RMI 1201 - Principles of Property and Liability Insurance

Credit(s): 3
Contact Hours: 47
Effective Term Spring 2014 (480)

Course Description

This is an introductory course that provides an overview that covers basic property and liability insurance principles such as risk management, regulation, performance, marketing, underwriting, claims, contracts, and loss exposures.

Learning Outcomes and Objectives

  1. The student will discuss the insurance business and the regulations of the insurance industry by:
    1. analyzing risk management techniques and transfer systems.
    2. identifying the types of insurance organizations.
    3. examining insurance regulation.
  2. The student will explain how to measure performance and plan marketing in the insurance industry by:
    1. analyzing insurer profitability and solvency.
    2. monitoring insurer financial performance.
    3. identifying the marketing aspects of insurance.
  3. The student will define underwriting, contracts and claims in the insurance industry by:
    1. identifying underwriting activities, management and the underwriting process.
    2. examining the regulation of underwriting activities.
    3. analyzing claim handling responsibility and the process.
    4. analyzing loss reserves and unfair claim practice laws.
  4. The student will explain how to assess property and liability loss exposure and describe how to manage such exposure by:
    1. analyzing property and liability loss exposures.
    2. examining property and liability policy provisions.
    3. examining the management of property and liability loss exposure.
    4. analyzing an example of a risk management program.

Criteria Performance Standard

Upon successful completion of the course, the student will, with 70% accuracy, demonstrate mastery of the above stated objectives through classroom measurements developed by individual course instructors.

History of Changes

C&I 6/22/2010, BOT 8/17/2010, Effective 20101(0430). Submitted as 1200; State approved as 1201.
C&I Approval: 05/31/2013, BOT Approval: 08/05/2013, Effective Term: Spring 2014 (480)

Related Programs

  1. Business Administration (BUS-AS) (670) (Active)
  2. License - Property & Casualty General Lines (2-20 authority) (to BUS-AS) (220IC-AR) (610) (Active)
  3. License - Property & Casualty General Lines (2-20 authority) (to RISKMGT-CT) (220CTIC-AR) (610) (Active)
  4. Risk Management and Insurance Management (RISKMGT-CT) (595) (Active)