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.
Athena Title
Risk Management and Insurance
Equivalent Courses
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
Syllabus