Heavy weights and Contributors of Saudi Insurance Industry

I was foturnate enough to have an opportunity to be with the elite group of Saudi Insurance Industry officials.

Mohammed Sadullah Khan, Faculty Member, IOBF with the
elite of Saudi Insurance Industry



 Left to right - Mr. Hadi Belazi, Director (PEQC) IOB,
Mr. Ayman Hout, Med-Gulf,
Mr. Basem Odeh, General Manager, Arabian Shield Insurance,
Mr. Ali-Al Subaihin, Chief Executive Officer of Tawuniya





Mr. Bader, Mr. Ayman and Mr. Hadi



Jeddah Visit - Another Jolly good and Excellent team -Al-Alamiya Co-operative Insurance Company

Mohammed Sadullah Khan during Training Session.

Standing from left to right - SAYED SYEDIMAM GHOUSE, THOMAS ANTONY,

THANKACHEN SAMUEL THANKACHEN,MIR TAHER ALI, CHACKO JOSEPH THEKKUM, RAMAKARSHANA PANICKER HARIKRISHNAN,FAROOQ AHMED NASEEM

Sitting from left to right - ANTONY JOB POWATHIL, ATIF IQBAL MUHAMMAD, JITHENDRA NATH KANAKKUVEETIL, MOHAMMED SADULLAH KHAN (TRAINER), FARID ALI KARKABA, HUSSAIN ABDULMUHSEN AL RASHED, ANIL KUMAR KIZHAKKE,

Not in the Picture - ASSEESSI ULAHANNAN KARUKAPARAMBIL, SAYED IRSHAD AHMED, ALI THIYYALI MARAKKARAKATH, CHOOREPARAMBLE ANTONY YESUDAS, GEORGE SAMUEL GEORGE

Standing from left to right - ATIF IQBAL MUHAMMAD, CHOOREPARAMBLE ANTONY YESUDAS, JITHENDRA NATH KANAKKUVEETIL, ANTONY JOB POWATHIL, THANKACHEN SAMUEL THANKACHEN, FAROOQ AHMED NASEEM, GEORGE SAMUEL GEORGE, MIR TAHER ALI, CHACKO JOSEPH THEKKUM,

Sitting from left to right - ASSEESSI ULAHANNAN KARUKAPARAMBIL, THOMAS ANTONY, SAYED SYEDIMAM GHOUSE, MOHAMMED SADULLAH KHAN (TRAINER), ALI THIYYALI MARAKKARAKATH,ANIL KUMAR KIZHAKKE, HUSSAIN ABDULMUHSEN AL RASHED

Not in the Picture - SAYED IRSHAD AHMED,FARID ALI KARKABA, RAMAKARSHANA PANICKER HARIKRISHNAN

It was once again a nostalgic visit to Royal and SunAlliance (Al-Alamiya Co-operative Insurance Company) - 28 June to 31 June.  It was a walk down the memory lane. The venue of the course was Westin Hotel.  The same place where I was put in during my official visit to Jeddah for Mednet Meeting.  The Hotel was under renovation and had its own problems.   However the Jolly good team spirit made the course more enjoyable and fruitful.

Meeting Photographs - Royal and SunAlliance and Mednet - 11th June, 2007

Meeting held at Merieden Hotel, Al-Khobar on 11th June, 2007.

From Left to right Standing - Bruce Aitken, Thomas D'Souza,
Anil Kumar, Mohammed Sadullah Khan, Sajith Kumar,
Sitting - Farid Karkaba, Mazaher, Mark Scot.

Far right T.M. Abdullah



Ian Robertson. far right and Mr. Arif, seated next to Mohammed Sadullah Khan.



Nostalgic Moments

Insurance Foundation Certificate Examination - Sample Test Part - I

This is a pure sample testing, suitable for Insurance Foundation Certificate Examination, Saudi Arabia.  This is prepared on the request of some of my trainees and is open to all, those who can utilize it for their benefit.  Three sets of 10 questions each has been prepared.  Try to complete each set in less than 12 minutes and check your answers with the answer key link given at the bottom of the tenth question.  You may write answers on a small sheet of paper or in the comments column and then cross check with the answers provided.

