Course objectives: The main purpose of the underwriting process is to ensure that an insurer carries a book of business which is both profitable and commensurate with the insurer’s own risk appetite. And proper claim settlement ensures the goodwill of insurance company. This course will enrich students with detail ideas about the principles of underwriting and settling claims, steps involved in both processes and other important areas of insurance underwriting and claim settlement which will ease the path of developing themselves as insurance professionals.
Course contents: Risk in our society, underwriting factors analysis, underwriting principles, underwriter’s responsibilities, underwriting and pricing of insurance, real life case of underwriting, calculation of premium, surrender value and reserve for underwriting decision, claim settlement , claim settlement models, legal environment and claim settlement, disputes in claim settlement, claim management, case analysis on claim settlement, insurance market in Bangladesh.
Textbooks
1. Underwriting Principles by Joseph F. Mangan
2. Life Insurance underwriting –A practical Insight by Kaninika Mishra
3. Insurance Claims Volume by Barry Zalma
Reference books
1. Understanding Insurance and Filing Claim by Bradley M. Ball
2. Insurance Law 2016 and IDRA Guidelines
Course objectives: The objective of the course is to apply mathematical, statistical and economic models to study and calculate risks associated with insurance, pensions and other financial systems. After completion of the course, the students are expected to be able to interpret the economic environment and make informed decisions on future inflation, returns on investment, stock market behavior, exchange rates and economic growth. Students understanding of the risk measures Value-at-risk (VaR) and Expected Shortfall (ES) from both insurance and banking perspectives will be a parallel focus. Statistical distributions for classical nonlife insurance modeling will be explored with their moments being derived.
Course contents: Concept of probability and its distribution: Bernoulli, Binomial, Poisson, Normal, Log-normal distribution which are at the core of nonlife actuarial models; financial quantities representing growth and decay (especially exponential), valuation of annuities, loans and loan payments, bond valuation, measuring the rate of return on an investment, internal rate of return, yield rate, risk management concepts, VaR and ES for banking and insurance data.
Textbook: Mathematics of Investment and Credit by Samuel Broverman
Reference book: Loss Models: From Data to Decision by Stuart A. Klugman, Harry H. Panjer and Gordon E. Willmot
Course objectives: This course provides an introduction to the field of property and liability insurance (also known as property and casualty insurance or PandC insurance), an increasingly important area of knowledge not only for individuals and families, but also for all forms of business in the global economy. Because PandC insurance issues frequently make national and international headlines, the course offers an opportunity to explore topics within the context of practical applications.
Course contents: Fundamentals of property and liability insurance, insurance regulations in Bangladesh, financial performance measurement of insurers; insurance coverage: property and liability; marine insurance, fire insurance, liability insurance, property loss exposures and policy provisions, liability loss exposures and policy provisions, managing loss exposures: risk management.
Textbook: Principles of Risk Management and Insurance by George Rejdaand and Michael McNamara
Course objectives: The objectives of the course are to explore the regulatory and supervisory issues of insurance in Bangladesh. The Insurance Act 2010, along with Insurance Development and Regulatory Authority Bangladesh (IDRA) Act 2010 and National Insurance Policy 2014 are the basis of studying this course. After completing the course they are expected to have a good understanding of the role of IDRA in creating insurance-awareness as well as combating insurance failure and financial crises. A significant part of this course is devoted to Bangladesh perspective to help them having a solid practical background on the insurance regulation and supervision in our country.
Course contents: History of insurance in Bangladesh, insurance market in Bangladesh, insurance in overall economy of Bangladesh, problem of insurance in Bangladesh, principles of insurance, insurance acts and documents, acts applicable for insurer, insurance registration (Regulation-K), premium, insurance, and reinsurance (Regulation-L and M: reinsurance for life and non-life insurance companies outside Bangladesh), capital requirement (Regulation-H: paid capital and partnership in insurance companies), solvency, margin, loan and management, transfer and nomination of policy, commission, rebate and management expenses, distribution of dividend, bonus and profit, IDRA: responsibilities and functions of IDRA, source of fund in IDRA.
Required readings: National Insurance Policy 2014; Insurance Act 2010; IDRA Act 2010
Refer to Banking Stream