Insurance Business and Finance

MQF Level 5

6 Credits (ECTS)

Insurance Business and Finance

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

The Insurance Business and Finance module addresses the overall structure of the insurance industry and management of insurance business within the remit of the key principles and practices involved in finance and insurance business.

The module explores corporate governance and how the importance of its promotion within the financial sector as well as the various functions within insurance organisations.

The students will be exposed to the fundamental principles and practices of financial accounting and its relationship with other elements within an organisation.

This includes relevant accounting standards, analysis of financial ratios and financial strength of insurance businesses.

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:

  • Discuss the complex structure of the insurance business.
  • Describe how insurance businesses are managed.
  • Identify the key elements of corporate governance.
  • Describe the different types of roles and functions that exist within insurance companies.
  • Demonstrate knowledge and understanding regarding accounting principles and practices.
  • Explain and describe accounting standards and insurance company accounts.
  • Use accounting ratios to review and examine business performance and activity.
  • Recognise the financial strength of insurance businesses.

Knowledge:

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

  • Discuss the complex structure of the insurance business.
  • Describe how insurance businesses are managed.
  • Identify the key elements of corporate governance.
  • Describe the different types of roles and functions that exist within insurance companies.
  • Demonstrate knowledge and understanding regarding accounting principles and practices.
  • Explain and describe accounting standards and insurance company accounts.
  • Use accounting ratios to review and examine business performance and activity.
  • Recognise the financial strength of insurance businesses.

Skills:

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

  • Delineate the duties of the board of directors, managers, and supervisors.
  • Outline the corporate governance framework and how risk can be managed and controlled within this framework.
  • Explain the necessity for data protection and management.
  • Discuss the role and functions of financial accounting and differentiate between the latter and management accounting.
  • Interpret the financial records for businesses.
  • Recognise the importance of accurate and precise claims reserving.
  • Describe the reserving methods used by insurance entities.
  • Illustrate the analysis of the financial strength of insurers.

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:

  • Apply the accounting equation and key accounting concepts.
  • Compute accounting ratios to interpret general accounts.
  • Calculate financial ratios to interpret insurance company accounts.

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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