Fundamentals of Insurance Operations

Description

This course is suitable for:

• Employees of insurance companies.
• Insurance industry regulators
• Those who wish to understand the fundamentals of insurance.

What you will learn

• Different types of risk.
• Insurable loss.
• The difference between a peril and a hazard.
• That pure risks are always uninsurable.
• The concept of loss exposure.
• The relevant data for risk management insurance systems (RMIS) for firms operating in different industries.
• The risk management and control process.
• The difference between risk management and insurance management.
• The steps involved in the development of a risk management plan.
• What are captive insurers.
• The basic factor that a risk manager must consider if commercial insurance is used in a risk management programme.
• The three main categories of loss control activities.
• The costs and benefits of insurance.
• The various classes of life and non-life insurance covers.
• The principles of Subrogation and Contribution.
• The difference between assurance and insurance in view of the principle of indemnity.
• The difference between insurance and wagering contracts.
• The application of proximate cause to insurance contracts.
• That insurance is a dual application of a law of large numbers.
• The advantages of pooling to insurance institutions.
• The major determinants of insurance pricing.
• The various classes of rating. 
• The general comparisons between life insurance pricing and non-life insurance pricing.
• The various legal provisions applicable to insurance businesses.
• The trade-off and conflict in the underwriting business.
• The process of underwriting in the life and non-life insurance business.
• Various underwriting practices.
• The various principles of underwriting.
• The various objectives of reinsurance.
• That reinsurance is a well thought well-structured expense for an insurance company.
• The difference between Facultative and Treaties.
• How risks are classified in life insurance.
• The various methods of treatment of substandard risks.
• The settlement of claims under life insurance policies.
• The concept of Surrender Value.
• How to compute life insurance premiums.
• The types of insurance covers available for automobiles.
• The various documents required for the settlement of own damage and third-party documents.
• The major differences between the procedure for the settlement of third-party claims and own damage claims.
• The procedure for loss settlement in burglary insurance.
• The Table of Benefits in personal accident insurance.
• That aviation insurance is a high-risk business.