Principles And Practice Of Insurance
- Social Sciences
- 100 level
- 2 credit units
- 118 pages
- 15 units
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.
About this course
- Difficulty
- Intermediate
- Study hours
- 156 hours
- Maths
- Basic
- Content
- Theoretical, case study
- Practical work
- No
- Assignments
- Tutor Marked Assignments
- Final Examination
What you'll read
The real module and unit structure of ENT121, taken from the course material NOUN publishes.
One paragraph, so you can see how it reads
ENT121 · UNIT 1: INTRODUCTION TO INSURANCE
This unit will teach the definition of risk, the classification of risk, the definition of insurance, and the market insurance intermediaries. It is important that you grasp this concept before proceeding to the next unit.
What you should be able to do
- Explain the nature of insurance and its functions.
- Identify and classify different types of risks.
- Describe the insurance market, intermediaries, and their functions.
- Explain the principles of insurance contracts.
- Discuss the general principles of underwriting and rating.
- Describe the processes of renewal, cancellation, and claims management.
- Apply risk management techniques to various scenarios.
What it prepares you for
- Insurance Broker
- Insurance Agent
- Underwriter
- Claims Adjuster
- Risk Manager
- Insurance Companies
- Financial Institutions
- Risk Management Consultancies
- Corporate Risk Departments
- Government Agencies
Where it gets hard
The units students slow down on, and what makes each one heavy.
- Module 2:
Unit 4: The Principle of Subrogation
Understanding the legal implications and applications of the principle of subrogation requires careful analysis of case laws and contractual agreements.
- Module 2:
Unit 5: The Principle of Contribution
The principle of contribution involves complex calculations and understanding the interplay between multiple insurance policies, requiring strong analytical skills.
A suggested way through it
13 weeks, about 42 hours in total. Yours will differ.
- Week 1Module 1:
Unit 1: Introduction to Insurance · 2 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 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 2Module 1:
Unit 3: Classes of Life Insurance · 2 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 3Module 1:
Unit 4: General Principles of Insurance · 2 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 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 4Module 2:
Unit 1: Principles of Utmost Good Cause · 2 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 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 5Module 2:
Unit 3: The Principle of Indemnity · 2 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 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 6Module 2:
Unit 5: The Principle of Contribution · 2 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 7Module 3:
Unit 11: Insurance Documentation · 2 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 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 8Module 3:
Unit 13: Renewal and Cancellation · 2 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 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 9Module 3:
Unit 15: Risk Management · 2 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 10Module 1:
Module 1 Review · 3 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 11Module 2:
Module 2 Review · 3 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 12Module 3:
Module 3 Review · 3 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 13All Modules
Final Revision · 3 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..
Preparing for the exam
- Create detailed summaries of each unit, focusing on key definitions and principles.
- Practice applying insurance principles to real-world case studies.
- Review all Tutor-Marked Assignments (TMAs) and feedback provided by your tutor.
- Focus on understanding the legal aspects of insurance contracts and claims.
- Create concept maps linking Modules 1-3 to understand the relationships between different topics.
- Allocate specific study hours for each unit based on its complexity and your familiarity with the content.
- Practice past examination questions to familiarize yourself with the exam format and question types.
Questions students ask about this course
What is ENT121 about?
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.
How many units does ENT121 have?
ENT121, Principles And Practice Of Insurance, has 15 units across 3 modules, over 118 pages of course material. You can read it one unit at a time.
How many credit units is ENT121?
ENT121 carries 2 credit units, at 100 level in Social Sciences.
Is ENT121 hard?
ENT121 is rated intermediate level, with basic mathematical content. It is mostly theoretical and case study work.
How long does ENT121 take to study?
About 156 hours of study, spread across its 15 units.
How is ENT121 assessed?
ENT121 is assessed by Assignments, Tutor Marked Assignments and Final Examination.
What can I do with ENT121?
Insurance Broker, Insurance Agent, Underwriter, Claims Adjuster and Risk Manager.