CHAPTER 1

INTRODUCTION

1.1) Insurance
Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge
against the risk of a contingent or uncertain loss.

As a fully integrated risk practice, we have the size and capability to address all risk issues and deliver end-
to-end solutions.

Insurance Risk Management is the assessment and quantification of the likelihood and financial impact of
events that may occur in the customer's world that require settlement by the insurer; and the ability to spread
the risk of these events occurring across other insurance underwriter's in the market. Risk Management work
typically involves the application of mathematical and statistical modelling to determine appropriate premium
cover and the value of insurance risk to 'hold' verses 'distribute'.

An entity which provides insurance is known as an insurer, insurance company, insurance carrier or
underwriter. A person or entity who buys insurance is known as an insured or as a policyholder. The insurance
transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment
to the insurer in exchange for the insurer's promise to compensate the insured in the event of a covered loss.
The loss may or may not be financial, but it must be reducible to financial terms, and usually involves
something in which the insured has an insurable interest established by ownership, possession, or pre-existing
relationship.

The insured receives a contract, called the insurance policy, which details the conditions and circumstances
under which the insurer will compensate the insured. The amount of money charged by the insurer to the
insured for the coverage set forth in the insurance policy is called the premium. If the insured experiences a
loss, which is potentially covered by the insurance policy, the insured submits a claim to the insurer for
processing by a claims adjuster. The insurer may hedge its own risk by taking out reinsurance, whereby another
insurance company agrees to carry some of the risk, especially if the primary insurer deems the risk too large
for it to carry.

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Psychologists have suggested that a fundamental need of all people is to satisfy physiological essentials. Some
of the foundational areas of concern are having food, protection from the elements, and maintaining security
(e.g., protection from criminals, illness, and other threats). Once basic survival and security needs are met,
people feel psychologically and physiologically secure enough to focus on other areas, such as financial goals.

Similarly, the financial advice process has foundational aspects that should be addressed prior to concentrating
on more advanced needs. Personal risk management is just such a foundational area that should be addressed
because it helps to provide security, a safety net so to speak, so people can focus more on their long-term goals.

The reason for this is obvious when you put it in context of a client’s situation. For example, let’s imagine a
client who has done a great job saving for retirement and other investment objectives (long-term goals), but
has not adequately managed risk exposures. When an event occurs for which there is no insurance or risk
management preparation in place to cover against the loss, savings and investments must be redirected to pay
for the damage. The result may be complete loss of necessary money for retirement or other funding needs.

Insurance is a means of protection from financial loss. It is a form of management, primarily used
to hedge against the risk of a contingent or uncertain loss.
An entity which provides insurance is known as an insurer, an insurance company, an insurance carrier or
an underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity
covered under the policy is called an insured. Policyholder and insured are often used as but are not necessarily
synonyms, as coverage can sometimes extend to additional insureds who did not buy the insurance. The
insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the
form of payment (premium, deductible) to the insurer in exchange for the insurer's promise to compensate the
insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial
terms. Furthermore, it usually involves something in which the insured has an insurable established by
ownership, possession, or pre-existing relationship.

The insured receives a contract, called the insurance policy, which details the conditions and circumstances
under which the insurer will compensate the insured, or their designated beneficiary or assignee. The amount
of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called
the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured
submits a claim to the insurer for processing by a claims adjuster. A mandatory out-of-picket expense required
by an insurance policy before an insurer will pay a claim is called a deductible (or if required by a health
insurance policy, a copayment). The insurer may hedge its own risk by taking out reinsurance, whereby

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another insurance company agrees to carry some of the risks, especially if the primary insurer deems the risk
too large for it to carry.
INSURANCE

Health Life Disability Fire marine

It may include:

1.Health insurance: Health insurance or medical insurance (also known as medical aid in South Africa) is a
type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with
other types of insurance is risk among many individuals. By estimating the overall risk of health risk and health
system expenses over the risk pool, an insurer can develop a routine finance structure, such as a monthly
premium or payroll tax, to provide the money to pay for the health care benefits specified in the insurance
agreement The benefit is administered by a central organization, such as a government agency, private
business, or not-for-profit entity.

2.Life insurance: Life insurance (especially in the common wealth of nation) is a contract between
an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum
of money upon the death of an insured person (often the policy holder). Depending on the contract, other
events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a
premium, either regularly or as one lump sum. The benefits may include other expenses, such as funeral
expenses.

3.Disability insurance: Disability Insurance, often called DI or disability income insurance, or income
protection, is a form of insurance that insures the beneficiary's earned income against the risk that
a disability creates a barrier for completion of core work functions. For example, the worker may suffer from
an inability to maintain composure in the case of psychological disorders or suffer an injury, illness or
condition that causes physical impairment or incapacity to work. DI encompasses paid sick leave, short-
term disability benefits (STD), and long-term disability benefits.

4.Fire insurance: The term fire insurance refers to a form of property insurance that covers damage and
losses caused by fire. Most policies come with some form of fire protection, but homeowners may be able to

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purchase additional coverage in case their property is lost or damaged because of fire. Purchasing additional
fire coverage helps to cover the cost of replacement, repair, or reconstruction of property above the limit set
by the property insurance policy. Fire insurance policies typically contain general exclusions such
as war, nuclear risk, and similar perils.

5.Marine insurance: Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport
by which the property is transferred, acquired, or held between the points of origin and the final destination.
Cargo insurance is the sub-branch of marine insurance, though Marine insurance also includes Onshore and
Offshore exposed property, (container terminals, ports, oil platforms, pipelines), Hull, Marine Casualty, and
Marine Liability. When goods are transported by mail or courier, shipping insurance is used instead.

1.2) Risk:
Risk is the possibility of something bad happening. Risk involves uncertainty about the implications of an
activity with respect to something that humans value (such as health, well-being, wealth, property or the
environment), often focusing on negative, undesirable consequences. Many different definitions have been
proposed. The international standard definition of risk for common understanding in different applications is
“effect of uncertainty on objectives”
The understanding of risk, the methods of assessment and management, the descriptions of risk and even the
definitions of risk differ in different practice areas.

1.3) What is insurance risk?

Life is inherently risky and it would be impossible to protect yourself against every potential risk you face.
But if you are going to work hard, put money aside and invest it in things that are important to you or improve
your life, it makes sense to protect those things as best you can.
Managing your risk involves a little bit of thought and planning to identify where you might be vulnerable or
damage. You do your best to protect your property, but you can also protect yourself from the impact of a
natural disaster or if an unexpected event happens.

Most of us engage in simple risk management strategies every day.

We drive carefully, put our salaries straight into a bank account, lock our house or car when we leave them,
and keep our wallets, handbags and mobile phones with us when we go to a cafe or a park.

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Insurance is an important component of risk management, but it’s not the only one.
Before you make the decision to buy insurance, it makes sense to review your own risks and work out how
you can reduce the chance of them occurring and if they do occur, how you might reduce the impact on your
life.
For example, you can reduce the risk of bushfire by making sure you have cleared flammable materials away
from your house.

You can then take out insurance cover so that you are not risking severe financial consequences in the unlikely
event your house is damaged or destroyed by bushfire. You are only protected once you pay your premium
and, in some circumstances, the policy may not take effect for a predetermined time. 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.

1.4) Role of Insurance in Risk Management?

Risk management in the insurance business is a bit of a head scratcher. On one hand, insurance companies are
selling what many people consider to be a risk mitigation. On the other, insurance companies themselves face
a variety of risks they need to mitigate.

Let’s briefly consider a misconception about insurance as it pertains to risk management: Too often, people
think insurance is a sufficient, catch-all control activity. But while insurance is a perfect way to protect a
business from many risk scenarios, there are other scenarios insurance just can’t cover. Oftentimes, risk
insurance does not cover the core competencies of a business.

Insurance companies can “self-insure,” or purchase coverage from a reinsurer, but this doesn’t ensure all of
the company’s risk is accounted for. One of the biggest values an insurance company provides is customer
service for those who need to submit a claim. If customers consistently have poor customer service

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experiences, they’re likely to share their stories on social media, tarnishing the company’s reputation and
leading the company to fall behind their competition.

Insurance is an excellent tool to use when the likelihood of loss is significant and/or when the cost of a loss is
substantial and that risk can be transferred for a premium that is relatively affordable. Although insurance is a
common solution for managing risk never assume that insurance is the only solution for managing risk. Risk
avoidance, risk minimization, or risk retention may be appropriate for a client’s unique exposure to a specific
risk. Additionally, there are other financial tools besides insurance, such as an emergency fund, that can help
manage the risk of loss.

However, as a practical matter, insurance is commonly used to manage risk. One reason for this is because it
is not practical or desirable for most people to avoid most risks and live a satisfying life. Living an active and
satisfying life usually means taking calculated risks.

Insurance is often available to protect against the resulting exposure to financial losses. Prior to insurance, an
individual or family suffered individually for the losses some people would be lucky and others would not.
Insurance allows the loss to be spread across society, so the comparatively small amounts of money spent on
insurance by many people reduces individual financial impact. Insurance is used to protect against many pure
risks because it is relatively inexpensive compared to the potential losses against which it protects.

1.5) Risk management process

The risk management process can be shown in six steps:
1. Identify risk management goals
2. Collect information to identify risk exposures facing the client
3. Analyse and evaluate the information
4. Construct a risk management strategy (i.e., determine appropriate risk
treatment methods)
5. Implement the recommendations
6. Monitor the recommendations for any needed changes.

