Course Description
This course lays the foundation for many types of property insurance, with explanations of the legislative framework that governs them and of their principles, doctrines, and other characteristics.
The course is also uniquely designed to provide the participants understanding of General Takaful. The objective of this unit is to develop knowledge and understanding of commercial contract wording.
What Do Participants Learn?
Participants will leave this course prepared to:
- Identify the risks encountered by commercial organisations
- Enable the candidate to understand commercial (re)insurance
- contract wordings and the legal, regulatory and drafting issues surrounding these wordings
- Consider the implications of legislation with respect to insurance
- Outline the main covers available
- Property Damage
- Business Interruption
- Employers Liability
Who Should Attend?
Everyone in the insurance field may attend the course, since the course content thoroughly addresses all aspects of risks and exposures
What Will the Learning Experience Include?
Phase: 1
Introduce
- Comprehensive pre-program activities include:
- Web-based information forms & surveys completed by attendee.
- Direct consultation with the attendee about the expectations.
- During the training, participants engage in data, activities, and conversations that lead to insight and knowledge.
- Participants learn from expert trainers who have both academic and business experiences.
- Highly applicable training content & instructive activities for adding depth to training topics.
- **A half-day site visit for integrating the experience & plan next steps. Opportunities to provide connections, ideas & support.
Phase: 2
Explore & Practice
Phase: 3
Apply
- Apply & sustain the learning experience by using this ongoing support:
- To ensure participant has new skills or behavior progress.
- Optional, fee-based mentoring & coaching with the trainer.
- Training materials & additional documents (e-books, pdf files, presentations and articles)
- Evaluate your training experience by giving us feedbacks and help us to reach our organizational goals.
- Participant's Evaluation
- Trainer's Evaluation
Phase: 4
EVALUATE
Section 1: Introduction to Commercial Insurance
- The Commercial Insurance Context
- Commercial Insurance Stakeholders
- Risk Management and Commercial Insurance
- Identifying Exposures
- Applying for Coverage
- Analyzing Risk
- Implementing the Policy
- Commercial Claims
- Commercial Property Exposures
- Commercial Property Solutions
Section 2:Takaful Health Insurance
- What is Takaful?
- Prohibitions of Gharar, Maysir and Riba
- Gambling and Insurance
- Basis and Principles of Takaful
- Why No to Conventional Insurance
- How does Takaful work
- Pricing Transactions Linked to Interest-rate Benchmark
- Retakaful or Reinsurance
- Shari'ah Authenticity
- Shari'ah Supervisory Board [Religious Board]
- Status of Takaful
Section 3: Risk Management
- How risk management can assist organisations to achieve their objectives
- The benefits of risk management and its relationship with corporate governance, social responsibility, sustainability and organisational prosperity
- The types of risk exposure typically faced by an organisation and the concepts of opportunity and downside risk
- External influences such as markets and regulation
- ISO 31000 and risk management principles, framework and process
- The skills to assess risk effectively and to select appropriate risk treatment techniques
- How risk management should be organised and its relationship with boards, audit and other business functions
- The importance of culture, communication, incentives and behavior in an effective risk management structure
Section 4: Insurance Contract Wording
- Terms and conditions of commercial (re)insurance contract wordings
- Importance of using defined terms and consistent language.
- Key components of commercial (re)insurance contract wordings.
- Different ways of defining the amount (re)insured
- Rights and duties of the (re)insured.
- Operation of dispute resolution clauses.
- Provisions of cancellation clauses.
- Purpose and effect of endorsements.
- Use & Operation of proportional treaty reinsurance clauses.
- Importance of event definitions in reinsurance wordings.
Section 5: Managing Insurance Claims, Understanding Insurance Law & Regulation
- Principles and practice of Life insurance
- Management and Organizational Behavior
- Managerial Economic Forecasting
- Accounting for insurance
- Statistics for Insurance
- Computers for Managers
- Bank and risk management
- Marketing management
- Financial management
- Human resources management
- Marine and rural insurance
- Fire and motor insurance
- Marketing for insurance services