This course is an introductory course on risk and insurance, which include the nature of risks, legal aspect and classes of insurance, methods to explore and identify risks effectively; as well as assessment of risk using risk management techniques. During the course, the risk management techniques will be illustrated using a range of data and case studies with respect to the study program.
1. The Nature of Risk
1.1 Definition of Risk
1.2 Concept and Elements of Risk
1.3 Peril, Hazard and Loss
1.4 Types of Probability Theories
1.5 Types of Risk
2. Risk Management
2.1 The Importance of Risk Management
2.2 Risk Management from Islamic Perspective
2.3 Objectives of Risk Management
2.4 Risk Management Process
3. Risk Assessment and Risk Management Techniques
3.1 Risk Management (Risk Assessment) Process
3.2 Risk Management Techniques
4. The Nature of Insurance
4.1 Definition of Insurance
4.2 Operations of Insurance
4.3 Concept of Common Pool
4.4 Characteristics of Insurable Risk
4.5 Functions and Benefits of Insurance
5. Legal Aspects of Insurance
5.1 Formation of Insurance Contract
5.2 Principles of Insurance
6. Classes of Insurance
6.1 Importance Life and Health Insurance
6.2 Scope of Coverage for Life and Health Insurance
6.3 Features and Benefits
7. Nature and Structure of Insurance Documents
7.1 Usage and Purpose of Insurance Documents
7.2 Structure of Insurance Documents
8. Takaful
8.1 Nature of Takaful
8.2 Elements in insurance that prohibited by Shariah.
8,3 Elements and Concepts of Takaful
8.4 Takaful Models
8.5 Conventional Insurance vs Takaful