Insurance

Insurance

Insurance is a risk management tool primarily used to hedge against the risk of a contingent, uncertain loss. It involves the equitable transfer of the risk of a loss from one entity to another in exchange for a premium. This subject covers the various types of insurance policies, principles underlying insurance, the role of insurance in financial planning and economic stability, and regulatory and operational aspects associated with the insurance industry. Students will learn about underwriting processes, the legal framework governing insurance, risk assessment, and claims handling, as well as the ethical considerations in the insurance practice.