Lloyd’s of London aptly refers to insurance as “the protection of the few, by the many”, with its purpose being to restore the insured to the position that existed immediately prior to the incident that led to a loss, damage or liability. Insurance uses the pooling concept to provide cover against financial losses by collecting premiums, investing some of the funds and using the pool of money to pay out claims, simultaneously covering operating expenses and ensuring sustainability by creating reserves and adding value to the insurance company. Fundamentals of insurance is a concise yet comprehensive introduction to insurance, specifically for South African circumstances.
Fundamentals of insurance highlights the need for commercial and personal insurance by explaining the financial objectives of firms and individuals, the role of financial statements and financial analysis, the valuation of assets and how risk management and insurance are related. It details how insurance business needs to be conducted, the procedures for handling claims, as well as the fundamental aspects of personal and commercial insurance. It provides a comprehensive framework and guidelines, with self-assessment questions at the end of each chapter, and prepares aspiring insurers for the entry level of the insurance industry.
Fundamentals of insurance is aimed at insurance students as well as organisations and institutions in the insurance field.
Johan Marx is the director of the School of Management Sciences at the University of South Africa (Unisa). He holds a DCom (Business Management) and has been in academia since 1987. He was a trade and industry advisor at DTI from 1984–1987, and chair of the Department of Finance, Risk Management and Banking from 2007–2012. His research interests are currently in risk management and insurance.
Frank van der Meer is a chartered insurance practitioner (FCII) and a fellow of the Insurance Institute of South Africa (FIISA). He has been in the insurance industry since 1966 and was the director of education of the Insurance Institute of South Africa from 1991–2003. He managed several insurance courses at the Unisa Centre for Business Management from 2006–2014. He remains actively involved in insurance education and training, and is passionate about professionalism in the industry.
Part 1: Financial and risk management and insurance
1 Individuals, companies and the role of insurance
2 Understanding the financial statements
3 The analysis of financial statements
4 The role of time value of money in insurance
5 Probabilities and return in the insurance context
Part 2: Principles and practice of short-term insurance
6 Introduction to insurance
7 Risk and insurance
8 Legal principles of insurance
9 Principles of insurance
10 Legislative and regulatory matters of insurance
11 The practice of insurance
12 The business of insurance
13 The fundamentals of short-term insurance
14 Conducting short-term insurance
GLOSSARY OF INSURANCE TERMS
Supplementary material available for this title includes:
Suggested answers for textbook questions
JPEGS of figures and tables
All source material (excluding figures and tables) has been supplied in an editable format (Microsoft Office) and you can fully customise it to your needs.
Please click on the link below to access the Lecturer Support Material (LSM) portal:
If this is the first time you access Van Schaik Publishers LSM, you will need to register and set up a profile. Once your registration has been approved you will be sent an email and will then be able to request access to the resources you need for a particular book. You will also be able to request access to the resources of additional books using your profile.
We welcome any suggestions regarding new or additional resources. For any queries or feedback please contact our digital publisher at firstname.lastname@example.org. The material available varies from book to book and may also be developed further over time.
If you are uncertain about the registration and access request procedures, please download the LSM Manual.
Lecturer Support Material is available free to lecturers who lecture on courses where the book is prescribed but samples are also available should you wish to review what is available as part of your prescribed book selection process. Please contact your Marketer for access to the sample LSM.
Student requests for LSM will not be entertained and any attempts by students to access lecturer support material will be reported to a student’s lecturer or to the Head of Department.