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ENT121Social Sciences2 Unitsintermediate

Principles And Practice Of Insurance

This course introduces the nature, principles, and practices of insurance. It explores risk management, insurance markets, and intermediaries. Students will learn about various insurance types, including life and non-life, and the legal principles governing insurance contracts. The course also covers underwriting, rating, renewal, cancellation, and claims processes, equipping students with a comprehensive understanding of the insurance industry.

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156h
Study Time
13
Weeks
12h
Per Week
basic
Math Level
Course Keywords
InsuranceRisk ManagementUnderwritingClaimsPrinciples of Insurance

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level
Builds on foundational knowledge
65%
intermediate
➕
Math Level
Basic Math
📖
Learning Type
Theoretical Focus

Course Topics

Key areas covered in this course

1

Nature of Insurance

2

Functions of Insurance

3

Classification of Risk

4

Insurance Market and Intermediaries

5

General Insurance Business

6

Life Assurance Contracts

7

Principles of Insurance

8

Insurance Documentation

9

Underwriting and Rating

10

Renewal and Cancellation

11

Claims Management

12

Risk Management

Total Topics12 topics

Ready to Start

No specific requirements needed

This course is designed to be accessible to all students. You can start immediately without any prior knowledge or specific preparation.

Assessment Methods

How your progress will be evaluated (3 methods)

Assignments

Comprehensive evaluation of course material understanding

Written Assessment

Tutor-Marked Assignments

Comprehensive evaluation of course material understanding

Written Assessment

Final Examination

Comprehensive evaluation of course material understanding

Computer Based Test

Career Opportunities

Explore the career paths this course opens up for you

Insurance Broker

Apply your skills in this growing field

Insurance Agent

Apply your skills in this growing field

Underwriter

Apply your skills in this growing field

Claims Adjuster

Apply your skills in this growing field

Risk Manager

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

Insurance CompaniesFinancial InstitutionsRisk Management ConsultanciesCorporate Risk DepartmentsGovernment Agencies

Study Schedule Beta

A structured 13-week journey through the course content

Week
1

Module 1:

4h

Unit 1: Introduction to Insurance

2 study hours
  • •Read Unit 1: Introduction to Insurance, focusing on the definitions of risk and insurance.
  • •Identify the different types of risks and the components of the insurance market.
  • •Complete Self Assessment Exercise 1 to test your understanding of basic concepts.

Unit 2: Classes of Non-Life Insurance Business

2 study hours
  • •Read Unit 2: Classes of General Insurance Business, focusing on motor vehicle insurance and fire insurance.
  • •Understand the scope of cover for each class of insurance.
  • •Complete Self Assessment Exercise 2 to test your understanding of general insurance.
Week
2

Module 1:

2h

Unit 3: Classes of Life Insurance

2 study hours
  • •Read Unit 3: Classes of Life Insurance, focusing on term assurance and whole life assurance.
  • •Understand the uses and benefits of each type of life assurance contract.
  • •Complete Self Assessment Exercise 3 to test your understanding of life insurance.
Week
3

Module 1:

4h

Unit 4: General Principles of Insurance

2 study hours
  • •Read Unit 4: General Principles of Insurance, focusing on offer, acceptance, and consideration.
  • •Understand the legal capacity of parties and the importance of consensus.
  • •Complete Self Assessment Exercise 4 to test your understanding of general principles.

Unit 5: Principles of Insurance

2 study hours
  • •Read Unit 5: Principles of Insurable Interest, focusing on the definition and timing of insurable interest.
  • •Understand the examples of insurable interest in life and non-life insurance.
  • •Complete Self Assessment Exercise 5 to test your understanding of insurable interest.
Week
4

Module 2:

4h

Unit 1: Principles of Utmost Good Cause

2 study hours
  • •Read Unit 1: Principles of Utmost Good Faith, focusing on the definition and material facts.
  • •Understand the facts that must be disclosed and those which need not be disclosed.
  • •Complete Self Assessment Exercise 1 to test your understanding of utmost good faith.

