APPLIED INSURANCE STUDIES

400.00

Category:

Description

COURSE OBJECTIVES

  • To give students an understanding of general issues of interest and current approaches to actuarial practice and management in all types and classes of insurance with knowledge of the application of principles and concepts of modern insurance practice.
  • To equip students with practical knowledge of  risk management from the broker’s perspective, from the initial contact with the client through the evaluation and application process, up to binding and policy documents with a review of the major product lines and common policy transactions that a broker handles.
  • To equip students with a technical and practical understanding of processes used in estimating insurance liabilities as well as some major issues relative to risk management with the ability to apply this knowledge in real work environments.
  • To give students practical knowledge of constructing basic accounting and financial statement relative to insurance with an understanding of the technical application of these statement in insurance business analysis and strategic decision making.

COURSE OUTCOMES

Upon completion of this course;

  • Students will be explain the main classes of insurance and the operations of insurance companies and apply the processes for determining premium rates and pricing of insurance policies with practical knowledge of a range of valuation techniques.
  • Students will understand the processes for estimation of general insurance liabilities with a practical understanding of the issues of measurement and management of solvency and the concept of risk based capital, for both different insurance classes.
  • Students will have a practical understanding of insurance policies, how they are developed and the general management of these policies including sales and underwriting, client relations and claims management.
  • Students will be equipped with the technical knowledge in insurance and its respective aspects as well the general operations of the insurance industry and how it affects the general economy.
  • Students will be able to perform technical insurance analysis with enhanced skills sets enabling them to supervise the work of subordinates; honing their decision-making abilities in critical situations within set parameters.
  • Students will be able to work on and draw up all financial and accounting statements relative tor insurance practice with practical understanding of analysis of these statements and their application in the decision making process.

COURSE CONTENT

  1. Principles and Practice of Insurance & Reinsurance                                      

>>> This course gives students a technical understanding of risk and its analysis, with a practical illustration of how insurance deals with it. The course covers basic concepts and language of insurance; the legal context of insurance; and the participants in the industry and their relationship to each other, zooming in on the principles that underlie every situation the student is likely to encounter in insurance; covering topics risk and insurance, history and the functions of insurance, ratemaking, underwriting, and rating, insurance distribution and insurance intermediaries, insurance law, contracts and processes as well as reinsurance.

  1. Insurance Business Operations                                                                   

>>> This course generally explores the insurance industry’s relationship to its external environment and examines some international issues associated with insurance. Students will have a practical appreciation of financial concepts unique to the insurance industry discussing some ideals and principles of marketing in insurance, product pricing, broker and insurer relationships, the regulatory environment, and the general dynamics of how the insurance industry operates. The course specifically makes students understand the ethics of insurance and how they relate to practitioners and the industry at large; covering topics like insurance company structures, dynamics of the insurance marketplace, financial management, relationships between marketing, sales intermediaries and insurers, regulatory framework etc. 

  1. Essential Skills for the Insurance Broker & Agent                                        

>>>This course gives an overview of insurance business practices from the broker’s perspective concentrating on the needs of personal lines clients and small commercial risks, which is immediately useful and practicable, especially to the new or junior insurance broker. The course generally gives the broker an idea of how being an insurance intermediary works with practical understanding of the skills that a typical broker needs to perform effectively; covering topics like the role of insurance intermediary, practical risk analysis, the insurance application process, common insurance transactions and the broker’s role in claims process.

  1. Commercial & Property Insurance Practice                                                 

>>> This course gives students a practical view of commercial and property insurance with a basic understanding of all types of commercial and property insurance discussing the legislative framework that governs them as well as principles, concepts and other characteristics. The course elaborates on how that framework and common features are reflected in the most common commercial and personal lines insurance policies with a discussion of how new wordings develop in response to new and changing practical problems; covering topics such as the influence of legislation, the evolution of property policies, broadening the contract, the commercial property named perils form, the commercial property broad form etc.

  1. Computer Applications for Insurance Professionals                            

>>> This course generally provides students with practical knowledge of modern insurance management technologies, their functions and how to efficiently carry out tasks with Information Communication Technology. It examines the application of digital and internet driven solutions to challenges of the insurance industry, equipping students with skills and technical abilities to develop technology driven products and solutions to emerging issues in the insurance industry.

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