Class History: Insurance (Spring 2017)
This page summarizes all the classes of the course Principles and Practice of Insurance in Spring 2017.
Summary
Total number of classes was 25, consists of 20 regular classes and 5 extra classes. Regular classes were held in these slots: Mondays 2:20 – 3:35, and Wednesdays 2:20 – 3:35. Extra classes were held at different times.
[January 16] Class 1
Orientation class and overview of the whole course.
[January 18] Class 2
Room 1002
Chapter 1: what is insurance; general definition of insurance; legal definition of insurance; benefits of insurance policy to an individual person.
[January 23] Class 3
Room 1002, Time 2:20
Importance of insurance to corporations; importance of insurance to the society and the economy. End of Chapter 1.
[January 25] Class 4
Room 601, Time 2:20
Chapter 2: Risk; terms associated with to risks; various approaches to risk management; risk assumption; risk avoidance; risk transfer; risk distribution
[January 30] Class 5
Room 1002, Time 2:20
Hedging and neutralization; various approaches to risk prevention; statistical approach; engineering approach; human approach; enforcement approach. End of Chapter 2.
Chapter 3: Subject matter; classification of insurance; branch wise classification of insurance; subject matter wise classification of insurance.
[February 8] Class 6
Room 601, Time 2:30
Test 1: Quiz: Syllabus – Chapter 1 and 2. Click here to view results. [Details]
[February 15] Class 7
Room 1002, Time 2:20 to 3:35
Chapter 3. Marine insurance subject matters. Marine insurance policies. Time policy, voyage policy, mixed policy, building risk policy.
[February 15] Class 8
Room 1002, Time: 3:40 to 4:30 (EXTRA CLASS)
Floating policy. Types of fire insurance.
[February 20] Class 9
Room 1002, Time: 2:20 – 3:30
Fire insurance in details.
[February 27] Class 10
Room 1002, Time: 2:25 – 3:40
Accident, burglary, motor, war risk, and aviation insurance policies.
[February 27] Class 11
Room 1002, Time 3:40 – 5:00 PM (EXTRA CLASS)
Chapter 4: Calculating the return of an endowment life insurance policy.
[March 1] Class 12
Room 1002, Time 2:20 – 3:35
Life insurance, types, benefits.
[March 1] Class 13
Room 1002, Time 3:35 – 4:50 (EXTRA CLASS)
Review -> How to find out the return of an endowment life insurance policy. Review of the whole midterm syllabus.
[March 9] Midterm exam
Syllabus: Chapter 1, 2, 3, 4. Click here to view results.
[March 13] Class 14
Room 1002, Time 2:20- 3:35
Insurance policies with and without savings instruments. Chapter 5. Material facts – explanations and examples. Facts need to be disclosed.
[March 15] Class 15
Room 601, Time 2:20 – 3:35
Principle of UGF explained. Facts need and need not to be disclosed in a typical insurance contract.
[March 20] Class 16
Room 1002, Time 2:20 – 3:35
Representation and warranties. What happens when a breach occurs in an insurance contract.
[March 22] Class 17
Room 1003, Time 2:20
Chapter 6. Principle of indemnity explained. Insurance policy with and without savings instrument attached to it. Normal vs. valued policies.
[March 27] Class 18
Room 1002, Time 2:20
Methods of paying indemnity and indemnity in various insurance policies.
[April 3] Class 19
Room 1002, Time: 2:20 – 3:35
Math -> Excess, franchise, pro-rata condition of average.
[April 3] Class 20
Room 1002, Time: 3:35 – 4:20 (EXTRA CLASS)
Math -> Special condition of average.
[April 5] Class 21
Room 1002, Time: 2:30 – 4:05
Two condition of average. Chapter 7 starts. Principle of subrogation explained. When does subrogation apply, using the example of situation A and B.
[April 10] Class 22
Room 1002, Time 2:30- 4:00
Chapter 8. Principle of contribution explained. Conditions for contribution to be applicable. Calculation of indemnity when contribution is operative.
[April 12] Class 23, Class 24
Room 1002, Time: 2:30 – 3:35 (class 23), and 3:35 – 4:30 (class 24: EXTRA CLASS)
Chapter 9. Reinsurance explained. Benefits of reinsurance. Math: Treaty reinsurance under quota share method. Math: Second and third line reinsurance.
[April 17] Class 25
Class test 2. Syllabus – mathematical problems. Click here to view results. [Details]
[April 27] Final Exam
Syllabus: Chapter 5, 6, 7, 8, 9. Click here to view results.