FAK 2632 Insurance Economics 1
The course is primarily intended for employees who have worked in the insurance business for a while but may also be useful for younger managers and trainees. The course will be relevant for decision-makers and advisers both in the insurance industry and for users of insurance services in public or private enterprises. It will be particularly useful for employees in accounting departments. The course is compulsory for Risk and Insurance
The students shall understand the insurance companys role as part of the finance sector. They shall also understand the structure of the company investment strategy and be familiar with the regulatory framework. The students must read and understand the profit and loss account and the balance sheet of the annual accounts. They must also understand how and why stress tests are carried out.
The students shall have an overall understanding of the general regulatory framework for insurance companies. Based on the balance sheet of a life insurance or general insurance company the students shall be able to explain the accountancy of the main items in the accounts such as financial assets and insurance appropriations. The students shall also understand the fundament for calculating capital requirements They must also be able to interpret stress tests and be able to explain which measures that perhaps must be implemented. The students shall be able to explain basic forms of reinsurance and when an insurance company needs to employ various forms of reinsurance.
The students are expected to gain a conscious attitude to the laws and regulations that apply for the finance industry and to be aware that the choices they make and the advice they give in their profession may be very important for other people
- - Trends changes, the insurance company as part of a financial conglomerate
- - General parameters for insurance companies activities (capital backing, capital adequacy requirements, regulations, performance management)
- - Asset management and capital requirement, Investment risk and insurance risk
- - Profit and loss account and balance sheet, Basic accounting principles, Valuation rules
- The requirements for annual accounts and the annual report, - Reinsurance
The course is given as E-learning with self-tuition and voluntary assignments. Intensive teaching is given in a 5-day session, attendance is compulsory
The spread sheet program Excel is used.
Higher Education Entrance Qualification
The course assumes that the students have a basic understanding of the Norwegian industry. The course Introduction to insurance should have been completed.
|Exam category||Weight||Invigilation||Duration||Support materials||Grouping||Comment exam|
Form of assessment:
Internal and external examiner
Examination when next scheduled course
|100||Yes||4 Hour(s)||Individual||A four-hour individual written exam concludes the course.|
|Form of assessment:||Written submission|
|Support materials:|| |
|Comment:||A four-hour individual written exam concludes the course.|
|Exam code:||FAK 26321|
|Resit:||Examination when next scheduled course|
|Workload activity||Duration||Type of duration||Comment student effort|
|Teaching||35||Hour(s)||Participation at intensive teaching 5 days|
|Prepare for teaching||10||Hour(s)|
|Self study||95||Hour(s)||Work on syllabus|
|Group work / Assignments||30||Hour(s)||Exercises/activites on its learning|
|Comment:||Participation at intensive teaching 5 days|
|Workload activity:||Prepare for teaching|
|Workload activity:||Self study|
|Comment:||Work on syllabus|
|Workload activity:||Group work / Assignments|
|Comment:||Exercises/activites on its learning|
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.