Course Description

This course provides a general overview of insurance principles, beginning with frequently used terms and their definitions as used in the industry. As the course develops, it illustrates the insurance process and its need, and then grows into a manual of sorts, guiding the reader through the various mechanics, the type of insurance products available, and the applicability in different situations, illustrating with examples wherever possible.

Course Objectives

·         Differentiating between insurance, insured and insurer

·         Understanding the concept of premium

·         Understanding the similarities between risk transfer mechanisms and insurance

·         Being familiar withkey concepts/terms used in relation to insurance

·         Learning the mechanics of insurance

·         Understanding the mechanics of Life Insurance, its need and importance

·         Differentiating between the various types of insurance companies

·         Understanding the concepts of Whole Life Insurance, Joint Life Insurance etc

·         Identifying the various types of Permanent Insurance

Who Should Attend?

·         Managers

·         Financial & Accounting Professionals

·         Human Resource Professionals

·         Insurance Professionals

Program Schedule

DAY 1

·         Definition of Insurance 

·         Parties to the Insurance contract

·         Nature of Insurance contract

·         Life  insurance

·         Health insurance

DAY 2

·         Insurable interest

·         The making of insurance contract

·         The proposal form

·         The principle of good faith

·         Long-term care insurance

·         Disability insurance

DAY 3

·         Non-disclosure

·         Misrepresentation

·         The premiums 

·         The policy

·         Property and casualty

DAY 4

·         The claim

·         The settlement of claim

·         Personal property insurance 

·         Fire insurance 

·         Automobile  insurance 

DAY 5

·         Agency in insurance transactions

·         Insurance fraud

·         Group insurance 

·         Commercial general liability

·         Principles of risk management

·         Principles of reInsurance