Risk Management and Insurance Planning

Singapore University of Social Sciences

Risk Management and Insurance Planning (FIN375)

Synopsis

A financial planner should understand the risk management and insurance needs of clients. Different individuals have different levels of risk tolerance; insurance plans have to be formulated accordingly. Once the risk profile of the client is identified, the planner should be able to advise clients as to the best insurance products that suit their needs. This requires the planner to have knowledge of all insurance products available. This course will equip the student with the skills to identify the risk profile of clients and assess their needs for insurance, and recommend appropriate insurance product for the client.

Level: 3
Credit Units: 5
Presentation Pattern: Every January
E-Learning: BLENDED - Learning is done MAINLY online using interactive study materials in Canvas. Students receive guidance and support from online instructors via discussion forums and emails. This is supplemented with SOME face-to-face sessions. If the course has an exam component, This will be administered on-campus.

Topics

Methods of classifying risk and risk management methods
Concept of insurable risk
Identification of life, health, household, motor and other risk exposures
Legal principles of insurance
Role of insurance in financial planning
Factors affecting insurance needs
General insurance policy analysis
Life insurance policy analysis
Health insurance analysis

Learning Outcome

Show an understanding of the fundamentals of risk management and insurance concepts.
Examine and explain the legal aspect of insurance as a contract.
Apply the understanding of the legal principles in insurance.
Appraise the different insurance products and evaluate the benefits and limitations of each product class.
Compute insurance amount needs.
Analyse and evaluate client situational context in terms of insurance needs.
Organise and present a recommendation of products.
Discriminate the theory behind the structure of each insurance product class.
Discuss the future development of the insurance industry.
Calculate using excel spreadsheet or a financial calculator to work out insurance planning needs.
Demonstrate proficiency in research and writing coupled with the interpersonal skills to work effectively in a team.
Formulate and implement insurance planning in a systematic and coherent manner.
Evaluate and appraise the insurance product suites and make apt recommendations.