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