Risk Management: Insuring Against Risk
Learn about the importance of insuring against risk and explore the most important types of insurance and insurers.Publisher: Saylor Academy
CertificationView course modules
Insurance companies abound these days and it is oftentimes hard to choose which of them is worth your hard earned money. This course kicks off by giving you an in-depth understanding of the nature of insurance, the types of insurance, and how they differ from each other. You will then look into the common phrases and terms used in the insurance industry and learn about the processes insurers go through when deciding whether or not to cover an exposure.
You will then study the internal operations of insurance companies as they accept the risks faced by their customers. By reviewing how both sides of an insurance business operates, you will further understand how they invest premiums from their customers in order to offer them coverage if ever they need it. This course will also discuss a variety of case studies based on real-life events, which will help you understand the application of risk management theory. It will also tackle the basic requirements and characteristics of insurance contracts.
There are several types of risks in business, which include competition, economic factors, and market volatility. This means that businesses everywhere need professionals who can assess the risk in their day-to-day operations, and consequently decide what type of insurance they need to purchase. By the end of this course, you will have much stronger understanding of how to insure against risk and how insurance premiums are calculated. This is truly useful knowledge, so check out the course today and start learning something really practical.
Module 1: Insurance for Risk
Insurance for Risk - Learning Outcomes
Introduction to Insurance
Insurability and Cost
Types of Cover
Government Funded Insurance
Insurance for Risk - Lesson Summary
Module 2: Insurance Operations
Insurance Operations - Learning Outcomes
Insurance Brokers and Agents
Insurance Operations - Lesson Summary
Module 3: Insurance Contracts
Insurance Contracts - Learning Outcomes
Insurance Contracts - Lesson Summary
After completing this course you will be able to:
- Explain types of insurance and insurers.
- Define the law of large numbers as the essence of insurance.
- Summarize why certain risks cannot be insured by private insurance companies.
- Describe the functions of governmental insurance organizations.
- Discuss various marketing activities within different segments of the insurance industry.
- Explain how insurance agents and brokers differ.
- Outline the main features of the underwriting and claims adjustment processes.
- Summarize the role of actuaries in insurance operations.
- Demonstrate how reinsurance works.
- Discuss ethical considerations when making representations to underwriters.
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