Insurance

Insurance

Risk managment
1. Pure risk
2. Speculative risk
3. Identification of risk
  1. Property risk
  2. Personal risk
  3. Liability risk
4. Analysis of risks
  1. Asset preservation
  2. Income preservation
  3. Future expendiute needs
5. Selection of risk management strategy
  1. Risk avoidance
  2. Risk control
  3. Risk financing
    1. Risk retention
    2. Risk transfer
6. Transferring risk to insurance
7. How an insurance company works
  1. Setting premiums
8. The role of an actuary
9. The underwriting process
  1. Underwriting options for substandard risk
  2. Exclusions
  3. Limited term contracts or extended qualifying periods
10. Features of insurance contracts
  1. Intention to create a contract
  2. Unconditional offer and acceptance
  3. Consideration
  4. Capacity to enter into a contract
  5. Genuine consent
  6. Legality of objects
11. Insurance Contracts Act 1984
  1. Utmost good faith
  2. Duty of disclosure
  3. If a relevant material misstatement is made
  4. Cooling-off period
Insurance products
1. Life insurance
  1. Determining life insurance needs
  2. Types of life insurance
    1. Term life insurance
      1. Sum insured
      2. Premiums
      3. The insured
      4. What does the policy provide?
      5. Is the policy renewable
      6. Premiums during retirement
      7. Calculating the correct amount of cover needed
    2. Total and permanent disability insurance
      1. Definition of TPD
      2. Premium
      3. Calculating the correct amount of cover needed
    3. Trauma insurance
      1. What does trauma insurance provide
      2. Requirements
      3. Evaluating policy options
      4. Premium
      5. Calculating the correct amount of cover needed
    4. Income protection insurance
      1. Definition of income
      2. Waiting and benefit periods
      3. Definition of disability
      4. Calculating the correct amount of cover needed
      5. Premium
      6. Evaluating policy options
  3. Non-payment of life insurance premiums
  4. CIMER plan and calculation of insurance amounts
  5. Other types of life policies
    1. Permanent life assurance
    2. Key person insurance
    3. Life insurance bonds
    4. Annuities
2. Income taxation implications

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