This program explains and teaches about the purposes, principles and types of insurance and contracts, and the functioning of insurance businesses and the work of insurance practitioners.
Starting with an explanation of how every person and organization is exposed to risks which can result in losses, the interesting and informative Program shows how insurance aims to minimize and manage the effects of risks, and transfer responsibility for potential losses to insurers. This Program has wide-ranging application for business people, existing and aspiring insurance practitioners; it deals with modern insurance practice, the principles on which it is based, the main classes of insurance business, insurance contracts, documentation, policies and claims. The Program also deals with insurance company structure and organization, and how these companies need to be run profitably and be well organized.
MAJOR TOPICS COVERED IN THIS DIPLOMA PROGRAM INCLUDE:
- The nature and purpose of insurance, the types and natures of risks.
- Insurance and methods of reducing the potential damaging effects of risks.
- Insurance and the law; insurance contracts and their components, the benefits of insurance.
- The various types and classes of insurance available, and their features.
- The concepts, meaning and roles of insurable interest, utmost good faith and material facts.
- Voidable contracts – what they are and how they arise.
- Indemnity and insurance objectives: the purpose of indemnity, form and value of indemnity.
- The meaning and relevance of subrogation, contribution, proximate cause, physical and moral hazard.
- Matters concerning actual or potential fraud, the role of warranties.
- Regulation of insurance businesses.
- Insurance proposal forms, their layout, cover notes, insurance certificates, policy documents.
- Premium rating, renewals, claims procedures, total and partial losses, average.
- Transportation insurance: marine; hull, cargo, voyage; aviation, transit, motor.
- Liability, cover offered in different personal and commercial policies; comprehensive and personal.
- No-claims bonus, excess in policies.
- Personal and commercial property, the scope of cover; accident, pecuniary and liability insurances.
- Personal insurance: accident, sickness, health, medical and life insurances, groups.
- Pensions and annuities.
- The insurance market: buyers and sellers, types of insurers, intermediaries, Lloyd’s, reinsurers.
- Organization and operation of insurance companies, branches, directors, reserves, funds, specialists.
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