For free course material and other relevant information please visit the following link.

Free Insurance Foundation Certificate Examination English Material Source

1          Which of the following can be called as risk as per Insurance terminology

a          Fire    

b          Sun    

c          Bank Guarantee    

d          Insurance Policy

2          Which is the best example of non-Financial Risk 

a          Damage to your Car         

b          Burning of Building by Fire         

c          Loss of old magazine containing your article    

d          Theft of your car

3          As per the risk classification the risk, which affects a large group of people is known as  

          

a          International Risk  

b          Property Risk          

c          Fundamental Risk 

d          Particular Risk

4          Damage of car in an accident is an example of__________   

  

a          Fundamental Risk 

b          Governmental Risk           

c          Particular Risk        

d         Speculative Risk

5          In Insurance terminology a risk which is speculative and non-financial is also known as           

a          Insurable Risk         

b          Proximate Risk       

c          Related Risk

d          Un-Insurable Risk

6          The frequently used definition of Insurance is  

   

a          Risk Approval         

b          Risk Transfer           

c          Risk Appetite          

d          Eliminating the Risk

7          Find the right definition of Material Fact

a          influence the judgement of the prudent underwriter        

b          influence the judgement of the judge     

c          influence the judgement of the customer     

d          influence the judgement of the Claims Investigator

8          A breach that is a deliberate misrepresentation of the facts may be fraudulent and referred to as 

       

a          Warranty     

b          Concealment          

c          Endorsement          

d          Ab initio

9          Which of the following can be insured as per the Principle of "Insurable Interest"

1) Ahmed, a taxi driver wants to insure Kingdom tower, not belonging to him and is willing to pay the required premium

2) Salman is a Laundry man and wants to insure the property belonging to his customers in his care custody and control. 

        

a          1 only           

b          1 & 2

c          2 only           

d          None

10       Which of the following class does not apply the "Principle of Indemnity"

a          Motor           

b          Property      

c          Life    

d          Marine

For Answer Key - Please click the following link


  Answer Key to Sample Test I

Insurance Foundation Certificate Examination - Sample Test Part - II

11 A car is insured for SR. 50,000. It meets with an accident and is totaled. There is a deductible of SR. 1,000 on the policy. Insurance Company settles the claim for 49,000 net of deductible. The Insurance Company recovers an amount of SR. 50,000 from the Third Party. How much the insured is entitled to receive from this amount?         

a          50,000         

b          49,000         

c          1,000

d          None

12       If an insured has more than one Policy covering the same risk, which of the following principle is applied   

       

a          Subrogation

b          Insurable Interest  

c          Contribution           

d          None

13       An earthquake knocks over a burning oil-stove.  The building catches fire which spreads to the adjacent building.  A third building 500 yards away catches fire due to wind blowing in that direction.  The owners of the third building submit a claim.  The policy covers fire (an insured peril) but not losses caused by earthquake (an excluded peril).  What the Insurer should do as per the rule of the proximate cause? 

        

a          Claim is not payable         

b          Claim is payable     

c          Claim is payable but only half    

d          None of the above

14       Match the following -

1) Daman Khatr Al-Tariq

2) Aqila

3) Aqd muwalat

4) Hilf 

a) An Agreement for  Assistance among people

b) Contracts to bring about an end to mutual amity

c) Surety placed on traders against losses suffered during a journey

d) Assistance provided to captives and the families of murder victims

       

a          1-c,2-d,3-a,4-b      

b          1-d,2-c,3-b,4-a      

c          1-a,2-b,3-c,4-d      

d          1-c,2-d,3-b,4-a

15       Senior Ulema recommended that the Insurance should be worked on the following basis  

         

a          Commercial

b          Co-operative          

c          Co-ordination         

d          Economic

16       The following organization is involved in the preparation of the implementing Rules and Regulations for the Insurance Companies 

