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Our courses are intended for a global audience, with each one being completely customisable to suit the needs of the individuals it is being delivered to.

They can be delivered in London or in your home town. You decide.

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Introduction to Insurance

  • Banking and Financial Markets, Insurance, Retail Banking
  • Duration: One day
  • Information

    This is a One – Day Programme


    After completing this course you will be able to:

    Session 1:

    • Explain the difference between buyers, sellers and intermediaries in the UK Insurance Market

    • Outline the nature of the main insurance sellers including Insurance Companies – Mutuals, proprietary, direct; Mutual Indemnity Associations; Lloyd’s and Captives

    • Outline the responsibilities of an agent

    • Identify the role of a broker

    • Explain the advantages to the insurance buyer and seller when using a broker

    Session 2:

    • Describe the membership and main functions of six organisations associated with the UK insurance market that are not buyers, sellers or intermediaries

    • Summarise the intention of Financial Services and Markets Act 2000

    • Explain the process of Regulation by the FSA

    • Outline of the eleven FSA Principles for Business eight ICOB Rules

    • Explain the risk transfer process

    • State the seven features of an Insurable Risk

    • Outline the types of insurance that are Compulsory by Statute in the UK

    • Explain why some insurances are compulsory

    Session 3:

    • Identify the benefits of insurance

    • Distinguish between benefit and indemnity policies

    • Summarise the different Benefits payable under PA or Sickness policies

    • Outline the methods of providing settlement under indemnity policies including payment by cheque, repair, replacement and reinstatement

    • Identify the limitations to the amount offered in settlement of indemnity claims – Sum Insured, Limit of Indemnity, Loss Limit, Single Article Limit, Pro Rata Condition of Average, Excess and Franchise

    • Outline the extensions of New for Old/ Reinstatement and Agreed Value policies

    • Briefly explain the importance of subrogation and contribution in the operation of indemnity policies

    Session 4:

    • Outline the requirements of a valid contract and apply to insurance contracts – offer, acceptance, consideration, capacity, legal purpose, legally binding and consensus ad idem.

    • Explain the importance of Utmost Good Faith in the process of arranging insurance

    • Explain the operation of Perils and Hazards with reference to the nature of material facts and the operation of Utmost Good Faith

    • Explain the importance of premium payment and distinguish between the main options for its payment including in full, in instalments and adjustable premiums

    • State the rate of Insurance Premium Tax that applies to which policies

    • Summarise the operation of Proximate Cause in settling claims

    Course Close

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    As every course we run is tailored to meet the specific needs of each client, we can only provide an estimate after fully understanding your specific requirements. Please complete the form below of call +44 (0) 208 894 4977 to discuss how Taylor Associates can help you.

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