NMIMS Insurance & Risk Management June 2021 Solved Assignment

Insurance & Risk Management 1. The Indian regulator of Insurance Business IRDAI, has been very instrumental to innovate the insurance products, sales along with the regulatory control. Please describe the IRDAI&rsquos duties and responsibilities in context with the given statement. 2. Insurance is given on the trust, basis the facts mentioned in the proposal form. What is your understanding of this statement with reference to the basic principals of Insurance 3. Simran a seasoned professional working with a well-known IT company, earning around Rs. 1.50 Lacs per month. Her husband Samarjeet Singh is a Doctor and a successful practicing surgeon earning around Rs. 5.00 Lacs per month. They have a daughter, 3-year-old Simarpreet Kaur. Simran and Samarjeet are planning to buy a house for a price of Rs. 5.00 Cr. in next 2-3 months and taking a loan from a Bank. While having a conversation with them you got to know that the total Insurance Cover is only Rs 5.00 lacs in the family put to gather all the insurance and only a Health Insurance of Rs. 2 Lacs given by Simran&rsquos company. As a consultant to Dr. Samarjeet and Simran you are expected to: a. Do a comprehensive calculation of Human Life Value and identify the exact amount of the Insurance Cover to be given. b. As per your understanding what all Insurance Products would you like to suggest them as a complete financial protection for the family.