This page summarizes all the classes of the course Principles and Practice of Insurance in Spring 2017.
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.
Orientation class and overview of the whole course.
Room 1002
Chapter 1: what is insurance; general definition of insurance; legal definition of insurance; benefits of insurance policy to an individual person.
Room 1002, Time 2:20
Importance of insurance to corporations; importance of insurance to the society and the economy. End of Chapter 1.
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
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.
Room 601, Time 2:30
Test 1: Quiz: Syllabus – Chapter 1 and 2. Click here to view results. [Details]
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.
Room 1002, Time: 3:40 to 4:30 (EXTRA CLASS)
Floating policy. Types of fire insurance.
Room 1002, Time: 2:20 – 3:30
Fire insurance in details.
Room 1002, Time: 2:25 – 3:40
Accident, burglary, motor, war risk, and aviation insurance policies.
Room 1002, Time 3:40 – 5:00 PM (EXTRA CLASS)
Chapter 4: Calculating the return of an endowment life insurance policy.
Room 1002, Time 2:20 – 3:35
Life insurance, types, benefits.
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.
Syllabus: Chapter 1, 2, 3, 4. Click here to view results.
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.
Room 601, Time 2:20 – 3:35
Principle of UGF explained. Facts need and need not to be disclosed in a typical insurance contract.
Room 1002, Time 2:20 – 3:35
Representation and warranties. What happens when a breach occurs in an insurance contract.
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.
Room 1002, Time 2:20
Methods of paying indemnity and indemnity in various insurance policies.
Room 1002, Time: 2:20 – 3:35
Math -> Excess, franchise, pro-rata condition of average.
Room 1002, Time: 3:35 – 4:20 (EXTRA CLASS)
Math -> Special condition of average.
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.
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.
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.
Class test 2. Syllabus – mathematical problems. Click here to view results. [Details]
Syllabus: Chapter 5, 6, 7, 8, 9. Click here to view results.