The course is intended for those who are interested in real estate and will focus on Insurance Issues,. The course will study the following, in outline:
History of Insurance
Types of Insurance
Facts and Figures for Perils in the Caribbean
Facts and Figures for Previous Claims in the Caribbean
How to determine the cover required by various methods
How Insurance companies forecast income, payout liabilities and set premiums
PREQUISITE: No specific prerequisites. We are in discussions with CILA about enabling those who complete the course to enrol on courses that can lead to Chartered Loss Adjuster status
Course Objectives:
Upon successful completion of this course, the student will have reliably demonstrated the ability to:
Be aware of the History of Insurance.
Understand the types of Insurance that exist and apply
Understand the role of insurance following previous perils.
Understand the methods that need to be considered—not just re-instatement
Understand the importance of Planning and Building Control in the assessment process
Complete basic valuations for Insurance purposes by inspection and analysis of presented information.
by completing research, and application of researched information.
COURSE CONTENT: PROPERTY INSURANCE(Level 1)
Lesson 1:Introduction, essential housekeeping, the introduction of students to lecturer and vice-versa. Discussion of plans and ideas from the course.
Lesson 2: History of Insurance.
Lesson 3: Introduction to the concepts of risk of Insurance.
Lesson 4: Facts and figures following natural disasters in the past
Lesson 5: Facts and figures following claims in the past
Lesson 6: Forecasts for 2023 and 2024 from the industry.
Lesson 7: How Insurance companies forecast income, Payout Liabilities and set premiums
Lesson 8: How to determine the cover required—by various methods.
Lesson 9: The relevance of Planning and building control in the assessment process
Lesson 10: The frequency of review of cover required and the perils of under insurance—and over insurance.
Lesson 11 Parametric Insurance—History- application, future and the role of CCRIF.
Lesson 12: The claims process and the roles of professionals in the process.
Lesson 13: Final Assessment / Presentation / Coursework.
Lesson 14: Finalisation, Course review and details of opportunities to continue.
TEACHING METHODOLOGY
Lectures, presentations, possible guest speakers.
ASSESSMENT
Assessment is by way either of an open book examination or a piece of coursework—we will discuss your preference in good time.
REQUIRED TEXT
Handouts will be presented, and course material will be offered by direct e-mail.
OTHER MATERIALS:
A scientific calculator with power functions will be of benefit separate from your smartphone, as some smartphone calculator apps will not include the functions required for some of the calculations.
GRADING SCALE
Letter grades will be assigned according to the following UCCI scale.
%
GPA
A
90-100
4
A-
85-89
3.75
B+
80-84
3.5
B
75-79
3.0
B-
70-74
2.75
C+
65-69
2.5
C
60-64
2.0
C-
55-59
1.75
D
50-54
1
F
0-49
0
The course is scheduled for 14 sessions, Classes are likely to be on 2 evenings per week, starting date to be confirmed.
The objective is to enable those who complete the course to progress studies, either with the Chartered Insurance Institute, or Chartered Institute of Loss Adjusters in the UK, or American or Canadian Insurance professional bodies.
A distance learning course at Cambridge International College is also available, and those who complete the course should be able to join their course. See link below:
Spencer Turner is a Chartered Surveyor and RICS Registered Valuer. From July 2015 until February 2021 he worked for the Cayman Islands Government, and since March 2021 he has worked for Bould Consulting.
He has also lectured in the UK, at the University of Bolton in 2000 and 2004, and at the University of Salford in 2007 and 2008. He has also presented individual lectures for the RICS, Association of Chief Estates Officers, and the Compulsory Purchase Association.
His specialism is Compulsory Purchase and Compensation, and he is also experienced in Public Sector Asset Valuations, Insurance Valuations and Residential Valuations.
His parents went through the ordeal of losing their home and a major dispute with their insurers—the main reason for his re-focusing his career towards Insurance and Loss Adjusting.
In A former life he was Disc Jockey on Cruise Ships and Holiday camps—and is still keen on music and entertainment culture.
