Unit 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