To fathom the following points in details as follows:

Identify Risk Management Goals

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First, learn what the client wants from his or her risk management program. Then, define the objectives, often
using a formalized risk management policy. This can provide guidance for the advisor and the client as part of
evaluating recommendations (similar to an investment policy statement [IPS]). Evaluate all the client’s risk
exposures and provide guidance in meeting the resulting risk management goals.

Collect Information to Identify Risk Exposures Facing the Client

In an overall risk management program, relevant information includes just about everything you can learn
about the client. Potential sources of information include policy checklists, legal documents, risk analysis
questionnaires, and financial statements. This information is necessary because all the client’s assets and
activities are potential sources of risk exposure, and an advisor needs to know the risks a client faces to
determine if those risks are adequately covered. Reviewing existing insurance policies allows the advisor to
analyse the coverage to see if it is appropriate. You will also want to view tax returns, investment statements,
wills, and trust documents.

Analyze and Evaluate the Information

The advisor should evaluate each of the client’s assets and activities to look for risk exposures, of which there
are three basic types. Asset-related; that is, loss of the asset itself, loss of use of the asset, and other associated
losses Liability-related; based on contract law associated with the asset or activity (e.g., acquisition of an asset
resulting in liability to a lender, a club membership contract putting certain responsibilities on the client, etc.)

Construct a Risk Management Strategy

After analysis and evaluation, the advisor can develop risk treatment approaches for risk exposures and select
appropriate alternatives. When the advisor and client accept appropriate approaches, they should be
incorporated into the risk management strategy.

Implement the Recommendations

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Implementing recommendations may require restructuring existing insurance policies and risk management
plans. It may also mean purchasing new insurance policies. Although the client must ultimately decide whether
he or she will implement the strategy you present, you will probably need to help guide the implementation
process by recommending action steps.

Monitor the Recommendations for Needed Changes

Monitor recommendations because things change over time. The client’s situation will change, as will various
options for meeting client needs. By reviewing and updating recommendations, you gain the opportunity to
identify new or previously-missed risk exposures, obtain missing information, and modify any previous
actions.

As you continue to gather data from the client, it is likely that you will uncover risks that require the client to
act. When you share your findings with the client, you will learn how important addressing these risks are to
the client. You may also find that the client is unaware of the potential for loss and the extent of the potential
financial cost that would result. Property (including liability) and life are two primary risk areas.

1.6) Basic Risk Management Rules Assumptions and Techniques

Rules of Risk Management

Looking up and down a street before crossing to make sure no cars are coming is risk reduction. Risk avoidance
would be making the decision not to cross the street. Risk retention would be to simply cross the street, and
allow events to occur naturally.

What about other risk management decisions? Are there rules to use when you are unsure how
to proceed? The following rules provide some guidance:

1. Consider the odds

2. Don’t risk a lot for a little
3. Don’t risk more than you can afford to lose

When considering the odds, a person understands that when a financial loss is very likely, insuring such a risk
may not make sense. The way insurance usually operates, insurers base premiums, in large measure, on the
likelihood of a loss occurring. This means that a high- probability risk will cost quite a bit perhaps as much as
the financial loss insure.
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A person who does not want to risk a lot for a little would compare the cost of insuring against a possible loss
with the potential amount of financial loss. As an example, a person who decides not to insure against a
catastrophic loss to his or her home would be risking a lot (loss of the home) for a little (the insurance
premium). This could also be a reasonable example of not risking more than you can afford to lose.

Due to the complexity of the risk management process and potential severity of the consequences, it is
important for advisors to develop a focused and well-organized process for consistently assessing and
addressing risk management issues. The use of a set process and clearly defined methodology reduces the
likelihood of being side tracked or missing important potential risks that may exist in a client’s situation.

In the data gathering step you will identify potential risks the client faces. In your analysis, you will evaluate
various options for addressing these risks and present your recommendations to the client. If you sell insurance
products, you may personally help implement the product solutions that will aid the client with managing risk.
If you are not able to sell insurance, you can monitor the implementation that takes place through a third party.
You are a vital part of the process of assessing your clients’ exposure to risk.

Many risks can be managed with the risk management techniques described above. As previously mentioned,
some individuals have a higher tolerance for risk-taking and retention than others. Avoiding risky activities or
taking precautions to minimize the financial impact of potential losses will help clients reduce the likelihood
of suffering significant financial loss.

Purchasing appropriate insurance products to transfer the risk to an insurance company allows clients to
exchange a known premium that is relatively much smaller than the potential for a financially devastating loss.
Clients may also choose to retain some risks and the financial consequences as a means of managing risk.

Assumptions and Techniques of Risk Management

Risk management is the process of addressing concerns related to both insurable and uninsurable risks. It is
the identification, analysis, and control of unacceptable risks. Identifying a client’s tolerance for risk is part of
the data gathering process. By asking the client insightful questions you will determine to what degree the
client is comfortable with various risks. Clients aren’t always consistent in their attitudes toward risk. For
instance, you may find a client who is an avid mountain biker and comfortable taking physical risks, but has
low risk tolerance with financial matters.
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Once a risk is identified, the techniques used to manage that risk include risk avoidance, risk minimization,
risk transfer and risk retention. Some risk management techniques are almost automatic. People make many
small decisions in less time than it took to read this section.

However, other decisions require more careful thought and deliberation.

Risk avoidance

Risk avoidance is not doing things that expose one to risk. For example, if someone wants to avoid the risk of
death due to hitting a tree while skiing at 50 kilometres per hour, they can choose to not ski. However, risk
avoidance is not always feasible. As an example, if someone wished to avoid the risk of dying in a car accident,
giving up driving may not be a reasonable solution if alternative means of transportation are not available or
practical.

Risk Minimization

Risk minimization or reduction is employing strategies to reduce the likelihood or the severity of loss caused
by a particular risk. Skiing within your ability and wearing appropriate protective gear is an example. Wearing
a seat belt while driving and ensuring the brakes work are also examples of risk minimization.

Risk Transfer

Risk transfer occurs when one individual or entity takes on the risk for the benefit of another. When buying a
lift ticket at a ski resort, the ticket or receipt states that the skier assumes all risks inherent to skiing, up to and
including death. This is an example of the resort transferring the risk of skiing to the skier. Buying car
insurance effectively transfers the risk of damaging one’s car or someone else’s car or person to an insurance
company. Insurance is the most common method of risk transfer.

Risk Retention

Risk retention may be intentional or unintentional. To illustrate, an individual with no life insurance might
decide that the risks associated with skiing are worth it and does not take steps to avoid, minimize, or transfer
the risk. It may also be the case that this same individual doesn’t understand the risks of skiing and assumes
them unintentionally. Likewise, individuals who drive without car insurance are retaining the property and
liability risks associated with driving. More typically, people choose to retain risk when the potential for loss
is unlikely or the cost of a loss is small. One of your functions as an advisor is to help clients make proactive
choices about retaining risk so they do not retain a risk because they were unaware of their exposure to it. For
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example, clients may be unaware that insurance exists to replace a portion of their income if they become sick
or injured and cannot work. Or they may believe that the odds of such an event happening are so small that
protecting against it is not worth the cost. You can educate clients so they can make informed decisions.

Example:

To demonstrate how these risk management techniques can work together, let’s look at two examples. If Kevin
does not want her daughter to go mountain climbing, because of potential injury, Kevin is practicing risk
avoidance. Her daughter an, however, wants to mountain climb, but would reduce potential risk by using a
guide and wearing protective clothing. The risk is the same: injury to An. Kevin believes that if a does not
climb the mountain; she can’t get hurt. A thinks that by working with an experienced guide, wearing protective
clothing, and keeping fit, she will reduce the possibility and potential severity of injury (risk minimization).

1.7) Importance of insurance -

There is no denying that you will have greater peace of mind if you know that you and your loved ones are
financially secure from various unforeseen situations. Uncertainties in life could crop up at any moment, such
as an unfortunate death or a medical emergency. These situations also include an accident or damage to your
vehicle, property etc.
Bearing the financial impact of these situations can burn a hole into your pocket. You may need to dip into
your savings or your family’s hard-earned money. Thus, there is a pressing need of insurance for you and your
family for proper coverage and financial support against all risks linked to your life, health and property.
Insurance plans are beneficial to anyone looking to protect their family, assets/property and themselves from
financial risk/losses:

• Insurance plans will help you pay for medical emergencies, hospitalisation, contraction of any illnesses
and treatment, and medical care required in the future.
• The financial loss to the family due to the unfortunate death of the sole earner can be covered by
insurance plans. The family can also repay any debts like home loans or other debts which the person
insured may have incurred in his/her lifetime.
• Insurance plans will help your family maintain their standard of living in case you are not around in
the future. This will help them cover the costs of running the household through the insurance lump
sum pay-out. The insurance money will give your family some much-needed breathing space along
with coverage for all expenditure in case of death/accident/medical emergency of the policyholder.

