Principles and Practice of Insurance

Principles and Practice of Insurance For B.Com. Semester V of Lucknow University

At present, “Insurance” as a subject gains its popularity among the students. The basic objective of this book is to acquaint the students with the fundamental principles of Insurance. Insurance is the study of risk financing through risk pooling. The use of insurance to reduce the adverse financial impact in case of a loss has become an important element of financial planning in our society.

Now the Insurance sector opened flood gates for innovations in the marketing of services. The insurance sector enhanced job opportunities and also business opportunities for the youth. With the knowledge and skill of insurance, one can find the best career. The book has been written according to the syllabi prescribed for the B.Com. This book is designed to impart such knowledge and skills to B.Com students. The book helps to cater to the knowledge and skill-oriented needs of commerce students and also gives them the confidence to encounter competitive exams.

The present book covers the whole course prescribed for B.Com. V Semester of Lucknow University, Lucknow.

Also keeping in view, the examination pattern of the University, a large number of M.C.Q. with answers have been included in the book.

The book has been divided into six chapters. Like Introduction, Life Insurance, Fire Insurance, Marine Insurance, Aircraft Insurance, and Agriculture Insurance. Each chapter includes all the required material on the subject in a brief manner. It is expected that the book will be interesting for the general readers as well.

Principles and Practice of Insurance Syllabus For B.Com. Semester V of Lucknow University

Unit I: Introduction, Purpose, and Need of Insurance, Insurance as a social security tool; Insurance and economic development, Theories of Insurance, Principles of Insurance Contract, Risk, Double insurance, Over insurance, Underinsurance, Re-insurance.

Unit II: Life Insurance–Principles and Practice; Life insurance contracts; nature and characteristics, Types of life insurance policies, Terms & Conditions of the policy, Nomination and Assignment of policies, Computation of premium, Annuity payments, Mortality Table.

Unit III: Fire Insurance–The basic principles of Fire Insurance contracts, Fire Policy; Conditions, Assignment, Claims.

Unit IV: Marine Insurance–General Principles, Conditions and Warranties in a marine insurance policy, Types of Marine insurance policies; Assignment of policy, Loss, and abandonment, Marine losses.

Principles and Practice of Insurance Book contents

1. Introduction
2. Life Insurance
3. Fire Insurance
4. Marine Insurance
5. Motor Insurance
6. Insurance Agent
7. Aircraft Insurance
8. Agriculture Insurance

• Additional Multiple Choice Questions