RMI 2213 - Commercial Insurance

College of Business

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

Requisites

Prerequisite RMI 1201 with a minimum grade of C

Course Description

This is the third of three courses in the AS, Insurance Services program. The intent of this course is to provide an overview of commercial lines insurance, including an introduction to fundamental property, liability, automobile, crime business income, workers compensation practices, and current market trends. It is strongly recommended that students complete RM 2113 prior to this course.

Learning Outcomes and Objectives

  1. The student will describe the basic concepts of commercial risk management by:
    1. defining and comparing risk management techniques used in commercial lines.
    2. identifying and defining commercial lines of business and commercial insurance policies.
  2. The student will identify commercial lines property insurance including its purpose, coverage, rating and application by:
    1. comparing and discussing policies that provide commercial property coverage.
    2. appraising the coverage forms within the property part, evaluating their purpose and application.
    3. assessing and comparing commercial property cause of loss forms, endorsements and conditions.
    4. comparing the elements of commercial property coverage rating.
  3. The student will explain business income, commercial crime, equipment breakdown and inland/ocean marine insurance, including its purpose, coverage and by:
    1. identifying and discussing the loss exposure and application of coverage for business income coverage.
    2. identifying and discussing the loss exposure and application of coverage for commercial crime insurance.
    3. identifying and discussing the loss exposure and application of coverage for equipment breakdown insurance.
    4. assessing the development of inland marine insurance.
    5. contrasting and comparing inland and ocean marine exposures and policies.
  4. The student will describe commercial lines liability insurance including its purpose, coverage, rating and application by:
    1. identifying and discussing liability loss exposures.
    2. contrasting and comparing the coverage parts with in the commercial liability form.
    3. defining and describing the definition of an “insured”, describing limits, conditions, miscellaneous coverage forms, endorsements, forms, and rating processes.
  5. The student will explain commercial automobile insurance including its purpose, coverage, rating and application by:
    1. identifying and discussing automobile loss exposures.
    2. comparing and deciding business auto, garage coverage and motor carrier coverage forms.
    3. evaluating and discussing the elements of commercial auto coverage rating.
  6. The student will recognize the purpose, coverage, rating and application of miscellaneous commercial insurance including business owners, farm, workers compensation and other risk specific policy types by:
    1. explaining the structure and purpose of a business owners policy.
    2. explaining the structure and purpose of a farm policy.
    3. describing the societal need and statutory requirement for workers compensation insurance.
    4. defining and discussing the workers compensation and employers liability insurance policy, it coverage, application and premium rating.
    5. comparing and contrasting other types of risk specific commercial insurance coverage, their purpose and application.

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

Adapted from deactivated course RMI 4211. 10.18.13: Course submitted to SCNS as RMI 2211; SCNS assigned course as RMI 2213.
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. Risk Management and Insurance Management (RISKMGT-CT) (595) (Active)