenges”. Meaning of risk. Explain the meaning & purpose of Deductibles and Topics Risk in Our Society Reference Chap.3 *Chap. Identify insurable and insurable risks.1 *Chap1 4-6 Insurance and Risk Chap.4 *Chap 3 16-19 Fundamental legal Principles Chap. Options and futures. describe steps in risk management process. 6 Please Consider Your Environmental Responsibilities Do Not Print Unless Necessary . pp93-100 “Health Insurance & Third Party Administrators. Identify basic parts of insurance contracts. and Ron Hulme. Economic and Political Weekly. July10.2004. Explain the laws of agency. Differentiate insurance contracts from other contracts. March-April 2008. requirement of an insurable risk. 5 20-22 Analysis of Insurance and contracts Chap. Describe major types of insurance. Course Plan : Lec. Application of Financial analysis to risk management decision-making. Define risk management. Types of pure risk. Risk management Forecasting techniques. 6. pp297-310 “The new Arsnel of Risk Management” Kevin Buchler. Pilani Pilani Campus Instruction Division • • • • “Contemporary Financial Risk Management: Discussion” Malay Bhattacharyya IIMB Management Review. pp 93119. No. Distinguish between pure and speculative risk.Vikalpa (The Journal of Decision Makers). Basic requirements of a valid insurance contract.K.
Insurance Company *Chap. Health insurance. 8.BIRLA INSTITUTE OF TECHNOLOGY AND SCIENCE. needs approach of estimating amount of life insurance. TAC . Explain basic concepts used in life insurance. Explain major arguments for against state regulation of insurance.. Disaster Management etc. Chap. Reinsurance.16. financial impact of premature Commencement of assignment2 death. Explosion renewableterm method. Pilani Pilani Campus Instruction Division Coinsurance. Fire Class Notes General Insurance. homeowner’s Risk. Special topics like Agriculture insurance.26 35-37 Explain rate making. 28 Government Regulation of Identify key legal cases. insurance. Exam. Evaluation Schedule: EC Evaluation Duration Weight Date & Time Nature of No. Assignment 1. Students are also expected to submit their assignments on time failing which these may not be evaluated. Chap. Bancassurance. 30 CB/OB 2 Group discussions/ 15 Surprise quizzes 4.12:30 PM 1. Identify *Chap 6 Insurance. IRDA. Compre. steps in . Note: Highest level of Intellectual integrity is expected of students while they work on term papers/projects in terms of giving proper acknowledgement and avoiding plagiarism. 17 major feature of ordinary life *Ch 15 insurance. reasons of Operations reinsurance and types of reinsurance treaties. the areas of regulation. 40-41 Major reasons of regulations. 7..10 Liability risk. 7. insurance and Marine insurance 29-31 Meaning of premature death. 26-28 Automobile insurance. 3 hrs 35 CB Please Consider Your Environmental Responsibilities Do Not Print Unless Necessary . variable life insurance and universal life insurance. Component Component 1/3 11:00 . various types of investment of insurance. 23-25 Identify several legal defenses of Personal Property and Liability Chap. Chap. and Automobile insurance. Types of Life Insurance Chap.8. which are relevant from Indian context will be discussed using journal articles/web based articles etc through the pedagogy of interactive group discussions and presentations. 38-39 Explain basic methods of Chap. Fundamentals of Life Insurance.5 under writing process. MidtermTest 50 mts. 27 Insurance Pricing determining rates in property and *Chap 8 liability insurance. 32-34 Characteristics of term insurance. level-premium method of life insurance. 2 & 3 5+5+10=20 10/5 AN 5.
BIRLA INSTITUTE OF TECHNOLOGY AND SCIENCE. Prior permission has to be obtained.Notices: All notices will be displayed on Economics & Finance Notice Board. 10. Pilani Pilani Campus Instruction Division 9. 11. Instructor-in-charge Please Consider Your Environmental Responsibilities Do Not Print Unless Necessary .Make-up: Make-up may be given only on genuine grounds.Chamber Consultation Hour: To be announced in the class.