2015/16 Taught Postgraduate Module Catalogue

LUBS5032M Risk and Insurance

15 creditsClass Size: 200

Module manager: Dr Ali Altanlar
Email: aa@lubs.leeds.ac.uk

Taught: Semester 2 (Jan to Jun) View Timetable

Year running 2015/16

This module is not approved as an Elective

Module summary

Risk and Insurance is a masters level module and is intended to provide a sound grounding in the principles and practice of insurance, reinforced by a critical appreciation of the fundamental theories and concepts in decision making under risk and uncertainty. The module attempts to relate theory to current business practice and requires students to be able to critically evaluate relevant theories and concepts and recognise their applications within the insurance industry.

Objectives

This module aims to give students a sound grounding in the principles and practice of insurance with a particular emphasis on risk management. The module also provides students with an understanding of the main theories of decision making under risk and uncertainty and the application of these theories in the insurance industry.

Learning outcomes
On completion of the module students will be able to critically evaluate:
- the key theoretical concepts underpinning decision making under risk and uncertainty and apply these concepts to realise how products are designed within the insurance industry
- life insurance, health insurance and pension products and their use in personal financial planning
- the characteristics of general insurance policies, fundamentals of general insurance costing
- the main forms of reinsurance and appropriate recommendations regarding the use of reinsurance

Skills outcomes
Transferable:
- Work efficiently in a team
- Conduct oral presentations

Subject Specific:
- Identify and report on main risks from an insurance provider’s perspective and manage them in a profitable and effective way
- Critical analytical thinking through evaluation of conflicting theoretical explanations and examination of real world examples

Syllabus

The syllabus provides coverage of some of the fundamental concepts and theories underpinning decision making under risk and uncertainty. Indicative content also includes the dynamics of the insurance industry, life insurance, health insurance, pensions, and general insurance.

Teaching methods

Delivery type	Number	Length hours	Student hours
Lecture	10	2.00	20.00
Tutorial	10	1.00	10.00
Private study hours			120.00
Total Contact hours			30.00
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

Team Feedback (5 ten-minute team presentations) and Individual Feedback (1 Practice Essay) for formative assessment and Final two-hour exam for summative assessment.

Methods of assessment

Exams

Exam type	Exam duration	% of formal assessment
Standard exam (closed essays, MCQs etc)	2 hr 00 mins	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: 09/09/2014

Disclaimer

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