Underwriting (Life and General) for Insurance/ 17-Jun-2019 - 20-Jun-2019

Underwriting (Life and General) for Insurance

Bankers Committee members pay N 128,497.00 only

Background

Insurance companies cover full or part financial impact that derives from the occurrence of certain unexpected insured events affecting the insured. Operators offer this benefit in exchange for payment of a predetermined amount of money called premium. Underwriting is the very heart of insurance and it is the first step insurance companies take to generate premiums. Underwriters develop a profile for each application thereby enabling the determination of which risk to accept or decline. This protects the company and at the same time provides an equitable policy which can be profitable sold. Underwriting also entails the responsibility to provide best advice with respect to risk protection and designing insurance programs for the individuals and companies looking for protection. This course is designed to ensure an effective and efficient risk assessment process that will reduce the financial risks and exposures of Insurers.

Target Participants

Underwriters, Examiners and Adjusters and Claim Officers, as well as staff of regulators who supervise these functions. Those being prepared for these roles in the near term will also find the programme useful.

Objectives

At the end of the course, participants will be able to effectively

  • Examine the concept of insurance as an effective risk transfer technique
  • Relate the underwriting philosophy of insurance to the underwriting process
  • Appreciate the importance of prudent underwriting and the main hazards/factors to be assessed for risk selection
  • Process standard insurance applications and adhere to established guidelines (own organisations and/or local market practice including regulatory guidelines
  • Determine the necessary ethical standards for commercial underwriting

Contents

  • Risk and Basic Risk Response Techniques
    - Definition of Risk, Risk Management and Insurance
    - Relationship between Risk and Insurance
    - Risk Response Techniques (with emphasis on risk transfer)
    - Different Levels of Risks (relationship between frequency and severity)
  • Risk and Basic Risk Response Techniques (II)
    - Characteristics of Risks Appropriate for Insurance
    - Threats of Anti-Selection
    - Equitable Premium (in proportion to the risk brought to the common pool)
  • Application of the Principles of Insurance to Underwriting (I)
    - Introduction to Underwriting
    - Utmost Good Faith (e.g. material facts and duty of disclosure)
    - Insurable Interest
    - Indemnity (e.g. effects of Underinsure)
  • Application of the Principles of Insurance to Underwriting (II)
    - Principles of Subrogation
    - Principles of Contribution
    - Introduction to the Law of Large Numbers
    - Regulatory Requirements Applicable to Underwriting (e.g.
    legislations on consumer privacy or unfair discrimination
  • First Line or Field Underwriting
    - Risk Classifications (e.g. classified as preferred, standard, referred
    and declined risks)
    - Main Assessment Factors (physical and moral)
    - Typical Questions in the Proposal Forms and the Significance of the Answers to Underwriting
    - Overview of Cover for Main Types of Insurance Products (relevant to the topic of the learning programme)
  • Basic Underwriting Process
    - Standard Underwriting Manual (classes and authority limits for standard
    risks)
    - Standard Rating Guidelines; Review the Application against Underwriting Manual
    - Referral Procedures for Non-Standard Risks
    - Standard Contract Documents (e.g. sales illustration, quotation slip, policy and endorsement)
    - Basic Premium Calculations and Rating Methods
    - Main Assessment Factors (physical and moral)
  • Ethical Standards for Commercial Underwriting
    - Effective internal control, monitoring, and compliance program for ethics
    - Establish and maintain a complaint process that is fair to any complainant or accused
    - Updating policies on sensitive topics such as confidentiality, gifts and conflicts of interest, where appropriate
    - Ethical decisions that meet and exceed legal compliance
    - Ethics audits of certain departments or divisions

For more information: Call Olufunmi: 08118895689 or email: ooguntuase@fitc-ng.com

Register Now

If you would like to attend this training programme, please fill the form below and we will contact you as soon as possible. You can also pay for courses online.




Our learning sessions are unique in 4 ways

  1. Programme design & delivery recognize the needs of adult learners in career
  2. Experience sharing by practitioners, with well over two decases of experience in areas relevant to course topic, whom we call "Programme Directors"
  3. Course delivery by practitioners based on conceptual research background
  4. The essence of our corproate brand and orientation within concept implementation thinking

The fees cover tuition, course materials, group lunch, tea/coffee and snacks but EXCLUDE accommodation.
Dress Code: Formal

Payment of Fees

Payment of fees should be in cash or CERTIFIED CHEQUE/BANK DRAFT made payable to the FITC before the commencement date or on arrival at the venue.

Refund of Fees

Fees paid for participants who do not turn up eventually would be refunded, subject to deduction of 25% administrative cost.

Methodology

Formal lectures, case studies, participative group exercises and experience sharing.

Administration

The programme commences at 10.00a.m. on Monday, 9.00a.m other days and ends at 4.00p.m. daily.

In-plant Option

Do you intend to train more than 20 participants? Are you considering an in-plant option?
Please call us ☎


International Participants

International participants should please inform FITC of their attendance ahead of the programme, to enable us prepare airport pick-up for them.

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