REVISION Part 1 (Pham Thi Dinh, Dr.

) Chapter 1: Risk Focus on: - Definition of Risk - Pure risks and speculative risks - Related terms such as exposures, perils and hazards - Measurement of risk Chapter 2: Insurance Focus on: - Nature of insurance - Insurable risks - Types of insurance Chapter 4: Operations of an insurance company Focus on: - Functions of a typical insurer - Relationship between functions of an insurance company

Insurance Regulation & Insurance Contract (Ton Thi Thanh Huyen, MA) 1. Explain why insurance needs to be regulated 2. Identify what aspects of insurance are regulated Focus on: Licensing (differentiate domestic/foreign/alien insurers and excess and surplus lines insurers under the U.S insurance law) Take an example to illustrate Solvency (risk-based capital; guarantee funds; solvency margin)

3. Understand requirements of a valid insurance contract Key terms: Offer and Acceptance Competent parties Legal purpose Consideration

4. Identify stakeholders of an insurance contract (the insurer/ the purchaser (participant)/ the insured/ the beneficiary) Take an example to illustrate 5. Understand basic characteristics of an insurance contract Focus on: Utmost good faith (key terms: representation; concealment) Adhesion (key terms: ambiguous wording; expectation principle)

Indemnity (focus on subrogation; insurable interests)

6. Identify and understand the basic parts of an insurance contract (policy) Focus on: Exclusions (reasons for exclusions; major types of exclusions) 7. Understand basic steps in forming an insurance contract Key terms: Application (Proposal) Binder (Cover note) Policy

Property & Liability Insurance (Nguyen Thi Le Huyen, MA) Focus on 1. Main principles & concepts in Property & Liability Insurance 2. Main content of 2 policies for personal purposes: Homeowners Policy - HO Personal Automobile Policy - PAP

Each policy, the student must know: + Who is the insured? + The coverage (Write down the details to explain the coverage of each policy) + Perils insured (open or name-perils?) + Insurance period + Duties of the insured after loss to property (list 5 main duties) + Loss settlement (ACV or RCN, 80% coinsurance clause, limit of indemnity (limit of liability); deductible is applied or not)