This 9-part series is broken down to nine, 1-hour sessions which may be viewed at your convenience.

Insurance is one of the most important financial mechanisms of modern capitalistic societies. And an insurance career can be fascinating and rewarding – provided it has the right foundation. The 9-week Advanced Basic Training course will provide that strong career foundation.

Designed for those new to the insurance industry (2 years or less), and even those that feel the need for professional improvement, the Beyond Basic Training program places insurance in the context of risk management and the law. This very interactive course offers:

• An analysis of insurance within the realm of risk management
• A deeper understanding of the nature and statistics of insurance
• A better understanding of insurance, the law and regulation
• Weekly study notes

All 9 classes are pre-recorded and ready to view at your convenience.

Special Bonus: When you purchase this course, you'll also receive a free download of the book: "Insurance, Risk and Risk Management! The Insurance Professional's Basic Guide to Risk Management and Insurance"

Weekly Topics

Session 1 – Risk and its Relationship to Insurance

"Risk" is not the enemy. Risk is, in fact, necessary for a society to survive and prosper. So if risk is not the enemy, what is? Ignorance and apathy are the true enemies.

To prepare for the risks inherent in every situation and decision, we must understand the concept of risk, learn how to measure risk and be prepared to manage it.

This session covers:

• How to define risk
• How to measure risk
• How to manage risk
• The difference between "risk," "peril" and "hazard"
• The eight different classes of risk
• The primary elements of an insurable risk
• The impact of risk on an organization

Session 2 – Risk Management Theory and Application

"Risk management" and "Insurance" are not synonymous. Risk management is a process combining methods for reducing or avoiding an undesirable event with sources for covering the adverse financial losses that result from the occurrence of the undesired event. Insurance is but one source risk managers use to finance these adverse economic losses.

This session covers:

• Details the five-step risk management process
• Delineate the various levels of financial impact
• Defines and differentiates the concepts of "Risk Control" and "Risk Financing"
• Discusses the three "Rules of Risk Management"
• Develops and presents an advanced frequency/severity matrix

Session 3 – Truly Understanding the Insurance Mechanism

Insurance, in its role as a financing mechanism, combines two concepts – risk transfer and risk sharing. Individuals and entities exchange a potentially large, unknown financial loss for a small known investment (known as a premium) – this is risk transfer. The premiums collected from all insureds are, in a sense, pooled to pay for any losses that occur – this is risk sharing.

Although conceptually simple, the effective and efficient combining of risk transfer and risk sharing within the insurance mechanism requires many moving parts to produce the desired result.

This session covers:

• Analyze the contributions and costs of insurance in society
• Combine the "primary" and "necessary" elements required of an "insurable risk"
• Discuss probability theory and its relationship to insurance
• Apply the "Law of Large Numbers" to probability theory and insurance

Session 4 – Public and Private Risk Sharing and Transfer

Three distinct types or "styles" of insurance exist in the modern economy: 1) Private; 2) Social; and 3) Public Guarantee insurance. Each of these three is detailed in this class.

This session covers:

• Discuss the categories of insurance found within each of the three types
• Learn the similarities among the three "styles" of insurance
• Look at some of the details and history of some plans

Session 5 – How is the Insurance Industry Regulated

For the moment, insurance is regulated at the state level. But this has not always been the case. Philosophical differences regarding antitrust and regulation in general have altered the course of insurance regulation twice in just the last 70 years.

This session reviews:

• The purpose for regulation in general and insurance regulation specifically
• The history of insurance regulation
• How the Mc-Carran-Ferguson Act actually works and what it allows
• Who and what is regulated under current laws

Session 6 – The Legal and Contractual Aspects of Insurance

Insurance is subject to the standard law of contracts; but beyond simple contract law, insurance contracts are subject to unique provisions and requirements.

This session covers:

• Discuss the basic provisions of general contract law
• Detail the unique legal characteristics within insurance contracts
• Highlight the concept of "reasonable expectations" how insurance contracts are regulated
• Touch on the general construction of the insurance contract

Sessions 7 and 8 – Insurance for Legal Liability Arising out of Negligence

"We will pay those sums that the insured becomes legally obligated to pay as damages because of 'bodily injury' or 'property damage' to which this insurance applies." So begins Coverage Part A of the commercial general liability policy. But how does one become legally liable?

Legal liability is liability imposed by law on the person or entity responsible for the financial injury or damage suffered by another party or individual and can arise from intentional acts, unintentional acts or contracts (express or implied).

These 2 sessions cover:

• Defines and differentiates "public wrongs" and a "private wrongs"
• Discusses the various types of "Torts"
• Details the concept of "Negligence"
• Defines damages
• Breaks down causation and ultimate liability
• Introduces several common and unique legal theories related to degrees of negligence

Session 9 – How to Read and Understand ANY Insurance Policy

Insurance policy language, although required by many state laws to be "easy to understand," isn't always easy to understand. Sometimes the policy gives then takes away only to give back a little bit of what it took away later in the policy. It's no wonder our clients don't understand this stuff, we as insurance professionals don't always fully get it.

However, there are a certain rules to reading an insurance policy - any insurance policy - that when applied correctly increase understanding and the ability to explain the provisions clearly.

In this one-hour webinar, we will discuss and learn how to apply:

• The rules for reading any insurance policy
• Why exclusions and exceptions are constructed to confused
• Why exclusions exist