Class History: Insurance (Summer 2016)

[May 17] Class 1

• Marks distribution explained

• Attendance and participation marks explained

• Review of the whole course

[May 19] Class 2

• What is insurance (101-A)

• Importance of insurance to the individuals (101-B)

[May 24] Class 3

• Life insurance is a good alternative to conventional savings (101-C)

• Importance of insurance to business and corporations (101-D)

[May 26] Class 4

• Importance of insurance to society (101-E)

• THE END OF CHAPTER – 1.

Chapter 2: Risk management – Basic concepts

• Define risk (102-A)

• Terms associated to risk in the world of insurance (102-B)

• Classification of risk from the viewpoint of insurance (102-C)

[May 31] Class 5

• Methods of risk management (102-D)

  • Risk avoidance

  • Risk prevention

    • Engineering approach

    • Human approach

    • Statistical approach

    • Enforcement  approach

  • Risk assumption

  • Risk distribution

  • Hedging and neutralization

  • Risk transfer

• THE END OF CHAPTER – 2.

[June 2] Class 6

Chapter 3: Scope of insurance

• Subject matter

  • Examples of subject matters: A person, a car, a cow.

  • Classification of insurance

    • Branch-wise classification

      • Marine insurance

      • Fire insurance

      • Life insurance

      • Accident insurance

    • Subject matter-wise classification of insurance

      • Insurance of person

      • Insurance of property

      • Insurance of liability

    • Insurance of interest

• Subject matters of marine insurance

  • The hull 

  • The cargo

  • The freight

  • Marine insurance policies

    • Building risk policy

[June 7] Class 7: Test 1 (Quiz)

• Test 1: Quiz

  • Full marks: 28x0.5 + 1 = 15.00 

  • Syllabus: Chapter 1, Chapter 2, Course outline.

    • Click here to view the result.

[June 9] Class 8

• Marine insurance policies

  • Building risk policy (review)

  • Time policy

  • Voyage policy

  • Mixed policy

  • Floating policy

    • Example: Dhaka – Delhi, Delhi – Karachi, Karachi – Dubai

• Scopes of fire insurance

• Material loss fire insurance

  • Standard fire policy

  • Special perils insurance policy

  • Reinstatement policy

[June 15] Class 9 (Make-up), Class 10 (Extra)

Two classes back-to-back, from 12:30 to 2:30 PM.

• Material loss fire insurance

  • Standard fire policy (review)

  • Special perils insurance policy (review)

  • Reinstatement policy (review)

  • Blanket policy

  • Building in course of erection policy

  • Sprinkle leakage policy

• Consequential loss fire insurance policy

• Accident insurance policies

  • Some examples (in brief) of policies that belong to both accident insurance and property insurance

    • Burglary insurance

    • Motor insurance

    • Contractors all risk

    • Engineering insurance

    • Aviation insurance

    • Glass insurance

    • Corp insurance

    • Live stock insurance

• Burglary insurance

  • Business premise

  • Private dwelling/ residence

  • All risk policy

  • Cash in safe and transit

• Motor insurance

  • Act liability policy only

  • 3rd party policy

  • Comprehensive policy

• War risk insurance

• Aviation insurance

• The end of Chapter 3.

• Solution to Test-1 (Quiz)

[June 22] Class 11 (Extra)

Time: 4:00 PM to 5:10 PM. Room: 603.

This class was arranged for those who missed class 9 and 10.

• Consequential loss fire insurance

• Motor insurance

  • Act liability policy only

  • 3rd party policy

  • Comprehensive policy

• War risk insurance

• Solution to Test-1 (Quiz)

[June 25] Mid-Term exam

• Time: 10:00 – 11:30 AM

• Room: 601 and 602

  • Click here to view the result.

[July 11] Class 12

Time: 12:30 - 1:45 PM, Room: 1002

Chapter 4: Principle of Utmost Good Faith

• What is material fact

• Sales of goods vs. insurance – the differences

[July 21] Class 13

Time: 12:30 - 1:45 PM, Room: 1002

Chapter 4: Principle of Utmost Good Faith (continuing…)

• What is material fact

• Sales of goods vs. insurance – the differences

• Facts required to be disclosed in insurance contract

[July 26] Class 14

Time: 12:30 - 1:45 PM, Room: 1002

• Chapter 4: Principle of Utmost Good Faith (continuing…)

  • Facts that do not need to be disclosed in an insurance contract

  • Representation and Warranties

  • Incidents that trigger a breach of duty

  • What can the insurer do when a breach occurs?

• Chapter 5: Principle of Indemnity

  • What is principle of indemnity

  • Applications of principles of indemnity and how it is affected by sum-insured

  • Valued policies

[July 28] Class 16

Time: 12:30 - 1:45 PM, Room: 1002

• Chapter 5: Principle of Indemnity (continuing…)

  • Methods of providing indemnity

  • Calculation of indemnity in under-insurance policies

    • Mathematical examples

      • Excess

      • Franchise

[August 2] Class 17: Test 2

Room: 1002

• Test 2: Class Test

  • Syllabus: Chapter 4 (Whole)

  • Click here to view the announcement

    • Click here to view the result.

[August 4] Class 18

Time: 12:30 - 1:45 PM, Room: 1002

• Chapter 5: Principle of Indemnity (continuing…)

  • Pro-rata condition of average

  • Special condition of average

  • Two-condition of average

[August 9] Class 19

Time: 12:50 -2:05 PM, Room: 1002

• Chapter 6: Principle of subrogation

  • What is POS?

  • When does subrogation arise

• Chapter 7: Principle of contribution

  • What is POC?

  • When contribution operates

  • How contribution works

    • Mathematical example

[August 16] Class 20

Room 801, Time: 12:30 - 1:45

• Chapter 8: Reinsurance

  • What is reinsurance

  • Reasons behind reinsurance

  • Mathematical problems and solutions

    • Treaty reinsurance under quota share method

      • 1st line reinsurance

      • 2nd line reinsurance

• Assignment

  • Topic of the assignment was declared in the class.

[August 18] Class 21: Review class

Room 1002, Time 12:30 - 1:45

• Review class

  • Review of the whole syllabus of the final exam.

[August 23] Class 22: Test-3

Room 1002, Time 12:30 - 2:10

• Test-3: Class test 

  • Syllabus: Mathematical problems

  • Fullmark: 3.00x5 = 15.00

  • Time: 1 hour

    • Click here to view announcement

    • Click here to view the result.

[August 24] Class 23 (Extra)

Time: 12:00 to 2:00 PM, Room – 601

Click here to view the announcement of this extra class.

• Solution to the mathematical problems that were appeared in Test-3.

• This is the last class of this course.

[September 3] Final exam

• • Time: 10:00 - 12:00

  • Room: 601, 602

  • Click here to view the result.

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