The Insurance Business (In-Class / Online)

This course provides a comprehensive introduction to the principles, practices, and development of the insurance industry. It covers key topics such as the fundamentals of insurance, market structure, underwriting processes, and claims management. Participants will gain insights into various types of insurance, including life, health, property, and specialized insurance products, as well as the operational aspects of insurance companies and intermediaries.

Who should attend?

This Foundations training course is intended for:

• Professionals working in insurance companies.
• Insurance brokers and agents.
• Individuals handling insurance matters in corporations.
• Anyone seeking foundational knowledge of the insurance industry.

Learning objectives

Upon successful completion of this training course, the participants will be able to:

• Understand the basic principles and terminologies of insurance.
• Identify different types of insurance and their applications.
• Explain the roles of various market participants, including underwriters, brokers, and agents.
• Navigate the claims process and understand the principles of underwriting.
• Recognize the importance of risk management and regulatory frameworks in the insurance industry.

Prerequisites

There are no prerequisites to participate in this training course.

Course Agenda

1. What is Insurance?
   1. Introduction
   2. Key Terms
   3. Underwriter
   4. Premiums
   5. Insured
   6. Insurance vs Assurance
   7. Insurable Risks
   8. Risk and Hazard
   9. Physical Hazard
   10. Moral Hazard
   11. Advantages of Insurance
2. Development of Insurance
   1. Marine Insurance
   2. Policy Cover
   3. Forms of Policy
   4. Aviation Insurance
   5. Fire Insurance
   6. Standard Fire Policy
   7. Life Assurance
   8. Term Assurance
   9. Whole Life Assurance
   10. Endowment Assurance
   11. Annuities and Pension Schemes
   12. Health and Accident Insurance
   13. Personal Accident Insurance
   14. Sickness Insurance
   15. Fidelity Guarantee
   16. Employer’s and Public Liability Insurance
   17. Engineering and Theft Insurance
   18. Combined and Comprehensive Insurances
   19. Household Insurance
   20. Motor Insurance
   21. Miscellaneous Insurances
   22. Commercial All Risks
   23. Legal Expenses
   24. Space Risks
3. Structure of the Market
   1. The Insurance Market
   2. Types of Companies
   3. Proprietary Insurance Companies
   4. Mutual Companies
   5. Captive Insurance Companies
   6. Lloyd’s Market
   7. Brokers and Agents
   8. Intermediaries
4. Basic Principles of Insurance
   1. The Law of Contract
   2. Insurable Interest
   3. Utmost Good Faith
   4. Duty of Disclosure
   5. Indemnity
   6. Average and Excess
   7. Contribution and Subrogation
   8. Coinsurance and Reinsurance
5. Underwriting and Claims
   1. Proposal Forms
   2. Policy Forms
   3. Renewals
   4. Claims Settlement
   5. Professional Investigations
   6. Policy Coverage
6. Market Practices
   1. Insurance Companies
   2. Organizational Structure
   3. Key Roles (e.g., Underwriters, Actuaries)
   4. Use of Technology
   5. Lloyd’s Market
   6. History and Development
   7. Modern Operations
   8. Intermediaries
   9. Agents and Brokers
   10. Regulatory Framework
   11. Claims Procedures

Certificate requirements

Upon successful completion of all course requirements, participants will receive a Certificate of Completion in “The Insurance Business.”