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