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.
    • Click here to view the result.

[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
  • Click here to view the result.

[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

[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
    • Click here to view announcement
    • Click here to view the result.

[August 24] Class 23 (Extra)

Time: 12:00 to 2:00 PM, Room – 601
Click here to view the announcement of this extra class.
  • 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
  • Click here to view the result.