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 • Insurance plans will help in protecting the future of your child in terms of his/her education. They will
make sure that your children are financially secured while pursuing their dreams and ambitions without
any compromises, even when you are not around.
• Many insurance plans come with savings and investment schemes along with regular coverage. These
help in building wealth/savings for the future through regular investments. You pay premiums
regularly and a portion of the same goes towards life coverage while the other portion goes towards
either a savings plans or investment plan, whichever you choose based on your future goals and needs.
• Insurance helps protect your home in the event of any unforeseen calamity or damage. Your home
insurance plan will help you get coverage for damages to your home and pay for the cost of repairs or
rebuilding, whichever is needed. If you have coverage for valuables and items inside the house, then
you can purchase replacement items with the insurance money.

1.8) What is purpose of insurance planning:

Insurance planning is to protect yourself, your family and loved ones, your home, your assets, or your
business against unexpected events.

The idea behind insurance is to get a group to contribute financially to a fund specifically designed to help
individuals recover in the case of an unexpected loss.

In this way, insurance eases financial burdens that can occur when disaster strikes.

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Source:
https://www.stakeholdermap.com/risk/risk-insurance.png

Insurance planning is a critical component of a comprehensive financial plan that includes evaluating risks
and determining the proper insurance coverage to mitigate those risks. The principal goal of insurance planning
is to identify and analyze risk factors in life and seek proper coverage to attain a peace of mind if disaster
strikes. The chances of recovering partly or fully are assured by having insurance. Therefore, insurance is an
economic device transferring risk from an individual to a company and reducing the uncertainty of risk via
pooling. Insurance policies benefits people As well as Society as a whole in various ways. Along with obvious
benefit of insurance, Others are not much discussed and talked about.

Cover against uncertainties-

It is one of the most prominent and crucial benefits of insurance. The insured individual and organizations
are indemnified under the Insurance policies against the losses. Buying the right type of insurance policy is
indeed, A way to get protection against losses arising from different uncertainties in life.
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Cash flow management-
the uncertainty of paying for the losses incurred out of pocket has significant. Impact on cash flow
management. However, with an insurance policy by your side You can tackle this uncertainty with ease.
The chosen insurance provider pays in the event of happening of an insured event whenever they occur.

Investment opportunities-
Unit linked insurance plan, invest a part of the premium into several market linked funds. This way,
they enable to invest Money regularly to benefit of market linked returns and fulfil your life goals.

1.9) Appropriate plans for salary based employees

Carrying insurance is crucial, but the most important aspect is carrying the appropriate type of insurance. Each
person has different insurance needs tied to his/her unique situation, age, health, family structure, economic
status, possessions, assets, and many other factors. There are several forms of insurance and there is no "one
size fits all". (This is why we need the insurance planning!) Also, any major change in life requires an
immediate review of insurance planning to make sure the protection remains adequate. For college students
and parents, every university offers health information and services. Thus, make sure to check with health
services before making insurance decisions. Students age 26 or under are normally (but not always) insured
on their parents' insurance plans and are expected to remain insured during their college attendance. However,
not all insurance plans are accepted equally. Changes to meet expectations. Graduates and international
students are also expected to carry health insurance. They will either purchase insurance provided by the
university or buy a plan privately. One need to think insurance planning as a fluid process, never stagnant or
frozen in time. As one’s life changes their insurance needs will have to change accordingly to remain protected
one’s focus should be on acquiring enough insurance to match risk factors to them, to their family and their
wealth.

Here are the elements one needs to consider while planning insurance planning:

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1. Age (young, middle-aged, retiree)

2. Family status (single, married, children)

3. Health (subsequently your family's health)

4. Assets (home, car, boat, etc.)

5. Professional status (student, employed, self-employed, unemployed)

6. Economic status (student, employed, self-employed, unemployed)

1.10) HUMAN LIFE VALUE (INCOME BASED) METHOD

With the income-based method, five basic steps determine a person’s human life value:

1. Estimate future average annual earnings.

2. From these future earnings, subtract income taxes, insurance premiums, and personal living expenses.
This shows how much income the rest of the family actually uses, and becomes the annual payment
needed at the beginning of each year (PMT).
3. Estimate the number of productive years (N) the individual has left (i.e., until retirement).
4. Determine an appropriate discount rate (I/YR) for the future earnings.
5. Calculate the present value for the payment stream as an annuity due (PVAD).

Example:

Use the income-based, human life value approach to determine a life insurance need. Estimate average annual
earnings in the future (assume Rs. 50,000 for this example). Deduct personal living expenses, insurance
premiums, and taxes (assume Rs. 20,000). Determine the number of years prior to retirement (assume 25
years). Determine the discount rate (assume four percent). Now do the calculation. Set the calculator to BEGIN
mode. This example would be calculated as follows:

PMT = Rs. 50,000 – Rs. 20,000 = Rs. 30,000

N = 25
I/YR = 4
PVAD = Rs. 487,409
For this example, the income-based need for life insurance is Rs.4,87,409.

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1.11) Tax benefits of insurance-
Other than the protection benefits of insurance policies, one can avail income tax benefits.

Section 80C:
The premium paid to buy life insurance policies are eligible for deduction from the taxable income,
under section 80C of Income Tax Act. The upper limit of this deduction is 1.5 lakhs.

Section 80D:
Health insurance premium paid to by policies for yourself and your parents is also tax deductible
under section 80D of Income Tax Act 1961.

Section 10(10D):
The life insurance benefits that you or the insurance policy nominee will receive from the insurer are
tax exempted under this section of Income Tax Act.
You can claim this text benefits Insurance at any time feeling your income tax return.
1.) Life insurance not only ensures the well-being of your family, it also
brings tax benefits.
2.) The amount you pay as premium can be deducted from your total taxable
income.
3) However, this is subject to a maximum of Rs 1.5 lakh, under Section 80C
of the Income Tax Act.
4.) The premium amount used for tax deduction should not exceed 10% of
the sum assured.

1.12) INSURANCE PLANNING RELEVANT FOR SALARIED EMPLOYEES

1.Pensions as Retirement Income Insurance

This paper has taken the view that employer-sponsored pension plans are best understood as retirement income
insurance for employees. This view helps to answer a number of questions regarding the reasons for the
existence of employer—provided pension plans, their design, and their funding and investment policies. We
can summarize these answers as follows: Employers provide pensions because it is economically efficient for
then to supply the kind of retirement income insurance that their employees desire. Employers often have
better access to information regarding past and future earnings of employees than the employees themselves;
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can benefit from economies of scale in processing this information for long range personal financial planning;
can easily implement forced saving for employees by deferring wages and salaries; and can avoid some of the
adverse selection problems that make private insurance markets for deferred life annuities inefficient. The
dominant form of employer pension plan is defined benefit because this form provides more complete
insurance against the major sources of retirement income risk than does the defined contribution form. The
failure of virtually all private pension plans in the U.S. to provide inflation insurance can be explained by some
combination of two possibilities:

(1) the other assets of the elderly provide more than enough inflation insurance and

(2) money illusion may cause plan participants to systematically undervalue this type of insurance. We can
understand many of the funding and asset allocation policies of corporate defined benefit funds by thinking of
then as insurance subsidiaries of the sponsoring corporation. As such their primary concern is to hedge the
pension liabilities incurred by the parent corporation.

2. An International Assessment of Health Care Financing

Many lessons can be drawn from existing experience in health financing.

First, health financing policy is evolutionary in nature. The present tends to reflect the accumulation of past
policy decisions, or even an absence of purposeful policy development, to meet often conflicting means and
ends. Proposed changes need to take into consideration the constraints imposed by current practices and
resources available.

Second, market mechanisms will not ensure either equity or economic efficiency, because of the characteristics
of the health care market on both the supply and demand side, which suggest the presence of market failure
conditions.
Third, health financing policy usually has three ultimate concerns: (a) equity and efficiency, (b) free price
setting and consumer choice, and (c) budgetary constraints. Empirically, two of these can be achieved but
success in all three has been elusive. Usually the pursuit of (b) conflicts with (a) and (c).

Fourth, health financing can be done through a variety of mechanisms, as illustrated by the diverse experiences
of many countries: the instruments range from tax financing and health insurance premiums to user fees using
dedicated institutions or existing ones adapted for the purpose. The private-public mix of ownership of the
delivery system also varies. These arrangements represent choices and tradeoffs, but they usually have an
impact on overall costs, consumer choice, income of providers, and access by the poor and the less well-off

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with chronic illnesses. They can also have an effect on innovation and the introduction and diffusion of new
technology.
Fifth, the establishment of mechanisms and facilities to gather relevant information, contract, and manage a
large number of transactions between providers and those financing such arrangements in an efficient manner
are necessary in the implementation of health financing policy.

