FAK 2630 Introduction to Insurance
FAK 2630 Introduction to Insurance
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.
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.
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.
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.
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 consumers 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
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.
Higher Education Entrance Qualification
None
Assessments |
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Exam category: Submission Form of assessment: Written submission Invigilation Weight: 100 Grouping: Individual Support materials:
Duration: 4 Hour(s) Comment: Four hours individual written examination. Exam code: FAK 26301 Grading scale: ECTS Resit: Examination when next scheduled course |
Activity | Duration | Comment |
---|---|---|
Teaching | 32 Hour(s) | Participation on the 4 seminar days |
Submission(s) | 16 Hour(s) | 3 assignments |
Student's own work with learning resources | 82 Hour(s) | Reading of curriculum, activities on its learning |
Examination | 70 Hour(s) | Preparation for exam and examination |
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.