Learning Objectives
5 objectives- Understand the fundamental concepts and principles of general insurance and risk management.
- Identify and differentiate between various types of general insurance policies, their coverage, exclusions, and benefits.
- Explain the processes of underwriting, premium determination, and claims handling within general insurance.
- Recognize the regulatory environment and ethical considerations governing the insurance industry.
- Analyze emerging trends and apply practical case studies to real-world general insurance scenarios.
Content Outline
PreviewUnit 1200: Foundations of General Insurance
1. Introduction to General Insurance
- Definition and purpose of general insurance
- Concept of risk and risk management
- Role of insurance in mitigating risk
- Types of general insurance policies overview
- Principles of insurance
- Utmost good faith
- Insurable interest
- Indemnity
- Contribution
- Subrogation
- Proximate cause
2. Types of General Insurance Policies
- Property Insurance
- Coverage scope
- Common exclusions
- Benefits
- Liability Insurance
- Purpose and coverage
- Exclusions and limitations
- Health Insurance
- Types (individual, group, critical illness)
- Coverage and exclusions
- Auto Insurance
- Types (third-party, comprehensive)
- Coverage details and exclusions
- Travel Insurance
- Coverage areas (medical, trip cancellation, baggage loss)
- Policy benefits and limitations
3. Insurance Premiums and Underwriting
- Factors influencing insurance premiums
- Risk characteristics
- Policy terms
- Market conditions
- Concept of underwriting
- Definition and objectives
- Risk assessment techniques
- Rating methods (manual, experience, merit rating)
- Determination of insurance costs
- Role of underwriting in risk selection and pricing
4. Claims Process in General Insurance
- Overview of claims process
- How to file a claim
- Documentation requirements
- Claim investigation and assessment
- Role and responsibilities of insurance adjusters
- Claim settlement procedures
- Handling disputes and claim denials
5. Insurance Regulations and Compliance
- Regulatory framework overview
- Key laws and regulations governing insurance
- Roles of regulatory bodies (e.g., insurance commissions, financial authorities)
- Compliance requirements for insurers
- Impact of regulations on policyholders and insurers
6. Reinsurance in General Insurance
- Definition and purpose of reinsurance
- Importance in spreading risk
- Types of reinsurance arrangements
- Facultative reinsurance
- Treaty reinsurance
- Role of reinsurance companies
- Impact of reinsurance on insurer solvency and capacity
7. Emerging Trends in General Insurance
- InsurTech innovations
- Usage-based insurance (UBI)
- Parametric insurance
- Cyber insurance
- Sustainability and environmental initiatives
- Impact of technology on underwriting and claims
8. Risk Management in General Insurance
- Principles of risk management
- Risk identification and assessment methods
- Risk mitigation strategies
- Integration of risk management in underwriting
- Role in claims handling and loss control
9. Ethical Considerations in Insurance
- Common ethical issues in insurance
- Conflicts of interest
- Fair treatment of policyholders
- Confidentiality and data protection
- Ethical responsibilities of insurance professionals
- Codes of conduct and professional standards
10. Case Studies in General Insurance
- Analysis of real-life insurance cases
- Application of theoretical concepts to practice
- Decision-making processes in underwriting and claims
- Evaluation of outcomes and lessons learned
- Group discussions and problem-solving exercises
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