CA Final Notes

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Sunday for CA Students Group study or Individual study? We have seen that CA students prefer group study, as they feel tough to study consistently for longer duration. However, negative ramifications  of group study shouldn’t be overlooked and one has to be cautious therein. Benefits of Group Study: *Collaboration and Discussion:* "Alone we can do so little; together we can do so much." - Helen Keller. Group study allows students to discuss complex concepts, clarify doubts, and learn from each other's perspectives. *Motivation and Accountability:* "Surround yourself with people who push you to do better." Studying in a group can provide motivation and help maintain focus, as members hold each other accountable for progress. However, following are major limitations of studying in a group, which needs to be handled properly: *Distractions and Time Management:* "The chain is only as strong as its weakest link." Group study can be counterproductive if members get distracted easily or have difficulty managing time effectively. *Differences in Learning Pace:* "If everyone is moving forward together, then success takes care of itself." - Henry Ford. Students may have varying learning speeds, leading to either slowing down or leaving some members behind. *Dependency on Group:* "Individual commitment to a group effort - that is what makes a team work, a company work, a society work, a civilization work." Sometimes, students may become overly reliant on the group, hindering their individual growth. Hence, to address these concerns, following strategies can be useful: *Establish Clear Goals and Structure:* Set specific study goals for each session and create a structured study plan. This helps in maintaining focus and avoiding distractions during group study sessions. *Assign Roles and Responsibilities:* Designate different roles to each group member, such as timekeeper, facilitator, or note-taker. This ensures that the study session remains organized and productive. *Set Ground Rules for Distractions:* Minimize distractions during group study sessions by agreeing on ground rules, such as prohibiting the use of mobile phones or social media during study time and even strictly AVOID chit chat and gossips. *Combine Group and Individual Study:* Strike a balance between group study and individual study. Allocate time for both approaches, allowing group study to enhance understanding and individual study to focus on personal weaknesses. *Discuss Challenging Concepts:* Encourage group members to explain challenging concepts to each other. Teaching others reinforces understanding and helps clarify misconceptions. *Review and Reflect:* At the end of each group study session, review what was covered and reflect on the effectiveness of the session. Discuss what worked well and identify areas for improvement. 📍 For Daily dose of Motivation & More Amazing Exam Tips Join t.me/ICAIexamtips On Telegram. 🛑All Rights Reserved ©2023. CA Notes & Updates.

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A few years later, it was discovered that John didn’t die. He was in fact living in the same house. He faked his death so his wife could claim insurance. They both lived together for a few years and then moved to another country. They thought they would never be discovered. Eventually, they were discovered. Long story short, they went to jail for insurance fraud. ⁠📍 For Daily dose of Motivation, Knowledge & More Amazing Exam Tips Join t.me/ICAIexamtips On Telegram

So two kinds of earnings: -profits if the total insurance paid to customers is lower than total amount collected as premiums – this is called underwriting profit -profits from investing the amount collected (float) – this is called investment income You’d be surprised to know this: In most years, many insurance companies don’t make any underwriting profits – they have underwriting losses. Investment income becomes the main source of earnings for them. In some bad years, the company may make overall losses instead of profits. Underwriting profit/loss and float are only two vital metrics. There are more. If you’re planning to invest in insurance company stocks, it is good to know more about how insurance companies actually work. Research more. Check before taking insurance But what about insurance takers? What if you are taking insurance? Yes, even in that case, knowing what is written above helps. Insurance comes in all forms. Life, health, car, home, travel – these, you already know about. But there’s a lot more. Property. Loan repayment. Electronic devices. Watches. Paintings. Sculptures. You name it. Actors have their faces insured. Singers have their vocal cords insured. Sports persons have their arms and legs insured. In each case, the insurance company comes up with a premium amount that they think will be the right amount. They like giving insurance to people who are less likely to ask for the insurance amount. This is why: -if you are a non-smoker, you health insurance premium is lower -if you own a sports bike (instead of a similar price car), the premium is higher -if you work in a dangerous profession (like oil rig engineer), the life insurance premium is higher (compared to a software engineer) The insurance industry is heavily regulated. Insurance companies can’t do whatever they wish to. The banking system has RBI and the stock markets have SEBI, the insurance industry has IRDAI. Insurance Regulator and Development Authority of India. There are strict rules about where insurance companies can invest the float. There are regulations about what information they have to reveal to the public – mandatorily. One of the main things you should check – no matter which insurance you are buying – is the claim settlement ratio. Claim settlement ratio: the percentage of insurance claims the company has paid (compared to total claims received). A claim settlement ratio of 98% means the company paid the insurance amount in 98% of the total insurance requests/claims they got. This is a valid metric for every kind of insurance – life, medical, car, etc. Besides the claim settlement ratio, in each kind of insurance, there are different things to check. You’ll have to research that. Why so complicated? Insurance is almost never very simple. Example: You might have taken a Rs 10 lakh worth of medical insurance. Does this mean everything under Rs 10 lakh will be covered if you fall sick? No, there are limits. There is a limit to the amount that can be spent per day on room rent, on food, on medicines, on treatments, on tests, etc. Many things might not even be covered at all. The list can be long. It takes some time. But it really is worth the effort. Do research carefully before buying insurance – not just medical insurance or life insurance, but any insurance. Why is it so complicated? The answer itself is complicated. But in short, because people try to take wrong advantage of insurance. So to limit their chance of being scammed by insurance-takers, companies put in all sorts of clauses and terms. Of course, that isn’t to say insurance companies are clean. Many companies try to scam their customers too – using complicated language. By the way, the example given above – of John Darwin? That doesn’t end there. His wife claimed the insurance amount. Story continue...

