Course title: Theory of insurance semester



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COURSE TITLE: Theory of insurance

SEMESTER: WINTER




TEACHER’S NAME: Prf. Ianaki Andreev, PhD and Tzvetelina Andreeva, PhD

OFFICE: 2026

E-MAIL: zenitins@abv.bg




  1. Annotation

Content of the course covers key issues in the field of modern insurance theory and practice. Its purpose is to provide systematic knowledge about the basics of insurance - nature, functions, elements, types, etc. Besides the theoretical background of the students, the curriculum of this course focuses on the acquisition of practical skills through developing various examples and case studies on given topics. The course should be conducted with the understanding that it will not be possible within the single semester examine in depth covered topics in all their aspects and details.






  1. LANGUAGE OF TEACHING

ENGLISH




  1. COURSE CONTENT (TOPICS)

The units or topics of study.

№




TOPICS – Part – 1 /15 hours/

Hours of lectures

Extracurricular work

rrttrtrt 1rt 1 /15 hours/




1

Introduction to Insurance. Historical development of

insurance. Functions of insurance.
3

2

2

Risk and insurance. The nature and meaning of risk. Risk classification. The management of risk.

3

4

3

Types of insurance. Elements of the insurance – insurer, insured,

sum insured, value, premium, forms of insurance.
3

5

4

Technical reserves of the insurance companies, deductible, premium calculation, expenditures, preventive measures.

2

5

5

Insurance contract – definition, main characteristics and elements.

2

2

6

Reinsurance – definition, functions, types.

2

5

Part 222 /15 hours/




1

Regulatory framework of insurance



3

2

2

Insurance and reinsurance intermediaries.

3

2

3

Insurance products:

- General Insurance products and Life Insurance products

- Life Insurance products

- Liability insurance products
9

18

B. SEMINARS

№

TOPICS

Hours of seminars

Extracurricular work













1

Revealing the nature and functions of insurance.

2

0

2

Risk and classifications of risk. Methods for risk assessment.

4

3

3

Gaining practical knowledge about the elements of insurance.

6

6

4

Technical reserves of insurance company. Types of deductibles. Premium calculation.

6

6

5

Types of reinsurance. Examples of the mechanism of functioning

of different types of proportional and non-proportional

reinsurance treaties.


2

6

6

Legal framework and government supervision.

2

4

7

Acquaintance with practical aspects of insurance in:

- General Insurance

- Life Insurance

- Liability insurance
8

20







  1. METHODS OF TEACHING

Method: The course will be mostly based on lectures, class seminars, consultations and individual training. There will be in class exercises and examples will be given. Students should prepare presentations on selected topics. Individual training will be encouraged through assignments and by solving practical problems.

Requirements: The formal course requirements are: completion of assignments, ten page paper on specific topic and final examination. Students are strongly encouraged to discuss the choice of topic with the professor and assistant professor. The class will make use of a diverse set of materials and sources, many available online.

Intensive class participation and careful study of the assigned readings are absolutely essential to the success of the course.



Necessary resources: Whiteboard, multimedia projector, laptop




  1. LEARNING OUTCOMES

The course will provide basic knowledge and skills in the field of insurance required for multilateral training of future specialists with Bachelor degree in "Finance". Besides acquiring theoretical knowledge, the course aims to give practical skills as well. In this regard, the curriculum includes issues devoted to specific types of insurance products and their features.




  1. ASSESTMENT METHODS

The final grade will be determined by the the final exam /80%/, students’ classroom participation in discussions, analysis of assigned readings and multi-media presentations on different topics /10%/, as well as class presentation of the term project on approved topic /10%/.

The final grade is based on a six-point scale, the minimum grade for successful completion of the course is "Medium / 3 /"; comparability with the European system of credit transfer is as follows:



Excellent /6/

Very good /5/

Good /4/

Medium /3/

Bad /2/

A

B

C

D







F

Credits will be given based on the curriculum

No credits are given







  1. REFERENCES (MANDATORY AND RECOMMENDED)

Bland, D., Insurance: Principles and practice, CII, 2000

Insurance, CIB, 1996

Vaughan, E., T. Vaughan. Fundamentals of Risk and Insurance, John Wiley & Sons, 2003

Rubin, H. Dictionary of Insurance Terms, Barron’s, 199

Management of insurance operations, Ian Bates & Derek Atkins, 2-nd edition, 2007, UK

Risk management and Insurance, Harold. D. Skipper, W. Jean Kwon, 2007, USA

Risk & Insurance, Mark R. Green, James S. Triesehmann, 1984, USA

Reinsurance, Edited by Robert W. Strain, 1980, New York

Андреев, Я. Общо застраховане – принципи и практика, София, 2006

Андреев, Я. Застрахователни термини, Враца, 2008.

Андреев, Я., Андреева, Цв., Андреев, Р. Презастраховане – Принципи и практика, С, 2004г.

Андреева, Цв., Управление на риска на застрахователното дружество, УИ „СТОПАНСТВО”,С. 2009

Ботев Г., Ж. Каличин. Оценка и управление на риска в общото застраховане, Бургас, 1999.

Гаврийски, В. Икономика на застраховането, София, 1998

Драганов Хр., Б. Илиев и др. Застраховане, „Форком”, София, 1998

Драганов, Хр., М. Нейков. Имуществено и лично застраховане, Тракия-М, 2000

Йотов, Й., Б. Илиев. Основи на застраховането, Свищов, 2004

Йотов, Й. Лично застраховане, София, 2012



Илиев, Б., Й. Йотов. Застрахователен мениджмънт, Свищов, 2002 Илиев, Б. Управление на риска в застрахователните дружества, АИ „Ценов” Свищов, 1994

LEGAL FRAMEWORK CONCERNING INSURANCE:

Insurance Code

Financial Supervision Commission Act

Export Insurance Act

Ordinance No. 24 of 08.03.2006 on the Compulsory Insurance Pursuant to Items 1 and 2 of

Article 249 of the Insurance Code and on the Procedure of Settlement of Claims for

Compensation of Damages Caused to Motor Vehicles

Ordinance No. 27 of 29 March, 2006 on the procedure and methodology of formation of the technical reserves by insurers and reinsurers, and of the health insurance reserves

Ordinance No. 21 of 16 March, 2005 on the own funds and solvency margin of

insurers, reinsurers and health insurance companies


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