 

a          SAMA           

b          SAGIA           

c          CCHI  

d          SAMBA

17       The SAMA regulations require that each company appoint an_______, who is a Fellow and plays an important role in maintaining company's sound financial position  

a          Underwriter           

b          CEO   

c          Actuary        

d          Accountant

18       Which of the following needs to be disclosed to Insurance Company 

         

a          Facts of law 

b          Facts of Public Knowledge          

c          Facts that lessen the risk 

d         Facts of previous Insurances

19       What is the purpose of mandatory deductible/excess  

a          Eliminates small claims    

b          Eliminates premium payment   

c          Eliminates accidents           

d          Eliminates risk valuation

20       Which of the following are false statements

1) Proposal forms are not required for small pleasure boats

2) Broker's slip will contain all the necessary details including possibly even a guide to the rate and condition they expect. 

       

a          1 only           

b          2 only           

c          1 &  2

d          None

For Answer Key - Please click the following Link
Answer Key to Sample Test II

Insurance Foundation Certificate Examination - Sample Test Part - III

21       Which of the following statements are false

1) The owners of Proprietary Insurance Companies endure the cost of any losses and could lose their entire Investments. 

2) Proprietary Insurance Companies are owned by the Policy holders

a          None 

b          1 & 2 

c          2 only           

d          1 only

22       Which of the following are false statements

1) Insured pays the commission to the Agent

2) The term intermediaries is also used for the Re-insurance Companies 

a          None 

b          1 & 2 

c          2 only           

d          1 only

23       Which of the following is not a part of risk management process

a          Risk Identification 

b          Risk Analysis           

c          Risk Control

d          Risk Pricing

24       Which of the following statements are true

1) A risk may be excluded as it is covered under another policy

2) A risk is excluded because it is covered under the operative clause 

a          1 only           

b          2 only           

c          1 &  2

d          None

25       Which of the following classes of Insurance use Certificates of Insurance

a          Property      

b          Marine Hull 

c          Home Owners        

d          Marine Cargo

26       Which of the following statements can be termed as reasonable

1) All customers to be treated alike and no company can deny renewing or cancel and insurance policy without giving a valid reason for doing so

2) The Insurance companies have been authorized by SAMA to sell the personal data of the customers at a market price 

   

a          1 only           

b          2 only           

c          1 &  2

d          None

27       Can the broker/agent treat the money in the premium account as security against any sums receivable from the insured ?  

a          No, he cannot do it           

b          Yes, but he can do it in case of valid claims only      

c          Yes, but he can do it only in case of premiums against endorsements only     d          Yes, he can do it

28       Choose the correct statements

1) The Policy need not contain a description of claims and disputes handling procedure

2) The Policy must contain a  disclosure statement indicating that the policy contract is the entire contract      

a          1 only           

b          2 only           

c          1 &  2

d          None

29       In Protection and Saving Insurance, the replacement of the existing P and S Insurance with a new one is known as     

a          Replacement          

b          Endorsement          

c          Churning      

d          Cut-through

30       If a policy holder decides to cancel the policy midterm, he will get the refund based on the following 

        

a          Short period Refund        

b          Full Refund  

c          Pro-rata Refund    

d          No Refund

For Answer Key - Please click the following link
Answer Key to Sample Test III

Burqa Ban in France - A nice debate worth watching - Shattering the imaginary lies

Please click the following link to view the debate.


http://www.youtube.com/watch?v=kWJRam64dQY&feature=youtube_gdata_player

Punishment in the School - Against the motion

The first argument against is that punishment is in gross violation of a child's right of human dignity and physical integrity. It threatens the very foundation of principles of protection under the universally guaranteed right of protection.

Historically, it has been proven that these kids lack the general creative sense and ability to explore as compared to a kid, wherein freedom of expression holds more importance.

Understanding Implications of School Punishment

In fact, in most of the countries where punishment in schools go unchecked, teachers have actually stopped understanding child psychology.

