BWRR1013 - Risk Insurance

COLLEGE OF BUSINESS
UNIVERSITI UTARA MALAYSIA

No.
Information on Course
1.
Course Name :
RISK AND INSURANCE
2.
Course Code: BWRR1013
3.
Name(s) of Academic Staff: SHAHRUL NIZAM AHMAD
4.
Rationale for the inclusion of the course in the programme:

This is one of programme core courses offered for BRMI students.
5.
6.
Semester/Year Offered: 3/2

Total Student Learning Time
(SLT)
L = Lecture
Face to face
L
23
13
SL
TLT
73.3
120.6
T = Tutorial
P = Practical
O = Others
9.
Credit Value: 3
10.
Pre-requisite (if any): NIL
11.
Objective(s) of Course :
Students are expected to
1. understand the basic concepts and principles of insurance;
2. have an in-depth knowledge on the major risk management techniques;
3. understand the insurance contract in terms of its formation elements, special
characteristics of the contract from the legal aspects and the components in the
contract; and
4. learn the types of general and life insurance available in the market.
12.
Course Learning Outcomes:

Upon completion of the course, students are able to
1.
2.
3.
4.
5.
13.
explain the types, concepts and insurance terms (C1, P1, A1)
identify the basic insurance concepts and principles (C2, P2, A2)
use the main techniques in managing risk (C3, P3, A3)
explain in depth about an insurance contract (C3, P3, A3)
distinguish general and life insurance (C3, P3, A3)
Transferable Skills:
Communication skills, report writing and group discussion.
14.
Teaching-learning and assessment strategy:

Mixed method between teacher-centred and student-centred.
15.
Synopsis:
This course emphasize on the basic concept of risk and insurance. This course is the
basic course in risk and insurance management. Among the important topics include
introduction to risk, techniques of risk management, basic concepts and principles of
insurance, insurance contract, and types of life and general insurance available in the
market.
16.
Mode of Delivery:
This course will be conducted in the forms of lectures, tutorials and discussions.
17.
Assessment Methods and Types:

Coursework (60%) (Group assignment 20%, individual assignment 10%, quiz 10%,
mid semester exam 20%)
Final exam (40%)
18.
Mapping of the course/module to the Programme Aims

Course Learning Outcomes
Programme Aims
The aims of the Bachelor of Risk

Management and Insurance (Honors)
programme are to produce intelectual,
expert, competent and courteous

graduates in the field of risk
management and insurance, capable
of expressing and discussing issues
related to risk management and
insurance, in order to meet the
demand for workforce in related
discipline.
22.
Mapping of the course/module to the Programme Learning Outcomes
Course Learning Outcomes
Programme Learning Outcomes

1
Apply concepts, tools, and techniques

in
solving
real
world
risk
management problems faced by
companies in the pursuit of
maximizing shareholders wealth.
Ability to analyse critically and

analytically in the risk management
process to assist in making effective
decisions.
Communicate effectively
graphically, and in writing.
Work effectively in teams and

demonstrate interpersonal skills in the
related discipline.
Carry out the professional ethical

code of conduct within the discipline
of risk management and insurance.
Identify and explaining the concepts

and theories related to risk
management and insurance.
orally,
Update, enhance and integrate risk

management
and
insurance
knowledge for career development on
a continuous basis.
Demonstrate entrepreneurial skill and
capabilities in identifying business
opportunities in risk management and
insurance.
Ability to supervise and understand
the roles of a leader.
34.
Content outline of the course/module and the SLT per topic

Topic
1.0 INTRODUCTION TO RISK
1.1 Risk and chance

1.1.1 Definition of risk in terms of
risk and insurance management.
1.2 Risk components
1.2.1 Uncertainty
1.2.2 Level of risk
1.2.3 Sources of risk
1.3 Objective risk and subjective risk
1.3.1 Objective risk and objective
probability
1.3.2 Subjective risk and subjective
probability
1.4 Risk classification
1.4.1 Financial risk and non-financial
risk
1.4.2 Pure risk and speculative risk
1.4.3 Fundamental risk and particular
Learning
Outcomes
1,2,5,7
Face to Face
L
P/O
SL
TLT
12
risk
1.5 Types of pure risk
1.5.1 Personal risk
1.5.2 Property risk
1.5.3 Liability risk
1.6 The burden of risk on society
2.0 TECHNIQUES FOR DEALING
WITH RISK
2.1 Avoidance techniques
2.1.1 Advantages and disadvantages
2.2 Retention
2.2.1 Active retention and passive
retention
2.2.2 Retention level
2.2.3 Retention financing methods
2.3 Non-insurance transfer technique
2.3.1 Risk transfer methods
2.4 Loss control technique
2.4.1 Risk avoidance and risk
reduction
2.5 Insurance
2.5.1 Insurance management
3,4
18
3.0 BASIC INSURANCE CONCEPTS

