Role and Nature of Insurance Broking Services – Historical Background of Insurance Broking – Functions of Direct Broker (Regulation 3) – Record of Documentation – Renewal of Policies- Negotiation Claims – Role of Reinsurance Brokers – Screening of Securities. Risk Analysis & Management – Risk Concepts – Type of Risks – Risk Management – Role of the Insurance Brokers in Risk Management – Principles of Insurance – Insurance Contracts – Principle of Utmost Good Faith – Principle of Indemnity – Needs & Insurance – Premium and Bonuses – What is Premium – Loadings – Level Premiums – Life Fund – Actuarial Valuation. Life Insurance Products – Basic Elements – Variable Insurance Plans – Annuities. General Insurance Products – Classification.
Underwritings – Classification of Risks – Financial Underwriting – Underwriting by Broker.
Insurance Documents – Proposal Forms – First Premium Receipts, Renewal Premium Receipts – Broker‘s Slips. Policy Conditions – LAP & Non-Forfeiture – Paid-up Values – Revival Assignment – Surrenders and Loans – Married Women‘s Property (MWP) Act Policies. Claims – Maturity Claims – Survival Benefit Payment – Death Claim – Presumption of Death – Accident & Disability Benefits – Rural & Social Sectors – Legal Provisions – Rural Sector – Social Sector.
Insurance Marketing – The Distribution Channel – Segments – Customer Service – Difference between need & want – Customer Delight – Product development – Insurance Claims Service – Recovery of Claims – Assessment of Lok Adalats. Organization of Brokers Office Accounting System – Segregation & Insurance Money – Maintenance of Books of Accounts, Records etc. Structure of a Brokers Organization. Laws & Regulations having a bearing on Insurance Broking – Insurance Act 1938 – Commencement of Risk – Life Insurance Corporation Act, 1956 – General Insurance Business (Nationalization) Act - Insurance Regulatory & Development Authority Act, 1999 – Laws Relating to Marine Insurance.