Spanking, in case of any misbehavior, may be an easy way out for the teachers to reign in the moment but its larger implications on the psyche of a kid can be devastating.

Every action of children in their formative years is not a result of the own liberalized thinking.

Teachers and even parents must understand that the kids behavioral problems is an influence and reflection of the social circumstances, which are impressed on him.

This society is the very community of which the teacher is very much a part. Therefore, a reasoned approach for dealing with student issues, no matter how time consuming or brain storming it is, must be the way of dealing.

Corporal Punishment Effects

By hitting a child, a teacher is demonstrating his severe inability to deal with the situation in a reasoned way.

For instance, in one school, a teacher used to regularly punish a student for coming to school dressed shabbily. The kid, who was a grade 4 student, also did not seem to budge. Everyday the same scene was repeated. The child entered the campus and the teacher, who was in charge of the discipline, and himself a strict 'adherent' of school rules, beat the child daily. The child never protested and even though angered and in pain, yet would bear the pain, without divulging the reason for his habit.

On a brief inquiry by the principal, it came to light that the child had lost his mother and his father was a big drunkard. There was no one at his home, who could dress him up for school. The father, was always lying around the house in a state of filth and the child somehow managed to get ready and come to school on his own. This incident points the lack of understanding exhibited by the teacher in dealing with the kid. It is very important for teachers to understand that a child's habit, is essentially a reflection of his environment. Therefore, before addressing child shortcomings, it is high time we introspect the factors influencing unwanted behavior in children.

The essential point to understand is that, any learning mind is bound to make mistakes. It is our patience and understanding that helps children learn in the right environment and become responsible citizens of the land.

Excess and or Deductible

Query - I had a query whether the terms used such as Excess and Deductible are different?

Reply - After doing the following research from various sources, I can say that Excess and Deductible are one and same and can be used synonymously. Differing opinions welcome.

"In an insurance policy, the deductible (also known as 'excess' in some countries, especially the United Kingdom) is the portion of any claim that is not covered by the insurance provider. It is the amount of expenses that must be paid out of pocket before an insurer will cover any expenses. The first commercial insurance deductible was introduced by Norman Baglini in 1952.[1] It is normally quoted as a fixed quantity and is a part of most policies covering losses to the policy holder. The deductible must be paid by the insured, before the benefits of the policy can apply. Typically, a general rule is: the higher the deductible, the lower the premium, and vice versa.

Deductible

The amount of any claim which is the responsibility of the Insured and which the insurer will deduct from any claim payment. Often this is referred to as an excess. Sometimes deductibles are voluntary and a premium discount allowed. Sometimes they are imposed by insurers as an underwriting requirement to avoid large numbers of small claims and their associated administration costs.

Insurers provide a deductible in a motor insurance so that from every claim this amount is deducted irrespective of the claim quantum. In some policies this is a compulsory deductible depending on the type of car. In some cases a deductible is imposed because of adverse claim experience. In some case the insured is given an option of providing for a deductible. These deductibles are also known as excess - compulsory excess, imposed excess or voluntary excess.

Insurance Industry in India and its history in India

Insurance Industry in India and Insurance History in India 

 

INDIAN INSURANCE INDUSTRY:

Insurers
Insurance industry, as on 1.4.2000, comprised mainly two players: the state insurers:

 

Life Insurers:
Life Insurance Corporation of India (LIC)

 

General Insurers:

 

General Insurance Corporation of India (GIC) (with effect from Dec'2000, a National Reinsurer)

 

GIC had four subsidary companies, namely ( with effect from Dec'2000, these subsidaries have been de-linked from the parent company and made as independent insurance companies.

 

1. The Oriental Insurance Company Limited  
2. The New India Assurance Company Limited
3. National Insurance Company Limited
4. United India Insurance Company Limited.

 Yr: 2000-2001 : ( From 2nd April '2000 to 31st December'2001)

 

Insurance Industry in the year 2000-2001 had 16 new entrants, namely:

 

Life Insurers:
S.No.
Registration
Number
Date of Reg.
Name of the Company

 

1

 101

23.10.2000

 HDFC Standard Life Insurance Company Ltd.

