IGIE 950 Non-Life Course Outline

Introduction to Global Risk Management, Insurance, and Financial Services

Part 1: How Insurance Works

1: Insurance basics in the global marketplace

  • History of insurance

  • Basic concept of insurance

  • Risk and insurance

  • Perils and hazard

  • Structure of the insurance marketplace

2: Essential elements and characteristics of the insurance contract

  • General rules of contracts

  • Special features of insurance contracts

  • Insurance policy documents

  • Exclusions and conditions

  • Reading an insurance policy

3: How is insurance sold and serviced?

  • Buyers of insurance

  • Intermediaries – agents and brokers

  • Sellers of insurance

  • How sellers reach buyers – distribution channels

4: Underwriting activities

  • The function of underwriting

  • Pricing and rate setting

  • Deciding on coverage and conditions

  • Underwriting management

  • Steps in the underwriting process

5: Claims Activity

  • Paying claims

  • People in claims handling

  • The claims process

  • Property claims

  • Liability claims

  • Reserving money to pay future claims

Part 2: Case Studies: Personal, Business and Insurer

6: Personal (general) insurance

  • Individuals and families

  • Personal property exposures

  • Personal liability exposures

  • Personal risk management plan

7: Commercial (general) insurance

  • A business case study

  • Business property exposures

  • Business liability exposures

  • Meeting All-Sports’ auto insurance needs – other exposures

  • A commercial insurance program

8: Pricing insurance coverages

  • How an insurer determines the price

  • Turning rates into premiums

  • Different rating systems

  • Methods used for different insurances

  • Other rating issues

Part 3: Insurance, Risk Management and Global Trading

9: Managing loss exposures through risk management

  • Risk management

  • Risk management cycle

  • Benefits of risk management

10: Insurance in a changing world

  • Global insurance programs

  • Managing complex programs

  • Alternative approaches to cover

  • Globalization