Insurance & Risk Management

27 Jun

Q.1) Mr.ABC is a 25 year old working professional & is interested in exploring an annuity plan that can take care of his pre-tax money which he can also disclose to the IT dept whilst filing his IT return. As an Insurance advisor, which type of annuity plan would you suggest to him & why? Name some of the existing annuity plans being provided by service providers in India. Also chart out an investment based annuity plan for Mr.ABC.

Q.2) India has one of the lowest Insurance penetration rates in the world. Given this fact, if you were to take over as the CEO of a brand new private sector Insurance company by the name of “WeCare Insurance” that has commenced operations, elaborate on the strategy & steps that you would undertake to help increase Insurance penetration & also of your firm’s Insurance product suite namely between ANY TWO of the following provided options

i) Health Insurance,

ii) Life Insurance,

iii) Property: Home Insurance &

iv) Motor Vehicle Insurance?

Q.3) “Boilers India Ltd”, a well established company into the manufacturing of Boilers & Boiler related equipment located at Pune had covered their commercial property under Commercial Property Insurance coverage during the year 2010. During 2016, owing to an electrical disturbance, there was a major fire within the plant premise leading to a near total damage of all their 3 Boiler equipment machinery.

A) As an adjuster of the Insurance Company, you are tasked with providing the full claim amount as refund for fire damage caused by electrical disturbance towards the value of the 3 Boiler equipment machinery damaged. Explain your process to assess & verify the claim amount?

B) As an adjuster for the Insurance Company, would you pay the entire refund as claimed by Boilers India Ltd? Justify with reasons depending upon whether your response is affirmative or negative.