 

2
104
15.11.2000
Max New York Life Insurance Co. Ltd.

 

3
105
24.11.2000
ICICI Prudential Life Insurance Company Ltd.

 

4
107
10.01.2001
Kotak Mahindra Old Mutual Life Insurance Limited.

 

5
109
31.01.2001
Birla Sun Life Insurance Company Ltd.

6

110

12.02.2001
Tata AIG Life Insurance Company Ltd.

 

7
111
30.03.2001
SBI Life Insurance Company Limited .

 

8
114
02.08.2001
ING Vysya Life Insurance Company Private Limited 

 

9
116
03.08.2001
Bajaj Allianz Life Insurance Company Limited

 

10
117
06.08.2001
Metlife India Insurance Company Ltd.

 

General Insurers :

 

S.No.
Registration Number
Date of Registration
Name of the Company

 

1
102
23.10.2000
Royal Sundaram Alliance Insurance Company Limited

2
103
23.10.2000
Reliance General Insurance Company Limited

 

3
106
04.12.2000
IFFCO Tokio General Insurance Co. Ltd

 

4
108
22.01.2001
TATA AIG General Insurance Company Ltd.

 

5
113
02.05.2001
Bajaj Allianz General Insurance Company Limited

 

6
115
03.08.2001
ICICI Lombard General Insurance Company Limited.

 

Yr: 2001-2002 : ( From 1st Jan 2001 to Dec. 2002)

 

Insurance Industry in this year, so far has 5new entrants; namely 

 

Life Insurers:

 

S.No.
Registration
Number
Date of Reg.
Name of the Company

 

1
121

03.01.2002

Reliance Life Insurance Company Limited. 

 

2
122
14.05.2002
Aviva Life Insurance Co. India Ltd.

General Insurers :

S.No
Registration Number
Date of Registration
Name of the Company

 

1
123 15.07.2002 Cholamandalam General Insurance Company Ltd.

 

2.
124 27.08.2002 Export Credit Guarantee Corporation Ltd.

 

3.
125 27.08.2002 HDFC-Chubb General Insurance Co. Ltd.

 

Yr: 2003-2004 : ( From 1st Jan 2003 till Date)

 

Insurance Industry in this year, so far has 1 new entrants; namely

 

Life Insurers:

  

S.No.
Registration
Number
Date of Reg.
Name of the Company

 

1
127
06.02.2004
Sahara India Insurance Company Ltd.

 

Yr: 2004-2005 :

  

Insurance Industry in this year, so far has 1new entrants; namely

  

Life Insurers:

 

S.No.
Registration
Number
Date of Reg.
Name of the Company

 

1 128

 

17.11.2005
Shriram Life Insurance Company Ltd.

  

Yr: 2006-2007 :

 

Insurance Industry in this year, had 1new entrants; namely

 

Life Insurers:

 

S.No.
Registration
Number
Date of Reg.
Name of the Company

 

1 130

 

14.07.2006 
Bharti AXA Life Insurance Company Ltd.

 

Yr: 2007-2008 :

  

Insurance Industry in this year, had 5 new entrants; namely

 

Life Insurers:

  

S.No.
Registration
Number
Date of Reg.
Name of the Company

  

1 133 04.09.2007 Future Generali India Life Insurance Company Limited

 

2 135  19.12.2007  IDBI Federal Life Insurance Company Ltd.

 

General Insurers:

 

3 131 03-08-2007 Apollo Munich Health Insurance Company Limited

 

4 132 04-09-2007 Future Generali India Insurance Company Limited

 

5 134 16-11-2007 Universal Sompo General Insurance Company Ltd.

 

 

Yr: 2008-2009 :

 

 Insurance Industry in this year, so far has 3 new entrants in Life and 1 new entry in General ; namely

 

Life Insurers;

 

S.No.
Registration
Number
Date of Reg.
Name of the Company

  

1 136 08.05.2008 Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd.

