CLT
 

Introduction to Insurance
horizontal rule


COURSE OBJECTIVES: This one-day course offers a comprehensive introduction to the institutions, operations, business models and regulations prevalent in the insurance market. It is designed for those new to the sector with little or no previous knowledge.


COURSE CONTENT


Introduction to the Insurance Sector


  • The difference between buyers, sellers and intermediaries in the UK Insurance Market

  • The nature of the main insurance sellers including Insurance Companies –

  • mutuals, proprietary, direct; Mutual Indemnity Associations; Lloyd’s and Captives

  • The responsibilities of an agent

  • The role of insurance brokers


Regulation & Risk


  • The role of Financial Services and Markets Act 2000

  • Regulation by the FSA

  • Outline of the eleven FSA Principles for Business eight ICOB Rules

  • Risk transfer process

  • The features of an Insurable Risk

  • Types of insurance that are Compulsory by Statute in the UK

  • Why some insurances are compulsory


Insurance in Practice


  • Identify the benefits of insurance

  • Distinguishing between benefit and indemnity policies

  • The different benefits payable under PA or Sickness policies

  • The methods of providing settlement under indemnity policies including payment by cheque, repair, replacement and reinstatement

  • Limitations to the amount offered in settlement of indemnity claims – Sum Insured, Limit of Indemnity, Loss Limit, Single Article Limit, Pro Rata Condition of Average, Excess and Franchise

  • Extensions of New for Old/ Reinstatement and Agreed Value policies

  • The importance of subrogation and contribution in the operation of indemnity policies


Insurance and the Law


  • The requirements of a valid contract and apply to insurance contracts – offer, acceptance, consideration, capacity, legal purpose, legally binding and consensus ad idem.

  • ''Utmost Good Faith'' in the process of arranging insurance

  • Perils and Hazards with reference to the nature of material facts and the operation of Utmost Good Faith

  • The importance of premium payment and the different types of payment methods

  • Insurance Premium Tax that its application to different policies

  • The operation of Proximate Cause in settling claims


WHO SHOULD ATTEND


Anyone new to the insurance sector.


Would you like this course run in-house? Call us on 0207 566 8207 to find out more


Neil Park is a business trainer and consultant working inside and outside of the insurance and risk management industry. In his training and consultancy role Neil works with major insurance companies and brokers primarily in the London Market as well as lecturing on behalf of the Chartered Insurance Institute. Neil draws on his seventeen years of experience managing major client relationships and leading broking teams in the London and North American insurance markets.

Fees (ex VAT)

Member Fee £315.00

Non Member Fee £575.00
Locations & Dates
18/10/2012 - London (09:30 am - 05:00 pm)   Speaker & Venue Details BOOK >>