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