Explain Role of Actuaries.

Actuaries use databases, statistical modeling software and other tech tools to design, plan, test and
evolve strategic policies. They collaborate with accountants, financial advisors, economists and
market research analysts to develop a well-rounded understanding of a company’s risks and
challenges. The responsibilities and duties of an actuary include:
O - Developing and testing hypotheses about company risk factor.
O - Gathering data and analyzing patterns
O - Assessing the likelihood of different events occurring and predicting the possible impact
O - Researching common and uncommon risk factors in different industries
O - Auditing company policies to determine how they influence productivity

Different types of Life Insurance product.

1. Term Insurance Plans Term insurance protects your family’s financial future if something were to
happen to you. Designed as a simple and affordable way to give financial cover, a term plan is a
vital part of financial planning for the primary wage earner in a family.
 ULIPs – Unit Linked Insurance Plans A unit linked insurance plan (ULIP) is a combination of
insurance and investment. A ULIP provides life cover that offers financial protection for your loved
ones.
 Endowment Insurance Plans - Endowment plans are ideal for people who want guaranteed
returns along with the protection of life insurance. An endowment plan is a life insurance
policy that provides life coverage along with an opportunity to save regularly.
Money Back Insurance Plans - A money back plan is a life insurance policy where the insured
person gets a percentage of sum assured at steady intervals.

Describe the preparation of Insurance Documents Policy Condition.

In India, it is mandatory to have an insurance policy before starting any business. To get a license
from the government, you will need to provide a copy of your insurance policy as well as other
documents.The Indian government requires that all businesses have an insurance policy before
they can start operating. This is done to protect both the business and its customers from any
financial loss that might occur due to accidents or other disasters. For a company to receive a
license, they will also need copies of their insurance policy and other related documents.
Documents are required for insurance policies in India because they help to establish that the
person who is applying for the policy is the insured. The documents required for insurance policies
in India can vary depending on the type of policy and the company offering it. For example,
some insurance companies require a copy of your passport, driving license, and credit card
statement as well as your bank statement.

Write the concept of Code of Conduct in Advertisement?

The basic principles of these codes are that advertisements should be:
O - Legal, decent, honest and truthful Created with a sense of responsibility to consumers and to
society
O - In line with the principles of fair competition generally accepted in business
O - And that the codes are applied in the spirit as well as the letter intended
O - Not in contradiction to the Council’s priorities and values.
O - Advertisers may not copy or duplicate content from LB of Hounslow’s website except where
copyright licence has been obtained. Nor can they create a link to the council’s website in such a
way as to make it seem like it is the advertiser’s website.

Write the concept of Non-life Insurance.

The definition of non-life insurance is, the losses that are incurred from a specific financial event
are compensated to the insured this is called non-life insurance. General insurance, property
insurance and casualty insurance are other names of non-life insurance. It can be defined as any
insurance that is not related to life insurance. People, legal liabilities and properties are covered
under a non-life insurance policy.
 

Write the occupational Pension Scheme.

A scheme set up by an employer to provide retirement benefits for its employees. Occupational
pension schemes are regulated by the Pensions Regulator and generally fall into three categories:
 Defined benefit (DB) schemes (many of these are final salary schemes).
 Defined contribution (DC) schemes (also called money purchase schemes).
 Hybrid schemes.
The statutory definition of an "occupational pension scheme" is contained in section 1 of the
Pension Schemes Act 1993. An occupational pension is a pension provided by your employer.
They are also known as company or employers’ pension plans. Occupational pension schemes
provide a regular income after retirement. Some also give you a lump sum payment when you
retire.
Write the Main Function of the Insurance Companies.
Typically, insurance corporations may cover specific kinds of events.
In the case of life insurance policies the event is usually the death or a deterioration
of the health of the insured person. Life insurance contracts are often held to save
money over a longer time span and sometimes for retirement.
 Non-life insurance policies protect against risks of financial loss. They cover
expenses the policyholder incurs from damages to health or propertyand financial
losses like a loss of income.
 A special case of non-life insurance is reinsurance. Under a reinsurance contract
an insurance corporation agrees to take on the risk related to a policy held by
another insurance corporation against a premium.

Define Mutual Fund.

A mutual fund is a professionally-managed investment scheme, usually run by an asset
management company that brings together a group of people and invests their money
in stocks, bonds and other securities.  As an investor, you can buy mutual fund 'units',
which basically represent your share of holdings in a particular scheme. These units
can be purchased or redeemed as needed at the fund's current net asset value (NAV).
These NAVs keep fluctuating, according to the fund's holdings. So, each investor
participates proportionally in the gain or loss of the fund.All the mutual funds are
registered with SEBI. They function within the provisions of strict regulation created to
protect the interests of the investor.

What are the Historical perspectives of Insurance?

