| CODE | INS2010 | |||||||||
| TITLE | Principles of Insurance | |||||||||
| UM LEVEL | 02 - Years 2, 3 in Modular Undergraduate Course | |||||||||
| MQF LEVEL | 5 | |||||||||
| ECTS CREDITS | 4 | |||||||||
| DEPARTMENT | Insurance | |||||||||
| DESCRIPTION | Objectives: To develop in the participants: - fundamental information on the 6 principles of insurance which form the basis of both the underwriting and claims operations in insurance practice. - focus on the insurance contract with particular emphasis on the application of the Insurance principles. - an understanding of typical clauses found in insurance contracts. - the ability to apply such principles in underwriting and claims situations. - the understanding of the importance of such principles in the analysis of risk and the fair settlement of claims. Contents: - General principles and the formation of an insurance contract - Development of Insurable Interest in Insurance contracts - Creation of Insurable Interest and its application to Insurance contracts. - The principle of Utmost Good Faith in Insurance contracts - Duty of disclosure of material facts - Consequences of non-disclosure - Terms and conditions in an insurance contract and their respective applications The principle of proximate cause and its application to insurance claims. - Scope and application of Indemnity as a principle in claims settlement. - The measure of indemnity under different claims of insurance. - Methods of providing indemnity. - The rights of an insurer under the subrogation clause. - Operation of Subrogation in practice. - Contribution and its application in settling a claim which falls under this clause. Reading List Recommended Text - CII – P05 Insurance Law - Supplementary Text - CII – IF1 Insurance, the Market, Legal and Regulatory Background. - Success in Insurance – S.P. Diacon & R.L. Corter - Elements of Insurance – D.S. Harsell - Principles and Practice of Insurance – Mark S. Dacay - Introduction to Insurance – Michael G. Collins - Introduction to Insurance – G.C.A. Dickson & J.T. Steal |
|||||||||
| STUDY-UNIT TYPE | Lecture and Tutorial | |||||||||
| METHOD OF ASSESSMENT |
|
|||||||||
| LECTURER/S | Nigel Rausi |
|||||||||
|
The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2023/4. It may be subject to change in subsequent years. |
||||||||||