Insurance Law explained, by Shane Irvine, J.D.

While insurance may not be the most exciting of subjects, it well may be one of the most lucrative business fields that do not require a business degree. This course is about how insurance works and the various types of insurance available. Various types of insurance and annuities require different types of licenses. Insurance law is a vital element of business law and learning about the laws associated with business insurance should be considered as important as learning how to write contracts. Insurance companies pool the insured’s funds (known as exposures) to pay for the losses that some may policyholders may incur. The insured entities are protected from risk. The premiums that a policyholder pays are based on actuarial figures that estimate the probable frequency and severity of events occurring. An insurable risk must meet certain characteristics. This course will teach students what those risk characteristics are and better prepare them as entrepreneurs to balance the utility of coverage against potential risks without coverage. A successful entrepreneur should always try to make decisions based on knowledge by balancing utility versus risks. In the end, it’s not how much you make that matters, it’s how much you keep. Understanding how to defer taxes is equally as important as knowing how to write contracts. Initiating insurance and annuity instruments can be a powerful tool in any business.