Finally, more work can and should be done to enrich the empirical bases available to policymakers.
3.Social Health Insurance
All countries and all health care systems are different. However, some very general lessons emerge from the
experience of the countries cited above. A few of them are discussed below. There is no right or wrong way
to combine systems of health financing and health care provision. Social health insurance can be combined
with health care provision from private providers, social health insurance providers or government providers.
can also be combined with public funding. The choices made depend on the political and historical context in
countries. Equally important is the need to follow certain rules and experiences in design – such as entitlement
to benefits, method of provider payment, and cost control . This general rule applies to all systems, whatever
their features may be. Services cannot meet all the needs of all the population. In Costa Rica and the United
Kingdom, this means long waiting lists. In Thailand, physicians are attempting to shift costs into the area of
occupational health. In Germany, the problem is one of controlling costs, especially by controlling providers,
excluding services and increasing co-payments. All countries struggle with the issue of cost control though
their measures and experiences are different. Global budgets (Canada, Costa Rica, United Kingdom),
capitation (Thailand, United Kingdom) and insurance-owned facilities (Costa Rica, Egypt) can be effective
mechanisms for cost containment. Fees for service are a poor mechanism for cost control. The problem of
ensuring a high quality of service can emerge in many different systems. Costa Rica has social insurance and
the United Kingdom has a tax-funded system, but both receive many complaints from users. Incentives for
high quality are likely to be incompatible with good cost containment. Egypt has mobilized significant
additional resources for health by using SHI for some groups only. Costa Rica has developed a system with
universal cover through SHI. Even if SHI is not feasible for all groups in the population, it can help to extend
access to services. The experience in Egypt and Thailand shows the importance of administrative skills in
developing SHI. A lack of personnel and training can be more of a constraint than a lack of health service
infrastructure. Many of the advantages of social insurance funding are lost without good administration. The
examples of the Philippines and Uganda show how community-based schemes can play an important role on
the way towards universal SHI.

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1.13) Insurance Risk Management - Core Services
• Enhanced Risk Strategies: Frameworks
Create the right risk strategies to achieve the enterprises strategic aims and implements the optimum
frameworks to ensure risk is appropriately managed.
Work Undertaken
• Assessment, design and implementation of Insurance Strategies
• Assessment, design, implementation of Insurance Risk Frameworks
• Assessment, design and implementation of insurance risk related risk portfolios and assessment
methodologies
• Assessment, design and implementation of Insurance Risk Appetite Statements
• Claims Function KPI design
• Commodity Sector Strategy Input
• Insurance Product Pricing
• Underwriting Function KPI design
• Reinsurance Program Design

Source:
https://encrypted-
tbn0.gstatic.com/images?q=tbn:ANd9GcTGFgH1qZrTi4XoZxlOngNP2vHcRWve7KApFA
&usqp=CAU

19 | P a g e
 • Enhanced Risk Performance

Putting words into action – delivering risk performance within agreed tolerances at the sharp end – day after
day.

• Insurance Risk Analysis – Trend analysis

• Insurance Risk Analysis – Exposure Measurement
• Insurance Risk Exposure Management
• Risk capital Reserving
• Claims Result Analysis
• Reinsurance Effectiveness
• Insurance Risk Aggregation and concentration risk measurement and management
• Peer review Actuarial Services
• Audit review of liabilities, capital etc.
• Insurance Needs Assessment and/or Insurance Selection recommendations for non-insurance clients
• Risk Management Software Systems - Insurance Risk Underwriting Software Design, Specifications,
Testing, Review
• Mergers and Acquisitions assistance

• Enhanced Risk Management Functions: Capabilities

Create the optimum organisational solutions and equips the enterprise with the right skills and capabilities to
manage risk to achieve strategic aims.
Work Undertaken
• Assessment, design and implementation of Insurance Risk Management functions
• Claims Function – Assessment
• Underwriting Function Assessment
• Appointed Actuary Services
• Interim management solutions: Insurance Risk Officers and other professionals

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Source:
https://encrypted-
tbn0.gstatic.com/images?q=tbn:ANd9GcS2v72RiNPj6XqzzuIl5j_DByGDoJTvcXLeyL34dZ
Vrpu2ETS1RsP9eySe9n8IQbyej2v4&usqp=CAU

4.14) Types of Insurance

What is Life Insurance?

Life insurance is a contract that offers financial compensation in case of death or disability. Some life insurance
policies even offer financial compensation after retirement or a certain period of time. Life insurance, thus,
helps you secure your family’s financial security even in your absence. You either make a lump-sum payment
while purchasing a life insurance policy or make periodic payments to the insurer. These are known as
premiums. In exchange, your insurer promises to pay an assured sum to your family in the event of death,
disability or at a set time.
Life insurance can help you support your family even after retirement. Depending on what it covers, Life
insurance can be classified into various types:

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1. Term Insurance
- It is the most basic type of insurance.
- It covers you for a specific period.
- Your family gets a lump-sum amount in the case of your death.
- If, however, you survive the term, no money will be paid to you or your family.

2. Whole Life Insurance

- It covers you for a lifetime.
- Your family receives a certain sum of money after your death.
- They will also be entitled to a bonus that often accrues on such amount.

3. Endowment Policy
- Like a term policy, it is also valid for a certain period.
- A lump-sum amount will be paid to your family in the event of your death.
- Unlike a term plan, you get the maturity proceeds after the term period.

4. Money-back Policy
- A certain percentage of the sum assured will be paid to you periodically throughout the term as survival
benefit.
- After the expiry of the term, you get the balance amount as maturity proceeds.
- Your family gets the entire sum assured in case of death during the policy period. This is regardless
of the survival benefit payments made.

5.Unit-linked Insurance Plans (ULIPs)

- Such products double up as investment tools.
- A part of your premium goes towards your insurance cover.
- The remaining amount is invested in Debt and Equity.
- A lump-sum amount will be paid to your family in the event of your death.

6. Child Plan
- This ensures your child’s financial security.
- In the event of your death, your child gets a lump-sum amount.
- The insurer pays the premium amounts after your death.

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- Your child will continue to get a certain sum of money at specific intervals.

7. Pension Plans
- This helps build your retirement fund.
- You can get a regular pension amount after retirement.
- In the case of your death, your family can claim the sum assured.

COMPANY PROFILE

1. ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) is promoted by ICICI Bank Limited
and Prudential Corporation Holdings Limited.
ICICI Prudential Life began its operations in fiscal year 2001 and has consistently been amongst the top players
in the Indian life insurance sector. Our Assets Under Management (AUM) as on 31st March 2021 were
2,142.18 billion.

At ICICI Prudential Life, we operate on the core philosophy of customer centricity. We offer long term savings
and protection products to meet different life stage requirements of our customers. We have developed and
implemented various initiatives to provide cost-effective products, superior quality services, consistent fund
performance and a hassle-free claim settlement experience to our customers.
In FY2015 ICICI Prudential Life became the first private life insurer to attain assets under management of `1
trillion. ICICI Prudential Life is also the first insurance company in India to be listed on NSE and BSE.

FISCAL PARTICULARS

2001 Our company started operation

2002 Crossed the marks of 100,000 policies

2005 Crossed the marks of 1million policies

2008 Crosses the marks of 5 million policies
Crossed receipts of 100 billion of total premium
Crossed 250 billion of Assets under management.
2010 Established Subsidiary for the purpose of undertaking pension Funds related
business.

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 Our company turned profitable- registered profit of 2.58 billion Crossed 500
billion of Assets under management
2012 Started paying dividends
2015 Crossed 1 trillion of assets Under management
2017 First insurance company in India to list on NSE and BSE
2019 Premium of ICICI in FY Q1 is 309.30 billion with additional growth of 11% in
Q4 FY2019.
2021 AUM at 31st Dec 2021 were 2,375.60 billion.

Source: complied data from google

Vision

To build an enduring institution that serves the protection and long-term saving needs of customers with
sensitivity.

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Source:
https://www.google.com/imgres?imgurl=https%3A%2F%2Fstatic.pbcdn.in%2Fcdn%2Fimages%2Flife%2Fi
cici-life-insurance.jpg&imgrefurl=https%3A%2F%2Fwww.policybazaar.com%2Finsurance-
companies%2Ficici-prudential-life-insurance%2F&tbnid=7tBw5-9lAGhwOM&vet=12ahUKEwjL-
rHiuM_2AhXxRmwGHaIkCCEQMygEegUIARDGAQ..i&docid=cvzwqpqMjwqW0M&w=600&h=1697&
q=icici%20prudential%20general%20insurance%20plans%20images&ved=2ahUKEwjL-
rHiuM_2AhXxRmwGHaIkCCEQMygEegUIARDGAQ

Values:

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The success of the company will be founded in its unflinching commitment to 5 core values - Integrity,
Customer First, Boundary less, Humility and Passion. Each of the values describes what the company stands
for, the qualities of our people and the way we work. Every member of the ICICI Prudential team is committed
to the 5 core values and these values shine forth in all that we do.
• Customer First: Keep customers at the center of everything we do
• Humility: Openness to learn and change
• Passion: Demonstrate infectious energy to win and excel
• Integrity: Do the right thing
• Boundary less: Treat organization agenda as paramount

2. HDFC ERGO HEALTH INSURANCE COMPANY

HDFC ERGO is a 51:49 joint venture firm between HDFC and ERGO International AG, one of the insurance
entities of the Munich Re Group in Germany operating in the insurance field under the BFSI sector. The
company offers products in the retail, corporate and rural sectors. The retail sector products are health, motor,
travel, home, personal accident, and cyber security policy. Corporate products include liability, marine, and
property insurance. Rural sector caters the farmers with crop insurance and cattle insurance.

In 2020, HDFC Ergo Health Insurance( earlier known as Apollo Munich Health Insurance) merged with the
company after the receipt of final approval from the Insurance Regulatory and Development Authority of
India (IRDAI) making it the second-largest private insurer in the accident and health insurance business. With
this merger, the company's product suite expanded to over 50 in this segment.