Unit 2: The Principle of Proximate Cause

2 study hours
  • •Read Unit 2: Principles of Proximate Cause, focusing on the definition and train of events.
  • •Understand the concepts of causation, remote causes, and concurrent causes.
  • •Complete Self Assessment Exercise 2 to test your understanding of proximate cause.
Week
5

Module 2:

4h

Unit 3: The Principle of Indemnity

2 study hours
  • •Read Unit 3: Principles of Indemnity, focusing on the definition and concept of indemnity.
  • •Understand the application of indemnity and its relation to insurable interest.
  • •Complete Self Assessment Exercise 3 to test your understanding of indemnity.

Unit 4: The Principle of Subrogation

2 study hours
  • •Read Unit 4: Principles of Subrogation, focusing on the definition and corollary of indemnity.
  • •Understand the extent of subrogation rights and how subrogation may arise.
  • •Complete Self Assessment Exercise 4 to test your understanding of subrogation.
Week
6

Module 2:

2h

Unit 5: The Principle of Contribution

2 study hours
  • •Read Unit 5: Principles of Contribution, focusing on the definition and common interest.
  • •Understand the timing of contribution and ratable proportion.
  • •Complete Self Assessment Exercise 5 to test your understanding of contribution.
Week
7

Module 3:

4h

Unit 11: Insurance Documentation

2 study hours
  • •Read Unit 1: Insurance Documentation, focusing on proposal forms and cover notes.
  • •Understand the need for proposal forms and the common questions asked.
  • •Complete Self Assessment Exercise 1 to test your understanding of insurance documentation.

Unit 12: General Principle of Underwriting and Rating

2 study hours
  • •Read Unit 2: General Principle of Underwriting and Rating, focusing on the definition of underwriting and the role of the underwriter.
  • •Understand the underwriting factors in fire, theft, and motor insurance.
  • •Complete Self Assessment Exercise 2 to test your understanding of underwriting and rating.
Week
8

Module 3:

4h

Unit 13: Renewal and Cancellation

2 study hours
  • •Read Unit 3: Renewal and Cancellation, focusing on renewal procedures and documents.
  • •Understand the days of grace and the terms of renewal.
  • •Complete Self Assessment Exercise 3 to test your understanding of renewal and cancellation.

Unit 14: Making a Claim

2 study hours
  • •Read Unit 4: Making a Claim, focusing on claims procedure and notifying the insurer.
  • •Understand the proof of loss and the reasons claims may fail.
  • •Complete Self Assessment Exercise 4 to test your understanding of making a claim.
Week
9

Module 3:

2h

Unit 15: Risk Management

2 study hours
  • •Read Unit 5: Risk Management, focusing on the concept of risk and the process of risk management.
  • •Understand risk identification techniques and risk evaluation.
  • •Complete Self Assessment Exercise 5 to test your understanding of risk management.
Week
10

Module 1:

3h

Module 1 Review

3 study hours
  • •Review Module 1: Introduction to Insurance and its principles.
  • •Focus on the definitions of risk, insurance, and insurable interest.
  • •Practice applying the principles of insurance to real-world scenarios.
Week
11

Module 2:

3h

Module 2 Review

3 study hours
  • •Review Module 2: Principles of Utmost Good Faith, Proximate Cause, Indemnity, Subrogation and Contribution.
  • •Focus on the definitions of each principle and their applications.
  • •Practice applying the principles to real-world scenarios.
Week
12

Module 3:

3h

Module 3 Review

3 study hours
  • •Review Module 3: Insurance Documentation, Underwriting, Renewal, Cancellation, and Claims.
  • •Focus on the processes and procedures involved in each topic.
  • •Practice applying the concepts to real-world scenarios.
Week
13

All Modules

3h

Final Revision

3 study hours
  • •Complete all Tutor-Marked Assignments (TMAs).
  • •Review all course materials and self-assessment exercises.
  • •Prepare for the final examination by focusing on key concepts and principles.

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

Read the complete course material as provided by NOUN.

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Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Create detailed summaries of each unit, focusing on key definitions and principles.

2

Practice applying insurance principles to real-world case studies.

3

Review all Tutor-Marked Assignments (TMAs) and feedback provided by your tutor.

4

Focus on understanding the legal aspects of insurance contracts and claims.

5

Create concept maps linking Modules 1-3 to understand the relationships between different topics.

6

Allocate specific study hours for each unit based on its complexity and your familiarity with the content.

7

Practice past examination questions to familiarize yourself with the exam format and question types.

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