This course provides a complete and detailed examination of major principles and practices of risk management and insurance. It is relevant for a wide range of students and practitioners in the business realm. Current examples and cases are ideal to understand the basic concepts of risk and insurance, as well as introductory and advanced topics in traditional and enterprise risk management. The course starts by presenting some basic management and legal principles in risk and insurance, together with an overview of the private insurance industry, before examining in detail the major lines of personal and commercial insurance (life and health, property and liability). The course encourages students to apply basic risk management and insurance principles to their daily-life decisions as insurance consumers, and also introduces a number of current global and domestic debates ranging from cybercrime to bancassurance.
1. Risk and its treatment. Insurance and risk. 2. Introduction to risk management. Enterprise risk management and related topics. 3. Types of insurers and marketing systems. Insurance company operations. 4. Financial operations of insurers. Government regulation of insurance. 5. Fundamental legal principles. Analysis of insurance contracts. 6. Life insurance. Life insurance contractual provisions. Buying life insurance. 7. Annuities and individual retirement accounts. 8. Healthcare reform: individual health insurance coverages. 9. Employee benefits: group life and health insurance. Employee benefits: retirement plans. Social insurance. 10. The liability risk. Auto insurance. 11. Homeowners insurance. 12. Other property and liability insurance coverages. 13. Commercial property insurance. Commercial liability insurance. Crime insurance and surety bonds.
George E. Rejda and Michael J. McNamara (2016). Principles of risk management and insurance, 13th ed. Pearson.