Module 2: Fundamentals of Life, General and Health Insurance (12 lectures)
Functions of Health & General Insurance - Underwriting process and methods: Definition - Objectives
and Principles of Underwriting - Life insurance; Group Insurance: Meaning - Importance-Types of Group
Insurance schemes.
Module 3: IRDAI & Rural Insurance (12 lectures)
The Insurance Act, 1938 (as amended)-The Insurance Regulatory and Development Authority Act, 1999
(as amended) -The Regulatory Body- IRDAL duties- functions-powers and role- Rural Insurance: Need
and potential of rural insurance - IRDAI provisions on obligations of insurers to rural and social sector-
Need and significance of Micro Insurance.
Module 4: Information Technology & Marketing in Insurance (12 lectures)
Need for Information technology-Technologies for Insurance (Artificial Intelligence and Machine
Learning)- IT application in functional areas - Marketing of Insurance products - Critical success factors
for insurance players - Distribution channels - Marketing strategies of insurance players in India.
References:
1. Dr. MJ Mathew (2005), Insurance Principles & Practice, RBSA Publishers.
2. Dr. PK Gupta (2011), Insurance & Risk Management, Himalaya Publishing House.
3. Mahipal Naresh (2017), Insurance Laws, Central Law Publications.
4. Patukale Kshitij (2016), Mediclaim & Health Insurance, Prabhat Prakashan.
5. PK Gupta (2017), Fundamentals of Insurance, Himalaya Publishing House.
6. Zweifel Peter and Roland Eisen (2012), Insurance Economics, Springer Publication.
TYBA ECONOMICS (SEMESTER-VI)
GROUP-II : ELECTIVE PAPER
COURSE CODE CREDIT MARKS
PAPER NO – XVII
ECOBEC505 BASIC ECONOMETRICS 4 100
Course Objectives
The objective of this course is to impart a basic understanding of econometrics. At the same time, it will
enhance the student’s ability to apply the theoretical techniques to solve the problems of the real world.
Course Outcomes
By the completion of this course student will be able to do
• Testing of hypothesis and interpret the results in research.
• Regression analysis and interpret the results of the same in any discipline.
• Applications of relevant techniques for empirical problems in any discipline.
Module 1: Idea of a random variable & Probability Distribution (12 lectures)
Concept of a random variable: Expected values of a random variable - Variance of a random variable –
Types of distributions: Bernoulli, Binomial and Poisson, snormal distribution. Conditional probability-
Conditional mean and variance – Covariance and Correlation -Central limit theorem (without proof).
Module 2: Elements of Hypothesis Testing (12 lectures)
Point and interval estimation - The Z distribution - The Null and Alternate hypotheses and significance
testing for mean using Z distribution when population variance is known-The chi-square distribution and
testing for sample variance with known population variance - The F distribution and comparing sample
variances - The t distribution and hypothesis tests when population variance in unknown.
Module 3: Classical Linear Regression Model: Two Variable Case (12 lectures)
Two variable regression model-The concept of the PRF-Classical assumptions of regression - Derivation
of the OLS estimators and their variance - Properties of OLS estimators under classical assumptions,
Gauss-Markov Theorem (without proof) – Tests of Hypothesis, confidence intervals for OLS estimators -
Measures of goodness of fit: R square and its limitations, adjusted R square and its Limitations.
Module 4: Violation of Classical Assumptions and Specification Analysis (12 lectures)
Multi-collinearity and its implications - Auto-correlation: Consequences and Durbin- Watson test-
Heteroskedasticity: Consequences and the Goldfeld -Quandt test - Omission of a relevant variable -
Inclusion of irrelevant variable.
References:
1. Damodar Gujarati (2011). Econometrics by Example. Palgrave Macmillan.
2. Damodar N., Gujarati (2003). Basic Econometrics. McGraw-Hill.
3. Hatekar N. (2010). Principles of Econometrics: An Introduction. Sage publications.
4. Jeffrey M. Wooldridge (2009). Econometrics, Cengage Learning.
5. Murray R. Spigel (1998). Schaum’s Outline of Theory and Problems of Statistics. McGraw- Hill.
6. Stock J. Watson (2003) Introduction to Econometrics. Prentice Hall.
TYBA ECONOMICS (SEMESTER-VI)
GROUP-II : ELECTIVE PAPER
COURSE CODE CREDIT MARKS
PAPER NO – XVIII
ECOEMA606 ECONOMY OF MAHARASHTRA-II 3 80
Course Objectives
This paper enables the students to get awareness on the infrastructural aspects and policy related issues.
The paper also throws light on the regional imbalances within the state.
Course Outcomes
• Provides deep understanding on the infrastructural and imbalances confronting the state.
• Throws light on the skills needed to tackle such issues
