The Business of Insurance
Chapter 1 – Course Description: From drafting policies to settling claims disputes to litigation, the very nature of insurance inherently makes it different from most forms of business. And the legal system is an integral part of the industry. What is the difference between a standard contract and an insurance contract? What court cases have influenced government regulation on the insurance industry? How do the legal principles of common law, contract law, and civil law relate to the role of insurance professionals? And how can understanding these principles affect the way you perform your duties in a professional and ethical way? These and others are the questions that will be considered throughout this course.
Chapter 1 – Learning Objectives: By completion of this course, successful students will be able to:
- Explain the importance of the duty of good faith.
- Relate the legal history of government regulation on insurance and the court cases that influenced it.
- Describe the various principles related to common law, contract law, and civil law which pertain to your role as an insurance professional.
- Apply course information to adhere closely to the professional and ethical standards of the insurance industry.
Chapter 2 – Course Description: An informative retrospective on racial discrimination in the insurance industry. Review a brief history of racial discrimination in America and some legal cases that have influenced present day policies underwriting guidelines. Understand how you can identify and delineate between direct and subtle forms of discrimination with the aim of eliminating discriminatory practices in the insurance industry.
Chapter 2 – Learning Objectives: By completion of this course, successful students will be able to:
- Describe the brief history of racial discrimination in America.
- Highlight important legal cases and their relevance to the insurance industry.
- Define unfair discrimination and identify subtle forms of discriminatory practices.
- Apply course information to the workplace with a practical and ethical mindset.
Chapter 3 – Course Description: The world is full of risk. Managing that risk has never been more challenging than it has been in the last 100 years. New technologies have emerged, natural and man-made catastrophes have been occurring more frequently, global events are disrupting economies, and the insurance industry has been significantly affected. How have insurance companies been dealing with the astronomical economic losses caused by ever increasing catastrophic events? And how has the role of reinsurance helped mitigate those losses? These are the questions that will be considered throughout this course.
Chapter 3 – Learning Objectives: By completion of this course, successful students will be able to:
- Explain the common types of catastrophic events and the insured losses they’ve had on the global economy.
- Relate the history of reinsurance and understand why it is important to the insurance industry.
- Describe the principles of managing risk and some key mechanisms related to reinsurance.
- Apply course information to take practical measures in proper underwriting, risk management and innovation in the insurance industry.
Chapter 4 – Course Description: The entire concept of insurance is based on providing financial protection against uncertain events and insurance companies assume billions of dollars in financial risk every year. But the world is in a constant state of uncertainty. The insurance industry is continuing to recover from the aftermath of a global pandemic. What can insurers do to maintain their profitability in an ever-changing world? The answer is in the company’s underwriting. Underwriting is considered to be crucial for insurance to succeed, but what exactly is an underwriter? What is involved in the underwriting process? What mathematical and legal concepts have a bearing on the underwriting decision? And how does it all relate to profitability? Find the answers to these and other questions as you learn all about the underwriting process– the who, the how, and the why.
Chapter 4 – Learning Objectives: By completion of this course, successful students will be able to:
- Understand what an underwriter is and the purpose of effective underwriting.
- Identify the various steps in the underwriting decision-making process.
- Explain how legislation affects the underwriting process.
- Apply course information to enhance the quality and effectiveness of proper underwriting.
Chapter 5 – Course Description: Small businesses are the backbone of the American economy. They create jobs, drive innovation, and boost economic growth. But when the unexpected happens, such as property damage and liability claims, businesses need business insurance to help cover the costs and remain operational. In a post-COVID-19 world, what limitations does insurance have in regard to traditional risk transfer solutions and what are they doing to compensate? What challenges do businesses face in obtaining financial resilience, especially when coping with such things as cyberattacks, natural disasters, and supply chain disruptions? These and other questions will be answered in a course that will benefit insurance professionals and business owners alike.
Chapter 5 – Learning Objectives: By completion of this course, successful students will be able to:
- Understand the effect COVID-19 had on businesses and the insurance industry.
- Identify the challenges and limitations of risk transfer solutions in today’s global market.
- Explain the role business insurance strategies play in effective risk management frameworks.
- Apply course information to benefit the coverage and protection insurers can provide for businesses all over the world.
Chapter 6 – Course Description: Despite being one of the biggest industries in the world, at its core, insurance is still a business that focuses on people. A policyholder hopes that the unexpected never happens, but when he or she experiences an event that requires the submission of a claim, what is the role of the claims department? What are essential activities of an effective claims handling process? What challenges do claims professionals face and what solutions have been developed to combat these difficulties? These are the questions that will be considered throughout this course.
Chapter 6 – Learning Objectives: By completion of this course, successful students will be able to:
- Relate the two main goals of the claims function and how it relates to other vital insurance departments.
- Explain the essential activities in an effective claims handling process.
- Identify some common challenges experienced by claims professionals and what solutions are available to overcome those challenges.
- Apply course information to provide excellent customer service to policyholders while enhancing company profitability and solvency.
Chapter 7 – Ethics Course Description: In a post-COVID-19 world, the expectations of consumers and the challenges of the insurance industry have changed in unprecedented ways. Experts are saying that innovation and growth are essential if insurers want to survive. And insurance agents are constantly facing external and internal pressures in competitive work environments. With all of these difficulties and challenges, is it really possible to be an ethical insurance professional? What is ethics? What are the complexities of ethical decision-making in the context of insurance? And how can an insurance agent apply ethics in practical ways? These and other questions will be answered in a course that will allow you to dig deep and see for yourself what kind of insurance agent you really are.
Chapter 7 – Ethics Learning Objectives: By completion of this course, successful students will be able to:
- Understand the concept of ethics from a practical standpoint.
- Identify the ethical responsibilities insurance agents have towards others.
- Explain how to identify, prevent, and resolve ethical dilemmas.
- Apply course information to the benefit of the insurance industry and society as a whole.