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Application of Insurance Principles

  • 6 CPD Hours
  • Introduction Level
  • Online or Face-to-Face Workshop

Summary

Suitable for staff working at technician/frontline insurance level with less than two years’ experience. This one-day participative workshop provides an excellent introduction to the principles and practices of insurance. Ideal for trainees and new starters, this session introduces many of the subjects covered by the IF1 examination.

Course Content

  • What insurance is and why  customers buy it
  • Insurable interest:
    • When and how it arises
    • What distinguishes it from the subject matter of insurance
  • Utmost good faith:
    • The importance of disclosure of material facts
    • Those facts that do not need to be disclosed
    • The rights of the insurer in the event of non-disclosure or misrepresentation
    • How the FCA affects the rights of insurers
  • The underwriting process:
    • How underwriters obtain the necessary facts and their underwriting options
    • The internal and external factors that influence a premium rate
  • Indemnity
    • How indemnity is assessed
    • The principal limitations, e.g. sums insured, average clauses, deductibles/excesses, franchises, etc
    • The process of settling claims including the responsibilities of the insured and insurer
    • Why and how non-indemnity policies differ
  • Subrogation and Contribution
    • Their importance in common law and how they support indemnity
    • How policy terms and conditions modify their common law application
    • Different methods of calculating contribution
    • The operation of subrogation and contribution in simple claim scenarios
  • Proximate Cause
    • The principle of proximate cause and how it is applied to claims
  • The nature and function of the documentation used in insurance
    • Including policies, cover notes, certificates, and endorsements
    • The general exclusions applicable to policies
    • The purpose and operation of policy conditions

Learning Objectives

  • Explain what insurance is and why it is important
  • Explain the concept and operation of:
    • Insurable interest
    • Utmost good faith
    • Indemnity
    • Subrogation and contribution
    • Proximate cause
  • Describe the nature and function of the documentation used in insurance

Ready to book?

Simply complete the booking form with your details and a member of our team will be in touch with the next available dates. 

Any questions?  

If you’re not quite sure if this course is suitable or are looking for further information, call our team on 0117 244 7221.

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