The Principles of Insurance and the Insurance Ecosystem
6 Credits (ECTS)
The Principles of Insurance and the Insurance Ecosystem
Get 70% back via Tax Credit
Module Description
This module introduces the learner to different types of insurance contracts and to the insurance market, its structure, and the role of the various professionals operating within it, including intermediaries. It also goes on to cover the different types of risk, and how insurance can manage such risks.
The module goes on to address the fundamental legal principles that relate to insurance such as good faith, agency, subrogation, and contracts. The syllabus also examines how the insurance industry is regulated, including in relation to anti-money laundering and financing of terrorism, as well as the roles of the various regulatory bodies.
Consumer protection mechanisms are also considered, such as the Arbiter for Financial Services and the Investor Compensation Scheme. The module also explains the ethical and governance considerations one needs to keep in mind when working in the insurance industry.
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.
Career Paths
This programme leads to a bachelor’s qualification that will cover the general requirements of the Chartered Insurance Institute, which will secure the competences for individuals who aspire for professional roles in this industry.
The potential positions for which this programme aims to prepare could be and are not limited to:
- Claims: Claims Handler Surveyor, Claims Executives
- Insurance Compliance Officer
- Insurance Advisor
- Insurance Business Analyst / Consultant
- Insurance Operations Executives
- Insurance Product and Business Development Executives
- Risk Management Executives
- Underwriting Executives
How you’ll be assessed
The course comprises:
- Evening classes for part-time courses.
- Classes held throughout the day for full-time courses.
- Guided learning, presentations, comprising synchronous online discussions, tutorials and/or videos.
- Self-study hours comprising research, reading and assignment work.
Assessment
Assessment is carried out via two mandatory components:
- Assessment 1
- Assessment 2
The programme includes different forms of assessment which allow for and promote students’ critical engagement. The assessment tasks may include an in-class assignment and/or a home-based written assignment using diverse assessment tools which may take the form of online and in-class discussions, examinations, case studies, reports, proposals, essays, and presentations, etc., as applicable to the diverse modules.
Additional Info
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 College team.
Learning Outcomes
Competences:
At the end of the module/unit the learner will have acquired the responsibility and autonomy to:
- Demonstrate an understanding of the insurance market.
- Demonstrate knowledge and understanding of the various risks which may be covered by the insurance industry.
- Identify the fundamental principles applicable to contracts of insurance.
- Explain the importance of regulation in insurance business.
- Describe and explain the main elements of ethics, corporate governance, and internal controls when operating within the insurance industry.
Knowledge:
At the end of the module/unit the learner will have been exposed to the following:
- Demonstrate an understanding of the insurance market.
- Demonstrate knowledge and understanding of the various risks which may be covered by the insurance industry.
- Identify the fundamental principles applicable to contracts of insurance.
- Explain the importance of regulation in insurance business.
- Describe and explain the main elements of ethics, corporate governance, and internal controls when operating within the insurance industry.
Skills:
At the end of the module/unit the learner will have acquired the following skills:
- Demonstrate the validity of an insurance contract.
- Describe the terms and conditions which allow for the commencement and termination of an insurance contract.
- Explain how a principal/intermediary relationship is formed
- Describe how an agency is created and how it can be binding
- Identify the main types of risk, the ones that can be insured and the ones that cannot.
- Apply risk management skills to a given set of practical circumstances.
- Foresee risks and make recommendations to protect customers.
- Find ways to combat financial crime within the insurance industry.
- Recognise the importance of ethical behaviour within the insurance industry.
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:
- Show how the core principles of insurance, including insurable interest and good faith, can be applied to insurance contracts.
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.