Risk Management and Insurance ActivitiesLaajuus (5 cr)

Objective

The student understands what risks are and can identify risks. The student can map risks with the help of risk analyses and hedge against risks using the tools of risk management. The student understands the principles of insurance operations and has the basic knowledge needed to work in the field. The student is familiar with the essential concepts of the insurance business, the legal regulations concerning the field and the principles of indemnity operations. The student knows the business environment, the products and the operations of insurance institutions.

Content

The course contents cover the identification of risks, risk analyses and hedging against risks, the requirements by authorities concerning risk management, the risk management tools, insurance as business activity, the impact of insurance contracts, good insurance practice and the ethical principles of insurance operations, the legal regulations governing the insurance operations, insurance institutions, marketing of insurances and customer service, and the insurance products and contracts.

Qualifications

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Assessment criteria, satisfactory (1)

5 (Excellent): The student understands the concept of risk and can identify risks in a varied way. The student can map risks independently and justify hedging. The student fully understands the principles of insurance operations. He/she has the knowledge needed to work in the field. The student is familiar with the concepts and legal regulations of the insurance business and the principles of indemnity operations. The student knows the business environment, the products and the operations of insurance institutions.
4 (Very Good): The student understands the concept of risk and can identify risks. The student can map risks independently and hedge against risks. The student extensively understands the principles of insurance operations. He/she has the basic knowledge needed to work in the field. The student is familiar with the core concepts and legal regulations of the insurance business and the principles of indemnity operations. The student knows the essence of the business environment and the most common the products and the operations of insurance institutions.
3 (Good): The student understands the concept of risk and can identify the most common risks. The student can map risks and hedge against them when tutored. The student understands the principles of insurance operations. He/she needs tutoring in the knowledge needed to work in the field. The student is familiar with most of the core concepts and legal regulations of the insurance business and the principles of indemnity operations. The student perceives the essence of the business environment and the most common products and operations of insurance institutions.
2 (Satisfactory): The student perceives the concept of risk and can identify some risks. The student needs a lot of tutoring when mapping risks and hedging against them. The understanding of the principles of insurance operations is scattered. He/she needs a lot of tutoring in the knowledge needed to work in the field. The student is familiar with some of the core concepts and legal regulations of the insurance business and the principles of indemnity operations. The student perceives some features of the business environment of an insurance company and some products and operations of insurance institutions.
1 (Sufficient): The student perceives the concept of risk and can identify them but the mapping of risks and hedging against them is superficial. The understanding of the principles of insurance operations is scattered. He/she has poor knowledge needed to work in the field. The student is familiar with some of the concepts and legal regulations of the insurance business and the principles of indemnity operations. The student perceives only a few features of the business environment of an insurance company and a few products and operations of insurance institutions.
0 (Fail): The student does not perceive the concept of risk, nor can he/she identify them. The student has no conception of the principles of insurance operations, nor the knowledge needed to work in the field. The student is not familiar with the concepts and legal regulations of the insurance business or the principles of indemnity operations. The student does not perceive the business environment of an insurance company or the products and operations of insurance institutions.