This course provides a general overview of insurance principles. It begins by defining frequently used terms in the industry. As the course develops, it illustrates the insurance process and the need for insurance. It expands to guide the student through the various mechanics, the types of insurance products available, and its applicability in different situations while illustrating with examples wherever possible.
Upon completion of this course, the student will be able to:
- Differentiate between insurance, insured, and insurer
- Define and understand the concept of premiums
- Cite similarities between risk transfer mechanisms and insurance
- Explain key concepts/terms used in relation to insurance
- Describe the need for insurance
- Discuss the various types of insurance available
- Summarize the mechanics of insurance
- Identify the role of insurance agents
- Explain the mechanics of Life Insurance, its need and importance
- Outline the application process
- Describe the policy clauses
- Differentiate between the various types of insurance companies
- Summarize the concepts of Whole Life Insurance and Joint Life Insurance
- Identify the various types of Permanent Insurance
- Compare Term and Permanent Insurance
- Distinguish between various Policy Variations
- Master the mechanics of filing claims and receipt of proceeds
- Explain the need for, and the mechanic of, insurance underwriting
PRINCIPLES OF INSURANCE - Virginia Bureau of Insurance
- Virginia Bureau of Insurance
- Website URL:
- Email Address:
- 1300 E. Main Street, Tyler Building
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