Principles of insurance law (life, fire, marine, motor and accident)

Contents
Chapter 1: Risk Management: Provides an understanding of risk management - different types of
risks - actual and consequential losses – management of risks – loss minimization techniques.
Chapter 2: The Concept of Insurance and its Evolution: The basics and nature of insurance –
evolution and nature of insurance - how insurance operates today – different classes of insurance –
importance of insurance - how insurance takes care of unexpected eventualities.
Chapter 3: The Business of Insurance: Management of risk by individuals – management of risk
by insurers – fixing of premiums – reinsurance and its importance for insurers - role of insurance in
economic development and social security - contribution of insurance to the society.
Chapter 4: The Insurance Market: The various constituents of the insurance market – operations
of insurance companies - operations of intermediaries – specialist insurance companies – insurance
specialists - the role of regulators – other bodies connected with insurance.
Chapter 5: Insurance Customers: Understanding insurance customers – different customer needs -
importance of customers – customer mindsets - customer satisfaction - customer behavior at
purchase point - customer behavior when claim occurs - importance of ethical behavior.
Chapter 6: The Insurance Contract: Terms of an insurance contract - principles which form the
foundation of insurance - significance of the principle of insurable interest – the principle of
indemnity - the principle of subrogation - the principle of contribution – disclosure of all relevant
information - principle of utmost good faith - the relevance of proximate cause - the insurance
contract.
Chapter 7: Insurance Terminology: Common terms used in insurance - terms common to both life
and non-life insurance - terms are specific to life and non-life insurance – how insurance terms are
used.
Chapter 8: Life Insurance products: The risk of dying early – the risk of living too long -
different products offered by life insurers - term plans - pure endowment plans - combinations of
plans - traditional products - linked policies - features of annuities and group policies.
Chapter 9: General Insurance Products: Risks faced by the owner of assets – exposure to perils –
features of products covering fire and allied perils - products covering marine and transit risks -
products covering financial losses due to accidents - products covering financial losses due
hospitalization - products covering miscellaneous risks.