Introduction to Insurance
A complete guide to introduction to insurance

PART ONE: INSURANCE GENERALLY

Chapter 1: Basically What It Is

A) Risk
B) Reaction to Risk
C) Risk Management
D) The Functions of Insurance

 

Chapter 2: Limitations and Classifications of Insurance

A) Limitations on the Scope of Insurance
B) Classifications of Insurance

 

PART TWO: MAJOR CLASSES OF BUSINESS

Chapter 3: Marine Insurance

A) The Development of Marine Insurance
B) The Scope of Marine Insurance
C) The Importance of Marine Insurance in Trade

 

Chapter 4: Life Assurance

A) The Development of Life Assurance
B) Industrial Life Assurance
C) The Scope of life Assurance
D) Some Features Peculiar to Life Assurance

 

Chapter 5: Fire Insurance

A) The Development of Fire Insurance
B) The Scope of Fire Insurance

 

Chapter 6: Accident Insurance

A) General Observations
B) Fidelity Guarantee Insurance
C) Personal Accident Insurance
D) Employer’s Liability Insurance
E) Public Liability Insurance
F) Theft Insurance
G) Other Types of Insurance
H) Summary

 

Chapter 7: Motor Insurance

A) The Development of Motor Insurance
B) The Motor Tariff
C) The Scope of Motor Insurance
D) The Road Traffic Acts 1930-1991
E) E.C. Directives
F) The Motor Insurers’ Bureau

 

Chapter 8: Engineering Insurance

A) The Development and Scope of Engineering Insurance

 

Chapter 9: Aviation Insurance

A) The Development and Scope of Aviation Insurance

 

Chapter 10: More Recent Developments

A) Newer Types of Insurance

 

PART THREE: THE INSURANCE MARKET

Chapter 11: Insurers

A) Introduction
B) Types of Insurers
C) Other Insurer Classifications
D) Reinsurers
E) Advantages and Disadvantages of Self-Insurance
F) Captive Insurance Companies
G) Tariff Organisations

 

Chapter 12: Lloyd’s

A) Formation and Structure
B) Placing an Insurance Risk at Lloyd’s
C) Links with the Past
D) Shipping Intelligence and Publications

 

Chapter 13: Insurance Intermediaries

A) General Observations
B) Agents and Brokers
C) Legal Considerations
D) Recent UK Developments

 

Chapter 14: UK Insurance Market Associations

A) The Chartered Insurance Institute (CII)
B) The Association of British Insurers (ABI)
C) Lloyd’s
D) British Insurers’ International Committee (BIIC)
E) Other Insurer Organisations
F) Life and Related Insurance Organisations
G) Other Intermediary Organisations
H) Risk Management
I) Claims and Surveying Organisations
J) Educatioral and Charitable

 

Chapter 15: The Late Twentieth Century

A) Miscellaneous Observations
B) Product and Other Innovations
C) Other Market Features in the United Kingdom
D) General Market Featuers

 

PART FOUR: BASIC PRINCIPLES

Chapter 16: The Insurance Contract

A) General Observations
B) Simple Contracts
C) Speciality Contracts
D) Contracts which arc Defective
E) Stamp Duty
F) Subject Matter of the insurance, and of the Contract

 

Chapter 17: Insurable Interest

A) General Observations
B) Insurable Interest and the Law
C) How Insurable Interest Arises
D) Insurable Interest Affected by Statute
E) Miscellaneous Legal Features
F) When Insurable Interest Must Exist
G) The Transfer of Insurable Interest (Assignment)

 

Chapter 18: Utmost Good Faith

A) General Observations
B) Utmost Good Faith and the Law
C) Material Facts
D) Duty of Disclosure
E) Representations
F) Warranties
G) Distinction Between Representations and Warranties
H) The Inherent and Contractual Duties of Utmost Good Faith
I) Breaches of Utmost Good Faith
J) Effect of Legislation
K) Law Reform and Case Law

 

Chapter 19: Indemnity

A) General Observations
B) How Indemnity is Assessed
C) Methods of Providing an Indemnity
D) Reinstatement of the Sum Insured
E) Policies which Modify Indemnity
F) Special Considerations in Marine Insurance

 

Chapter 20: Subrogation

A) General Observations
B) How Subrogation Rights Arise
C) How the Common Law Position is Sometimes Modified
D) When Subrogation Rights are Sometimes Waived
E) Miscellaneous Legal Considerations

 

Chapter 21: Contribution

A) General Observations
B) The Operation of Contribution
C) Modifications of the Basic Principle
D) Contribution Not Applicable where Different Interests Exist
E) Different Meaning of “Contribution” in Insurance

 

Chapter 22: Proximate Cause

A) General Observations
B) Legal Considerations
C) General Rules of Application
D) Amendment of the Position by Policy Condition

 

Chapter 23: Insurance and Wagering

A) Insurance and Wagering in the Past
B) Similarities Between Insurance and Gambling
C) Differences Between Insurance and Gambling

 

PART FIVE: INSURANCE IN PRACTICE

Chapter 24: Underwriting

A) Some Basic Observations
B) Steps in Underwriting
C) Features to be Considered by the Underwriter
D) Underwriting Remedies
E) Underwriting in the Different Classes

 

Chapter 25: Physical and Moral Hazard

A) Introduction
B) Physical Hazard
C) Underwriting Remedies for Bad Physical Hazard
D) Moral Hazard
E) Adverse Moral Hazard and its Remedies

 

Chapter 26: Proposal Forms

A) General Observations
B) Use in the Major Classes of Business
C) Structure of Most Proposal Forms

 

Chapter 27: Policy Forms

A) General Observations
B) Structure Of A Scheduled Policy Form
C) Classifications Of Policy Conditions
D) Rectification
E) Cover Notes And Certificates
F) Endorsements

 

Chapter 28: Premiums

A) General Observations
B) How Premiums are Calculated
C) Short-Period Premium Scales
D) Returns of Premiums
E) Reserves
F) Terminology of Premiums
G) Ratios

 

Chapter 29: Renewals

A) General Observations
B) Underwriting Considerations Arising at Renewal
C) General Renewal Procedure

 

Chapter 30: Claims and Disputes

A) Claims Generally
B) Claims Procedure
C) Ex Gratia Claim Payments
D) Claims in the Major Classes of Business
E) Disputes over Claims
F) Arbitration and Mediation
G) Insurers’ Arbitration Services
H) Fraudulent Claims
I) Claims Results

 

Chapter 31: Average

A) Average in Marine Insurance
B) Average in Fire Insurance
C) Average in Accident Insurance
D) Average In Life Assurance

 

Chapter 32: Reinsurance

A) General Observations
B) Types of Reinsurance
C) Some Difficulties Examined
D) Reinsurance and Co-Insurance
E) Present Day Reinsurance

 

PART SIX: INSURANCE AND THE STATE

Chapter 33: State Supervision and Regulation

A) Why the State is Interested
B) Historical Developments in the United Kingdom
C) The Insurance Companies Acts 1974-1982
D) The Policyholders Protection Act 1975
E) Other Government “Intervention”
F) Why not Nationalise?
G) Compulsory Insurance in the United Kingdom

 

Chapter 34: UK Supervisory Bodies and Insolvency

A) The UK Philosophy of Insurance Supervision
B) Government and Other Supervisory Bodies
C) Insolvency
D) The “Failure” of an Insurer
E) The “Failure” of an Insurance Intermediary
F) The “Failure” of an Insured