| Statuss(Aktīvs) | Izdruka | Arhīvs(0) | Studiju plāns Vecais plāns | Kursu katalogs | Vēsture |
| Course title | Insurance and Risks |
| Course code | Ekon3132 |
| Credit points (ECTS) | 3 |
| Total Hours in Course | 81 |
| Number of hours for lectures | 16 |
| Number of hours for seminars and practical classes | 16 |
| Independent study hours | 49 |
| Date of course confirmation | 21/01/2021 |
| Responsible Unit | Institute of Economics and Finance |
| Course developers | |
| Dr. oec., asoc. prof. Gunita Mazūre |
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| Prior knowledge | |
| Ekon2109, Macroeconomics Ekon3091, Management Accounting Ekon4102, Financial Accounting Mate2023, Mathematics for Economists VadZ3029, Analysis of Economic Activities |
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| Course abstract | |
| Insurance is an important part of the financial system, which provides coverage for various economic, climatic, technological, political and demographic risks, reducing insecurity for individuals and reducing the impact of unexpected and adverse event and ensuring successful operations and development. The study course allows students to acquire basic knowledge on insurance principles, types, opportunities and risks, insurance fund activities and legal and regulatory enactments regulating the insurance market. | |
| Learning outcomes and their assessment | |
| 1.Knows and understands the nature of the insurance sector and the specifics and risks of the services provided. Familiar with insurance services and the process of calculating insurance premiums and claims - independent work.
2.Knows the terminology of insurance industry, types of risks and the legal and regulatory enactments of the insurance sector - discussion in class, test. 3.Knows and understands the essence insurance services, knows the calculation of premiums and claims - test with calculations. 4.Able to determine and calculate insurance premiums and claims. Students are able to analyse the results, understand the causes and draw conclusions. Understands the essence of insurance sector - test with calculations, calculations in classes. 5.Able to choose the most appropriate insurance service, solve various tasks, collaborate in a group with colleagues to obtain the necessary information and analyse the services and activities of the selected insurance company - group work, discussion classes. 6.Able to analyse legal and regulatory enactments, compare insurance services and justify the choice made - group work, seminar. 7.Able to plan tasks responsibly - independent work. 8.Able to engage and take responsibility for group performance and analysis. Students are able to present the results of independent work - group work, presentations. 9.Ability to apply in practice the acquired theoretical knowledge and practical skills on the activities of insurance companies, risks, provided services and legal and regulatory enactments regulating the insurance sector - independent work, group work, tests, presentations. |
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| Course Content(Calendar) | |
| Full-time studies:
1.History of insurance market development, notion of insurance and market participants (lectures – 2 h) Concept of insurance. History and development of insurance in Latvia. Participants of the insurance market. 2.Economic nature of the insurance market. Risk theory in insurance (lectures – 1 h, practical work – 1 h) Insurance - transfer of risk from the insured to the insurer. Risk classification. Risk underwriting. 3. Legal and regulatory enactments regulating the insurance activities (lectures – 2 h) Law on Insurance and Reinsurance. Insurance Contract Law. Insurance and Reinsurance Distribution Law. Compulsory Civil Liability Insurance of Owners of Motor Vehicles Law. Regulations the Bank of Latvia. Test 1 – insurance terminology – 1 h 4.Characteristics and development trends of the insurance market tendencies (lectures – 1 h, practical work – 1 h) Characteristics of the insurance market. Trends in the insurance market and its results. Insurance coverage and methods. Structure of insurance companies. 5.Life insurance market characteristics (lectures – 2 h, practical work – 2 h) Life insurance market characteristics, its development. The activities of major insurance companies in this market, their characteristics. Life and accident insurance offers: health insurance policies. 6.Characteristics of the non-life insurance market (lectures – 1 h) Characteristics and forecasts of the non-life insurance market. Largest insurance companies operating in this market, their characteristics. 7.Property insurance and its risks (lectures – 2 h, practical work – 2 h) Risks influencing the insurance premiums. Types of property insurance products offered by different insurance companies in Latvia. 8.Types of civil liability insurance (lectures – 2 h, practical work – 1 h) Limits of liability and procedure for payment of losses. Procedure for calculating the premium. 9.Reinsurance, co-insurance and self-insurance (lectures – 1 h, practical work – 1 h) Necessity for reinsurance, its regulation. Reinsurance in Latvia and its classification. The nature of co-insurance, its application in the insurance market. Self-insurance, its advantages and disadvantages. 10.Insurance of economic risks (lectures – 1 h, practical work – 2 h) Classification of business insurance. Business insurance products offered by different insurance companies in Latvia. Insurance of agricultural, cargo insurance, travel insurance. 11.Evaluation of insurance company performance indicators (lectures – 1 h, practical work – 3 h) Determination of insurance premium and analysis of the number of cases of insurance indemnity payments. Calculation and analysis of risk coefficients. Test 2 - insurance services, calculation of premiums and claims – 2 h Part-time studies: All topics specified for full-time attendance are implemented, yet the number of contact hours is 1/2 of the specified number of hours for full-time studies. |
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| Requirements for awarding credit points | |
| 1.Insurance terminology – test (25%).
