BUS 245 Property & Liability Insurance • 5 Cr.
Includes basic property and liability insurance, contracts, loss exposure, risk management, types of insurers, institution regulations, measurement of financial performance, and operations such as marketing, underwriting, and claims. Prepares students to test for the Certification in General Insurance through the American Institute for CPCU/Insurance Institute of America. Prerequisite: BUS 141 or equivalent experience recommended.
After completing this class, students should be able to:
- Define insurance as a transfer system, a business, and a contract
- Describe types of insurers and insurance regulation
- Identify measures of financial performance, such as profitability, solvency, and monitoring financial performance
- Explain marketing concepts like the legal role of an insurance agent, insurance marketing systems, compensation of producers, advertising, marketing management, regulation of insurance producers
- Describe underwriting activities, process, management, and the regulation of underwriting activity
- Explain types and responsibilities and of claim representatives, the claim handling process, establishing loss reserves, and unfair claim practice laws
- Describe elements of a contract, insurance contracts, and conditions commonly found in property and liability insurance policies
- Explain the risk management process of benefits