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Source:

https://s3.ap-south-1.amazonaws.com/healthinsurances3.com/prod/imagegallery/HDFC-Ergo-Health-
Insurance-Plans-for-Individuals.jpg

History

As HDFC completes acquisition of 51.25 per cent shares in Apollo Munich Health Insurance Company
Limited (AMHI), the holders of Apollo Munich Health Insurance policies now become part of HDFC ERGO
Health Insurance. As there are a large number of holders of health insurance policies of AMHI, such
policyholders are now worried about what would happen to their policies.

Founded on 8 August 2007 with a joint venture between the Apollo Hospitals group and Munich Health, one
of the three business segments of Munich Re; a leading reinsurance company based in Germany, AMHI was
a leading private sector standalone health insurance provider. The company introduced many innovative
concepts in India that brought about sea changes in health insurance products in the country.

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With its simplified products and hassle-free claim settlement process, AMHI became a renowned name and
sold a large number of health policies in quick time.

On January 9, 2020, AMHI becomes part of HDFC ERGO, a 51:49 joint venture between Housing
Development and Finance Corporation (HDFC) and ERGO International AG, one of the insurance entity of
the Munich Re Group in Germany operating in the insurance field under the BFSI sector and have
specialization in offering health and personal accident covers.

In a message to existing health insurance policyholders of Apollo Munich, HDFC EFGO has assured that there
will be no change in policy terms and conditions, including renewal benefits and claims processes.

“This makes the onset of an exciting journey for you, as you shall benefit from being part of the HDFC family,
and enjoy an enhanced customer experience, supported by our innovative processes and new age technology.
There are many new areas of expertise, which you will be able to enjoy in the near future,” said Anuj Tyagi,
Managing Director and CEO of HDFC ERGO Health Insurance Limited in a letter to the existing health
insurance policyholders of Apollo Munich.

In the letter, Tyagi also said, “We would also like to inform you that we would shortly be applying to the
National Company Law Tribunal (NCLT) for approval of the Scheme of amalgamation of HDFC ERGO
Health and HDFC EFGO General Insurance Company Limited (HDFC ERGO General). As a result, HDFC
ERGO Health will be merged with HDFC ERGO General. We will keep you suitably informed upon receipt
of the requisite approvals.”

What is General Insurance?

A general insurance is a contract that offers financial compensation on any loss other than death. It insures
everything apart from life. A general insurance compensates you for financial loss due to liabilities related to
your house, car, bike, health, travel, etc. The insurance company promises to pay you a sum assured to cover

28 | P a g e
damages to your vehicle, medical treatments to cure health problems, losses due to theft or fire, or even
financial problems during travel.
You can get almost anything and everything insured. But there are five key types available:
1. Health Insurance
2. Motor Insurance
3. Travel Insurance
4. Home Insurance
5. Fire Insurance

Health Insurance
This type of general insurance covers the cost of medical care. It pays for or reimburses the amount you pay
towards the treatment of any injury or illness.
It usually covers:
1. Hospitalization
2. The treatment of critical illnesses
3. Medical bills prior to or post hospitalization
4. Day care procedures like Cataract operations

Motor Insurance
Motor insurance is for your car or bike what health insurance is for your health. It is a general insurance cover
that offers financial protection to your vehicles from loss due to accidents, damage, theft, fire or natural
calamities. You can also get motor insurance for your commercial vehicles. In India, you cannot drive or ride
without motor insurance.

Travel insurance
A travel insurance compensates you or pays for any financial liabilities arising out of medical and non-medical
emergencies during your travel abroad or within the country.

What all does travel insurance usually cover?

1. Loss of baggage
2. Emergency medical expenses

29 | P a g e
 3. Loss of passport
4. Hijacking
5. Delayed flights
6. Accidental death

Home Insurance
Home insurance is a cover that pays or compensates you for damage to your home due to natural calamities,
man-made disasters or other threats. It covers liabilities due to fire, burglary, theft, flood, earthquakes, and
sabotage. It not only offers financial protection to your home, but also takes care of the valuables inside the
property.

Fire Insurance
Fire insurance pays or compensates for the damages caused to your property or goods due to fire. It covers the
replacement, reconstruction or repair expenses of the insured property as well as the surrounding structures. It
also covers the damages caused to a third-party property due to fire.

1.15) Case Study

RISK MANAGEMENT IN GENERAL INSURANCE BUSINESS

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Joji. Rao & Krishan K. Pandey

Over the years the general insurance companies have been undertaking extensive risk management activities
to safe guard the investor as well as investment. In the present day scenario, the two aspects which are of great
importance to the general insurance industry are firstly the opportunities in the Indian general insurance market
and the resulting focus of players on achieving business growth and secondly the ongoing process of calibrated
de-tariffing. Though de-tariffing has provided players with significant opportunities in tapping markets and in
coming times may result into providing even more opportunities, it has placed the onus of correct pricing on
the players themselves. This has resulted in players preparing and emphasizing more on identifying risk
parameters and pricing products based on risks.
The players under the immediate response to the pressure of a free market scenario, has dropped the rates even
in hitherto non-profitable businesses. An efficient risk assessment and management in general insurance
industry lays great emphasis due to entry of private players, corresponding policy changes and the present day
fact of unprofitable books, erosion of capital resulting from unmanageable claim ratios.

Introduction
Any sunrise industry faces a host of risks, both internal and external. Whereas for industries already in
existence for long, most of the risks are well identified and emerge from the internal operations of the different
players. An evolving industry usually faces higher risks from the competitive and regulatory environments
rather than internal operations. In a competitive environment, achieving growth requires focus on sales and
rapidly scaling up operations through expansion of channels and increasing geographical presence. A higher
amount of focus on sales and business expansion has its own set of risks on business profitability. These risks
could adversely affect the business performance and even their survival. The general Insurance companies due
to their nature of business are at a receiving end both as a insurer and insured. The success of the business
hence lies in understanding the external and internal risks concerning the general insurance business industry
and the techniques adopted by the insurers as well as insured to effectively manage their risks.

Risks in General Insurance

business Players in the general insurance business are likely to be exposed to varieties of financial and non-
financial risks like capital risk, enterprise risk, asset liability management risk, insurance risk, operating risk
and credit risk arising out of the nature of business and the socio economic environment in which they operate.

1 Financial risk

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Insurance business basically being financial business in nature attracts financial risks in the forms of capital
structure risk, capital (in)adequacy risk, exchange rate risk, interest rate risk, investment risk, underwriting
risk, catastrophic risk, reserve risk, pricing risk, claims management risk, reinsurance risk, policy holders and
brokers risks, claims recovery risk and other debtors risk.

2 Non financial risk

Non-financial risk management has assumed greater significance in the recent years due to
(i) the growing volume of operational losses,
(ii) the industry’s increasing reliance on sophisticated financial technology with the latter’s associated
probability of failure at times,
(iii) the ever increasing pace of changes in the deregulated insurance regime and
(iv) the globalization process paving the way for the entry of global players.

Risk management mechanism.

It is of utmost importance for any organization to minimize its exposure to risk of loss arising out of unforeseen
events like the natural calamities, earthquake, flood, fire, theft, and so on. To ensure that a risk minimization
and mitigation mechanism is in place that the insured need to go for an effective risk management drive. The
technique available to the insured for such risk management is known as the enterprise risk management.

Conclusion of case study

The study was developed to identify the risks to which the insured and the insurer are subject to, especially in
India and the mechanism through which these risk complexions are effectively managed. The study reveals
that both the insured and the insurer in India generally face risks ranging from financial to non-financial in
nature. The financial risks for both of them are classified as capital risk, asset/liability management risk,
insurance risk and credit risk, whereas the non-financial risk include enterprise risk and operational risk. The
capital risk includes capital structure risk and capital inadequacy risk. Whereas the asset liability management
risk includes exchange risk, interest rate risk and investment risk. Similarly, the insurance risk includes
underwriting risk, catastrophe risk, reserve risk, claims management risk and the credit risk includes
reinsurance risk, policy holders and broker’s risks, claims recovery risk and other debtor’s risk. In the same
manner the enterprise risk includes reputation risk, parent risk, competitors risk and the operational risk
includes regulatory risk, business continuity risk, IT obsolescence risk, process risk, regulatory compliance
risk and out sourcing risk. The risk management mechanism found prevalent in the general insurance industry
for the insured are in the form of enterprise risk management comprising of planning, risk tracking and
reporting, implementation, tools and risk management. Whereas for the insurer it is in the form of risk based
capital management and reserving, with the former consisting of management role, capital and solvency

32 | P a g e
margins, and risk based capital and the later consisting of unearned premium reserves, unexpired risk reserves,
outstanding claim reserves, incurred but not reported reserves, catastrophe reserves and claims equalization
reserve

CHAPTER 2- RESEARCH METHODOLOGY

2.1 Introduction

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The study has been conducted using both primary as well as secondary data. The primary data was obtained
from the analysis done through direct questionnaire provided to the respondents. Information regarding the
project was obtained from Students, Service Men, the Self-Employed and others.

The project undertaken is Descriptive in nature as it tries to find out the awareness among the people and their
perception. The Questionnaire was distributed among 50 respondents residing in Mumbai. The responses
received formed the basis of primary data required for the study.

The secondary research method is used for the research for finding out the various Risk associated with
insurance policy and how they manage the risks. The secondary method was used as materials to be estimated
with further detail. The aim of this approach is to study about risk management in insurance sector in a broader
and detailed way.

