Nottingham University Business School
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Insurance in a Risky World

Please note that the following information may be subject to change.

Programme: Undergraduate

Module Code: N11701

Semester: Spring

Convenor: Meryem Duygun

Credits & Level: 10 credits; Level 1

Pre-requisites: None.

Co-requisites: None.

Target Students: Available to all Business School students and Joints/Minor students.

Delivery: 10 two-hour lectures and 2 one-hour seminars.

Assessment: One 1- hour multiple choice examination (50%); One 1500 word individual essay (50%)

Exam Format:The paper comprises 30 multiple choice questions. Candidates are required to answer all questions. All questions carry equal marks.

Summary of Content The module examines how insurance markets operate to satisfy commercial and individual customers' demand for protection against risk, and would usually include the following topics:

- Introduction to insurance
- Private and social insurance
- The historical development of insurance
- Why buy property/liability insurance?
- Why buy life, health and pensions insurance?
- The supply of insurance
- Lloyd's and the London Insurance Market
- How is insurance distributed to consumers?
- The role of insurance in the economy
- International aspects of insurance
- Insurance and catastrophes

Aims To provide an introduction to the demand for and supply of insurance.

Key Words: Insurance; Risk.

Learning Objectives & Outcomes Knowledge and understanding
This module develops a knowledge and understanding of:
  • The dynamic and changing nature of business and the consideration of the future of organisations within the global business environment, including the management of risk
  • The development, access and operation of markets for resources, goods and services
  • The management of customer expectations, relationships and development of service excellence
  • The sources, uses and management of finance
  • The management of resources
  • The development of appropriate policies and strategies within a changing environment to meet stakeholder interests
  • The use of risk management techniques and business continuity planning to help maximise achievement of strategic objectives on the economic, social and environmental conditions of the future.
Intellectual skills
This module develops:
  • The ability to analyse facts and circumstances to determine the cause of a problem and identifying and selecting appropriate solutions
  • The ability to analyse and evaluate a range of business data, sources of information and appropriate methodologies, which includes the need for strong digital literacy, and to use that research for evidence-based decision-making
  • Conceptual and critical thinking, analysis, synthesis and evaluation
Professional practical skills
This module develops:
  • Commercial acumen based on an awareness of the key drivers for business success, causes of failure and the importance of providing customer satisfaction and building customer loyalty
  • The ability to apply business models to business problems and phenomena
Transferable (key) skills
This module develops:
  • Communication and listening including the ability to produce clear, structured business communications in a variety of media
  • Self-management and a readiness to accept responsibility and flexibility, to be resilient, self-starting and appropriately assertive, to plan, organise and manage time

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