BAFI4212 - Insurance Theory and Practice
BAFI4212 Insurance Theory and Practice 3 Credit Hours
Prerequisites None
Goal The main aim of this course is to impart knowledge related to theory and practice of insurance industry.
The course will enable students to:

  1. To enable the student to understand the need, importance and basic concepts of insurance.
  2. To enable the students to understand the functioning of insurance business.
  3. To gain the knowledge of different insurance policies.
  4. To gain the knowledge of different terminology used in insurance business.
  5. Rules and regulations relating to insurance companies in Oman.
Enable the students to understands:

  1. The Conceptual Frame work:
    • What is Insurance
    • Brief History of Insurance
    • Perils and Risks
    • Importance of benefits of insurance
    • Principles of insurance
  2. The Business of Insurance:
    • Premium and bonus calculations
    • Claim and settlements
    • Managing Insurance business
    • Final account of insurance companies
    • Role of Economic Development
  3. Insurance Terminologies:
    • Both Life and Non-Life insurance
  4. Insurance Products: Life and Non-Life
    • Endowment, Annuities and other life insurance policies
    • Fire, marine, health and other type of non-life policies
  5. Insurance Companies Law:
  6. The Insurance Companies Law in Oman, Royal decree No. 12/79
  7. Role of Capital Market Authority in Insurance industries.