Insurance Fundamentals Course

Lesson 1 • Core Insurance Terminology

Introduces essential vocabulary used throughout the industry. Precise language is required to read policies, communicate with clients, and interpret coverage.

Lesson 2 • Origins and Purpose of Insurance

Traces insurance from early mutual aid to modern markets. Explains the social and economic functions insurance fulfills for individuals and businesses.

Lesson 3 • The Concept of Risk

Defines pure vs. speculative risk and explains how risk drives insurance demand. Anchors all subsequent coverage and pricing discussions.

Lesson 1 • Contribution and Subrogation

Explains how multiple policies share losses and how insurers recover payments from liable third parties. Prevents double recovery by the insured.

Lesson 2 • Principle of Indemnity

Establishes that insurance restores the insured to pre-loss financial position without profit. Connects to valuation methods and over-insurance controls.

Lesson 3 • Insurance Contract Law Basics

Reviews contract formation elements applied to insurance agreements. Covers offer, acceptance, consideration, and the special rules of adhesion contracts.

Lesson 4 • Principle of Insurable Interest

Defines insurable interest and explains when it must exist for a contract to be valid. Prevents wagering and establishes the legal basis for coverage.

Lesson 1 • Anatomy of an Insurance Policy

Breaks down the standard policy sections and their functions. Understanding structure enables accurate coverage analysis across all lines of insurance.

Lesson 2 • Exclusions and Their Rationale

Explains why exclusions exist and how to categorize them. Students learn to spot coverage gaps and advise on supplemental policies.

Lesson 3 • Reading the Insuring Agreement

Focuses on how coverage grants are worded and interpreted. Students learn to distinguish broad, named-peril, and all-risk coverage triggers.

Lesson 4 • Policy Conditions and Duties

Details the obligations insureds must meet before and after a loss. Non-compliance with conditions can void coverage or reduce claim payments.

Lesson 1 • Business Interruption Coverage

Covers income loss and extra expense coverage triggered by property damage. Students learn how to calculate business income limits and waiting periods.

Lesson 2 • Specialty Property Coverages

Introduces coverage for equipment breakdown, crime, and inland marine risks. Expands student awareness beyond standard commercial property forms.

Lesson 3 • Property Valuation Methods

Explains how insured values are established and how losses are measured. Valuation method directly determines the claim payment amount.

Lesson 4 • Property Claims Process

Walks through the steps from loss notice to settlement. Students understand adjuster roles, proof of loss, and dispute resolution options.

Lesson 1 • Foundations of Legal Liability

Reviews negligence, strict liability, and contractual liability as sources of legal obligation. Provides the legal context needed to understand liability coverage.

Lesson 2 • Umbrella and Excess Liability

Explains how umbrella and excess policies extend limits above underlying coverage. Students learn attachment points, drop-down coverage, and self-insured retentions.

Lesson 3 • Professional and Errors and Omissions Liability

Covers liability arising from professional services and advice. Distinguishes professional liability from general liability and explains claims-made triggers.

Lesson 4 • Liability Claims and Defense

Covers the insurer's duty to defend and duty to indemnify. Students trace a liability claim from tender through settlement or verdict.

Lesson 1 • Life Insurance Product Types

Distinguishes term, whole life, universal life, and variable products. Students understand how each product balances protection, savings, and flexibility.

Lesson 2 • Life Insurance Underwriting Concepts

Explains how insurers assess mortality risk and set premiums. Covers the role of medical exams, lifestyle factors, and risk classification.

Lesson 3 • Health Insurance Coverage Types

Surveys major medical, supplemental, and disability income products. Students distinguish indemnity plans from managed care and understand benefit triggers.

Lesson 4 • Group vs. Individual Coverage

Compares employer-sponsored group plans with individual policies. Covers eligibility, portability, and cost-sharing differences between the two markets.

Lesson 1 • Profitability Metrics and Monitoring

Covers loss ratio, combined ratio, and return on equity as insurer performance measures. Students can interpret financial results and link them to underwriting decisions.

Lesson 2 • Underwriting Process and Criteria

Covers how underwriters evaluate, accept, modify, or decline risks. Students learn the information sources and decision tools underwriters rely on.

Lesson 3 • Fundamentals of Insurance Ratemaking

Introduces the actuarial basis for setting insurance rates. Students learn how loss data, expenses, and profit loads combine to produce a final rate.

Lesson 4 • Reinsurance and Its Role

Introduces reinsurance as a tool for capacity management and catastrophe protection. Students understand treaty vs. facultative arrangements and their pricing logic.

Lesson 1 • Insurance Distribution Channels

Compares independent agents, captive agents, brokers, and direct writers. Students understand how channel choice affects pricing, service, and market access.

Lesson 2 • Agent and Broker Duties

Defines the legal and ethical duties owed by producers to clients and insurers. Covers authority types, errors and omissions exposure, and fiduciary obligations.

Lesson 3 • Consumer Protection and Ethics

Reviews unfair trade practices, anti-discrimination rules, and privacy obligations. Ethical conduct protects clients and shields producers from regulatory action.

Lesson 4 • Licensing and Compliance Requirements

Covers producer licensing, continuing education, and appointment requirements. Students learn the compliance steps needed to legally sell and service insurance.