Insurance

Provide students to an introduction to risks and insurance and analyze the nature of risk as it relates to personal, financial, and business decisions. Intended to give an understanding of insurance principles, insurance functions, and legal aspects of insurance. Emphasize basic insurance terminology and issues such as moral hazard and adverse selection and analyze a couple of insurance policies, personal auto insurance and homeowners insurance. Explore insurance accounting, risk financing, and alternative risk transfers.

Provide an overview of life and health insurance products, applications of those products and discuss the types of policies and contracts and management of life insurance companies. Explore the operational aspects of a life insurer along with ratemaking, underwriting, claims management, and investment practice of life insurers. Emphasize the economic principle and mathematical foundation of life insurance. Examine an overview of legal aspects as well. Encourage students to take a CLU examination, HS 323.

Analyze the needs by business and individuals for property and liability insurance, the nature of coverage available, and systems of rating, marketing, and underwriting. Provide students with an overview of risk management for property and liability exposures of commercial enterprises and an examination and identification of loss exposures for those entities. Explore common commercial insurance contracts and overview of legal aspect. Discuss risk financing methodologies in details.

Explore the nature of risk management and the role of the risk manager in business or government organization. Emphasis is given to identify and evaluate loss exposures, and to develop risk control methods and risk financing techniques for exposures. Emphasize a conceptual framework for risk management decisions to increase business value and individual welfare. Discuss the concept of enterprise risk management and various risk financing alternatives with particular emphasis on new developments.