Master of Commerce (M.Com.) Principles of Insurance Syllabus - Mumbai University

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Syllabus for Principles of Insurance

Mandatory course · Semester 2 · M.Com. Banking and Finance · 4 credits · 100 marks

Module I: (2 CREDITS)

Unit 1 Introduction to Principles of Insurance and Insurance Market
a History of Insurance in India, Insurance - Meaning, Definition, Functions, Nature and Principles of Insurance – Insurance Contract - Importance of Insurance to Society, Individuals, Business and Government.
b Features of Insurance market in India, Types of Insurance - Life Insurance & General
Insurance, Insurance Customers, Insurance Terminology. Organizational structure, Functional process, Distribution Channels, Distribution channels in Insurance.
Unit 2 Life Insurance and General Insurance
a Life Insurance - Meaning and Features of Life Insurance Contract – Classification of policies, Life Insurance Planning, Financial Planning and Life Insurance, Life Insurance – Claims Management.
b General Insurance - Meaning and Features of General Insurance Contract - Types of General Insurance, Fire Insurance – Meaning, Nature and Use of Fire Insurance- Fire
Insurance Contract, Kinds of policies – Policy conditions, Marine Insurance - Meaning
and Nature of Marine Insurance, Classification of policies, Policy conditions, Personal
Accident Insurance, Motor Insurance, Liability Insurance- Bancassurance.

Module II: (2 CREDITS)

Unit 3 Regulations of Insurance Business
a Development of Insurance Legislation in India and Insurance Act 1938, Insurance
Regulatory and Development Authority of India (IRDAI), IRDAI and its Functions, Protection of Policyholders Interest, Dispute Resolution Mechanism, International Trends
in Insurance Regulation, Code of conduct for Insurer, Basics requirements of the licensing
regime for regulation of insurance Intermediaries, Grant of License.
Unit 4 Ethical Issues and Rating Practices
a Insurance Intermediaries duties to policyholders, Protection of Personal Data, Prevention
of Insurance Fraud
b Rating Practices, Premium payment regulations, Claim Procedure and Management, Survey and Assessment.

References

Bedi. H.L: Theory and Practice of Banking.
Insurance Institute of India.
K S N Murthy & K V S Sarma: Modern Law of Insurance in India
Dr. P. Periasamy: Principles and Practices of Insurance
Manjula V.& Marwa Mona: Life and General Insurance
Dr. Krishna Murari: Financial Institutions and Regulatory Framework

Reproduced from the University of Mumbai syllabus for M.Com. (Banking & Finance) under NEP 2020, in force from the academic year 2023-24. Wording is as printed in that syllabus. Module numbering is as printed there too.

The complete syllabus

This subject is cut from the University circular for its specialisation. Open a document here if you want the whole thing rather than a single subject.

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