By the end of this programme, Participants will be able to:
- Understand and apply key insurance concepts
- Identify, analyze, and assess various business risks
- Develop and implement effective risk management strategies
- Explain different types of insurance and their applications
- Design a comprehensive risk management framework
DAY 1: Understanding Risk in Everyday Life
- Framework, Purpose, and Criteria for Risk Analysis
- Different Types of Risk
- Defining Uncertainty and Risk
- The Risk Assessment Process
- Identifying and Classifying Risks
- Methods for Risk Analysis
DAY 2: Insurance Perils and Hazards
- Definition and Objectives of Insurance
- Insurance Providers, Intermediaries, and Distribution Channels
- The Common Fund Concept and Functions of Insurance
- Understanding “Peril” and “Hazard” in Insurance
- Key Insurance Documents: Proposal Forms, Policies, and Contracts
- Overview of Underwriting, Claims Handling, and Indemnification
DAY 3: Risk Management Standards and Strategies
- Core Principles of Risk Management
- The Risk Management Process: Identification to Mitigation
- Risk Handling Strategies: Avoidance, Reduction, and Acceptance
- Risk Transfer: Insurable vs. Uninsurable Risks
- Importance of Documentation and Communication in Risk Management
- Monitoring, Review, and Continuous Evaluation
DAY 4: Insurance Operations and Regulatory Framework
- Understanding Reinsurance and Coinsurance
- Principles of Insurance: Utmost Good Faith, Insurable Interest, and Proximate Cause
- Legal Aspects: Insurance Laws, Licensing, and Regulatory Requirements
- Solvency and Capital Requirements for Insurance Providers
- Ethical Standards in the Insurance Industry
- Key Information and Disclosure Obligations
DAY 5: Insurance Needs and Products
- How Insurance Works: Mechanisms and Applications
- Assessing Insurance Needs for Comprehensive Financial Planning
- Insurance Segments:
- Life Insurance and Savings Plans
- Property and Casualty Insurance
- General Liability Insurance
- Personal Insurance: Accident and Health Coverage
