About the Course

Insurance is used as a means for people to achieve financial independence, overcoming the financial burden after a fire, accident, or loss. Insurance is applied through global principles and methods that interpret and use their terminology, function, and legal framework governing the insurance business. 

The General Insurance Branch deals with recovering damages, losses, and indemnities. Thus Property and Casualty Insurance (namely P&C) is the insurance sector referring to coverage of financial protection for properties that can be damaged, lost, or stolen, and for the matters related to negligence causing injury to another person or damage to their property. More specifically, the Casualty insurance sector includes Motor vehicle insurance, perils pertaining to theft and burglary and all the liability branches. The P&C Insurance sector uses specific bilateral contracts with coverages, limits, and exclusions, differentiating the various plans and benefits included in the Policies. 

The Principles of Property and Casualty Insurance training course aims to provide the appropriate techniques to offer each delegate the knowledge and skills needed for more effective operation and suggest the necessary adjustments required in behaviour towards greater efficiency. It also provides in-depth insight into how the P&C sector of insurance works, from the legal aspects, the principles, and the methods it uses. Central to this work are modern techniques used to describe the P&C insurance market and determine the best solution for the benefit of each insured person. This program will highlight the product mix basics of the P&C Insurance Market, differentiating among Fire, Motor vehicle and Liability Policies.

Core Objectives

The delegates will achieve the following objectives:

• Explain the concepts and principles of General insurance
• Differentiate among the various sectors of P&C insurance
• Classify the Concepts and Methods of P&C insurance
• Examine how Insurance is applied through Property Insurance Products
• Relate the Property Insurance Products to the Casualty Sector
• Recognise the usefulness of P&C Insurance for People and Corporations
• Distinguish the Business Insurance Needs with the P&C solution Coverages

Training Approach

This training course uses a combination of interactive presentations and live discussions. These will be supported with workshops, videos, models, tables and charts to consolidate learning and discuss the practical application of the findings with the seminar provider. There will be a summary recap by the end of each day, linking up the topics to formulate a complete course. Upon request, it can include a final multiple-choice test on the material as a learning evaluation method.

The Attendees

Likewise, it will be valuable to the professionals but not limited to the following:

• Business people and Agents of insurance
• People interested in building an insurance career and an Insurance Agency
• Insurance Brokers wanting to enhance their Insurance Business
• Insurance employees working in Sales, Client Service, and Call centres 
• Bank employees who promote insurance with other banking products
• Administrators communicating directly with customers
• Those interested in acquiring insurance knowledge and skills as a complementary job 

Daily Discussion

DAY ONE: GENERAL INSURANCE PRINCIPLES

• Insurance within the Risk Management Operation
• Peril, Hazard, and Insurability
• The Principles of Utmost Good Faith, Insurable interest, and the Proximate Cause
• Reinsurance and Coinsurance
• Indemnification principles for Insurance
• Policy Renewals and Premium Collection

DAY TWO: PROPERTY AND CASUALTY INSURANCE NEEDS

• Property and Casualty applications: The Climate Change
• Insurance Needs for Holistic P&C Plans
• Definition and Objectives of P&C Insurance
• How families and people can benefit from P&C?
• How Businesses can Utilise P&C Principles?
• Consequences of Accidents in the workplace and the society

DAY THREE: PROPERTY INSURANCE PRODUCTS

• The Basic Fire Policy: The FLEX coverage
• Exclusions and Extensions of the Fire Policy
• Terms and Conditions of the Policy: Underinsurance and Proportional Value
• Natural Disasters and other Supplementary Policies
• All-Risk, Theft, Money, and Glass Insurance
• Contractors’ Insurance

DAY FOUR: CASUALTY INSURANCE POLICIES

• The Motor Vehicle Policies
• Exclusions and Extensions of the Motor vehicle Policy
• Legal aspects, terms and conditions of the Motor vehicle Policy
• Personal Public Liability Insurance
• Professional Liability
• Personal Accident and Health Insurance

DAY FIVE: BUSINESS AND CORPORATE INSURANCE NEEDS AND PRODUCTS

• Risk Management for Business Related Perils
• How Businesses operate and the related Insurance Needs?
• The Basic Business Insurance Policy: Building and Machinery
• Employers’, Public, and Product Liability Insurance
• Business Interruption and the Cyber Risks Insurance
• Goods-in-transit or Transport Insurance