The connect of life insurance has undergone several changes over the years and what has myriad array of attractive options apart from the basic of life cover. Life insurance schemes also offer tax benefits. In today's scenario life insurance solves the three objectives.
Before knowing about the insurance sector after privatization we have to know about the historical perspective of it is so that we can easily differentiate the difference between history and the present performance. We have known that after privatization there has been a tremendous increase in the insurance sector.
I am sure that this may in turn result as a value addition to the company in which I am doing my project because the data which I will collect will help them to know that how much market is not yet insured and also the tastes and preferences of customers pertaining to insurance business.
If the objective is to determine which variable might be causing a certain behavior that is whether there is a cause and effect relationship between variable, casual research must be undertaken. In order to determine causality, it is important to hold the variable that is assumed to cause the change in the other variable constant and than measure the changes in the variable. This type of research is very complex and the researcher can never be completely certain that there are no other factors influencing the casual relationship, especially when dealing with people's attitudes and motivation.
[...] What is Risk Management - Does it eliminate risk? Risk management is a discipline for dealing with the possibility that some future event will cause harm. It provides strategies, techniques, and an approach to recognizing and confronting any threat faced by an organization in fulfilling its mission. Risk management may be as uncomplicated as asking and answering three basic questions: 1. What can go wrong? 2. What will we do (both to prevent the harm from occurring and in the aftermath of an "incident")? [...]
[...] In the context of the risk management function, identification and management of Risk is more prominent for the financial services sector and less so for consumer products industry. What are the primary objectives of your risk management function? When specifically asked in a survey conducted of respondents stated that their risk management function is indeed expressly mandated to optimize risk. Risks in Banking Risks manifest themselves in many ways and the risks in banking are a result of many diverse activities, executed from many locations and by numerous people. [...]
[...] Thus, focus on the management of Liquidity Risk and Market Risk, further categorized into interest rate risk, foreign exchange risk, commodity price risk and equity price risk. An effective market risk management framework in a bank comprises risk identification, setting up of limits and triggers, risk monitoring, models of analysis that value positions or measure market risk, risk reporting, etc. Types of market risk Interest rate risk: Interest rate risk is the risk where changes in market interest rates might adversely affect a bank's financial condition. [...]
[...] Credit risk modeling may result in better internal risk management and may have the potential to be used in the supervisory oversight of banking organizations. OPERATIONAL RISK 5 What is Operational Risk? Operational risk is the risk associated with operating a business. Operational risk covers such a wide area that it is useful to subdivide operational risk into two components: Operational failure risk. Operational strategic risk. Operational failure risk arises from the potential for failure in the course of operating the business. [...]
[...] The responsibility for the development of a methodology for measuring and monitoring operational risks resides most naturally with group risk management functions. The risk management function also needs to ensure the proper operational risk/ reward analysis is performed in the review of existing businesses and before the introduction of new initiatives and products. In this regard, the risk management function works very closely with, but independent from, business management, infrastructure, and other governance group Senior management needs to know whether the responsibilities it has delegated are actually being tended to, and whether the resulting processes are effective. [...]
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