 

2 138  27.06.2008  Aegon Religare Life Insurance Company Ltd.

 

3 140 27.06.2008 DLF Pramerica Life Insurance Company Ltd.

 

4 142 Star Union Dai-ichi Life Insurance Co. Ltd.,

 

5 143 05.11.2009 IndiaFirst Life Insurance Company Ltd.

 

  

General Insurers:

 

S.No.
Registration
Number
Date of Reg.
Name of the Company

 

 

 

1 137 8.05.2008 Shriram General Insurance Company Limited,

 

2 139 27.06.2008 Bharti Axa General Insurance Company Ltd.

 

3 141 15.12.2008 Raheja QBE General Insurance Co. Ltd 

 

INSURANCE BUSINEES:

 

ance business is divided into four classes :

 

 

 

1) Life Insurance 2) Fire Insurance 3) Marine Insurance and 4) Miscellaneous Insurance.

 

 

 

Life Insurers transact life insurance business; General Insurers transact the rest.

  

No composites are permitted as per law.

 

LEGISLATION (as on 1.4.2000):

 

Insurance is a federal subject in India. The primary legislation that deals with insurance business in India is: 
Insurance Act, 1938, and Insurance Regulatory & Development Authority Act, 1999.

INSURANCE PRODUCTS (as on 1.4.2000) (for latest information get in touch with the current insurers – website information of insurers is provided at the web page for insurers ):

  

Life Insurance:

 

Popular Products: Endowment Assurance (Participating), and Money Back (Participating). More than 80% of the life insurance business is from these products.

 

General Insurance:

  

Fire and Miscellaneous insurance businesses are predominant. Motor Vehicle insurance is compulsory.

 

Tariff Advisory Committee (TAC) lays down tariff rates for some of the general insurance products (please visit website of GIC for details )

2001
New products have been launched by life insurers. These include linked-products. For details, please visit the websites of life insurers.

 

INFORMATION
About the insurance industry, the following documents may be helpful:

 

Malhotra Committee Report (The Report of the Committee on Reforms in the Insurance Sector);

 

IRDA's First Annual Report - 2001

 

CUSTOMER PROTECTION:

 

Insurance Industry has Ombudsmen in 12 cities. Each Ombudsman is empowered to redress customer grievances in respect of insurance contracts on personal lines where the insured amount is less than Rs. 20 lakhs, in accordance with the Ombudsman Scheme. Addresses can be obtained from the offices of LIC and other insurers.

 

Congratulations to India for winning the ICC Cricket World Cup - 2011



Published by Gulf News Daily on 05/04/2011

















Congratulations to Indian cricket team led by M. S. Dhoni for winning the World Cup-2011.  Their win against Pakistan showed them the way forward.

The winning has re-kindled the passion for cricket.  The fans of Indian team at Wankhede stadium and around the world were very happy and jubiliant. A moment on platter to celebrate. The score of 274 was not bad. Finally a well deserved win for India and the better team has won the match.

Srilanka score 274 in 50 overs. India 277 for 4 in 48.2 overs.

The following are the team members of Indian team led by M. S. Dhoni.

1. MS Dhoni

2. Virender Sehwag

3. Gautam Gambhir

4. Yuvraj Singh

5. Suresh Raina

6. Sachin Tendulkar

7. Virat Kohli

8. Yusuf Pathan

9. Harbhajan Singh

10. R. Ashwin

11. Piyush Chawla

12. Ashish Nehra

13. Zaheer Khan

14. Munaf Patel

15. Praveen Kumar

Insurance Foundation Certificate Examination Course at Dammam - Willis Saudi Arabia (Multinational Insurance Broker)

Direct Link to The Institute of Banking for Free Information and Material in English.

Free Insurance Foundation Certificate Examination English Material Source

Excellent and strong team of Willis Saudi Arabia - during the four day training session for IFCE examination by Mr. Mohammed Sadullah Khan, Chartered Insurance Practitioner, Faculty Member, Institute of Banking at Ramada Hotel, Al-Khobar.

