| CODE | INS5018 | ||||||||||||||||
| TITLE | Advanced Personal Lines | ||||||||||||||||
| UM LEVEL | 05 - Postgraduate Modular Diploma or Degree Course | ||||||||||||||||
| MQF LEVEL | 7 | ||||||||||||||||
| ECTS CREDITS | 5 | ||||||||||||||||
| DEPARTMENT | Insurance and Risk Management | ||||||||||||||||
| DESCRIPTION | This study-unit will present both a technical and practical approach as to the main features of the products related to insurance of the person policies particularly Life and Health and related classes including Personal Accident and pensions. The corresponding processes related to underwriting and claims of these lines of business will also be examined. Personal insurance relates to insurance coverage which is required by an individual and arising out of individual risks. The study-unit will cover features of policy cover, exclusions, extensions and other related terms and conditions. It also covers the market, concepts and products available to pensions, retirement plans and related investments. At the end of the programme the student would be equipped with knowledge on the various products as well as the skills necessary to carry out various insurance functions and the ability to be able to explain why and how these processes are carried out. Study-Unit Aims: - To provide the student with adequate knowledge to be able to work and a basic introduction to the selling process of particular personal insurance products after understanding the legal and regulatory obligations and market practices in this line of business; - To provide students with the necessary skills to be able to work in an insurance environment selling or dealing with insurance of the person policies and able to use relevant skills to carry out insurance business; - To provide the student with adequate understanding of financial and retirement planning and the use of long-term contracts of insurance as product solutions; - Identify and describe the various operational practices related to personal lines insurance products including life, health, pensions and related insurance and investment products; - Define and describe the market for Personal lines insurance products including life, health, pensions and related insurance and investment product sectors. Learning Outcomes: 1. Knowledge & Understanding: By the end of the study-unit the student will be able to: - Understand the need for the provision of health insurance on a national scale and the various health insurance systems that have developed internationally; - Identify and describe the various risk and cover options associated with Personal Lines Insurance such as Life, private health insurance, Dental, Personal Accident, Long Term Care, PPI and Critical Illness; - Recognise and understand the needs of the Personal Lines customer and policyholder; - Describe and discuss the main rating factors and issues associated with underwriting and claims of Personal lines insurance including group business; - Describe and discuss the various professional roles associated with personal Lines Insurance; - Understand financial and retirement planning and the use of long-term contracts of insurance as product solutions; - Identify and describe the various operational practices related to personal lines insurance products including life, health, pensions and related insurance and investment products; - Define and describe the market for Personal lines insurance products including life, health, pensions and related insurance and investment product sectors. 2. Skills: By the end of the study-unit the student will be able to: - Demonstrate the various operational practices related to personal lines Insurance; - Compare and contrast the various personal lines products in the market; - Distinguish between the local and international personal lines markets; - Interpret rating structures of the various product lines discussed premia; - Interpret specific warranties and conditions for personal lines products; - Differentiate between the various type of personal line dispute resolution channels; - Design the relevant proposal form questions according to the personal insurance class being handled; - Evaluate and implement the best decision to personal lines insurance based situations; - Distinguish between the various personal lines documentation. Main Text/s and any supplementary readings: Main Texts: - Chartered Insurance Institute, 2017. IF7 Healthcare Insurance products. London: CII. - Chartered Insurance Institute, 2017. P61 Life, critical illness and disability underwriting. London: CII. - Chartered Insurance Institute, 2017. P62 Life, critical illness and disability claims. London: CII. - Chartered Insurance Institute, 2017. R04 pensions and Retirement planning. London: CII. Supplementary Readings: - PWC, 2012, Healthcare Delivery in Malta. Qormi: PWC. - Hamilton, P. ,1995. Life Assurance Law and Practice. London: FT Law and Tax. - McGee, A. ,1995. The Law and Practice of Life Assurance Contracts. London: Sweet and Maxwell. - Whitehouse, Christopher and King, Lesley., 2014. A modern approach to lifetime tax planning for private clients. Bristol Jordans. - Wooley, John., 2016. Financial planning with trusts. 5th ed. Chester Claritax Books. |
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| STUDY-UNIT TYPE | Lecture and Tutorial | ||||||||||||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | Catherine Calleja Sara Pavia |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2025/6. It may be subject to change in subsequent years. |
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