No business can operate profitably without insurance to protect it against contingent or unknown catastrophic losses. By spreading the risk among many businesses insurers can charge reasonable sums to protect against losses to the business or its real and personal property.

As you listen to an internationally recognized insurance expert witness, coverage lawyer, author, and consultant explain why every business, and every officer of a business, needs to understand how insurance was created to fill the needs of business, what insurance is, why a business must be insurance and how an insurance policy provides protection for the business against unintended and contingent losses. A businessperson with the ability to understand the importance of insurance to the business, will have an advantage over every other businessperson who do not understand insurance and how to acquire insurance.

Learning Objectives
  • Explore the history of insurance.
  • Explore the intricacies of insurance contract formation.
  • Explore the meaning of each portion of the insurance policy.
  • Explore the variety of insurers and insurance products.
  • Identify each insurance coverage available to your business.
  • Identify each insurance coverage needed by your business.
  • Identify the limitations of the insurance policies available to acquire.
  • Identify how to obtain insurance from an agent, broker or direct writer.
  • Identify the difference between property and liability insurance.
  • Discover how to establish the existence and availability of more favorable terms, conditions, and limitations on the insurance you acquire.
  • Discover the importance of “insurable interest”.
Last updated/reviewed: March 24, 2024
4 Reviews (13 ratings)

Reviews

5
Member's Profile
I really enjoyed learing the history and foundations of how modern-day insurance evolved as well as the nuances in language necessary for the insured to be established and legally binding.

4
Anonymous Author
Great overview of insurance and why it's needed. I expected to get more practical information on how to go about selecting insurance for my company --this course is more introductory in nature.

5
Anonymous Author
great to understand history of insurance and understanding the differences between property and liability insurance.

4
Anonymous Author
Good introductory course to Property and Casualty insurance. Presentation was well documented and presented.

Prerequisites
Course Complexity: Foundational
  • A person who is responsible for the operation of a business.
  • A person who is required to determine the extent and types of insurance the business needs to protect against contingent or unknown risks.
  • A person who is obligated to acquire insurance for the business.
  • A person who is responsible for the financial position of the business.
  • A person who is responsible to present claims on policies after a loss.
Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
Course Syllabus
INTRODUCTION AND OVERVIEW
  An Introduction to What is Insurance3:05
  Why Insurance?7:30
  Insurance Defined11:05
  Insurance Format - Property Insurance14:02
  Insurance Format - Insurance Interest and Liability Insurance11:20
  Differences between Property and Liability Insurance19:26
  The History of Insurance11:54
CONTINUOUS PLAY
  What is Insurance1:18:22
SUPPORTING MATERIAL
  Slides: What is Insurance - A Business NecessityPDF
  What is Insurance - A Business Necessity Glossary/IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam