FAK 2630 Introduction to Insurance

APPLIES TO ACADEMIC YEAR 2016/2017
Norwegian version

FAK 2630 Introduction to Insurance


Responsible for the course
Ørnulf Daler

Department
Department of Law

Term
According to study plan

ECTS Credits
7,5

Language of instruction
Norwegian

Introduction
This course is the basis of the insurance education at BI. It gives an overview of the structure and organization of the Norwegian insurance industry and its importance for the individual and for the society as a whole. Basic introduction to life and general insurance, history and development of the industry, Insurance law, insurance accounting and the associations within the insurance and financial industry.


Learning outcome
Acquired knowledge

The students shall acquire knowledge about central parts of principles and regulations of the Insurance Industry as well as central principles of life- and general insurance. Further, the students shall acquire a good overview of insurance accounting, insurance broking, history and development of the industry and the cooperation of the industry to day.

Acquired skills

The students shall evaluate question about the meaning and practising of the Insurance Contract Act. They should especially be aware of the rights to secure the buyer of Insurance. Further they shall be able to give advice about central general insurance and life insurance products. De skal også kunne redegjøre for spørsmål knyttet til forsikringsregnskap, kapitalforvaltning, forsikringsmegling og samarbeidsorganer innen forsikring i dag.

Reflection

During the course, the students should have acquired a conscious attitude to the fact that their professional choices and advice first and foremost are of importance for other people than themselves.


Prerequisites
None

Compulsory reading
Books:
Trosdahl, Kristian redaktør. 2012. Innføring i forsikring. BI Forsikring. 450. Ny utgave skal i tillegg innholde utdrag fra Innføring i Jus, Reassuranse - en innføring og Forsikringsøkonomi - en innføring

Recommended reading

Course outline
Introduction

  • The main principles for insurance
  • History of the insurance industry
  • Public supervision and regulation

Sources of law
  • Public law regulating the Insurance Industry
  • Contract Law
  • Law of damages
  • Insurance Law - The central rules of the Insurance Contracts Act 1989 concerning Life Insurance and General Insurance
  • Regulations of Insurance intermediaries
  • EU/EEA

Risk Management
  • Risk Identification
  • Risk Evaluation
  • Risk Control
  • Risk Funding

Non-life insurance
  • Terms – persons covered by the insurance, limitations, damages covered, calculation of compensation
  • How to calculate the sum insured – terms: first loss or fully insured
  • Main features in the terms for household, holiday cottage, motor, travel, liability and marine insurance
  • Reinsurance

Life insurance
  • National Insurance (“Folketrygden”) – main features
  • Main features of the most common life insurance products: whole life insurance, Unit Linked products, life annuity, pension, accident and group insurance
  • Life insurance technique – premium calculation, risk assessment
  • Life insurance law and The Inheritance Act
  • Financial services and asset management

Credit insurance

Insurance broking

Insurance Economics

  • Accounting Act
  • Profit and loss account
  • Balance
  • Re Insurance

Insurance and Norwegian consumer law and regulations
  • The consumer’s right according to the Insurance Contracts Act
  • The Norwegian Bureau for Insurance Disputes
  • Insurance Complaints Board (ICB)

Cooperation in the insurance and the financial services industry
  • Finance Norway (FNO)
  • Accident and crime prevention
  • How insurance companies are organized – mutual and public companies, life, non-life an credit insurance companies

Ethics


Computer-based tools


Learning process and workload
Part time organized as distance education based on self-tuition and 3 send-ins (not mandatory).

Intensive 3 days seminars are organized. Participation mandatory.

Recommended use of time:

Activity
Use of hours
Participation on the 3 seminar days
24
3 assignments
16
Reading of curriculum, activities on its learning
90
Preparation for exam and examination
70
Recommended total workload
200


Coursework requirements

Examination
Four hours individual written examination.
Examination code(s)
FAK 26301 – Introduction to insurance, which account for 100 % of the final grade in the course FAK 2326. 7,5 credits.

Examination support materials
The Norwegian Code of Laws and BI-defined exam calculator. TEXAS INSTRUMENTS BA II Plus™
Exam aids at written examinations are explained under exam information in our web-based Student handbook. Please note use of calculator and dictionary. http://www.bi.edu/studenthandbook/examaids


Re-sit examination
A re-sit is held at the next scheduled exam in the course.

Additional information