AND PRINCIPLES
4,5
18
12
3.1 Basic insurance concepts

3.1.1 Loss sharing
3.1.2 Unintentional losses
3.1.3 Risk transfer
3.1.4 Indemnity
3.2 Basic insurance principles

3.2.1 Indemnity
3.2.2 Insurable interest
3.2.3 Subrogation
3.2.4 Contributory
3.2.5 Utmost good faith
4.0 INTRODUCTION TO
TYPES OF INSURANCE
4.1 General insurance

4.1.1 Automobile insurance
4.1.2 Fire insurance
4.1.3 Theft insurance
4.1.4 Money insurance
THE
4.1.5 Fidelity insurance

4.1.6 Credit insurance
4.1.7 Credit guarantee insurance
4.1.8 Marine insurance
4.1.9 Good in transport insurance
4.1.10 Aviation insurance
4.1.11 Glass insurance
4.1.12 Liability insurance
4.2 Life insurance
4.2.1 Whole life insurance
4.2.2 Temporary insurance
4.2.3 Endowment
4.2.4 Annuity
4.2.5 Health insurance
5.0 ANALYSIS OF INSURANCE

CONTRACT
5.1 Basic elements of an insurance
contract
5.1.1 Offer and acceptance
5.1.2 Consideration
5.1.3 Legal capacity
5.1.4 Purpose
5.2 Distinguishing features of insurance
contracts from the legal aspects
5.2.1 Aleatory contract
18
5.2.2 Unilateral contract

5.2.3 Conditional contract
5.2.4 Personal contract
5.2.5 Contract of Adhesion
5.3 Basic components of insurance

contract
5.3.1 Title
5.3.2 Declarations
5.3.3 Definition
5.3.4 Insuring agreement
5.3.5 Exclusions
5.3.6 Conditions
5.3.7 Miscellaneous
5.4 Riders and endorsement
5.5 Deductible
5.6 Coinsurance
5.6.1 Attestation clause
6.0 INSURANCE INDUSTRY

6.1 Insurance market structure
6.1.1 Players of insurance market
6.1.2 Lloyds of London
6.1.3 Organizational structure of an
insurance company
6,7
6.1.4 Intermediaries
6.1.5 Adjustor
6.1.6 Reinsurance market
6.2 Insurance company operation
6.2.1 Code of ethics
6.2.2 Policy structure for main
insurance
6.2.3 Process and basic principles of
underwriting
6.2.4 Reinsurance methods
23
Assessment
13
42
84
Face to Face
SL
TLT
Course work
60%
44.9
62.3
107.2
Final examination
40%
2.5
11
13.5
47.4
73.3
120.6
Total Notional Hours

Credit Hours
REFERENCES:
Dorfman, M.S. (2008), Introduction to Risk Management and Insurance ( 7th ed).,
Prentice-Hall Inc: New Jersey.
Hendon, Rubayah, Mohamad (2005), Risiko dan Insurans, Prentice Hall, Pearson
Malaysia Sdn. Bhd.: Malaysia.
Lim Chee Chee, (2003). Pengurusan Risiko & Insurans, Penerbitan Universiti Utara
Malaysia.
Redja, G.E. (2008). Principles of Risk Management and Insurance, (10th ed.), Pearson
Education Inc.: Boston
Vaughan, E.J., & Vaughan, T.M. (2003). Fundamentals of Risk and Insurance, 9th ed.,
John Wiley & Son Inc. : New Jersey

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COLLEGE OF BUSINESS

UNIVERSITI UTARA MALAYSIA

RISK AND INSURANCE

Course Code: BWRR1013

Name(s) of Academic Staff: SHAHRUL NIZAM AHMAD

Rationale for the inclusion of the course in the programme:

Semester/Year Offered: 3/2

Pre-requisite (if any): NIL

Course Learning Outcomes:

Teaching-learning and assessment strategy:

Assessment Methods and Types:

Mapping of the course/module to the Programme Aims

The aims of the Bachelor of Risk

expert, competent and courteous

Mapping of the course/module to the Programme Learning Outcomes

Course Learning Outcomes

Programme Learning Outcomes

Apply concepts, tools, and techniques

Ability to analyse critically and

Work effectively in teams and

Carry out the professional ethical

Identify and explaining the concepts

Update, enhance and integrate risk

Content outline of the course/module and the SLT per topic

1.0 INTRODUCTION TO RISK

1.1 Risk and chance

3.0 BASIC INSURANCE CONCEPTS

3.1 Basic insurance concepts

3.2 Basic insurance principles

4.1 General insurance

4.1.5 Fidelity insurance

5.0 ANALYSIS OF INSURANCE

5.2.2 Unilateral contract

5.3 Basic components of insurance

6.0 INSURANCE INDUSTRY

Total Notional Hours

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