2.2 Statement of problem

The study on the project title “Risk Management in Insurance Sector.” has been undertaken to understand the
aspects of management of risk in an insurance sector to invest in to reap better returns. How it is beneficial to
the people and to the companies what are various avenues to manage risk factors in Insurance sector.

2.3 Objectives of the study

1. To study the risk management and insurance planning by the salaried employees.
2. To study the context of risk management and industry profile of insurance.
3. To study the risk management in insurance from a case study point of view
4. To identify and evaluates risk in insurance sector.

2.4 Research methodology

Research Design

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The study design is descriptive in nature. A Research design is purely and simply the framework of plan for a
study that guides the collection and analysis of data. The study is intended to find whether people are aware
with the concept of Risk management in insurance sector.

2.5) Sampling method

1) Primary Data Questionnaire

2) Personal Interview

Sample design

Sample was decided on socio demographic factors such as income and age group etc. The numbers of
respondent were restricted to 50. Respondents were selected randomly from Mumbai. Secondary data has also
been collected from external resources to find out the risk management in insurance and awareness among
people.

2.6) Data collection

1)Primary data – gathered through structured questionnaire.

2) Secondary data – gathered from records, manuals, journals, books, related reports and various website,
etc.

Personal Interview.

Life Insurance Agents:

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In Personal interviews with few life insurance agents it can be concluded generally there is not much risk
involved in life insurance policy. However, frauds can be taken place. And in modern era, people believes in
taking life insurance for the safety of their beloved ones.

An earner of the house:

In a personal interview with earner of house he plans to Invest in insurance policies for the safety of his
children and parents.

2.7) Scope of project:

The research is based on the study of risk management and insurance planning adopted by various salaried
employees. This study has been explored around various people with different range of salaries and the various
plans and policies adopted by them in respect with their insurance. The study gives a descriptive analysis of
the patterns of savings adopted by people, their insurance preferences, the factors they consider while selecting
policies, the categories and the types of policies they own.

2.8) Limitation of study

• Primary data:
1. The method of collecting data is very time consuming and cost consuming.
2. Primary data is limited to the specific time, place, number of participants, etc.
3. It could be very expensive to obtain primary data collection because the research team has to start from
the beginning.

• Secondary data:
1. Secondary data is available from other sources and may already have been used in previous research,
making it easier to carry out further research.
2. The researcher may have difficulty obtaining information specific to his or her needs.
3. The data received may not be accurate because most people are afraid to tell their policy number, some
have left no. of policy column blank.

CHAPTER 3: REVIEW OF LITERATURE

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Management of risk proves to be a major block for people who do prefer safer avenues of investing in
insurance policy as they lack basic knowledge of Risk management. Risk management in insurance has been
measured in different terms by various authors.

1)Khan, M.K. (1978)

Attempts to know the opportunities and prospects in the career of a life insurance sector. He explains about
what a good career is and how a good career should be for selling of life insurance products. There is no age
barrier and it requires no previous occupational experience but one must be a professional and capable of
creating opportunities in building personality. The relationship of life Insurance agent with clients is not
temporary and the service rendered has no substitutes. He also observes that life insurance agent remains, in a
sense, permanent server to the clients.

2) Ramesh Jain (1980)

Conducts a case study at Sagar branch, Calcutta, of Life Insurance Company view the spread of life insurance
in a particular area and to channelize the mobilized saving for nation building activities. Analyzing the
processing of procurement of insurance business and administration of Life Insurance Company in branch
level, the study also brings out the growth of total new business and about 30% of Life Insurance Companies
individual assurance business originated from the rural sector - it adds to the privilege of Life Insurance
Company to contribute their investments to many of the vital projects and schemes under 20 point
programmes. The findings of the study were to establish servicing center to have continuous interaction with
the policyholders and the sagar branch has still greater potentialities of expansion in rural area.

3) Rajkumar (1985)

Views that advertising is to influence a customer, who has a limited spending power and it seems to operate
through familiarizing spreading news over cog inertia and image building improving market share, educating,
informative and to have staff support. As far as insurance industry is concerned, misconception is a common
problem and the pre-testing revealed that most of the rich people are associated with insurance and he viewed
that the treatment of Life Insurance Company to the public is always unfair.

4)Blunting Damocles' Sword

An artificial (technological) risk source;Pandora’s box: slow killer’s contingent on publicly disclosed
information rather than experience (e.g. artificial ingredients in food or water).Unlike the risks of earlier
37 | P a g e
periods that were mostly perceivable physically as well, these so-called civilisation risks of our times are
invisible.Another difference is that today, the majority of such risks stem from overproduction as opposed to
the shortage of supplies in earlier times(Beck 1986/2003,p. 29)

5) Martin Eling, David Antonius Pankoke Risk Management and Insurance Review 19 (2), 249-284, 2016

This article summarize and classify 48 theoretical and empirical research papers from both academia and
practitioner organizations. The survey reveals that traditional insurance activity in the life, nonlife, and
reinsurance sectors neither contributes to systemic risk nor increases insurers’ vulnerability to impairments of
the financial system. However, non traditional activities (e.g., credit default swap underwriting) might increase
vulnerability, and life insurers might be more vulnerable than nonlife insurers due to higher leverage.

6) Bhavya Bansal, Aishvarya Bansal International Journal of Scientific and Research Publications 4 (10), 1-
3, 2014

“Better governance leads to better management”. This paper is an insight for corporate governance and risk
management strategies adopted in different insurance industries across the globe. Because corporate
Governance is not only mandatory but also recommended so that companies adhere to best practices. It will
correlate the theories formulated for corporate governance and actual practices followed in insurance
companies.

7) PK Gupta Himalayan Books, 2011

The insurance device has become more and more popular these days. Looking at the recent catastrophic events,
demand for insurance has increased tremendously with more and more demand for complex and sophisticated
products. Also, the liberalization of markets especially in developing countries has accentuated the need for
risk products. Also the recent government policy initiatives like crop insurance, financial guarantee schemes
for unemployed, various social security programmes and raising limits of FDI in insurance has resulted into a
sudden spurt in the demand of insurance professionals.

8) Harold D Skipper John Wiley & Sons, 2008

This provides an in-depth understanding of international risk management and insurance, their dynamics, and
the economic, social, political, and regulatory environments surrounding global risk and insurance markets.

38 | P a g e
This provides the knowledge about international risk management in an insurance sectors and how can they
manage risk within.

9) Anselm Smolka Philosophical Transactions of the Royal Society A: Mathematical, Physical and
Engineering Sciences 364 (1845), 2147-2165, 2006

This explains the managing of the risk from natural disasters starts with identification of the hazards. The next
step is the evaluation of the risk, where risk is a function of hazard, exposed values or human lives and the
vulnerability of the exposed objects. The final steps are controlling and financing future losses. Natural disaster
insurance plays a key role in this context, but also private parties and governments have to share a part of the
risk. The insurance sector and the state have to act together in order to create incentives for building and
business owners to take loss prevention measures. A further challenge for the insurance sector is to transfer a
portion of the risk to the capital markets, and to serve better the needs of the poor.

10) J David Cummins, Mary A Weiss Journal of Risk and insurance 81 (3), 489-528, 2014

This examine primary indicators of systemic risk as well as contributing factors that exacerbate vulnerability
to systemic events. Evaluation of systemic risk is based on a detailed financial analysis of the insurance
industry, its role in the economy, and the interconnectedness of insurers. The primary conclusion is that the
core activities of U.S. insurers do not pose systemic risk. However, life insurers are vulnerable to intra sector
crises, and both life and property–casualty insurers are vulnerable to reinsurance crises.

11) WJW Botzen, JCJM Van den Bergh, LM Bouwer Natural hazards 52 (3), 577-598, 2010

A consequence, economic losses caused by natural catastrophes could increase significantly. This will have
considerable consequences for the insurance sector. On the one hand, increased risk from weather extremes
requires assessing expected changes in damage and including adequate climate change projections in risk
management. On the other hand, climate change can also bring new business opportunities for insurers. This
paper gives an overview of the consequences of climate change for the insurance sector and discusses several
strategies to cope with and adapt to increased risks.

12) Anthony M Santomero, David F Babbel Journal of risk and insurance, 231-270, 1997

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In the insurance sector, this evaluation covered prominent life/health and property-liability insurers, both in
the United States and abroad. The information obtained covered both the philosophy and the practice of
financial risk management. This article outlines the results of this investigation. It reports the state of risk
management techniques in the industry. It reports the standard of practice and evaluates how and why it is
conducted in the particular way chosen.

13) Andrew Dlugolecki The Geneva Papers on Risk and Insurance-Issues and Practice 33 (1), 71-90, 2008

Climate change also plays an important role in an insurance sector. In terms of underwriting, on one scenario,
the economic cost of weather losses could reach over 1 trillion USD in a single year by 2040. The impacts will
be worse in developing countries. The private sector needs to work with the public sector, as part of a “triple
dividend” approach that coordinates adaptation, disaster management and sustainable economic development.
For asset management the indirect impacts are key. Greenhouse gas emissions have to drop by 60 per cent by
2050, which means transforming the energy economy.

