| CODE | INS2100 | ||||||||||||
| TITLE | Insurance Business Development | ||||||||||||
| UM LEVEL | 02 - Years 2, 3 in Modular Undergraduate Course | ||||||||||||
| MQF LEVEL | 5 | ||||||||||||
| ECTS CREDITS | 4 | ||||||||||||
| DEPARTMENT | Insurance and Risk Management | ||||||||||||
| DESCRIPTION | This study-unit is designed to develop in the participant knowledge, understanding of commercial policy wording in the Insurance Market so as to enhance the practical application of wordings and the issues associated with them. These are directly concerned with the objectives and functions of insurance business organisations and the regulatory environment in which they operate as well as the application of knowledge and skills to practical situations, instilling the fundamental principles and practices of insurance business and practice with the aim of enticing an intrapreneurial attitude which will manifest itself in perceptive and innovative approaches to the development of the insurance industry as a whole and an insurance specialisation in the particular Study-unit Aims: This study-unit aims to develop in the participant a knowledge and understanding of: - The regulation, legal issues and market initiatives for policy wording clarity/certainty; - The purpose, scope and use of policy wording in the insurance market; - The structure of the insurance business and the interface between business and society – trends and factors; - The importance of policy wordings in the insurance market and the application of knowledge and skills to practical situations within the insurance industry. Learning Outcomes: 1. Knowledge & Understanding: By the end of the study-unit the student will be able to: - Understand the regulatory regime and the initiatives for policy wording clarity/certainty; - Understand the legal issues affecting insurance and reinsurance policies; - Understand the main conditions applied to policy wordings; - Understand the purpose, scope and use of policy wordings as applied within the structure of the insurance business; its trends and factors; - Understand the implications of policy wordings on the insurance industry and its relative affect on the world economy. 2. Skills: By the end of the study-unit the student will be able to: - Apply the knowledge and skills garnered on policy wordings to practical situations within the insurance industry in the diverse categories of insurance services offered through the use of various market research tools; - Apply the knowledge and skills garnered to identify practical situations of potential business development within the insurance industry by investigating the market; and researching business development possibilities. Main Text/s and any supplementary readings: Refernce Materials - Birds’ Modern insurance law. John Birds. 7th ed.London: Sweet & Maxwell, 2007. - Blown to bits: how the new economics of information transforms strategy. Philip Evans. Thomas Wurster. Boston, Massachusetts: Harvard Business School Press, 2000. - Contract law. Anne Ruff. 4th ed. London: Sweet & Maxwell, 2005. - The law of reinsurance. Colin Edelman ... [et al]. Oxford: Oxford University Press, 2005. - London market reform. James Willison. London: CII Knowledge Services. Updated as necessary. Available online at www.cii.co.uk/knowledge/factfiles (CII/Personal Finance Society members only). - Principles of marketing. Philip Kotler, Gary Armstrong. 12th ed. Upper Saddle River, New Jersey: Pearson Education, 2007. - An outline of the law of contract. Sir Guenter Treitel. 6th ed. Oxford: Oxford University Press, 2004. - Recent developments in insurance contract law. Robert Merkin. London: CII Knowledge Services. Updated as necessary. Available online at www.cii.co.uk/knowledge/factfiles (CII/Personal Finance Society members only). - Recent developments in reinsurance law. Robert Merkin. London: CII Knowledge Services. Updated as necessary. Available online at www.cii.co.uk/knowledge/factfiles (CII/PFS members only). - Reinsurance essentials. Robert L Carter, Leslie D Lucas. London: Reactions, 2004. - Reinsurance in practice. 4th ed. Robert Kiln, Stephen Kiln. London: Witherby, 2001. - Colinvaux & Merkin’s Insurance contract law. Robert M Merkin. London: Sweet & Maxwell. Looseleaf, updated. - Dictionary of insurance. C Bennett. 2nd ed. London: Pearson Education, 2004. Also available online at www.cii.co.uk/knowledge/doi (CII/Personal Finance Society members only). - The Institute Clauses. N Geoffrey Hudson, J C Allen. 3rd ed. London: LLP, 1999. - Insurance law: text and materials. Ray Hodgin. 2nd ed. London: Cavendish, 2002. - The international hull clauses: analysis of the 2002, 1995 and 1983 hull clauses: against the background of the Marine Insurance Act 1906. Stephen B Goodacre. 1st ed. London: Witherby, 2003. - The law of insurance contracts. Malcolm A Clarke. 4th ed. London: LLP, 2002. - MacGillivray on insurance law: relating to all risks other than marine. 10th ed. London: Sweet and Maxwell, 2003. - Reinsurance practice and the law. Reinsurance Division of Barlow Lyde and Gilbert. London: Lloyd’s of London Press. Looseleaf, updated. Periodicals: - The Economist. London: Economist Newspaper. Weekly. - Financial Times. London: Financial Times. Daily except Sundays. Also available online at www.ft.com. - Harvard Business Review. Boston, Massachusetts: Harvard Business School Publishing. Monthly. - Post Magazine. London: Incisive Financial Publishing. Weekly - The Journal. London: CII. Six issues a year. Also available online at www.cii.co.uk/knowledge/journal (CII/Personal Finance Society members only). - Technical Focus. Underwriting Faculty. London: CII Knowledge Services. Six issues a year. Available online at www.cii.co.uk/knowledge/underwriting (CII/PFS members only). |
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| STUDY-UNIT TYPE | Lecture and Tutorial | ||||||||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | Jacqueline Micallef Grimaud (Co-ord.) Sharon Seychell |
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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. |
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