Insurance & Risk Management
NMIMS Global AccessSchool for Continuing Education (NGA-SCE)Course: Insurance & Risk ManagementInternal Assignment Applicable for June 2021 Examination2. Insurance is given on the trust, basis the facts mentioned in the proposal form. What isyour understanding of this statement with reference to the basic principals of Insurance(10 Marks)3. Simran a seasoned professional working with a well-known IT company, earning aroundRs. 1.50 Lacs per month. Her husband Samarjeet Singh is a Doctor and a successfulpracticing 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 priceof Rs. 5.00 Cr. in next 2-3 months and taking a loan from a Bank. While having aconversation with them you got to know that the total Insurance Cover is only Rs 5.00lacs in the family put to gather all the insurance and only a Health Insurance of Rs. 2 Lacsgiven by Simrans 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 ofthe Insurance Cover to be given. (5 Marks)b. As per your understanding what all Insurance Products would you like to suggest themas a complete financial protection for the family. (5 Marks)
