INS306 Statutory Classes Underwriting Management (8)

CSU Discipline Area: Unallocated to a CSU Discipline code (OTHER)

Duration: One session

Abstract:

This subject provides the student with the knowledge and skills to assess and underwrite risk relating to Statutory Classes and to survey risk exposure and interpret portfolio performance.

+ Subject Availability Modes and Locations

No offerings have been identified for this subject in 2013.Continuing students should consult the SAL for current offering details prior to contacting their course coordinator: INS306

Where differences exist between the handbook and the SAL, the SAL should be taken as containing the correct subject offering details.

Assumed Knowledge:

INS202

Enrolment restrictions:

Bachelor of Business (Insurance) students only

Objectives:

Upon successful completion of this subject, students should:

- be able to identify and discuss the principles of workers compensation and Compulsory Third Party insurance
- be able to evaluate the impact of the legislation on insurers
- be able to evaluate the risk exposures inherent in Statutory Classes
- be able to calculate rates and premiums
- be able to respond to and participate in reviews / appeals on rating decisions
- be able to review operational performance of policies and portfolios

Syllabus:

The subject will cover the following topics:

Principles of Workers Compensation insurance and Compulsory Third Party (CTP) insurance
The role of the relevant authorities, legislation on insurers, including the licensing of insurers and self-insurers
The role and function of rehabilitation, conciliation and the importance of Early Injury Management
Analysis of risk factors and evaluation of risk exposures for Workers' Compensation and CTP
Calculation of rates and premiums, including the role of gazette rates, ANZIC Codes and the preparation of statutory returns
Respond and participate in reviews / appeals including the analysis of information and rating decisions, establishment of grounds for dispute in light of relevant facts, legislation, policies and guidelines
Portfolio data collection, including database review of rates and premiums and claims and instigation of remedial action.
Content
Statutory Classes may include:
- Workers Compensation
- Compulsory Third Party (CTP)
Workers Compensation legislation may include:
- legislation which focuses on the management, prevention and administration of workplace injuries
- legislation which deals with entitlement to compensation and the benefits payable
- regulations applicable to the Acts
- definitions contained in the Acts
CTP legislation may include:
- indemnity against liability and indemnity incurred at common law
- compensation of accident victims
- the immediate needs of victims
Terms relevant to statutory classes may include:
- no fault schemes
- journey cases
- weekly benefits
- statutory limitations
- volesti non fit injura
- contributory negligence
- total exclusion
- partial exclusion

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The information contained in the 2013 CSU Handbook was accurate at the date of publication: 24 April 2013. The University reserves the right to vary the information at any time without notice.