- Subject: Management
- Fees: $50
- CPD: 3 Hours
- Prerequisites: Basic Accounting
- Advance preparation: None
- Course Level: Intermediate
- Delivery Method: E-Learning
- Language: English
Course description
This course is designed to provide an understanding of Legal Principles in Risk and Insurance.
Learning objectives
Fundamental Legal Principles
- Describe the principle of indemnity
- Explain how the actual cash value rule supports the principle of indemnity
- Describe the nature and purposes of the principle of insurable interest
- Explain the principle of subrogation
- Explain the purposes of subrogation
- List the major exceptions to subrogation
- Explain the principle of utmost good faith
- Show how the legal concepts of representations, concealment, and warranty support the principle of utmost good faith
- Describe the legal requirements for the formation of a valid insurance contract
- Identify the distinct legal characteristics of insurance contracts that make them different from other legal contracts
- Explain the law of agency and how it affects the actions and duties of insurance agents.
Enterprise Risk Management
- Define enterprise risk management and explain how enterprise risk management differs from traditional risk management.
- List and explain the steps in the enterprise risk management process.
- Explain the benefits of an enterprise risk management program.
- Explain methods that a risk manager may employ to forecast losses.
- Describe other tools that may be of assistance to risk managers.
- Show how financial analysis can be applied to risk management decision making.
- Describe other tools that may be of assistance to risk managers.
Analysis of Insurance Contracts
- Identify the basic parts of any insurance contract
- Explain the meaning of “insured” in an insurance contract
- Explain the meaning of an endorsement or rider to an insurance contract
- Describe the common types of deductibles that appear in insurance contracts
- Explain how coinsurance works in a property insurance contract.
- Show how coinsurance works in a health insurance contract.
- Explain how losses are paid when more than one insurance contract covers the same loss.
Assessment
This course is delivered in the Moodle Learning Management System (MLS), with access for a duration of 90 days from the date of enrollment. Instructional materials, including voice-over PowerPoint presentations, videos, and additional reading materials, are provided throughout the course.
Attendance/Participation — Full attendance is required to complete the E-Learning Activities course. Participation in ‘Thinking Break’ activities and exams serves as the elements for attendance. Each PowerPoint slide is set with a minimum viewing time before students can advance to the next slide. At each subsection of the slides, students are required to engage in ‘Thinking Break’ activities before proceeding to the next subsection. After completing all reading and viewing assignments, students must attain at least a grade of 70% on the exams to successfully complete the E-Learning course.
