Financial Literacy: Insurance and Risk Management
Description
This subject develops competency in understanding insurance as risk management tool, evaluating insurance products, and determining adequate coverage. It covers insurance fundamentals (risk transfer, pooled premiums), life insurance types (term, whole-life, ULIP), health insurance, general insurance (property, vehicle, liability), coverage adequacy assessment methods, insurance claims process, and regulatory protection mechanisms. Understanding insurance is essential for protecting financial security and managing unexpected events.
Learning Objectives
Upon successful completion of this subject, learners will be able to: (1) understand insurance purpose and risk transfer mechanics, (2) explain pooled risk concept and insurance economics, (3) distinguish between life insurance types (term, whole-life, endowment, ULIP), (4) assess life insurance coverage adequacy, (5) evaluate health insurance plans and coverage, (6) understand general insurance for property and liability, (7) evaluate insurance riders and additional benefits, (8) navigate insurance claims and grievance redressal, (9) understand insurance ombudsman role, (10) assess insurance policy transparency and terms, (11) recognize group insurance and employee benefits, (12) understand insurance regulatory framework and IRDAI role.