Principles of Insurance

This course is primarily concerned with developing an understanding of the basic principles of insurance, as well as the nature and operation of the insurance business. Emphasis is given to the principles which underlie the entire field of insurance. Students will develop understanding of the fundamental areas of indemnity, insurable interest, coinsurance, risk, subrogation, proximate cause, other insurance, requisites of insurable risks, deductibles, valued policies, probability and many others. The important functional areas of rating, underwriting, marketing and adjusting are considered, as well as the subjects of regulation, reinsurance and company organization.