module specification

FS5006 - Risk and Insurance (2017/18)

Module specification Module approved to run in 2017/18
Module title Risk and Insurance
Module level Intermediate (05)
Credit rating for module 30
School Guildhall School of Business and Law
Total study hours 300
 
81 hours Scheduled learning & teaching activities
219 hours Guided independent study
Assessment components
Type Weighting Qualifying mark Description
Coursework 30%   Research assignment - 2000 words
Group Presentation 20%   Small group presentation - 20 minutes
Unseen Examination 50%   2 hour Unseen Examination
Running in 2017/18
Period Campus Day Time Module Leader
Year City Thursday Morning

Module summary

Module Description:  This module is designed to introduce students to the theory of insurance and the legal principles governing insurance contracts. The module will consider the structure of the UK insurance market, government intervention and the effect of the European Union and international considerations. The relationship between policyholders, intermediaries, insurers and reinsurers will be examined. In addition consumer and third party protection will be discussed. Broader theories of risk and human behaviour will introduce the module, which will conclude by studying alternative risk financing.

Module Delivery: 3 hours contact time per week, comprising a 1½  hour lecture and a 1½  hour seminar.

Module aims

• A thorough understanding of the theory of insurance and the legal principles underpinning this theory.
• An understanding of the UK insurance market, the relationship between its constituent parts and the influence of international factors.
• The ability to analyse the role of government in the insurance market and critically appraise state intervention.
• An appreciation of wider theories of risk and limitations of insurance as a risk financing mechanism.
• The development critical and analytical research skills and written communication
• To foster the ability to work cooperatively communicate effectively in a group presentation

Syllabus

Risk & insurance theory
Law of insurance
Financial and accounting principles applicable to insurance
Introduction to insurance regulation
The roles of underwriters, brokers and reinsurers
The structure and operation of the Lloyds market
The operation of the life and pensions markets
Consumer and third party protection and dispute resolution

Learning and teaching

Learning consists of ‘formal’ class room learning and reflective independent learning. The formal learning will be delivered through lectures and seminars. Independent learning consists of reading of the course material, working on seminar exercises and presentations, a coursework that involves independent research and preparing for the final written exam.

The lectures will be of 1 ½ hours per week supported by directed reading.

The seminars will be for 1 ½  hours per week and will test and embed knowledge of syllabus.  These will provide opportunities for active and reflective learning, and also formative feedback. Students will prepare for the classes utilising knowledge gained in the lecture augmented by the directed reading. This will also develop critical thinking and presentation skills. Selected students will prepare a short presentation each week, with all students delivering at least one presentation. Peer and tutor feedback will be provided during the session.

The University’s virtual learning platform will support blended learning by providing lecture notes and seminar material, previous assessment with feedback, and other links.

PDP will be supported by periodic reflective exercises undertaken by the students thoughout the module.

Learning outcomes

On successful completion of this module, students will be able to:

• An ability to discuss fundamental principles of insurance theory and law
• Solve practical problems relating to the practice of insurance
• Demonstrate an understanding of the constituent parts of the insurance market and their relationships, together with the influence of government and other financial sectors
• Critically appraise current issues in the insurance market
• Undertake a critical and analytical research activity and communicate the findings in written form to a standard consistent with expectations of the banking and finance industry
• Demonstrate the ability to work cooperatively in a group exercise and communicate effectively in a group presentation

Assessment strategy

The assessment strategy is developed with the aim of testing the module's learning outcomes. Students will be assessed by both formative and summative assessment through coursework, presentations and unseen examination as follows:

  • An individual research coursework of 2000 words in week 11 accounting for 30%,
  • A small group presentation during weeks 15-16 weighted at 20%                                        
  • Two hours unseen examination that accounts for 50% of overall mark.

The research coursework will assess the students’ ability to undertake a short research project and demonstrate analytical, critical and written communication skills. 

The presentations will take place in the seminars and will involve delivering a short presentation on a pre-agreed topic to the seminar group. The assessment will test discipline specific knowledge and understanding as well as the generic skills time-management and oral presentation.
   
The unseen written examination will primarily provide an assessment of students' knowledge and understanding of the discipline specific material and their ability to articulate this in written form

Bibliography

Recommended Texts

Thoyts – Insurance Theory & Practice 1st Ed Routledge 2010
Birds – Modern Insurance Law 8th Ed Sweet & Maxwell 2010

Other Reading
Adams - Risk - 1st Ed UCL Press 1995
Clarke - Policies and Perceptions of Insurance Law in the Twenty-First Century  OUP 2005
Diacon & Carter - Success in Insurance 3rd Ed John Murray 1992
Hansell – Introduction to Insurance 2nd Ed LLP 1999
Davis, Hood & Stein – Insurance Non-Marine An Introduction – 1st Ed Witherby 1997