UBM588: INTRODUCTION TO RISK AND INSURANCE

About This Course

This course serves as an introduction to risk and insurance. Topics covered in the course include the types of insurance, their legal aspects, how to successfully explore and identify hazards, and how to analyse risk using risk management approaches. The risk management strategies will be demonstrated throughout the course utilising a variety of data and case studies related to the study programme.

Topics In This Course

1. 1. The Nature of Risk

1.1) 1.1 Definition of Risk

1.2) 1.2 Concept and Elements of Risk

1.3) 1.3 Peril, Hazard and Loss

1.4) 1.4 Types of Probability Theories

1.5) 1.5 Types of Risk

2. 2. Risk Management

2.1) 2.1 The Importance of Risk Management

2.2) 2.2 Risk Management from Islamic Perspective

2.3) 2.3 Objectives of Risk Management

2.4) 2.4 Risk Management Process

3. 3. Risk Assessment and Risk Management Techniques

3.1) 3.1 Risk Management (Risk Assessment) Process

3.2) 3.2 Risk Management Techniques

4. 4. The Nature of Insurance

4.1) 4.1 Definition of Insurance

4.2) 4.2 Operations of Insurance

4.3) 4.3 Concept of Common Pool

4.4) 4.4 Characteristics of Insurable Risk

4.5) 4.5 Functions and Benefits of Insurance

5. 5. Legal Aspects of Insurance

5.1) 5.1 Formation of Insurance Contract

5.2) 5.2 Principles of Insurance

6. 6. Classes of Insurance

6.1) 6.1 Importance Life and Health Insurance

6.2) 6.2 Scope of Coverage for Life and Health Insurance

6.3) 6.3 Features and Benefits

7. 7. Nature and Structure of Insurance Documents

7.1) 7.1 Usage and Purpose of Insurance Documents

7.2) 7.2 Structure of Insurance Documents

8. 8. Takaful

8.1) 8.1 Nature of Takaful

8.2) 8.2 Elements in insurance that prohibited by Shariah.

8.3) 8,3 Elements and Concepts of Takaful

8.4) 8.4 Takaful Models

8.5) 8.5 Conventional Insurance vs Takaful