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Why you need this course:
Insurance fills a wide range of roles as a financial institution that transfers the costs of losses. To effectively service the insurance needs of your clients and employer, you need a thorough grounding in the fundamentals of insurance—what it is and how it works. This course will give you an introduction to the concept of risk, the process of risk management, and the field of insurance in general, including fundamental principles, social value, economic influence, loss exposures and protection, insurance regulation, types of insurers, and areas such as reinsurance, marketing, underwriting, and claims.
Upon successful completion of all twelve modules in this course, you should be able to:
- Describe the role of insurance in risk management.
- Explain how insurance works as a transfer system.
- Explain how the law of large numbers operates and applies to insurance.
- Describe the major types of loss exposures.
- Describe the characteristics of an ideally insurable loss exposure.
- Explain why government insurance is needed, and give examples of federal insurance programs and state insurance programs.
- Describe the major business operations of insurers.
- Explain why and how state insurance departments regulate insurers.
- Describe the benefits of insurance.
- Describe the costs of insurance.
- Distinguish among the major types of property and liability insurance.
- Distinguish among the major types of life and health insurance.
We recommend that you study the modules in the order presented in the course.
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