2.Comparison of services provided by three insurance companies – work in groups, presentation (20%). 3.Insurance services, calculation of premiums and claims – test with calculations (25%). 4.Analysis of services and activities of the selected insurance company - work in groups, report, presentation (25%). 5.Activity in classes (5%). The grade “Passed” can be obtained if all tasks have been completed and the total grade is at least 6. |
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| Description of the organization and tasks of students’ independent work | |
| Getting ready for practical assignments, presentations and tests. Study and comparison of services provided by insurance company as well as individual or group analysis on the operation of the selected insurance company and presentation of the results. | |
| Criteria for Evaluating Learning Outcomes | |
| Each assignments is graded. The evaluation of the study course depends on the evaluation of independent and practical assignments (tasks), 10% corresponds to one point on a 10-point assessment scale. Rewriting of tests and re-defending of presented tasks is not provided. | |
| Compulsory reading | |
| 1.Alfejeva J. Apdrošināšanas tiesības: monogrāfija. Rīga: Turība, 2017, 173 lpp.
2.Graudiņa A. Apdrošināšanas pamati. Rīga: LU Akadēmiskais apgāds, 2010, 150 lpp. 3.Ieviņš U. Apdrošināšanas pamati. Rīga: Latvijas Vēstnesis, 2017, 70 lpp. 4.Best AM. Understanding the Insurance Industry: an Overview for Those Working with and in one of the World’s Most Interesting and Vital Industries. Best Guide, 2019, p. 63. 5.Blends D. Apdrošināšana: pamatprincipi un prakse. Rīga, 1995, 400 lpp. 6.Rejda G., McNama M. Principles of Risk Management and Insurance. 13th edition, Pearson, 2016, p. 254. 7.Rubanovskis A. Apdrošināšanas pamati: teorija, plānošana, problēmas. Rīga: EKA, 2004, 201 lpp. 8.Vaughan M. J., Vaughan T.M. Fundamentals of Risk and Insurance. 11th edition, Wiley, 2013, p. 620. |
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| Further reading | |
| 1.Apdrošināšanas un pārapdrošināšanas likums: LR likums [tiešsaiste]. Pieejams: https://likumi.lv/ta/id/274969-apdrosinasanas-un-parapdrosinasanas-likums.
2.Apdrošināšanas un pārapdrošināšanas izplatīšanas likums: LR likums [tiešsaiste]. Pieejams: https://likumi.lv/ta/id/306711-apdrosinasanas-un-parapdrosinasanas-izplatisanas-likums. 3.Apdrošināšanas līguma likums: LR likums [tiešsaiste]. Pieejams: https://likumi.lv/ta/id/299053-apdrosinasanas-liguma-likums. 4.Sauszemes transportlīdzekļu īpašnieku civiltiesiskās atbildības obligātās apdrošināšanas likums: LR likums [tiešsaiste]. Pieejams: https://likumi.lv/doc.php?id=87547. 5.Graudiņa A. Apdrošināšanas problēmas un perspektīvas Latvijas lauksaimniecībā: promocijas darba kopsavilkums, Jelgava: LLU, 2017, 87 lpp. 6.Leonoviča L. Uzņēmējdarbības apdrošināšana. Rīga: RTU, 2002, 190 lpp. 7.Thoyts R. Insurance Theory and Practice. Routledge, 2010, p. 344. 8.Tihomirova J. Apdrošināšanas pamati. Rēzekne: Rēzeknes Augstskola, 2004, 72 lpp. 9.Sūniņa - Markēviča K. Apdrošināšana. Rīga: Junior Achievement - Latvija, 2003, 143 lpp. |
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| Periodicals and other sources | |
| 1.Business Week / nedēļas izdevums. Business Week [tiešsaiste]. Bloomberg L.P. Businessweek ISSN 0007-7135. Pieejams: https://www.bloomberg.com/businessweek.
2.Dienas Bizness / Dienas Bizness: nedēļas laikraksts: Latvijas biznesa avīze. Rīga: Diena: Dagens Industri, 2005. 3.Latvijas Banka [tiešsaiste]. Pieejams: https://uzraudziba.bank.lv/tirgus-dalibnieki/apdrosinasanas-sabiedribas/ 4.Latvijas Apdrošinātāju asociācija [tiešsaiste]. Pieejams: https://www.laa.lv/. 5.Latvijas Transportlīdzekļu apdrošināšanas birojs. [tiešsaiste]. Pieejams: https://www.ltab.lv/. 6.Apdrošināšanas sabiedrību mājaslapas. |
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| Notes | |
| Restricted elective study course for the specialisation direction “Accounting and Finance” of the academic Bachelor study programme “Economics” | |