Starting from left - Mr. Mirza Shafatulla Baig, Branch Manager, Jeddah,  Mr. Mohammed Sadullah Khan, Faculty Member, Riyadh Mr. A. Jagannathan, Assistant General Manager, Al-Khobar Mr. Johnson Kodiat, Al-Khobar, Assistant Manager, Mr. Jupitar Baskaran, Jeddah Branch.

Starting from left - NITIN ABRAHAM,ALI NASSER AL HADRY,MOHD ASHRAFUDDIN,PHILIP DUNN, NOUSHAD HAMEED, MIRZA SHAFATULLA BAIG , JOHNSON KODIAT, MOHAMMED SADULLAH KHAN, MOHAMED ARIF,RADHAKRISHNA PILLAI, MOHD KALEEM KHAN, ISHAG TESFAMICHAEL, JUPITER OHLM BASKARAN, MOHD ABU FAISAL, A. ABDUR RAHMAN, CHERIAN C JOHN (not in the picture).

Course Content & Syllabus:


Module 1: To understand how Insurance operates

1.1 To understand the meaning of risk

1.2 To have knowledge of the categories of risk

1.3 To understand insurable risks

1.4 To have knowledge of uninsurable risks

1.5 To understand how insurance transfers risks

1.6 To understand how insurance operates through the pooling of risk

1.7 To understand and distinguish perils and hazards

1.8 To understand the benefits of insurance

1.9 To be aware of the purpose of reinsurance

1.10 To be aware of co-insurance and self-insurance

1.11 To have knowledge of how an insurance company operates.

Module 2: To understand the principles underpinning Insurance practice

2.1 To understand Utmost Good Faith

2.2 To understand Insurable Interest

2.3 To understand Indemnity

2.4 To understand Subrogation

2.5 To understand Contribution

2.6 To understand Proximate Cause

Module 3: To have knowledge of the Regulations of Insurance in Saudi Arabia

3.1 Why the insurance and protection/savings industry needs to be regulated.

3.2 An historical background and the birth of a new industry in the Kingdom

3.3 Regulation of insurance in the Kingdom of Saudi Arabia

Module 4: To understand the procedures required to underwrite risks.

4.1 To understand the need for material facts

4.2 To understand physical and moral hazards and the use of warranties

4.3 To have knowledge of the need for and content of proposal forms and broker’s slips

4.4 To have knowledge of the need for and the content of surveys

4.5 To understand quotations

Module 5: To understand the insurance market and its place in the economy

5.1 To understand the structure of the insurance market and how buyers can be classified

5.2 To have knowledge of the differences between types of insurance intermediaries

5.3 To be aware of the distribution channels

5.4 To be aware of the role of ancillary players in the insurance
Module 6: To understand the need for documentation

6.1 To understand the content of proposal forms and the content and structure of policy forms

6.2 To have knowledge of the need for and the content of warranties and endorsements

6.3 To have knowledge of cover notes and certificates of insurance and understand the differences between them

6.4 To have knowledge of the need for and the content of claim forms

6.5 To have knowledge of the need for and the content of renewal invitations

Module 7: To understand Market Code of Conduct Regulation

7.1 Introduction to MCCR ( Market Code of Conduct Regulation)

7.2 General Requirements

7.3 Conduct Standards

7.4 Appendix

The Institute of Banking is a pioneering Institution engaged in Banking and Insurance education. It has provided the material free of cost, which is downloadable at the following site,

http://www.iobf.org/page.aspx?key=exams&lang=en

World Cup Cricket Semi-Final Match - Mohali - 2011 India and Pakistan was won by India

India's score 260 for 9 in 50 overs
Pakistan score 231 all out

Congratulations to India.

India has won the match against Pakistan by 29 runs.

Finally the excitement is over and the match is won by India.

Sachin Tendulkar got the Man of Match for a well deserved batting and a score of 85.

On Political side, hope the invitation given to Pakistani leaders will help in improving the bi-lateral relationship between both the countries.