This course provides a general overview of insurance principles, beginning with frequently used terms and their definitions as used in the industry. As the course develops, it illustrates the insurance process and its need, and then grows into a manual of sorts, guiding the reader through the various mechanics, the type of insurance products available, and the applicability in different situations.
Understanding the differentiating between insurance, insured and insurer
Understanding the similarities between risk transfer mechanisms and insurance
Being familiar with key concepts/terms used in relation to insurance
Learning the mechanics of insurance
Understanding the mechanics of Life Insurance, its need, and importance
Differentiating between the various types of insurance companies
Who Should Attend?
Financial & Accounting Professionals
Those who are interested in the field
Day One: Overview of Cost Estimating
Definition of Insurance
Parties to the Insurance contract
Nature of Insurance contract
Day Two: The Cost Estimating Process
The making of an insurance contract
The proposal form
The principle of good faith
Long-term care insurance
Day Three: Estimating Methodologies
Property and casualty
Day Four: Cost Risk, Uncertainty, Validating and Documenting the Estimate
The settlement of a claim
Personal property insurance
Day Five: Linking the Credible Cost Estimate to the EVM system
The agency for insurance transactions
Commercial general liability
Principles of risk management
Principles of reinsurance
NOT INTERESTED IN THIS COURSE?
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