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2007/08 Taught Postgraduate Module Catalogue

LUBS5032M Risk and Insurance

15 creditsClass Size: 165

Module manager: Robert Hudson

Taught: Semester 1 (Sep to Jan) View Timetable

Year running 2007/08

This module is not approved as an Elective


On completion of this module students should be able to:

Demonstrate an understanding of the main life insurance, health insurance and pension products and their use in personal financial planning.
Demonstrate an understanding of underwriting and selection in life insurance.
Identify the main factors affecting trends in mortality.
Demonstrate an understanding of the fundamentals of life insurance mathematics including costing and reserving and evaluate basic problems in the area.
Demonstrate an understanding of how to evaluate the characteristics of general insurance policies.
Demonstrate an understanding of the fundamentals of general insurance costing and evaluate basic problems relating to costing policies.
Identify the main forms of reinsurance and make appropriate recommendations regarding the use of reinsurance.
Identify the need for general insurance companies to hold appropriate reserves and evaluate basic problems relating to evaluating appropriate reserves.


This module will include the following topics:

The main life insurance products - term assurance, annuities and endowments.
The main health insurance products.
The main methods of pension provision and associated products - state pensions, employer pensions (defined benefit and defined contribution) and individual pension provision.
The use of life insurance in individual financial planning.
The use of probability concepts to understand mortality.
Discussion of the factors affecting mortality.
The concept of selection and the need for underwriting.
Using discounted cash flows to cost and reserve for life assurance policies.
The characteristics of general insurance policies - claim size, claim frequency, time to report and settle claims.
The costing of general insurance policies taking account of expected claims, risk and margins.
The main forms of reinsurance - treaty, excess of loss, catastrophe.
The evaluation of reinsurance arrangements.
Reserving for general insurance companies and methods of calculating appropriate reserves.

Teaching methods

Due to COVID-19, teaching and assessment activities are being kept under review - see module enrolment pages for information

Delivery typeNumberLength hoursStudent hours
Private study hours120.00
Total Contact hours30.00
Total hours (100hr per 10 credits)150.00

Private study

60 hours reading for lectures;
40 hours preparation for classes;
20 hours examination revision.

Opportunities for Formative Feedback

Progress will be monitored by contributions made to classes; formative feedback will be given on individual and group contributions to classes, and through a short mid-module progress test.

Methods of assessment

Due to COVID-19, teaching and assessment activities are being kept under review - see module enrolment pages for information

Exam typeExam duration% of formal assessment
Standard exam (closed essays, MCQs etc)3 hr 100.00
Total percentage (Assessment Exams)100.00

Normally resits will be assessed by the same methodology as the first attempt, unless otherwise stated

Reading list

The reading list is available from the Library website

Last updated: 10/04/2008


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