£4995 + VAT
Risk Management and Control
- The concept of risk
- Risk vs uncertainty
- Types of risks
- Classifying pure risks
- Losses and methods of handling pure risk
- Risk management process
- Risk financing techniques
- Risk management objectives
- Risk management information systems (RMIS)
- Organisation of risk management department
- Risk management vs insurance management
- Insurance defined
- Costs and benefits of insurance
- Elements of insurable risk
- Principles of insurance
- Insurance contracts
- Kinds of insurance
- Rating of insurance products
- Legal and economic environment of insurance business
Underwriting Process and Methods
- Underwriting defined
- The objectives and principles of underwriting
- Underwriting in life insurance
- Underwriting in non-life insurance
- Reinsurance defined
- Objectives of reinsurance
- Role of the reinsurers
- Techniques of reinsurance
- Reinsurance arrangements
- The reinsurance contract
- Nature of life insurance/assurance
- Advantages of life insurance
- Life insurance contract and policy provisions
- Classifications selection and treatment objects
- Calculation of premium
- Types of policies
- Policy servicing and provisioning
- Settlement of claims
- Overview of the losses due to automobile ownership and usage
- Need for automobile insurance
- Types of motor insurance policies
- Factors considered for premium rating
- Motor insurance claims
- Burglary insurance
- Money insurance
- Baggage insurance
- Personal accident insurance
- Banker’s indemnity insurance
- Aviation insurance
- Employees of insurance companies.
- Insurance industry regulators
- Those who wish to understand the fundamentals of insurance.
Upon completion of this course, you will be able to understand:
- 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.