Offered

Caulfield First semester 2008 (Evening)

Synopsis

This unit is designed to introduce the concept of risk transfer as an outcome of risk management decision-making. It introduces the concept and application of insurance and the principals underlying the insurance purchase. It will look at risk and its treatment, the insurance mechanism and further develop risk as a business philosophy.

Objectives

The learning objectives of this unit are to:

• demonstrate an understanding of the risk transfer decision-making process and explain the concept of risk within an insurance framework;
• explain the principles of risk allocation in non-insurance contracts;
• analyse the core concepts underlying the main insurance industry sectors of life, accident, health, property and liability;
• discuss and comment on the implications of the growing convergence of the broader financial services industry;
• apply critical thinking, problem solving and presentation skills in individual and/or group activities dealing with risk transfer.

Assessment

Within semester assessment: 30%
Examination (3 hours): 70%

Prerequisites

AFX2021 or AFX3141