Introduction to 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. The course is designed for non-majors, as well as a basis for more advanced courses in Risk Management and Insurance.
Athena Title
Risk Management Insurance Hon
Equivalent Courses
Not open to students with credit in RMIN 4000, RMIN 4000E
Prerequisite
Permission of Honors
Semester Course Offered
Offered every year.
Grading System
A - F (Traditional)
Student Learning Outcomes
By the end of this course students should be able to identify and apply the steps of the risk management process.
By the end of this course students should be able to describe the operations of companies within the insurance industry.
By the end of this course students should be able to interpret legal and economic principles and their relevance in risk management.
By the end of this course students should be able to risks associated with property, liability, life, and health exposures.
Topical Outline
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. Risk and Its Treatment b. Introduction to Risk Management c. Insurance and Risk d. Enterprise Risk Management
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 c. Government Regulation of Insurers
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. Liability Risk
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
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. Life Insurance b. Health Insurance c. Retirement Planning d. Employee Benefits
