General Insurance Business: An Overview

MQF Level 6

6 Credits (ECTS)

General Insurance Business: An Overview

Start
October 2024
Module Type
Compulsory
Price
€320
ECTS Credits
6 Credits (ECTS)
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Get 70% back via Tax Credit

€224 refund on this module

Module Description

This module introduces students to the basic insurance products and associated services for general insurance business.

These include risk types, policy wording, claims, underwriting, information and communication technology and customer service.

The module highlights the main classes of insurance as well as describing their features.

The module also tackles the potential for risk with regards to underwriters and how this can be prevented.

The syllabus then moves on to provide an overview of premium composition, the effect of the operation of policy conditions on claims and customer service within general insurance business amongst other topics.

Entry Requirements

Candidates who apply for this course must possess one of the following:

• A related qualification at MQF Level 4

and/or

• One ‘A’ Level or equivalent and a pass in English Language*, Mathematics, and/or Business Studies at MQF Level 3 (‘O’ Level or equivalent).

• Preference will also be given to applicants having 1 year work experience related to the study programme.

*In the case of students who do not possess all the formal required academic qualifications, then the Recognition of Prior Learning (RPL) process could be applied such that if evidence of equivalent learning is found then the applicant could still be accepted in the course.

 

 

Target Audience

This course is targeted at:

  • Individuals seeking to advance their academic and professional knowledge in Insurance.
  • Individuals wanting to pursue a wide range of career paths within the insurance profession.
  • Individuals wanting to enhance their ability to interpret, assess and communicate insurance related information.

Module / Unit Instructions

The proposed structure comprises a blended approach promoting the building of a community of practice via peer-to-peer learning. The structure uses primarily two dimensions of teaching-learning modes:

1. Face-to-face sessions: 18 hours

2. Online Learning Activities: 12 hours

Face to Face sessions

Face-to-face sessions include lectures, tutorials, discussions, presentations and workshop activities promoting peer-to-peer learning.

Online Learning Activities

Online learning activities incorporate tutorials and asynchronous discussions. These may consist of active interaction, participation and contributions in fora discussions, sharing resources and self-reflection exercises.

Learners also contribute to the building of the community of practice by providing feedback to their peers as critical friends, enhancing the learner’s critical engagement throughout the study period.

The tutor provides continual support during both teaching -learning modes by providing information, readings and tasks relevant to the module in question.

The tutor provides continuous formative feedback as an on-going guidance during the student’s learning experience in preparation for their summative assessment.

How you’ll be assessed

This module consists of two assessment tasks, each carrying a weighting as below:

a) Assessment 1 carries 20% of total module mark achieved. b) Assessment 2 carries 80% of total module mark achieved.

For successful completion of a study module the student is required to achieve a minimum of 50% pass mark in both Assessment 1 and Assessment 2.

The overall grade achieved for each module is calculated as the sum of: • 20% of the mark achieved for Assessment 1; and • 80% of the mark achieved for the Assessment 2.

Assessment 1 and Assessment 2 tasks aim to provide the learner with the opportunity to produce evidence of his/her competences aligned to the learning outcomes of each individual Module.

Assessment

This module’s a) Assessment 1 may include different forms of assessment which allow and promote students’ critical engagement (e.g., online discussions, in-class discussions, case studies, etc.).

For successful completion of the study module the student is required to achieve a minimum of 50% pass mark in Assessment 1.

b) Assessment 2 consists of one assignment at the end of the module.

The mode of assessment varies and may include in-class assignments, and home-based written assignments using diverse assessment tools which may include case studies, reports, proposals, essays, and presentations.

For successful completion of this module the student is required to achieve a minimum of 50% pass mark in both Assessments 1 and 2 respectively.

Assignment
Discussions

Module Intake Dates

October 2024
Price
€320

Additional Info

Reading for the entire B.Sc. in Insurance Studies as presented herein costs €9,000.*

Upon successful completion of this course, students will be eligible for a 70% refund of the cost through the ‘Get Qualified’ scheme.**

Due to the modular structure of the course, you may also opt to take individual modules as stand-alone. The entry requirements still apply.***

*Prices are applicable to students who reside in Malta at the time of applying.
**Terms and conditions apply.
*** For the price of individual modules, please contact the IDEA Academy team.

Learning Outcomes

Competences:

At the end of the module/unit the learner will have acquired the responsibility and autonomy to:

  • Identify the main insurance products and related services in general insurance business.
  • Discuss the important function of underwriting and policy wordings in the general insurance business.
  • Identify principles of premium calculation of general insurance business according to given context.
  • Describe the claims handling mechanism for general insurance business.
  • Apply principles regarding the operation of policy conditions affecting claims for general insurance business.
  • Appreciate use of technology and issues of security, confidentiality, and data protection in the general insurance business.
  • Identify the complexities surrounding claims and customer service in the general insurance business.

Knowledge:

At the end of the module/unit the learner will have been exposed to the following:

  • Identify the main insurance products and related services in general insurance business.
  • Discuss the important function of underwriting and policy wordings in the general insurance business.
  • Identify principles of premium calculation of general insurance business according to given context.
  • Describe the claims handling mechanism for general insurance business.
  • Apply principles regarding the operation of policy conditions affecting claims for general insurance business.
  • Appreciate use of technology and issues of security, confidentiality, and data protection in the general insurance business.
  • Identify the complexities surrounding claims and customer service in the general insurance business.

Skills:

At the end of the module/unit the learner will have acquired the following skills:

  • Outline the main general insurance products and non-insurance services available for individual or corporate clients.
  • Conduct risk assessment to determine adequate insurance covers.
  • Identify different types of insurance and what these cover.
  • Apply the correct methods to formulate an insurance contract.
  • Identify methods of reducing risks for underwriters.
  • Identify the requirements for the validity of a claim.
  • Describe the purpose and importance of data protection in insurance.
  • Use technology effectively within the insurance industry.
  • Practice good customer service skills within the insurance business.
  • Identify the correct procedures for the settling of claims.
  • Identify and propose ways to prevent fraud within the insurance business.

Module-Specific Communication Skills:

The learner will be able to:

  • Communicate ideas, problems, and solutions to both specialist and non-specialist audiences.

Module-Specific Learner Skills:

At the end of the module/unit the learner will be able to:

  • Outline the use of deductibles, excesses, and franchises in insurance.

Module-Specific Digital Skills and Competences:

The learner will be able to:

  • Navigate through the online learning platform to benefit from assignments, discussion boards, literature, tutorials etc.

 

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