The objective of this course is to introduce a student with the significance of insurance, to find the most effective ways for economic protection due to damage or destruction of property, health and life of people, as a result of hazardous events and accidents. During the course, students acquire the knowledge needed to determine the needs, types and ways of insurance.

The student will be able to determine the need for insurance protection for enterprises and individuals, to recognize risks threatening things and people, and to design the most plausible model of insurance for different types of assets. Through lectures, practice and practical work, the student will acquire necessary knowledge about the insurance of the society, methods of functioning, technical elements of insurance as well as economic, legal and social function of insurance.

Theoretical lectures, course contents and structure. Introduction to insurance, history of insurance, definition of insurance, insurance functioning, technical basis of insurance, economic importance of insurance. Insurance classification: non-life insurance, life insurance, reinsurance and coinsurance. Insurance subjects: the insurer, the insured, insurance claims, insurance contractor, insurance agents and insurance brokers. Organizational forms of insurance: joint-stock insurance company, mutual insurance company, insurance association, insurance pools, and reinsurance. The insurance market: global insurance market, domestic insurance market, distribution of insurance products, directives of the European Union in the field of insurance. Basic elements of insurance: the subject of insurance, the insured risk, sums insured, premiums, insured event, technical result, franchise, bonus and malus. Insurance economics: revenues, expenditures, liquidity, profitability, economy. Reinsurance, coinsurance. Damage assessment and liquidation.

Teaching on the course includes lectures and auditory exercises.