RISK FINANCING AND INSURANCE

SHE Level 5
SCQF Credit Points 4.00
ECTS Credit Points 2.00
Module Code MMNY24895
Module Leader n/a
School School of Computing, Engineering and Built Environment
Subject GCU New York
Trimesters
  • A (September start)
  • B (January start)
  • C (May start)

Summary of Content

This module will provide students with a critical understanding of risk financing and insurance theory and practice. Students will analyse how risk financing is used in the overall context of an organisation's risk management programme. The module will be structured into five sections: an introduction to the basic principles of risk financing; a detailed examination of insurance theory; critical evaluation of insurance practice; an analysis of alternative risk financing methods such as options, futures, swaps and securitisation; assessed oral group presentations.

Syllabus

Part 1: The theory and practice or risk financing and its role in a wider system of risk management Part 2: The theory and principles of insurance . Part 3: The practice, of insurance and the issues and challenges facing the insurance industry Part 4: The theory and practice of alternative risk financing Part 5: Assessed oral group presentations

Learning Outcomes

On successful completion of this module the student should be able to:1. Critically discuss the nature of risk financing2. Demonstrate a systematic and analytical understanding of the theory of insurance.3. Evaluate the current issues facing the insurance industry and the debates regarding their resolution.4. Apply an understanding of established techniques of research and enquiry to evaluate critically current research in the discipline of insurance. 5. Analyse the use of financial products such as options and futures in risk financing.6. Through assessed oral group presentations, demonstrate the transferrable and academic skills necessary to explain a particular aspect of risk financing to their peers.

Teaching / Learning Strategy

The teaching and learning strategy will vary according to the mode of delivery used. Blackboard will be utilised as appropriate. The module has been designed for delivery in the following modes; a) Lectures and seminars delivered on campus for full-time and part-time students. b) Distance learning using paper-based learning materials with tutor support and Web access to library resources. Every student will received a comprehensive study guide in the form of a module handbook GSBS will continue to use the advancement of GCU Learn as a blended learning tool through its teaching and learning as well as through engagement with students. GSBS will ensure that all modules are GCU Learn enabled and with the support of the Learning Technologists at the cutting edge of development of online materials. Academic staff and the Learning Technologists will continue to work together to develop and operate all modules on GCULearn to ensure student support and information sharing.

Indicative Reading

Books Thoyt R (2010), Insurance Theory and Practice, Routledge Skipper, H.D., and Kwon, W.J. (2007), Risk Management and Insurance: Perspectives in a Global Economy , Blackwell Publishing. Atkins D & Bates I (2008), Insurance , Global Professional Publishing Bodie Z, Kane A & Marcus A (2009), Investments, McGraw Hill Journals Geneva Papers on Risk & Insurance Risk Management and Insurance Review Journal of Insurance Regulation Journal of the Chartered Insurance Institute. Journal of Banking & Finance The Journal of Financial Services Research The Journal of Financial Intermediation The Services Industry Journal Websites The Association of British Insurers - www.abi.org.uk <http://www.abi.org.uk> The Association of Risk Managers (AIRMIC) - <http://www.airmic.com/> Lloyd's of London: <http://www.LLoydsoflondon.co.uk> The Financial Services Authority: <http://www.fsa.gov.uk/> Swiss Re Sigma: <http://www.swissre.com> The Chartered Insurance Institute: <http://www.cii.co.uk/cii.aspx>

Transferrable Skills

In addition to attainment of the learning outcomes students will develop personal transferable skills in self-management, group work, oral presentation, problem solving and critical thinking.

Module Structure

Activity Total Hours
Assessment (FT) 56.00
Seminars (FT) 12.00
Practicals (FT) 10.00
Independent Learning (FT) 100.00
Lectures (FT) 22.00

Assessment Methods

Component Duration Weighting Threshold Description
Essay n/a 50.00 n/a Essay
Presentation n/a 50.00 n/a Group Presentation - 20-30 minutes