Study-Unit Description

Study-Unit Description


CODE INS5011

 
TITLE Advanced Insurance Practices

 
LEVEL 05 - Postgraduate Modular Diploma or Degree Course

 
ECTS CREDITS 10

 
DEPARTMENT Insurance

 
DESCRIPTION The study-unit will be divided into three main parts, intermediation, reinsurance, underwriting and claims.

For the section of Intermediation the study will delve into: (1) the types of insurance intermediaries, (2) the different roles, duties and functions of insurance intermediaries; (3) how the insurance broker operates for buyer and for seller in the market; (4) the tools used by independent intermediaries to provide financial protection to clients; (5) strategies used by independent intermediaries in providing their services; and (6) legal and regulatory rules applying to intermediaries in the Maltese and EU market.

For the section on Underwriting and Claims the study-unit will delve into: (1) the Environment in which general business insurance is underwritten with special reference to the Maltese scenario; (2) the selection of classes of business and the design of products as requirements in order to manage a general insurance and underwriting account; (3) the setting of underwriting policies for the selected classes of business; (4) the setting of pricing and management of the exposures for the said selected classes of business; (5) operational controls, budgeting and monitoring of results; (6) claims philosophies; (7) the implementation of claims systems; (8) the management of claims functions and the management of the claims service; and (9) claims practice within the non life insurance industry with a special reference to the Maltese scenario.

For the part on Reinsurance the study-unit will delve into: (1) the principles of Reinsurance and their general applications to the different methods of reinsurance; (2) the law and regulation relating to reinsurance; (3) the basic contract wordings; (4) the basic accounting considerations; and (5) practical situations and given scenarios.

Study-unit Aims:

- To familiarise students with the role and function of the various insurance intermediaries in the industry;
- To describe the system of underwriting and how this is used to analyse risks and decide on whether to insure them;
- To explain when and how reinsurance and co-insurance arrangements are used to support underwriting;
- To describe the claims processes and how claims are settled to the point of recovery.

Learning Outcomes:

1. Knowledge & Understanding
By the end of the study-unit the student will be able to:

- Define the various market players and respective functions within the insurance industry;
- Describe the various underwriting and claims processes;
- Evaluate the mechanics behind risk sharing methods such as reinsurance.

2. Skills
By the end of the study-unit the student will be able to:

- Apply advanced insurance practices and procedures;
- Compute reinsurance arrangements and solve claims scenarios.

Main Text/s and any supplementary readings:

Recommended Text

i) Chartered Insurance Institute,(2017). 785 Reinsurance. London: CII
ii) Chartered Insurance Institute,(2017). 815 Underwriting Management. London: CII
iii) Chartered Insurance Institute,(2017). 820 Claims Management. London: CII
iv) Chartered Insurance Institute,(2017). 930 Advanced Insurance claims handling process. London: CII
V) Golding, C.E.,(1987). The law and practice of Reinsurance. London: Witherby
Vi) Riley, K., (2001). The nuts and bolts of Reinsurance, 2nd Edition. London: Witherby
vii) Henley, C., (2003). The Law of Insurance Broking. London: Sweet and Maxwell

 
STUDY-UNIT TYPE Lecture

 
METHOD OF ASSESSMENT
Assessment Component/s Assessment Due Resit Availability Weighting
Assignment SEM2 Yes 30%
Examination (3 Hours) SEM2 Yes 70%

 
LECTURER/S Sean Anthony Agius
Catherine Calleja
Peter Spiteri

 
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 2020/1. It may be subject to change in subsequent years.

https://www.um.edu.mt/course/studyunit