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Introduction to Insurance & Documentation

Start Date:
10 Dec 2018
Duration:
5 Days
Cost:
QAR 7500
Description:
This course covers introduction to Insurance and Insurance Documentation.

Objectives
Upon the completion of this course, the participant will have:
  • Received a broad introduction to the concept of insurance and will have a general understanding of the insurance market
  • Acquired a basic knowledge of the nature and function of insurance
  • Understand the economic, legal and social environment in which insurance operates
Content Highlights
  • History of insurance
  • The concept of risk
  • Risk management process
  • Functions & limitations of insurance
  • Insurable fundamental principles
  • The insurance market and its main components
  • Main insurance classes and covers
  • Agency in insurance
  • Underwriting & rating principles
  • Insurance documentation
  • Claims & office administration
  • Reinsurance
Target Audience
Employees of Financial institutions (both banks and insurance companies) in the early stages of their career, Non-insurance employees who wish to acquire insurance knowledge.

Prerequisites
Pre-requisite knowledge for the course may be obtained through prior certified learning or experiential learning at the workplace. Please consult with your line manager, training manager or equivalent for ensuring conformity.

Course Structure
The course is conducted via a combination of lectures; case studies; role plays; and videos, where applicable.

Topics to be covered
  • The nature and main features of risk and insurance
    • The nature and main features of risk
      • The concept of risk and risk perception;
      • How different risks are categorized;
      • The risk management function and process;
      • The relationship between frequency and severity of loss;
      • The types of risk that can be insured and the types of risk that cannot;
      • What is meant by a peril and a hazard as they relate to insurance;
  • The nature and main features of insurance
    • The basis of insurance as a risk transfer mechanism;
    • How insurance operates by the pooling of risks;
    • How insurance benefits policyholders and society in general;
  • The main legal principles governing insurance contracts
  • The essentials of a valid contract of insurance;
  • Agency
  • Insurable interest
    • The requirements for insurable interest in insurance contracts.
  • Utmost good faith
    • How the principle of utmost good faith applies to contracts of insurance;
    • How the duty of disclosure operates;
    • The definition of a material fact;
    • The consequences of non-disclosure or misrepresentation of material facts.
  • Proximate cause
    • How the principle of proximate cause is applied to noncomplex claims.
  • Indemnity
    • The definition of indemnity and which types of policy are policies of indemnity;
    • How the indemnity principle is applied to contracts of insurance;
    • What is meant by agreed value, new for old, reinstatement and first-loss policies;
    • The application of average.
  • Contribution
    • The principle of contribution and when and how it applies.
  • Subrogation
    • The principle of subrogation and how it applies.
 

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