May 17, 2022  
2020-2021 Course Catalog 
    
2020-2021 Course Catalog [ARCHIVED CATALOG]

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BUS 260 - Introduction to Insurance

Credits: 3
Lecture Hours: 3
Lab Hours: 0
Practicum Hours: 0
Work Experience: 0
Course Type: Open
An introduction to managing risks and making the best use of insurance. Various forms of personal and property insurance coverages are introduced. Insurance coverages as they relate to both business operations and personal situations are discussed.
Competencies
  1. Evaluate the major categories of risk.
    1. Identify the types of risk in each category.
    2. List the characteristics of each type of risk.
  2. Summarize the techniques for treating loss exposure.
    1. Analyze loss frequency.
    2. Analyze loss severity.
  3. Explain the concepts of indemnification and insurable interest
    1. List the general requirements of an insurable risk
    2. Indicate how these concepts are applied.
    3. Contrast insurance with gambling and speculation.
  4. Identify the components of the Law of Negligence.
    1. List the elements of a negligent act.
    2. Discuss the defenses against negligence.
  5. Analyze the sections of a homeowners insurance policy.
    1. Examine the major provisions in the Homeowners 3 policy.
    2. Examine the duties imposed on the insured after a loss occurs.
    3. Describe some endorsements that can be added to a homeowners policy.
  6. Compare the sections of a personal auto policy.
    1. Identify the persons who are insured for liability insurance under the personal auto policy.
    2. Outline the duties imposed on the insured after an accident or loss occurs.
  7. Investigate the insurance programs for property and liability coverage other than homeowners and personal auto.
    1. Identify the major forms that are used in the Dwelling 89 program.
    2. List the features of federal property insurance programs.
    3. Define title insurance.
    4. Explain commercial property and commercial liability insurance.
  8. Analyze the need for life insurance protection.
    1. Differentiate among term, universal, and whole life insurance.
    2. Identify the features of a life insurance contract.
    3. Discuss the methods for estimating the amount of insurance to own.
    4. Explain the nature of an annuity and how it differs from life insurance.
  9. Evaluate employee benefits.
    1. Describe the methods for handling life and health insurance under current economic trends.
    2. Discuss retirement plans including Keogh, IRA, SEP, and 401 (k).
  10. Explain the reasons for and characteristics of social insurance programs.
  11. Assess the insurance industry.
    1. Compare types of insurers and marketing systems.
    2. Define the rate making, underwriting, production, claim settlement, reinsurance, and investment operations of an insurance company.
    3. Explain how insurance rates are determined.
    4. Discuss government regulation of insurance.



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