Insurance in some form is as old as historical society. So-called bottomry contracts
were known to merchants of Babylon as early as 4000–3000 BCE. Bottomry was also
practiced by the Hindus in 600 BCE and was well understood in ancient Greece as
early as the 4th century BCE. Under a bottomry contract, loans were granted to
merchants with the provision that if the shipment was lost at sea the loan did not have
to be repaid. The interest on the loan covered the insurance risk. Ancient Roman
law recognized the bottomry contract in which an article of agreement was drawn up
and funds were deposited with a money changer. Marine insurance became highly
developed in the 15th century.

Explain determination of the premiums.

Insurance premiums are set by the likelihood of the insured having a loss or a setback
out of their control and are based on specific attributes of risk that are deemed to be
predictive of loss. Companies that take measures to reduce their risks have a good
chance of also reducing their premiums. Working out of buildings with fire resistance
construction materials, installing sprinklers and continuously maintaining the quality of
equipment are some straightforward steps that any company can take to reduce their
risk.If you have an insurance policy, you might wonder how companies calculate your
insurance premiums. You pay insurance premiums for policies that cover your health
—and your car, home, life, and other valuables. The amount that you pay is based on
your age, the type of coverage that you want, the amount of coverage that you need,
your personal information, your ZIP code, and other factors.

Write the Concept of Occupational Scheme with example

Occupational pension schemes are set up by employers to provide pensions for their
employees. There are two different types of occupational pensions: 0 - final salary
schemes. 0 - money purchase schemes
Final salary schemes Final salary pension schemes can also be called defined benefit
schemes. In a final salary scheme, your pension is linked to your salary while you're
working, so it automatically increases as your pay rises.
Money purchase schemes -Money purchase schemes can also be called defined
contribution schemes. The money you pay into the scheme is invested with the aim of
giving you an amount of money when you retire. Your pension is based on the amount
of money paid in and on how the investments have performed. 
What is Risk Management in Insurance?
In insurance terms, risk is the chance something harmful or unexpected could happen.
This might involve the loss, theft, or damage of valuable property and belongings, or it
may involve someone being injured.
Insurers assess and price various risks to work out how much they would need to pay
out if a policyholder suffered a loss for something covered by the policy. This helps the
insurer determine the amount (premium) to charge for insurance.
To be able to put a financial value on a risk, insurers calculate the probability that the
insured item or property might be accidentally lost, stolen, damaged or destroyed, how
often this might occur and how much it would cost to repair or replace.
By pricing risk, insurers know how much money they need to reserve to pay claims.
The Australian Prudential Regulation Authority (APRA) also has rules in place to
ensure insurers have enough capital to pay a very high volume of claims.

Explain objectives, tools and process of risk Management

The objectives of risk management are The first objective is that the firm should
prepare for potential losses in the most economical way possible.The second objective
is the reduction of anxiety. In a firm, certain loss exposures can cause greater worry
and fear for the risk manager, key executives and unexpected stockholders of that firm.
The third preloss objective is to meet any externally imposed obligations. This means
that the firm must meet certain obligations imposed on it by the outsiders Risk
Management Process - Whether the concern is with a business or an individual
situation, the same general steps can be used to analyze systematically and deal with
risk. This is known as risk management process. The risk management process has
five steps to be implemented by the risk manager: 0 Risk identification 0 Risk
measurement 0 Identifying the tools of risk management Tools of Risk Management
The third step is to identify the available tools of risk management. The major tools of
risk management are the following: 0 Avoidance 0 Loss control 0 Retention 0 Non-
insurance transfers 0 Insurance

Explain Risk Management Process?

1 Identify the Risk The initial step in the risk management process is to identify the
risks that the business is exposed to in its operating environment.
Analyze the Risk Once a risk has been identified it needs to be analyzed. The scope of
the risk must be determined.
 Evaluate the Risk or Risk Assessment Risks need to be ranked and prioritized. Most
risk management solutions have different categories of risks, depending on the severity
of the risk. A risk that may cause some inconvenience is rated lowly, risks that can
result in catastrophic loss are rated the highest.
Treat the Risk Every risk needs to be eliminated or contained as much as possible.
This is done by connecting with the experts of the field to which the risk belongs. In a
manual environment, this entails contacting each and every stakeholder and then
setting up meetings so everyone can talk and discuss the issues.
Monitor and Review the Risk - Not all risks can be eliminated – some risks are always
present. Market risks and environmental risks are just two examples of risks that always
need to be monitored

Meaning and Scope of Insurance.

Insurance is a contract, represented by a policy, in which a policyholder receives
financial protection or reimbursement against losses from an insurance company. The
company pools clients’ risks to make payments more affordable for the insured. Most
people have some insurance: for their car, their house, their healthcare, or their life.
Insurance policies hedge against financial losses resulting from accidents, injury, or
property damage. Insurance also helps cover costs associated with liability (legal
responsibility) for damage or injury caused to a third party.
Scope of Insurance. All Liability Insurance policies shall be written on an
"Occurrence" basis only. All insurance coverage must be placed with an insurer that
has A.M. Best's Rating of no less than A: VII unless approval has been granted by the
other.