#1
July 29th, 2016, 03:37 PM
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IRDA IC 34 Book
Can you tell me the process to get the IRDAI English (Work Book) of IC 34 from the official website of III or Insurance Institute of India?
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#2
July 29th, 2016, 05:38 PM
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Re: IRDA IC 34 Book
The Insurance Institute of India was established in 1955 for promoting Insurance Education & Training in India. Its qualifications are held in esteem both by the regulator and the industry. In its role as a leading education and training provider I.I.I. is closely associated with all the segments of the insurance industry which includes Insurance regulatory authority of India, public and private sector insurance companies. Visit the official website of Insurance Institute of India Click to “English (Work Book)” under “IC 34” which is under “Study Material for Agents Pre Recruitment Test” under “IRDAI Examination” on the top of the home page On the new page, you will get the Notes That page will look like this: CHAPTER 1 INTRODUCTION TO INSURANCE Chapter Introduction Insurance, through the ages, has been used as a mechanism whereby the insurer organizes the process by which the unfortunate few, who suffer losses, share the burden with many who are exposed to risk of similar losses. Such burden would include the primary burden of direct losses like damage due to fire and indirect losses like loss of production following such damage. It also includes secondary burden like physical and mental strain caused by anxiety of probable losses and the cost of maintaining reserves to mitigate such losses, if they occur. Thus we face risk in our everyday life and learn to manage these risks, so as to mitigate our losses. Risks are managed through a) Avoidance: doing away with the very activity that is risk prone, b) Retention: keeping the risk on one’s own account, c) reduction and control through loss prevention, financing by creating reserves or d) Risk transfer: where risk is transferred to some other entity. Insurance is the best risk transfer methodology. The cost of risk is based on the factors of probability and impact of the perils occurring and causing loss. Insurance activity is advantageous as it facilitates economic growth by investing the premium funds, by protecting individuals, industry and commerce, community and nation from economic impact of losses, removing anxiety of losses and promotes investment. Cases 1. Mr. Singh has insured his house for fire from 09.11.2012 to 08.11.2013. He sent his renewal cheque dated 8.11.2013 by courier on 10.11.2013. It was received by the insurance company on 14.11.2013. The insurance company issued a receipt on the same day with a condition ‘subject to realization of cheque’. There was a fire on 9.11.2013 which destroyed Mr. Singh’s house. Is the insurance company liable to pay the claim? Please give reasons for your answer. ---------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------- 2. Mr. Ahuja has several pieces of expensive electronic equipment in his office but has not been insuring them since he feels the premium is very high. In what ways can he handle the risk of their destruction? ---------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------- 3. Mr. Suresh Verma maintains regular habits, does not smoke or drink, exercises regularly, eats moderately and nutritive food avoiding junk food, etc. He maintains he does not need health insurance because of his robust health. Do you agree with him? ---------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------- 4. Mr. Srinivasan is convinced that insurance is irrational because while the insurance rate for the fire & special perils policy for his house is just about Rs. 50/- per lac, the rate for his factory building is Rs. 500/- per lac. After all, when both are buildings constructed of RCC, why should there be such high premium for his factory building? What would be your answer to Mr. Srinivasan? Contact Detail: Insurance Institute of India, Plot no. C-46,G-Block, Near US Consulate, Bandra Kurla Complex, Mumbai – 400051. Reception no1: 022-26544200 Reception no2: 022-26541154 Reception no3: 022-26541156 |
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