Study-Unit Description

Study-Unit Description


CODE INS5012

 
TITLE Advanced Classes of Insurance 1

 
LEVEL 05 - Postgraduate Modular Diploma or Degree Course

 
ECTS CREDITS 10

 
DEPARTMENT Insurance

 
DESCRIPTION The unit will cover features of policy cover, exclusions, extensions and other related terms and conditions related to insurance of the person policies particularly Health and Personal Accident insurance.

It will delve deep into the following areas:

- Personal accident policies types and basis of cover
- Risk assessment and pricing in personal accident
- Claims settlement
- The Health Insurance Market/Financing and NHS Historical background
- Health Insurance Products and Market players – UK and Malta
- Other specialist products including self-funded schemes, EAPs, trusts etc.
- Risk Assessment and Pricing
- Medical Underwriting
- Claims and Provider Relations/Managed Care
- Regulation (including Taxation) and Distribution.

Principles of Life Insurance:
- The Contract of Life Insurance
- Legal Aspects of Life Insurance
- Proposal Forms
- Types of Life Insurance Policies
- Principles of Underwriting Life Insurance
- Claims and Benefit Payments
- Retirement Policies.

The unit will also cover the market, concepts and products available related to pensions, retirement plans and related investments featuring policy cover, exclusions, extensions and other related terms and conditions related to such products.

Specifically, the following areas:
- understand retirement provision
- outline the origins and overview of retirement provision
- analyse the parties involved in retirement provision
- outline the concept of the employment package
- understand the role of Government in retirement provision
- identify the role of Government
- outline State retirement benefits
- outline the regulation of retirement provision
- understand the role of workplace pension schemes in retirement provision
- analyse the design of workplace pension schemes
- analyse the financing of workplace pension schemes
- outline the concept of trusteeship
- understand the role of individual provision
- outline the different types of individual pension contracts
- evaluate the options for personal savings
- understand the role and nature of investment in retirement provision
- outline the considerations when investing for retirement provision
- outline the different investment classes.

In summary the scope of the unit is to give an understanding of the nature and context of personal lines of insurance and retirement provision and set a foundation for those who plan to develop a career specialising in one aspect of retirement provision and personal lines insurance or for those seeking a broad understanding of the subject.

Study-unit Aims:

This unit aims:
i) to enable students to work in the specialised areas of Health, Personal Accident, Retirement Planning and Life insurances including particular underwriting and claims practices;
ii) to provide students with the necessary skills to determine the nature and context of retirement provision and set a foundation for those who plan to develop a career specialising in one aspect of retirement provision or for those seeking a broad understanding of the subject.

Learning Outcomes:

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

- Identify and describe the various operational practices related to: Personal Lines Insurance such as Personal Accident and Health;
- Evaluate and define the extent of cover afforded by these personal lines policies;
- Describe the various operational practices related to pensions, retirement planning and related investment products;
- Define the market for pensions, retirement planning and related investment products.

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

- Identify and describe the various operational practices related to: Personal Lines Insurance such as Personal Accident and Health;
- Evaluate and define the extent of cover afforded by these personal lines policies;
- Describe the various operational practices related to pensions, retirement planning and related investment products;
- Define the market for pensions, retirement planning and related investment products.

Main Text/s and any supplementary readings:

Main Text

- Chartered Insurance Institute, 2017. IF7 Healthcare Insurance products. London: CII
- Chartered Insurance Institute, 2017. P61 Life, critical illness and disability underwriting. London: CII
- Chartered Insurance Institute, 2017. P62 Life, critical illness and disability claims. London: CII
- Chartered Insurance Institute, 2017. R04 pensions and Retirement planning. London: CII

Supplementary text

- PWC, 2012, Healthcare Delivery in Malta. Qormi: PWC.
- Hamilton, P. ,1995. Life Assurance Law and Practice. London: FT Law and Tax.
- McGee, A. ,1995. The Law and Practice of Life Assurance Contracts. London: Sweet and Maxwell.
- Whitehouse, Christopher and King, Lesley., 2014. A modern approach to lifetime tax planning for private clients. Bristol Jordans.
- Wooley, John., 2016. Financial planning with trusts. 5th ed. Chester Claritax Books.

 
STUDY-UNIT TYPE Lecture

 
METHOD OF ASSESSMENT
Assessment Component/s Assessment Due Resit Availability Weighting
Assignment SEM2 Yes 30%
Examination (2 Hours) SEM2 Yes 70%
Important - Due to the COVID19 Pandemic the information regarding the method of assessment indicated above may have been changed. Further details have been provided by your F/I/C/S.

 
LECTURER/S Catherine Calleja
Victor Farrugia
Simon Grima (Co-ord.)
Sara Pavia

 
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 study-unit description above applies to the academic year 2019/0, if study-unit is available during this academic year, and may be subject to change in subsequent years.

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