Module Code - Title:
IN4025
-
INSURING LIFE
Year Last Offered:
N/A
Hours Per Week:
Grading Type:
N
Prerequisite Modules:
Rationale and Purpose of the Module:
This module provides students with a comprehensive understanding of the evolving demographic interactions of age and dependency within public and private insurance mechanisms, both in Ireland and globally. Students will gain detailed knowledge of life and healthcare insurance, as well as pension products. The course covers contemporary issues in the Irish health insurance market and explores critical topics in the life insurance sector, including genetic testing, demographic changes, and social trends. Students will learn to apply this knowledge to the underwriting process and analyze relevant literature, preparing them for roles in the financial security industry.
Syllabus:
This module focuses on identifying and insuring life cycle financial risk. The module includes an analysis of Life insurance such as term insurance, whole of life insurance and endowment insurance. The health insurance market in Ireland is studied, as is the Irish social insurance system with specific focus on the retirement and pensions market. The module covers the nature and purpose of a variety of life insurance contracts and students gain knowledge of life insurance underwriting. With regard to life insurance underwriting, particular attention is paid to underwriting of a variety of diseases that affect human anatomy, theories of mortality and morbidity risk, formulation of mortality tables, and the calculation of premium for term, whole life, endowment and annuity.
Learning Outcomes:
Cognitive (Knowledge, Understanding, Application, Analysis, Evaluation, Synthesis)
On successful completion of this module, students will be able to:
Explain the principles, purpose, and societal role of life insurance within both the Irish and global markets.
Analyse and compare major life, health, and pension insurance products, including term, whole‑life, endowment, annuity, and medical expenses contracts.
Evaluate underwriting processes, including morbidity and mortality assessment, disease‑related risk factors, and the formulation and use of mortality tables.
Calculate premiums and benefits for a range of life insurance and annuity products using appropriate actuarial and legal frameworks.
Interpret and synthesise relevant academic, regulatory, and industry literature in the wider financial security domain. Develop a structured, evidence‑based analysis of a life insurance topic that integrates legal, ethical, economic, and actuarial considerations.
Affective (Attitudes and Values)
On successful completion of this module, students will be able to:
Critically assess contemporary issues influencing the life insurance sector, including longevity changes, genetic testing, behavioural factors, regulatory developments, and sustainability related constraints.
Psychomotor (Physical Skills)
N/A
How the Module will be Taught and what will be the Learning Experiences of the Students:
The module is taught as a series of two lectures and one tutorial per week. Reading material is provided for discussion during tutorials and students are encouraged to have read the material prior to each associated tutorial. Students will be asked to collaborate with their classmates and articulate research findings in groups discussions.
Prime Texts:
Rejda, G.E., McNamara, M.J. and Rabel, W.H. (2022)
Principles of Risk management and Insurance 14th Ed
, Pearson
Other Relevant Texts:
Vaughan and Vaughan (2008)
Fundamentals of Risk and Insurance
, Pearson
Programme(s) in which this Module is Offered:
BACHELOR OF BUSINESS STUDIES
BACHELOR OF BUSINESS STUDIES WITH FRENCH
BACHELOR OF BUSINESS STUDIES WITH GERMAN
BACHELOR OF BUSINESS STUDIES WITH JAPANESE
BACHELOR OF BUSINESS STUDIES WITH SPANISH
Semester(s) Module is Offered:
Autumn
Module Leader:
Robert.Ford@ul.ie