The development of marine and non-marine insurance principles dates back centuries. Whether for individuals or businesses, purchasing insurance coverage for potential risks is important before taking any chances. This course will introduce students to insurance and its significance for individuals and businesses. The course aims to teach how an insurance contract is formed, the insured and excluded risks, the consequences of breaching an insurance contract, various types of losses, how insurance indemnity is assessed, and the actors who play significant roles in the insurance lifecycle. By the end of the course, students should be able to expertly evaluate the terms of an insurance contract and comment on whether the relevant insurance policy covers the assured’s claim. 

The use of Generative AI in the examination is prohibited.

The course is assessed by a 2-hour computer-based examination. The exam is an open book exam. The students have access to all the course materials, their notes and their books during the exam as well as access to one language dictionary.

Applicable to students admitted in Semester A 2022/23 and thereafter

To pass the course, a student must obtain a minimum mark of 50% in examination and an overall mark of 50%. To pass this course, student must obtain an aggregate mark of 50% and a minimum of 50% in each of the continuous assessment (CA) and the examination elements of the assessment.

Applicable to students admitted before Semester A 2022/23

To pass the course, a student must obtain a minimum mark of 40% in examination and an overall mark of 40%.To pass this course, student must obtain an aggregate mark of 40% and a minimum of 40% in each of the continuous assessment (CA) and the examination elements of the assessment.

Grading of Student Achievement: Standard (A+, A, A-...F). Grading is based on student performance in assessment tasks / activities.