Duration: 1m 38s

The application of average is the method which insurers use to deal with underinsurance. In the event of underinsurance, the insured is paid proportionately and not paid in full. This video provides a quick explanation of the concept of average.


Duration: 2m

If, at the time of the event giving rise to a claim, insurance exists with any other insurers covering the insured against the same defined events, the insurance company is liable to make good only a rateable proportion of the amount payable to the insured in respect of such event. This video provides a quick explanation of the concept of contribution.


Duration: 1m 58s

When a house is sold, unless a seller is asked a particular question the seller need not say anything about potential issues, for example a leaking roof - “caveat emptor” applies.  This means the buyer must beware.  Insurance is different. The proposer has all the facts that would influence the underwriter’s decision on whether or not to accept the risk, and what premium to charge. This video provides a quick overview of the concept of good faith.

Good Faith

Duration: 53s

Indemnity requires that an insurer must place the insured in the same financial position as he was in before the loss.  An insured cannot make a profit from the loss. This video is a quick overview of the concept of indemnity.


Duration: 4m 46s

There needs to be a legally recognised relationship between the insured and the financial loss that he suffers following a loss. This video is a quick overview of the concept of insurable interest.

Insurable Interest

Duration: 1m 51s

An insurance policy will cover some events and exclude some events.  When handling a claim the following questions need to be answered.  Is the cause of the loss an insured peril?  Is the cause excluded by the policy?  Has a new source intervened in the chain of events?  This video with a quick overview of the concept of proximate cause.

Proximate Cause

Duration: 1m 15s

Subrogation is the right that the insurer has to stand in the place of the insured when a claim is notified.  Let us look at how subrogation plays out practically. This video is a quick overview of the concept of subrogation.


Duration: 10.15

Insurance principles guide the conduct of insurance.  In this video we cover indemnity, average, subrogation, proximate cause, contribution, good faith and insurable interest.  

Principles of Insurance

Duration: 4m 23s

A claim is one of the key times that the insurer can make a favourable impression on the policyholder. It is probably the moment of greatest expectation, referred to by marketers as the moment of truth.  This video provides an overview of the claims handlers role in the bigger picture. 


Duration:   4m 23s

Security is a basic human need.  It is hardly surprising, therefore, that the roots of today's insurance industry can be traced back into antiquity.  Welcome to the History of Insurance.  Some 2000 years before the birth of Christ, merchants in the Babylonian Empire were repeatedly falling victim to robbers on their long travels through inhospitable regions. 

History of Insurance

Duration: 4m 58s

The principle of insurance pricing is to determine a price for each risk that reflects the perceived exposure.  in terms of impact and frequency and makes an appropriate contribution to expenses and profit.  This video provides an overview of the factors considered when calculating premiums.

Premium Rates

Duration: 3m 58s

The profits an insurer makes from selling insurance follows a cyclical pattern and insurance is one of the most cyclical of all industries.  This cyclical pattern is caused by external factors that affect capacity - such as catastrophic events and investment performance.  In addition internal factors - such as insurers striving for market share during times of robust investment results - contribute to the cycle.

Underwriting Cycle

: 1m 16s

The law of large numbers says that the larger the number of exposure units, the more accurately you can predict the probability that a particular unit will suffer loss.  Probability can be interpreted as the proportion of times a specified event will almost certainly occur out of a large number of trials.

Law of Large Numbers

Duration: 10m 44s

Risk implies uncertainty. Probability applications are meant to make dealing with uncertainty more rational, rather than depending on gut-feel intuition and hunches.  The probability of an event is a measurement of the chance that the event will occur within a given time period.  Probability can be expressed as a number that varies between 0 and 1.

Theory of Probability