Insurance Management

·Major Topics Covered in this Diploma Program include:

Module 1 - Nature and Purpose of Insurance

·Risk, what risk involves, types of risks, losses from risks, risk and insurance, insurance aims

·The main function of insurance, compensation or indemnity, insurance and law

·Insurable risks, uninsured risks, risk control methods, subsidiary benefits of insurance

·Contracts, the six essentials of a genuine contract, insurance contracts

Module 2 - Insurable Interest and Utmost Good Faith

·Classes of insurance business, categorisation by object or event, subject-matter

·Insurable interest explained and defined, the legal position, insurable interest and life insurance

·Utmost good faith, legal obligations, insurers and proposers, material facts, facts which must be disclosed

·Void and voidable contracts, nondisclosure, concealment, warranties, representations

Module 3 - Indemnity

·Indemnity defined, the contract of indemnity, forms of indemnity, value at the time of loss

·Applications of the principal of indemnity, total and partial loss, replacement or reinstatement policies, underinsurance

·Subrogation defined and its purpose, rights in damaged property, intercompany agreements, waiver of subrogation

·Contribution, risk insured under two or more policies, timing and avoidance of contribution, specific market agreements

Module 4 - Proximate Cause, Physical and Moral Hazard

·Types of perils, insured perils, excepted perils, uninsured perils

·Proximate cause defined, related causes or events, practical examples, consequential loss, claims,

·Moral hazards, fraud, carelessness, circumstances, steps to reduce bad moral hazards

·Physical hazard, examples, steps to reduce bad physical hazards

Module 5 - Proposal Forms and Policies

·Buyers and sellers of insurance, proposers and insurers, methods of selling insurance, stages in buying insurance

·Proposal forms, formats, the questionnaire, the declaration, layout and contents, information required:

·Offer and acceptance, premiums, proof of insurance cover, cover notes, certificates of insurance

·Policies, their sections and what those contain, endorsements, legal interpretation of policies

Module 6 - Premiums, Renewals and Claims

·Underwriting, factors, average claims experience and values, the proposer’s characteristics

·Premiums, rating risks, life and non-life insurance premiums, financial reserves

·Renewals, the meaning and process, considerations, renewal premiums, no-claim bonuses, excess explained

·Claims handling, proof of loss, claims forms, claims settlement and payments, claims disputes, non-payments, average

Module 7 - Transportation Insurance

·Marine insurance, hull and cargo insurance, marine liability damage, time and voyage policies

·Aviation insurance and policies, cover and liability, passengers, third parties, aircraft manufacturers, airport owners/operators

·Transit insurance, overland transport, liability of hired carriers, floating policies

·Motor insurance, types of policies, motorcycle policies, commercial vehicles and fleet policies and premiums

Module 8 - Property, Accident, Pecuniary and Liability Insurances

·Property insurance, fire policies, household policies, buildings and contents, commercial and office policies, stock and business loss policies

·Accident insurance, industrial, contractors, burglary, money, goods, travel, sports, engineering and computer insurances

·Pecuniary insurances, fidelity guarantee, legal expenses policies, credit and business interruption policies, mortgage indemnity

·Liability insurances, negligence, nuisance, trespass, statutory and contractual liabilities, employers liability insurance, public liability insurance

Module 9 - Insurances of the Person

·Social security/national insurance, state benefits, unemployment, sickness/health care, maternity leave, pensions, annuities

·Personal accident/sickness/health insurance, private medical/health care insurance, group and employees accident schemes, factors affecting personal insurance

·Travel insurance, sports insurance, mortgage protection, types of life Insurance, endowment policies, protection of specified people insurances

Module 10 - The Insurance Market

·Personal and business buyers, sellers of insurance, Lloyds underwriters, underwriting members

·Insurance companies, limited liability companies, mutual and captive insurance companies, tariff and non-tariff insurers

·Intermediaries/middlemen, insurance agents, the ‘Law of Agency’, insurance brokers, building societies, other lenders and retailers, direct selling and convenience for buyers

·Reinsurance, needs for and methods of reinsuring, faculative and treaty reinsurance, reinsurance pools

Module 11 - Organisation & Management of Insurance Companies

·Centralised and decentralised, regional or zonal organisations, semi-autonomous branches, branches and claims

·Insurance company executives, the board of directors and duties/responsibilities, managers, personnel and training, organization charts, branch and specialist staff

·Insurance funds, types of funds, reserves, investment of insurance company funds, investment policy aims

·Insurance and the economy, assisting a country’s economy, development, balance of payments, imports and exports

Module 12 - Supervision and Regulation of Insurance

·The ‘promissory’ nature of insurance, insurance as an intangible product, effects of insolvency of insurers on policyholders and third parties

·The need for regulation, consumer protection, stability of insurers, buyers’ understanding, national and economic interests

·Self-regulation, acts and statutes, authorisation of insurers, supervision of authorised insurers, solvency margins

·Examples of legislation about policyholders protection, insurance brokers, financial services, insurance standards, financial services authorities, insurance ombudsman schemes