Class History: Insurance (Summer 2016)
[May 17] Class 1
Marks distribution explained
Attendance and participation marks explained
Review of the whole course
[May 19] Class 2
What is insurance (101-A)
Importance of insurance to the individuals (101-B)
[May 24] Class 3
Life insurance is a good alternative to conventional savings (101-C)
Importance of insurance to business and corporations (101-D)
[May 26] Class 4
Importance of insurance to society (101-E)
THE END OF CHAPTER – 1.
Chapter 2: Risk management – Basic concepts
Define risk (102-A)
Terms associated to risk in the world of insurance (102-B)
Classification of risk from the viewpoint of insurance (102-C)
[May 31] Class 5
Methods of risk management (102-D)
Risk avoidance
Risk prevention
Engineering approach
Human approach
Statistical approach
Enforcement approach
Risk assumption
Risk distribution
Hedging and neutralization
Risk transfer
THE END OF CHAPTER – 2.
[June 2] Class 6
Chapter 3: Scope of insurance
Subject matter
Examples of subject matters: A person, a car, a cow.
Classification of insurance
Branch-wise classification
Marine insurance
Fire insurance
Life insurance
Accident insurance
Subject matter-wise classification of insurance
Insurance of person
Insurance of property
Insurance of liability
Insurance of interest
Subject matters of marine insurance
The hull
The cargo
The freight
Marine insurance policies
Building risk policy
[June 7] Class 7: Test 1 (Quiz)
Test 1: Quiz
Full marks: 28x0.5 + 1 = 15.00
Syllabus: Chapter 1, Chapter 2, Course outline.
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[June 9] Class 8
Marine insurance policies
Building risk policy (review)
Time policy
Voyage policy
Mixed policy
Floating policy
Example: Dhaka – Delhi, Delhi – Karachi, Karachi – Dubai
Scopes of fire insurance
Material loss fire insurance
Standard fire policy
Special perils insurance policy
Reinstatement policy
[June 15] Class 9 (Make-up), Class 10 (Extra)
Two classes back-to-back, from 12:30 to 2:30 PM.
Material loss fire insurance
Standard fire policy (review)
Special perils insurance policy (review)
Reinstatement policy (review)
Blanket policy
Building in course of erection policy
Sprinkle leakage policy
Consequential loss fire insurance policy
Accident insurance policies
Some examples (in brief) of policies that belong to both accident insurance and property insurance
Burglary insurance
Motor insurance
Contractors all risk
Engineering insurance
Aviation insurance
Glass insurance
Corp insurance
Live stock insurance
Burglary insurance
Business premise
Private dwelling/ residence
All risk policy
Cash in safe and transit
Motor insurance
Act liability policy only
3rd party policy
Comprehensive policy
War risk insurance
Aviation insurance
The end of Chapter 3.
Solution to Test-1 (Quiz)
[June 22] Class 11 (Extra)
Time: 4:00 PM to 5:10 PM. Room: 603.
This class was arranged for those who missed class 9 and 10.
Consequential loss fire insurance
Motor insurance
Act liability policy only
3rd party policy
Comprehensive policy
War risk insurance
Solution to Test-1 (Quiz)
[June 25] Mid-Term exam
Time: 10:00 – 11:30 AM
Room: 601 and 602
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[July 11] Class 12
Time: 12:30 - 1:45 PM, Room: 1002
Chapter 4: Principle of Utmost Good Faith
What is material fact
Sales of goods vs. insurance – the differences
[July 21] Class 13
Time: 12:30 - 1:45 PM, Room: 1002
Chapter 4: Principle of Utmost Good Faith (continuing…)
What is material fact
Sales of goods vs. insurance – the differences
Facts required to be disclosed in insurance contract
[July 26] Class 14
Time: 12:30 - 1:45 PM, Room: 1002
Chapter 4: Principle of Utmost Good Faith (continuing…)
Facts that do not need to be disclosed in an insurance contract
Representation and Warranties
Incidents that trigger a breach of duty
What can the insurer do when a breach occurs?
Chapter 5: Principle of Indemnity
What is principle of indemnity
Applications of principles of indemnity and how it is affected by sum-insured
Valued policies
[July 28] Class 16
Time: 12:30 - 1:45 PM, Room: 1002
Chapter 5: Principle of Indemnity (continuing…)
Methods of providing indemnity
Calculation of indemnity in under-insurance policies
Mathematical examples
Excess
Franchise
[August 2] Class 17: Test 2
Room: 1002
Test 2: Class Test
Syllabus: Chapter 4 (Whole)
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[August 4] Class 18
Time: 12:30 - 1:45 PM, Room: 1002
Chapter 5: Principle of Indemnity (continuing…)
Pro-rata condition of average
Special condition of average
Two-condition of average
[August 9] Class 19
Time: 12:50 -2:05 PM, Room: 1002
Chapter 6: Principle of subrogation
What is POS?
When does subrogation arise
Chapter 7: Principle of contribution
What is POC?
When contribution operates
How contribution works
Mathematical example
[August 16] Class 20
Room 801, Time: 12:30 - 1:45
Chapter 8: Reinsurance
What is reinsurance
Reasons behind reinsurance
Mathematical problems and solutions
Treaty reinsurance under quota share method
1st line reinsurance
2nd line reinsurance
Assignment
Topic of the assignment was declared in the class.
[August 18] Class 21: Review class
Room 1002, Time 12:30 - 1:45
Review class
Review of the whole syllabus of the final exam.
[August 23] Class 22: Test-3
Room 1002, Time 12:30 - 2:10
Test-3: Class test
Syllabus: Mathematical problems
Fullmark: 3.00x5 = 15.00
Time: 1 hour
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[August 24] Class 23 (Extra)
Time: 12:00 to 2:00 PM, Room – 601
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Solution to the mathematical problems that were appeared in Test-3.
This is the last class of this course.
[September 3] Final exam
Time: 10:00 - 12:00
Room: 601, 602
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