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1.1 Introduction to Non-Marine Reinsurance Short course
A one day course providing an introduction to the main types of reinsurance available. It will discuss and analyse the technical and legal principles involved, and illustrate their practical application through simple worked exercises.
· What is reinsurance? Definitions
· Purposes of reinsurance
· The basic types (facultative & treaty) and methods (proportional and excess of loss) of reinsurance
· Origins and history
· Legal bases of reinsurance
· Proportional (quota share & surplus): structure and operation, basic accounting (earned: written; underwriting year: year of account), claims
· Excess of loss: structure and operation, per risk and per event/catastrophe covers, working and upper layers, problems of definition - key clauses(occurrence, hours clause, etc.), introduction to rating methods, reinstatements
· Comparison and differences between proportional and excess of loss - advantages and disadvantages
On completion of the course delegates will understand the function, principles and practice of reinsurance.
The course will be appropriate for those who are new to reinsurance or who are involved in direct insurance and require a working knowledge of the principles and practice of reinsurance.
An interactive presentation including lecture and worked exercises on both proportional and excess of loss reinsurance.