Insurance Institute of India Fellowship Examination-Risk Management Papers is taken by the candidates that have been in the field of insurance for quiet sometime. It is taken by the candidates who want to rise higher and want to hold more important positions in the insurance companies. They are responsible for making the new policies and the promotion of these. The paper of risk management deals with no knowledge of the candidate in speculating the losses that might result in case of a fiasco and the steps that can be taken to either minimize the effects or just diminish them completely.

Importance of the paper

The paper is fairly taken seriously as it is their opportunity to be able to rise from their present positions to the managerial jobs.

Paper pattern

In Risk Management paper you have answer 100 marks questions. The question paper has in total 8 questions, but you are required to answer any 5. All the questions are equally marked and most of the questions are divided into sub-questions.

Marking

All the questions are of the same weight age and carry 20 marks each. Some questions have 4 sub-questions of 5 marks each, some have 2 sub-questions of 10 marks and some questions are elaborative and are of 20 marks.

Some questions from the question paper

The questions that most frequently feature in the question paper are

1. “Effective risk management depends to a large extent on the use of the probability concepts”. Discuss this statement.

2. Describe the step b step method of formulating a risk management program in a corporate enterprise.

3. Explain the role of the following functional departments of a firm in the process and implementation of the risk management.

a. Finance

b. Production

c. Material

d. Personnel

e. Legal

4. Write short notes on :-

a. Contingency plan

b. Cost benefit analysis of loss prevention

c. Mutual aid scheme

d. Business of speculative risks

Time allotted

Candidates must not expect more than 3 hours for the Risk Management paper.

Recommended books

The most popular books are Principles and Practice of General Insurance and Handbook on Loss of Profit, both by the same publishing house that is the insurance academy.