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UNIVERSITI TEKNOLOGI MARA
Course Name (English) Introduction to Risk and Insurance
Course Code UBM588
MQF Credit 3
Course Description This course is an introductory course on risk and insurance, which include the nature of risks, legal aspect and classes of insurance, methods to explore and identify risks effectively; as well as assessment of risk using risk management techniques. During the course, the risk management techniques will be illustrated using a range of data and case studies with respect to the study program.
Transferable Skills Cognitive Skills
Practical Skills
Personal Skills
Teaching Methodologies Lectures, Discussion
CLO
CLO1 Explain concepts of risks and insurance.
CLO2 Discuss risks and insurance in relevant operations and Takaful Industry.
CLO3 Demonstrate practical skills in task related to risk and insurance.
CLO4 Demonstrate autonomous learning in task related to risk and insurance.
Pre-Requisite Courses No course recommendations
Topics
1. 1. The Nature of Risk
1.1) 1.1 Definition of Risk
1.2) 1.2 Concept and Elements of Risk
1.3) 1.3 Peril, Hazard and Loss
1.4) 1.4 Types of Probability Theories
1.5) 1.5 Types of Risk
2. 2. Risk Management
2.1) 2.1 The Importance of Risk Management
2.2) 2.2 Risk Management from Islamic Perspective
2.3) 2.3 Objectives of Risk Management
2.4) 2.4 Risk Management Process
3. 3. Risk Assessment and Risk Management Techniques
3.1) 3.1 Risk Management (Risk Assessment) Process
3.2) 3.2 Risk Management Techniques
4. 4. The Nature of Insurance
4.1) 4.1 Definition of Insurance
4.2) 4.2 Operations of Insurance
4.3) 4.3 Concept of Common Pool
4.4) 4.4 Characteristics of Insurable Risk
4.5) 4.5 Functions and Benefits of Insurance
5. 5. Legal Aspects of Insurance
5.1) 5.1 Formation of Insurance Contract
5.2) 5.2 Principles of Insurance
6. 6. Classes of Insurance
6.1) 6.1 Importance Life and Health Insurance
6.2) 6.2 Scope of Coverage for Life and Health Insurance
6.3) 6.3 Features and Benefits
7. 7. Nature and Structure of Insurance Documents
7.1) 7.1 Usage and Purpose of Insurance Documents
7.2) 7.2 Structure of Insurance Documents
8. 8. Takaful
8.1) 8.1 Nature of Takaful
8.2) 8.2 Elements in insurance that prohibited by Shariah.
8.3) 8,3 Elements and Concepts of Takaful
8.4) 8.4 Takaful Models
8.5) 8.5 Conventional Insurance vs Takaful
 
Assessment Breakdown%
Continuous Assessment100.00%
Details of Continuous Assessment
Assessment Type Assessment Description % of Total Mark CLO
Assignment Assignment 1 (Witten Report) on the study of Functions and Benefits of Insurance. (Cover Chapter 4) 20% CLO2
Assignment Assignment 2 (Poster Infographic) on the study of the different between Conventional Insurance and Takaful. (Cover Chapter 8) 20% CLO4
Final Test One Final Test related to the concept of risk and insurance. (Cover All Chapters) 40% CLO1
Group Project Group Project 1 (Written Report) on the study of the Risk Assessment and Risk Management Techniques. (Cover Chapter 3) 20% CLO3
Reading List
Recommended Text
  • Oswald @Timothy Edward, Azitadoly Mohd Arifin, Ainon Basar, Nurul Aida Harun, Norfaezah Mohd Shahren, Faziatul Amillia Mohd Basir, 2017, Risk & Insurance, 3rd Ed., McGraw - Hill Education (Malaysia) Sdn. Bhd Kuala Lumpur, Malaysia [ISBN: 9789670761275]
  • Malaysian Insurance Institute (MII) 2015, Insurance Principle and Market Practice, 1st Ed., Malaysian Insurance Institute (MII), Malaysia [ISBN: 9789832432197]
  • Malaysian Insurance Institute (MII) 2015, Insurance Underwriting Management, 2015 Ed., Malaysian Insurance Institute (MII), Malaysia [ISBN: 9789832432210]
  • Malaysian Insurance Institute (MII) 2015, Insurance Claims Management Principle and Market Practice, 1st Ed., Malaysian Insurance Institute, Malaysia [ISBN: 9789832432227]
  • Malaysian Insurance Institute (MII) 2015, Risk Management, 1 Ed., Malaysian Insurance Institute (MII), Malaysia
Article/Paper ListThis Course does not have any article/paper resources
Other ReferencesThis Course does not have any other resources