John Darwin paddled out into the sea. And never returned. In the first half of the day. 21 March, 2002. In the seaside town of Seaton Carew (UK). He had taken loans for it – and he was struggling to pay back. Later on the same day – 21st March – John did not report for duty. John Darwin was reported as ‘missing’. A search began for him.  When he did not return in a few hours, they assumed the worst. A search operation was launched to look for John Darwin. They could not find John Darwin. A day after he went missing, they found a kayak and a paddle – it was Darwin’s. But there was no sign of John Darwin anywhere. Some time passed. John Darwin was presumed to be dead. A death certificate was issued. The date of death was mentioned as 21 March 2002 – the date he went kayaking. His wife applied to get the insurance amount – since John was dead. Unat Direct Insurance Management Ltd was their insurer. They paid her 250,000 pounds. The life insurance taken by John Darwin helped Anne after his presumed death. Business Model The insurance company paid a big amount to Anne Darwin. But this is an insurance ‘company’. And companies exist to make profits. How can paying out big amounts be beneficial for companies? Insurance companies don’t provide insurance for free. They charge an amount to give you insurance. If you pay Rs 10,000 per year for medical insurance, you get medical insurance of up to Rs 10 lakh for 1 year (example). The company makes an assumption: a few people will need to be paid. The rest is earnings. Let’s say an insurance company has 1,000 customers. Each has paid Rs 10,000. And the insurance amount is Rs 10 lakh. (This Rs 10,000 is called the premium).  So the insurance company has collected a total of Rs 1,00,00,000 (Rs 1 cr). This amount – the Rs 1 cr – is called float. Remember this term – float. We’ll come back to this later. Now, if 2 people go to the hospital in that year, the insurance company has to pay:  -So, Rs 10 lakh to each -Or, Rs 20 lakh total -So, Rs 80 lakh is left This Rs 80 lakh is the insurance company’s earning! If 10 people go to the hospital in that year, the insurance company has to pay:  -Rs 10 lakh to each -Rs 1 cr total -Rs 0 is left The insurance company made no earnings. What happens if even more people claim the insurance in that year? The insurance company suffers a loss but still pays the amount – because that’s the agreement. The insurance company has to pay. So what does the company do to deal with this? It increases the insurance amount. Maybe instead of charging Rs 10,000, it calculates it needs to charge its customers a higher premium. The art of running an insurance business is pretty much this: -charge customers high enough to make profits -but keep it affordable for customers at the same time This is an extremely simplified version. Of course, it is far more complicated. Keeping the insurance amount at that right level – affordable for customers yet profitable for the company – is extremely hard. There’s always the concept of supply and demand. There are many competing insurance companies. They are all fighting each other – to the benefit of insurance takers. There is actually intense competition in the insurance space. This keeps the insurance premiums low – good for customers. So, insurance companies make profits by aiming to pay less out to its customers than it has gotten. There’s another big source of income. Remember float? The total amount of money the insurance company has collected from customers? Insurance companies can invest this amount. They can make money by investing the float too! In fact, many companies don’t make money using the money they collect as premiums. They end up paying nearly the entire amount back to their customers as insurance. But they’re able to generate earnings by investing that amount – the float. Story continue..

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