FAK 2630 Introduction to Insurance

FAK 2630 Introduction to Insurance

Course code: 
FAK 2630
Department: 
Law and Governance
Credits: 
7.5
Course coordinator: 
Cathrine Bjune
Product category: 
Executive
Portfolio: 
Course in Insurance
Semester: 
2018 Autumn
Active status: 
Re-sit exam
Resit exam semesters: 
2018 Autumn
2019 Spring
Teaching language: 
Norwegian/English
Course type: 
One semester
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 outcomes - 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.

Learning outcomes - 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.

Learning Outcome - 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.

Course content

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

Learning process and requirements to students

Part time organized as E-Learning based on self-tuition and 3 send-ins (not mandatory).
2 Intensive 2 days seminars are organized. Participation mandatory.

 

Software tools
No specified computer-based tools are required.
Qualifications

Higher Education Entrance Qualification

Required prerequisite knowledge

None

Exam categoryWeightInvigilationDurationSupport materialsGroupingComment exam
Exam category:
Submission
Form of assessment:
Written submission
Exam code:
FAK 26301
Grading scale:
ECTS
Grading rules:
Internal and external examiner
Resit:
Examination when next scheduled course
100Yes4 Hour(s)
  • BI-approved exam calculator
  • Simple calculator
  • BI Lovsamling for innføring i forsikring (document)
  • Laws and regulations, including offprints of laws and law drafts
Individual Four hours individual written examination.
Exams:
Exam category:Submission
Form of assessment:Written submission
Weight:100
Invigilation:Yes
Grouping (size):Individual
Support materials:
  • BI-approved exam calculator
  • Simple calculator
  • BI Lovsamling for innføring i forsikring (document)
  • Laws and regulations, including offprints of laws and law drafts
Duration:4 Hour(s)
Comment:Four hours individual written examination.
Exam code:FAK 26301
Grading scale:ECTS
Resit:Examination when next scheduled course
Exam organisation: 
Ordinary examination
Total weight: 
100
Workload activityDurationType of durationComment student effort
Teaching32Hour(s)Participation on the 4 seminar days
Submission(s)16Hour(s)3 assignments
Self study82Hour(s)Reading of curriculum, activities on its learning
Examination70Hour(s)Preparation for exam and examination
Expected student effort:
Workload activity:Teaching
Duration:32 Hour(s)
Comment:Participation on the 4 seminar days
Workload activity:Submission(s)
Duration:16 Hour(s)
Comment:3 assignments
Workload activity:Self study
Duration:82 Hour(s)
Comment:Reading of curriculum, activities on its learning
Workload activity:Examination
Duration:70 Hour(s)
Comment:Preparation for exam and examination
Sum workload: 
200

A course of 1 ECTS credit corresponds to a workload of 26-30 hours. Therefore a course of 7,5 ECTS credit corresponds to a workload of at least 200 hours.

Talis literature

Obligatorisk/Compulsory

Book
Authors/Editors År Tittel Edition Publisher StudentNote
  2017 Innføring i forsikring: studenthåndbok   Handelshøyskolen BI, Institutt for rettsvitenskap og styring