14) Shane Magee, Cornelia Schilling, Elizabeth Sheedy Journal of Risk and Insurance 86 (2), 381-413, 2019

The article states the relationship between risk governance, risk, and performance measures for a global sample
of 107 insurance companies from 2004 to 2012. Our risk governance index (RGI) covers several Solvency II
provisions and includes the existence of chief risk officer on the executive committee, risk committee
characteristics, and board industry experience. We find that in the crisis period 2008–2009, firms with a higher
RGI generally have lower expected default frequency. This findings therefore support the role of risk
governance as a business enabler rather than inhibitor. Insurance companies typically upgrade their risk
governance following a negative shock, especially in countries that are well regulated and have weaker
shareholder rights.

15) Kevin Dowd, David L Bartlett, Mark Chaplin, Patrick Kelliher, Chris O'Brien International Journal of
Financial Services Management 3 (1), 5-23, 2008

This reviews a number of recent surveys relevant to risk management by UK insurers. These include the results
of four surveys specifically on UK insurers. Our findings suggest that the risk management practices of UK
insurers are variable, generally behind best practices in adjacent sectors, and in some cases are a cause of
concern. However, we also find that they have been improving significantly.
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16) Martin Eling, David Pankoke School of Finance, Univ. of, 2012

This reviews the extant research on systemic risk in the insurance sector and outlines potential new areas of
research in this field. We summarize 30 theoretical and empirical research papers from both academia and
practitioner organizations and provide a classification of existing research. Moreover, we discuss possible
systemic risks posed by new regulation, such as Solvency II.

17) Kristina Dahlström, Jim Skea, Walter R Stahel The Geneva Papers on Risk and Insurance-Issues and
Practice 28 (3), 394-412, 2003

This article is about the interplay between three key concepts: the insurability of risk; innovation; and the
broader framework of sustainable development. It is based on the recent EU INTEREST project which
addressed the role the insurance sector and insurance-based mechanisms might play in relation to innovation
which promotes, or challenges, sustainable development. The project cast light on three issues: opportunities
for promoting sustainable development through innovation by adjusting or sharing the responsibilities of
private sector actors, regulators and policymakers; promoting sustainable development innovation by using
risk management mechanisms from insurance in other domains or by the insurance sector using a wider set of
tools to manage novel risks; and policy options for the complementary use of insurance-related and other risk
management mechanisms.

18) Carolyn Kousky, Howard Kunreuther Risk Management and Insurance Review 21 (1), 181-204, 2018

Insurance is an essential component of household and community resilience. It protects insureds financially
against disaster losses, can encourage investments in cost‐effective mitigation measures through premium
reductions, and facilitates the rebuilding of property and long‐term recovery. Private insurers face challenges
in providing full protection against disasters. This has led governments around the world to create a variety of
public insurance entities, often designed as public‐private partnerships. At a November 2016 workshop,
“Improving Disaster Financing: Evaluating Policy Interventions in Disaster Insurance Markets,” participants
evaluated disaster insurance programs for flood, earthquake, and terrorism losses. This article synthesizes six

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papers and findings from the workshop and suggests ways to improve public‐private partnerships for disaster
financing in three interrelated areas: (1) risk communication, (2) risk reduction, and (3) risk transfer.

19) Debabrata Jana International Research Journal of Business Studies 13 (2), 139-147, 2020

In the present era insurance sector plays a vital role in both developed and developing countries. Insurance
markets working as a financial intermediary to contribute economic growth of the country as well as risk
management more efficiently. Actually the economic growth of any country depends of the involvement of
financial intermediaries. This involvement includes the provision for reimbursement and settling payments to
facilitate the exchange of goods and services, resource allocation by mobilizing surplus fund to deficit sectors,
risk management, price information to the general pupils for proper decision making in various sectors of the
economy. Insurance sector not only provides the risk management of any human life it also covers various
non-life sectors of the economy like industrial, health, fire, transportation, agricultural, mining, marine, etc.
Insurance sector generally divided as life insurance, non-life insurance and reinsurance. Life insurance
represents the long-term contract in the form of investment on the other hand the non-life insurance represents
short-term contract in the form of indemnity. Reinsurance means to mitigation the risk by transfer to other
parties with some agreements for collection of losses.

20) Nadine Gatzert, Michael Martin Risk Management and Insurance Review 18 (1), 29-53, 2015

The development of an enterprise risk management (ERM) program enables companies to manage corporate
risks in a holistic manner as opposed to the silo‐based perspective in traditional risk management frameworks.
One main question in this regard is what factors drive the implementation of an ERM system in companies
and whether ERM programs can actually create value once implemented. This article addresses these questions
by conducting a comparative assessment of empirical evidence from the literature regarding the determinants
of ERM and its value once implemented. In doing so we are able to illustrate differences in model
specifications and the underlying data.

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 CHAPTER 4
ANALYSIS AND INTERPRETATION OF DATA

TABULATION

TABLE 1 (Marital status of respondents)

Sr. No. Marital status Percentage of Number of

respondents respondents

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 1 Married 40% 20
2. Unmarried 60% 30

PIE CHART

50 Responses

Marital status

married
unmarried

Source: Compiled from the above table

Following pie chart shows the distribution of respondents on the basis of their marital status.

Married respondents are 20 and unmarried respondents are 30. Hence it is observed that it is 40% of
distribution married and 60% are unmarried.

TABLE 2 (Age of respondents)

Sr. No Age of respondents Percentage of Number of

(in year) respondents respondents
1 20 – 30 40% 20

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 2 31 – 40 26% 13
3 41 – 50 20% 10
4 51 – 60 14% 7

PIE CHART

50 Responses

AGE

20 - 30 age
31 - 40 age
41 - 50 age
51 - 60 age

Source: Compiled from the above table

Following pie chart shows the distribution of the age of respondents.

Data shows the maximum amount of responses from the age group of 20 - 30, that is 20 responses.

TABLE 3 (Type of investment preferred)

Sr. No. Investment Percentage of Number of

preference respondents respondents
1 Short term 30% 15
2 Long term 70% 35

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PIE CHART

50 responses

investment preference

Short term
Long term

Source: Compiled from the above table

Following chart shows the distribution of respondents on the basis of their type of investment they prefer. The
data shows the major portion of 69% respondents prefers long term investment against the minor portion of
31% respondents who prefer short term investment.

TABLE 4( Percentage of monthly salary savers)

Sr. No. Percentage of Percentage of Number of

saving respondents respondents
1 Up to 15% 10% 5
2 16 - 25% 26% 13
3 26 - 35% 50% 25
4 More than 36% 14% 7

PIE CHART

50 Responses
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 percentage of salary savers

Up to 15%
16 - 25%
26 - 35%
More than 36%

Source: Compiled from the above table

Following chart provides the data about monthly salary saving patterns of the respondents. Majority of
respondents that is (25) save 26 – 35% from their respective salaries. Minimum of 15% of respondents who
save more than 36% from their respective salaries.

TABLE 5 (No. of respondents having insurance policy)

Sr. No. People having Percentage of Number of

insurance policy respondents respondents
1 Yes 92% 46
2 No 8% 4

PIE CHART

50 Responses

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 number of respondents having an
policy

Yes
No

Source: Compiled from the above table

Following data shows the distribution of respondents whether they have an insurance policy or not.

A very major portion of 46 respondents have insurance policy against the very tiny portion of 4 respondents
who doesn’t have an insurance policy. This shows that people are concerned about their future and occurring
of unexpected losses in future they are acquiring insurance policy.

TABLE 6 (Number of policy respondents own)

Sr. No. No. of insurance Percentage of Number of

policy owned respondents respondents
1 1 28% 14
2 2 36% 18
3 3 10% 5
4 4 14% 7
5 5 12% 6
6 >5 0% 0

PIE CHART

50 responses

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 Number of policies

1
2
3
4
5
6

Source: Compiled from the above table

Following data shows the number of insurance policy owned by respondents. Major percentage that of 18
respondents have 2 policies. No respondents own 6 or more than 6 policies. Hence, it can be interpreted as
majority of respondents own 2 policies.

TABLE 7 (Risk associated with policies)

Sr. No. Risk associated Percentage of Number of

with policy respondents respondents
1 Yes 82% 41
2 No 18% 9

PIE CHART

50 Responses

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 Risk associated with policy

Yes
No

Source: Compiled from the above table

Number of respondents shows that they are aware with risk associated with policies. Maximum number of
respondents that is (41) respondents are aware that there is risk is associated with an insurance policy.

TABLE 8(Category of insurance)

Sr. No Category of Percentage of Number of

insurance respondents respondents
1 Life insurance 40% 20
2 Health insurance 26% 13
3 Home insurance 20% 10
4 Vehicle insurance 10% 5
5 Other 4% 2

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PIE CHART

50 Responses

Category of insurance

Life insurance
Health insurance
Home insurance
Vehicle insurance
Other

Source: Compiled from the above table

Following chart shows the category of insurance respondents insurer in. A major portion of 20 respondents
have policy life insurance policy and 13 respondents have health insurance policy. This shows us that the
respondents are concerned towards insuring their life and health.

TABLE 9(Factors influenced respondents to buy insurance policy)

Sr. No. Influential factors Percentage of Number of

respondents respondents
1 Family 50% 25
2 Friends 30% 15
3 Colleagues 10% 5
4 Advisor 6% 3

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 5 other 4% 2

GRAPH

50 Responses

Column1

Other

Advisor
Column1
Colleagues

Friends

Family

0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00%

Source: Compiled from the above table

Following graph shows the factors which are influenced by insurance policy. A majority of 25% were
influenced by their families to take insurance policy. A few were influenced by the advisors and only 2
respondents were influenced by others.

