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Insurance Industry Primer - MANDATORY
Claims College presents a unique educational experience created by and for industry professionals. To set the stage for these intensive 3 days of learning, several senior level claims executives will present on 10 important insurance topics for 15 minutes each:
1. Insurance 101
2. Types of P&C Companies
3. Key Ratios
4. Determining Coverage
6. Stakeholders in the Claim Process
7. Risk Management
10. Negotiating Settlements
Breakfast & Keynote
We live in a world of accelerating change today. Evidence abounds all around us: take as a single example the shift from paper maps to real-time GPS on your mobile phone that has occurred over the past decade. Insurance is not immune: long resistant to change by design, the recent rise of insurtech holds the promise of a radically different future. While entrepreneurs and technologists are seeking to change insurance from the outside, industry professionals are also seeking to shape the future from within. Come learn from innovation expert and author Rob Galbraith why we are on the cusp of the end of insurance as we know it and how investing in your professional education is the best way to prepare yourself for what’s to come.Back to top
First & Third Party Extra-Contractual Claims
An insurer’s duty of good faith and fair dealing is implied in every insurance policy. A first party extra contractual claim arises when a policyholder alleges the insurer has not acted in good faith in the handling of the insurance claim and involves damages in addition to or outside, the contract of insurance. A third party extra contractual claim is one brought against the insurer by someone other than the named insured for the same type of damages. This course will enable the student to understand when and how extra contractual claims arise, good claims handling to avoid extra contractual claims, how the courts and/or state statutes define good claims handling and the damages recoverable in extracontractual claims. It will also guide the student in understanding that third party extracontractual damages can be recovered in a roundabout way where no direct action is allowed.Back to top
Pretrial/Trial of Extra-Contractual Claims
Because extra-contractual litigation focuses on the insurance company’s conduct, litigation in these cases may require significant company resources. This course will discuss the unique challenges which must be addressed in extra-contractual litigation including evaluating of the claim; identifying company resources needed; selection of counsel; formulating and executing a litigation plan; and options for resolution.
Institutional Bad Faith
The landscape and focus of extra-contractual litigation is constantly changing. This course will discuss what an institutional extra-contractual claim is and how it differs from a typical extra-contractual claim. We will explore the subject matter of these claims; the discovery requests associated with them; and how to defend these types of claims.
Group Project - Case Study Introduction & Questions
Group Project Review/Discussion
Consent Judgments and Related Set Ups
This course is to explain how the use of consent judgments can lead to extra-contractual exposures for carriers. This course will explain what consent judgments are, why plaintiff’s counsel would want to enter into a consent judgment, situations where consent judgments arise, the mechanics of a consent judgment and methods by which carriers can either attack or prevent consent judgments. At the conclusion of this course, students will understand the fundamentals consent judgments, and will understand methods for attacking or preventing consent judgments.
Extra-Contractual Claim Red Flags
This course will identify claims handling red flags that every claims resolution professional should be able to recognize and understand how to appropriately respond. Among other items, this course will discuss coverage disputes; how and when to make an offer; policy limits/time limited demands; insufficient limits; rejection of a demand; rejection of a reservation of rights; and consent judgments.