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Basic Principles of Insurance

Description

Insurance is a complex industry. However, underneath this complexity there are certain constants that everyone working in the field must be familiar with, to avoid making costly mistakes and ensure that customers are covered properly.

Objective

The aim is to explain the concept of risk, the basic principles of insurance and the legal framework within which it operates, as per the Code of Obligations and Contracts of the Lebanese Republic.

Target Audience

Junior underwriters, underwriting assistants, junior claims personnel, sales, distribution and account executive staff.

Learning Outcomes

At the end of this training course the participants will be able to:
•  Understand the concept of Risk
•  Describe risk perception & management
•  Understand the operation of insurance as a risk transfer mechanism
•  Understand the operation of common pools
•  Identify insurable and uninsurable risks
•  Define Peril and Hazard
•  Define the 6 basic Principles of insurance:

  1. Utmost Good Faith
  2. Insurable Interest
  3. Proximate Cause
  4. Indemnity
  5. Subrogation
  6. Contribution

Duration

6 hours (1 day or 2 half-days)