Lloyd’s of London aptly refers to insurance as
“the protection of the few, by the many”, with its purpose being to restore the
insured to the position that existed immediately prior to the incident that led
to a loss, damage or liability. Insurance uses the pooling concept to provide
cover against financial losses by collecting premiums, investing some of the
funds and using the pool of money to pay out claims, simultaneously covering
operating expenses and ensuring sustainability by creating reserves and adding
value to the insurance company. Fundamentals
of insurance is a concise yet comprehensive introduction to insurance,
specifically for South African circumstances.
Fundamentals of
insurance highlights the
need for commercial and personal insurance by explaining the financial
objectives of firms and individuals, the role of financial statements and
financial analysis, the valuation of assets and how risk management and
insurance are related. It details how insurance business needs to be conducted,
the procedures for handling claims, as well as the fundamental aspects of
personal and commercial insurance. It provides a comprehensive framework and
guidelines, with self-assessment questions at the end of each chapter, and
prepares aspiring insurers for the entry level of the insurance industry.
Fundamentals of
insurance is aimed at
insurance students as well as organisations and institutions in the insurance
field.
Johan Marx is the director of the School of Management Sciences at the University of South Africa (Unisa). He holds a DCom (Business Management) and has been in academia since 1987. He was a trade and industry advisor at DTI from 1984–1987, and chair of the Department of Finance, Risk Management and Banking from 2007–2012. His research interests are currently in risk management and insurance.
Frank van der Meer is a chartered insurance practitioner
(FCII) and a fellow of the Insurance Institute of South Africa (FIISA). He has
been in the insurance industry since 1966 and was the director of education of
the Insurance Institute of South Africa from 1991–2003. He managed several
insurance courses at the Unisa Centre for Business Management from 2006–2014.
He remains actively involved in insurance education and training, and is
passionate about professionalism in the industry.
Part 1: Financial and risk management
and insurance
1 Individuals, companies and the role of
insurance
2 Understanding the financial statements
3 The analysis of financial statements
4 The role of time value of money in insurance
5 Probabilities
and return in the insurance context
Part 2: Principles and practice of
short-term insurance
6 Introduction to insurance
7 Risk and insurance
8 Legal principles of insurance
9 Principles of insurance
10 Legislative and
regulatory matters of insurance
11 The practice of
insurance
12 The business of
insurance
13 The fundamentals
of short-term insurance
14 Conducting
short-term insurance
GLOSSARY OF INSURANCE TERMS
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