Insurance Course

Lesson 1 • Core Legal Principles

Covers insurable interest, utmost good faith, indemnity, subrogation, and contribution. These doctrines govern every insurance contract studied later.

Lesson 2 • Risk Concepts and Classification

Distinguishes pure risk from speculative risk and classifies hazards as physical, moral, or morale. Provides vocabulary for underwriting discussions in later chapters.

Lesson 3 • The Insurance Contract Structure

Examines declarations, insuring agreements, conditions, exclusions, and endorsements. Students can identify each policy component in any standard contract.

Lesson 1 • Policy Filing and Rate Regulation

Covers prior approval, file-and-use, and open competition rating systems. Students can assess how rate regulation affects pricing decisions.

Lesson 2 • Insurance Market Participants

Identifies insurers, reinsurers, agents, brokers, and surplus lines carriers. Clarifies each party's role in placing and servicing coverage.

Lesson 3 • Regulatory Framework Overview

Explains the rationale for insurance regulation and the roles of government oversight bodies. Connects regulatory goals to consumer protection and market stability.

Lesson 1 • Underwriting Process and Objectives

Outlines the underwriting workflow from submission to decision and its profit objectives. Establishes the underwriter's role as gatekeeper of the insurer's risk portfolio.

Lesson 2 • Pricing and Rating Factors

Explains how exposure units, rating factors, and credits or debits produce a final premium. Links pricing mechanics to actuarial data introduced later.

Lesson 3 • Risk Selection Criteria

Applies physical, moral, and financial criteria to evaluate individual risks. Students can justify accept, modify, or decline decisions using objective standards.

Lesson 1 • Property Exclusions and Extensions

Reviews standard exclusions such as flood, earthquake, and wear and tear, plus available extensions. Students can advise on coverage gaps requiring separate policies.

Lesson 2 • Property Valuation Methods

Compares replacement cost, actual cash value, and agreed value approaches. Correct valuation selection prevents underinsurance and claim disputes.

Lesson 3 • Personal Property and Homeowners Coverage

Analyzes dwelling, personal property, and liability sections of homeowners policies. Connects personal lines structure to commercial concepts already studied.

Lesson 1 • CGL Exclusions and Endorsements

Identifies key exclusions including expected or intended injury, pollution, and professional services. Students can recommend endorsements to restore excluded coverage.

Lesson 2 • Umbrella and Excess Liability

Explains how umbrella policies drop down and broaden underlying coverage. Students can structure layered liability programs for complex accounts.

Lesson 3 • Professional and Management Liability

Covers errors and omissions, directors and officers, and employment practices liability. Students distinguish each form's insuring agreement and defense obligations.

Lesson 1 • Term Life Insurance

Covers level, decreasing, and renewable term structures and their pricing drivers. Students can compare term options for income replacement and debt coverage needs.

Lesson 2 • Health Insurance Fundamentals

Defines deductibles, copayments, coinsurance, and out-of-pocket maximums in health plans. Students can calculate member cost-sharing under various plan designs.

Lesson 3 • Permanent Life Insurance Products

Examines whole life, universal life, and variable life cash value accumulation. Students can explain the internal rate of return and policy loan implications.

Lesson 1 • Damage Valuation and Settlement

Covers repair vs. replacement decisions, depreciation, and structured settlement options. Students can calculate fair settlement values for property and liability claims.

Lesson 2 • Litigation and Alternative Dispute Resolution

Explains mediation, arbitration, and appraisal as alternatives to litigation. Students can select the appropriate dispute resolution method for a given claim.

Lesson 3 • Claims Process Overview

Maps the claims workflow from first notice of loss through final settlement. Establishes the adjuster's duties and the insurer's obligations to the insured.

Lesson 1 • Emerging Risks and Strategic Adaptation

Examines cyber, climate, and supply chain risks reshaping insurance strategy. Students can recommend coverage adaptations for evolving organizational risk profiles.

Lesson 2 • Insurance Program Design

Guides construction of a coordinated insurance program covering all major exposures. Students can audit a client's coverage portfolio for gaps and redundancies.

Lesson 3 • Risk Retention and Self-Insurance

Analyzes deductibles, self-insured retentions, and captive insurance structures. Students can calculate the cost-benefit of retaining risk vs. transferring it.