| Course ID: | RMIN 4000. 3 hours. |
| Course Title: | Risk Management and Insurance |
Course
Description: | Risk identification, risk evaluation, and risk treatment methods. Consideration is given to both business and personal risks, with an emphasis on insurance as a risk management tool. Designed for non-majors as well as a basis for more advanced courses. |
| Oasis Title: | Risk Management and Insurance |
| Duplicate Credit: | Not open to students with credit in RMIN 4000E, RMIN 4000H |
Semester Course
Offered: | Offered every year. |
| Grading System: | A-F (Traditional) |
|
| Course Objectives: | Upon successful completion of the course, students will have achieved competence and
understanding in the area of general risk management and its importance to both
personal and business endeavors. The successful student will have knowledge of the
risk management process and the ability to identify and analyze various types of
risk, including property, liability, life, health and income risks. Students will be
evaluated primarily through the use of timed multiple-choice examinations and will be
scored additionally based on assignments and class participation. Although this may
vary based on instructor preference, attendance is usually mandatory. |
| Topical Outline: | 1. Basic Concepts in Risk Management: This section introduces the concept of
risk in our society and the process used by both corporations and individuals to
identify, analyze and manage that risk.
a. Introduction to Risk
b. Risk Identification and Evaluation
c. Introduction to Various Loss Exposures
d. Preliminary Risk Management
2. Secondary Risk Management/Legal Principles in Risk and Insurance: From a
contractual perspective, this section assesses the legal environment, introduces the
fundamental provisions in the insurance contract and follows with a study of choosing
and implementing risk management techniques.
a. Fundamental Principles
b. Analysis of Insurance Contracts
c. Selection and Implementation of RM Techniques
3. Property and Liability Risks: From a personal risk perspective, this section
addresses the common exposures of Auto and Home risks and analyzes the impact on the
individual, society, and the environment. Insurance products used to transfer risk
are reviewed. Particular attention is placed on differing global attitudes
concerning these risks and their treatment.
a. Homeowners Insurance
b. Automobile Insurance
4. Life and Health Risks: This section addresses life and health risk, the
insurance issues stemming from this risk, and retirement planning. In addition to
introducing the various types of contracts available for managing these risks,
particular attention is placed on demographic diversity for employer plans, the
impact of government oversight, and the social aspects of providing employee
benefits.
a. Fundamentals of Life Insurance
b. Health Insurance
c. Retirement Planning
d. Employee Benefits
e. Financial and Estate Planning
5. The Insurance Industry: As a regulated industry, this section introduces the
social and political rationales for regulation, and how the insurance product works.
Types of insurance companies and the marketing systems available are also discussed.
a. Types of Insurers and Marketing Systems
b. Insurance Company Operations |