TABLE 10(Factors respondents consider while selecting insurance policy.)

Sr. No. Factors Percentage of Number of

considered to respondents respondents
select policy
1 Age 26% 13
2 Premium 34% 17
3 Service quality 20% 10

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 4 Budget 6% 3
5 Insurance 4% 2
company
6 Return on 8% 4
investment

GRAPH

50 Responses

Factors respondents consider while

selecting an insurance policy
Return on investment

Insurance company

Budget
Factors respondents
Service quality consider while selecting
an insurance policy
Premium

Age

0% 10% 20% 30% 40%

.

Source: Compiled from the above table.

The above graph shows the Factors respondents consider while selecting an insurance policy. A majority of
17 respondents consider premium as a major factor. Only 2 respondents consider insurance company as an
important factor.

TABLE 11(Term of the policy of the respondents)

Sr. No. Terms of Percentage of Number of

policy(in years) respondents respondent
1 Up to 5 40% 20
2 6-10 30% 15
3 11-20 20% 10
4 >20 10% 5

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Term of policy respondents hold

50 Responses

Term of policy

up to 5
6 to 10
11 to 20
>20

Source: Compiled from the above table

Following chart shows the term of the insurance policy of the respondents. A majority of 20 respondents have
policy up to 5 years of the term policies. Only 5 respondents have policy up to 20 years of term.

TABLE 12 (Importance of expectation on investment by respondents)

Sr. No. Expectation from Importance Number of respondents

investment

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1 Safety • Highly important 1) 15
• Important 2) 18
• Neutral 3) 10

• Least important 4) 3

• Not important 5) 4

2 Capital growth • Highly important

• Important 1) 10
• Neutral 2) 25

• Least important 3) 10

• Not important 4) 5
5) 0
3 Return • Highly important 1) 7
• Important 2) 12
• Neutral 3) 11

• Least important 4) 8

• Not important 5) 12

4 Tax benefits • Highly important 1) 15

• Important 2) 15
• Neutral 3) 10

• Least important 4) 10

• Not important 5) 0

5 Liquidity • Highly important 1) 10

• Important 2) 12
• Neutral 3) 8

• Least important 4) 5

• Not important 5) 15

6 Company profile and • Highly important 1) 10

brand name • Important 2) 10
• Neutral 3) 10

• Least important 4) 15

• Not important 5) 5

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GRAPH

50 Responses

50
45
40
35
30
25
20 Highly important
15 important
10
neutral
5
least important
0
Not important

Source: Compiled from the above table

Following graph shows the importance provided to various expectation from investment by the respondents.
Data shows that safety is considered as highly important 45 respondents. Return and tax benefits are also given
greater importance.

TABLE 13(Satisfaction of respondents with their current policy)

Sr. No. Are respondents Percentage of Number of

satisfied with respondents respondents
current policies
they have?
1 Yes 94% 47
2 No 6% 3

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PIE CHART

50 ResponsesResponses

Satisfied with insurance policy

Yes
No

Source: Compiled from the above table

Following chart shows the satisfaction of respondents towards their policy. 47 respondents are satisfied with
their policy. Only 3 respondents are not satisfied with their policy.

TABLE 14(Rating policy)

Sr. No. Rating Percentage of Number of

respondents respondents
1 Excellent 30% 15
2 Very good 20% 10
3 Good 26% 13
4 Poor 20% 10
5 Very poor 5% 2

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50 Responses

Rating of insurance policy

Rating of policy

Excellent
Very good
Good
Poor
Very poor

Source: Compiled from the above table

Following chart shows the rating given to the policy respondents own. A major portion of 1 15 respondents
rate their policy as excellent. Only 10 respondents rate their policy as poor.

TABLE 15 (You know people buy insurance to save their taxes)

Sr. No. Buy insurance Percentage of Number of

policy to save tax respondents respondents
1 Yes 60% 30
2 No 40% 20

PIE CHART

50 Responses

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 Respondents buy insurance to save taxes

Yes
No

Source: Compiled from the above table

Following chart shows the respondents are aware that people buy policies to save their taxes. Majority of 30
respondents are aware with this kind of policies. Only 20 respondents are not aware.

TABLE 16 (Kind of life insurance policy you own)

Sr. No Kind of life insurance Percentage of Number of

respondents respondents
1 Whole life insurance 30% 15
2 Term life insurance 26% 13
3 Endowment life 14% 7
insurance
4 ULIP 30% 15

PIE CHART

50 Responses
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 Kind of insurance policy

Whole life insurance

Term life insurance
Endowment life insurance
ULIP

Source: Compiled from the above table

Following chart shows the respondents have highest number of whole life insurance policy that is 15 and the
least number of endowment insurance policy.

CHAPTER 5

FINDINGS AND CONCLUSION

The data analysis and interpretation shows the following observations:

• Majority of people i.e. 70% of respondents prefer to invest in long term insurance policies.
Ref. – Table no. 3
From this we can assume people believe in long term investment policies to get maximum benefits out
of it.

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• Majority 50 % of respondents save up to 26 – 35% of their monthly salary income. Minimum of 26%
respondents save 16 – 25% of their monthly income and only 14% save more than 36% of their monthly
income.
This can be interpreted as many of respondents are young and at their early stage of carries.
Ref. – Table no. 4

• Maximum of 92 % of respondents have their insurance policies and only 85 of them doesn’t.
This shows that people are concerned about their future safety and security.
Ref. – Table no. 5

• Maximum number of 36% of respondents have 2 insurance policies and 14% of respondents have 5
insurance policies.
So, we can assume maximum people will be having 2 insurance policies if not, at least they will be
having 1 policy.
Ref. Table no. 6

• 82% of respondents are vigilant with the risk link with insurance policy.
Only few people are not vigilant about the same. We can say that most people are ware with risk linked
with any insurance policy.
Ref. – Table no. 7

• Total of at least 65 – 67% of respondents own life insurance policy and health insurance policy. We
can fathom the fact that what is their priority for now and in near future.
And we can also imagine the growing phases of life and health insurance policy forthcoming.
Ref. – Table no. 8

• 80 % of respondents marked as their family and friends were their influencing factors that made them
fathom the importance of insurance having an insurance policy.
Ref. – Table no. 9

• Premium, age, service quality and budget are the most crucial factors that respondents see while going
for any policy. And we can assume that these 4 factors are key factors that any person would see while
seeing any policy.
Ref. – Table no. 10

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• We can observe that 70% of respondents have their policy maturity after 8 – 10 years.
And so, people mostly buy policies for at least time horizon of 10 years and more.
Ref. Table no. 11

• On the basis of expectations from insurance policy safety, capital growth, company brand & name is
given most importance by respondents and liquidity is given least importance.
Therefore, we can say these factors are common and every human being have same kind of
expectations from insurance policy.
Ref. – Table no. 12

• 94% of people are satisfied with their current insurance policy they own. This can be
• % interpreted as most of the people are satisfied with their insurance policy they have.
Ref. - Table no. 13

• 50% of respondents rate their policy as very good, 26% of respondents consider it as good and
remaining 24% of respondents rate their policy as poor and very poor.
That means 76% of people are satisfied with their policy and rate it as good.
People who aren’t satisfied with their policy might be because they didn’t explain their goals to an
agent or an agent misunderstood it.
Hence took wrong policy.
Ref. – Table no. 14

• 60% of people are vigilant that people buy insurance policy to save their taxes and get benefits.
Under sec 80C premium paid for any life insurance policy is deductible.
Tax exemption under section 80CCC & 80CCD is up to a maximum amount of Rs. 1,50,000.
Ref. – Table no. 15

• 30% of respondents own whole life insurance policy, 30% of respondents own Unit Linked Insurance
Plan and 26% of respondents own term life insurance policy.
We can see from the data people give more importance to whole life insurance policy, ULIP and term
life insurance policy and least importance to endowment insurance policy.
Ref. – Table no. 16

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 CONCLUSION
The survey is conducted with the scope of risk management and planning procedures involved with respect to
insurance.

The research of this project is based on the primary data collected through conducting a random survey of
around 50 including salaried people and insurance agents and secondary data is collected through different
sources on second hand data for ex. Websites, books, magazines etc.

Primary data showed us the different planning methods by married and unmarried people and their savings
differs from others.

Review of literature shows us the different person did their research on risk management in insurance sector.
They all have come with a particular answers and risk and how can we manage those risks. Many US, INDIAN
and German philology had done their research on this particular topic and came with mismatched answers.

person is in early 20 – 30 he tends to save more and on other hand a person who is married and in late 40 – 50
tends to save less.

And their categories and plans are different according to their needs and goals. Even their term of policies vary
on the basis of their needs, wants, and goals.

The factors which influenced sections of policy age, premium, budget and company brand were the most that
influenced.

Thus, the research concludes the various savings and insurance pattern adopted by various people on the basis
of various factors connected to it and the use of insurance as a risk management tool for them. But also they
should be preparing if they brought a policy and if company goes bankrupt their policy goes.

Hence insurance policies also have some kind of risks vigilant with them.

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 BIBLIOGRAPHY
1.) https://en.m.wikipedia.org
2.) https://iciciprulife.com
3.) https://www.hdfcegro.com
4.) https://www.coverfox.com
5.) https://www.logicmanager.com
6.) https://scholar.google.com

7.) Various private and government websites.

8.) Other related articles and books.

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