Insurance Basics, Underwriting, and Actuarial Practices

Target Audience
Expected Duration
Lesson Objectives
Course Number

The global insurance industry provides protection for corporations, groups, and individuals, ensuring that risk can be mitigated and losses, if any, can be recouped. There are basic concepts associated with insurance, underwriting, and actuarial practices. These concepts form the basis for a thorough understanding of the practical uses of insurance, the purpose of risk assessment and mitigation, and the role played by insurance companies and their employees. This course presents a high-level overview of the basics of insurance, risk assessment, underwriting, claims, and actuarial science.

Target Audience
Financial services professionals, consultants, and sales professionals interested in providing or selling products and services to insurance companies and banks, and everyone interested in knowing about insurance products, processes, and practices

Expected Duration (hours)

Lesson Objectives

Insurance Basics, Underwriting, and Actuarial Practices

  • identify how insurance is used to manage risk
  • describe insurance and its terminology
  • identify the systematic approaches to risk identification
  • describe the types of risk classification
  • recognize how to evaluate risk
  • recognize the basic risk assessment process
  • select the considerations for underwriting insurance
  • select basic components of an underwriting policy
  • recognize underwriting process and policy
  • recognize the basic components of claims
  • identify the elements that make up actuarial science
  • describe the basic concepts of claims, actuarial science, and the role of actuaries
  • Course Number: