Introduction to Reinsurance I - Facultative (SearchBite) - Searchlight Insurance Training

Introduction to Reinsurance I – Facultative (SearchBite)

This intensive two hour SearchBite introduces the concept of reinsurance and looks at specifically at Facultative reinsurances. It will examine some of the some of the key ways of dealing with this type of reinsurance.

It is suitable for those who are beginning their insurance studies.  A basic understanding of insurance would be helpful, although not essential as this SearchBite provides a good foundation.

Following this module it is recommended that you attend the SearchBite: Introduction to Reinsurance II – Treaty, which complements and builds on this programme.

Level:

Duration: 0.2 day(s) CII CPD Hours: 2
     

Key programme elements:

•What reinsurance is, its purpose and why it is necessary
•Co insurance v Reinsurance
•The parties to the contract of reinsurance
•Facultative reinsurance and its uses
•The advantages and disadvantages of facultative reinsurances
•Facultative proportional and non proportional reinsurances
•Facultative obligatory covers – an overview

Examples and simple exercises will help support and reinforce the learning within this SearchBite

By the end of this SearchBite, participants will be able to :

•define what reinsurance is, why it is necessary – its purpose and who would use it.
•explain the parties to the contract of reinsurance and their relationship to one another
•construct ‘The reinsurance map’ showing the relationship of the different types of reinsurance
•describe what Facultative reinsurance is and explain its uses
•outline the advantages and disadvantages of facultative reinsurances
•distinguish between Facultative proportional and non-proportional Facultative reinsurances, and
•explain the term Facultative Obligatory