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Life Insurance Workshop Structure in detail

Life Insurance Syllabus updated as of September 2020:
1. Training on Solvency II Presentation basedCover all three pillars2. Modelling of Life Insurance Reserving exercise Perform Excel based modelling of Life insurance product that provides death, retirement and interval benefits3. Assessment of Modelling exercise A test will be conducted where the student has to prepare his own tool based on the data that we provide and then results will be checked4. Investment Analysis of Insurance product Excel based modellingIRR and feasibility of other better investment options will be analysed based on Investment model

5. Life Insurance Handbook will be given for lifetime consists of 11 articles based on: Life Insurance products in detailComplex products not mentioned in CT Series booksProfit testing, Profit signature6. Probability distribution for the following in layman terms: UniformBernoulliBinomialPoissonGeometricNegative BinomialHyper geometricGammaExponentialBetaTChi-SquareFWeibullParetoNormalSt…

Do you know the types of risk faced by a General Insurance company ?

Better to understand some types of General Insurance product first.
Third party Insurance ( You are driving a car and caused an accident then third party will be indemnified)Aviation insurance ( related to Aeroplanes)Marine Insurance ( related to ships)Travel Insurance ( related to your travel journey)Cyber Risk Insurance (related to cyber attacks)Commercial property insurance (related to Fire in the house or any damage)Contents insurance (related to moveable property such as contents in your house : theft risk)and many more................
Some of the specific risks we are discussing today:
Motor Insurance
Claim frequencies being higher than expected Society becoming more aware about claiming under insurance so they are now more litigousRainy season which caused a lot of motor accidentFlood, storms, riotsor your Policy document wording is loose that you (i.e. Insurer) has to pay claims that you has not intend to do. (So, what happens is that you created a document regarding terms and con…

Do you know the types of risk faced by a Life Insurance company ?

Hey GuysIf interviewer ask any case study question or any situation based question then try to role play that situation in your mind and then try to answer that question.
Risks: We can divide it into various types such asMarket risksCredit risksLiquidity risksOperational risksBusiness risksExternal risksIt will be quite theoretical but i will focus on some main risks for you guys in a layman terms.
Mortality risk: It is the risk of policyholder dying earlier than expected or more deaths occurred in a portfolio than expected.It will be a risk or not depends on the product that we as an insurer are selling into the marketFor ex, HDFC life insurance sells term assurance policy where the payout is based on the death of the policyholder within a given time.So, in this case company has a mortality risk that if policyholder dies within that period they have to pay the money
  Longevity risk: It is the risk of policyholder dying later than expectedIt will be a risk or not depends on the product t…