BUS 341: Risk Management and Insurance

Course Description

This course covers the basic concepts in risk management and insurance, legal principles in risk and insurance, personal property and liability risks, commercial property and liability risks, and life and health risks. (3 credits)

Prerequisites

  • ENG 101: English Composition 1
  • ENG 102: English Composition 2
  • FIN 210: Financial Management OR HCA 211: Health Care Finance

Student Learning Outcomes (SLOs)

Students who successfully complete this course will be able to:

  1. Define risk and explain the basic characteristics of a variety of insurance policies.
  2. Define risk management and explain the objectives of risk management, and understand the risk management process, including identifying, eliminating, reducing, and transferring the risks
  3. Explain the major reasons why insurers are regulated and explain the fundamental legal principles that are reflected in insurance contracts.
  4. Identify the basic parts of any insurance contract.
  5. Describe the characteristics of Employee Benefits (i.e., Group Life and Health Insurance).
  6. Describe the characteristics of homeowners and auto insurance.
  7. Describe the characteristics of individual life and health insurance.
  8. Describe the characteristics commercial property and commercial liability insurance.
  9. Describe how good risk management and good ethics must work hand-in-hand.

Course Activities and Grading

AssignmentsWeight

Discussions (Weeks 1-8)

20%

Assignments (Weeks 1-3 & 5-7)

20%

Quizzes (Week 1-3 & 5-7)

15%

Midterm Exam (Week 4)

20%

Final Research Paper (Week 8)

25%

Total

100%

Required Textbooks

Available through Charter Oak State College's Book Bundle

  • Rejda, George E. Principles of Risk Management and Insurance. 14th edition. Pearson Publishing, 2020. ISBN 13: 9780135641293
  •  

Supplemental Readings

Available in Weekly Course Content Folder

  • There may be additional articles to read which will be located in the course.

Course Schedule

Week

SLOs

Readings and Exercises

Assignments

1

1,9

Topic: Introduction to Risk
  • Readings:
    • Chapter 1: Risk in Our Society
    • Chapter 2: Insurance and Risk
  • Read assigned chapters
  • Review the Lecture material
  • Participate in the Discussions
  • Complete Quiz
  • Optional web activities
    • What is your risk tolerance?

2

1,2

Topic: Risk Management and Types of Insurers
  • Readings:
    • Chapter 3: Intro to Risk Management
    • Chapter 5: Types of Insurers and Marketing Systems
  • Read assigned chapters
  • Review the Lecture material
  • Participate in the Discussions
  • Complete Quiz
  • Submit Research Paper Topic
  • Optional web activities
    • Why Link Risk Managment and Ethics?
    • Risk Literacy: Gerd Gigerenzer at TEDxZurich

3

1,2,3

Topic: The Legal Environment of Insurance
  • Readings:
    • Chapter 8: Government Regulation of Insurance
    • Chapter 9: Fundamental Legal Principles
  • Read assigned chapters
  • Review the Lecture material
  • Participate in the Discussions
  • Complete Quiz
  • Submit Research Paper Outline
  • Optional web activities
    • Youtube Video: Elizabeth Warren
    • What's Your Company's Risk Culture?

4

1,4,9

Topic: The Legal Environment of Insurance
  • Readings:
    • Chapter 10: Analysis of Insurance Contacts
  • Read assigned chapters
  • Review the Lecture material
  • Participate in the Discussions
  • Complete Midterm Exam
Midterm Exam (covers chapters 1, 2, 3, 5, 8 & 9)
Due by Sunday Night, 11:59 EST
SLOs 1, 2, 3, 4 & 9

5

1,2,5

Topic: Individual Life and Health Insurance
  • Readings:
    • Chapter 11: Life Insurance
    • Chapter 15: Individual Health Insurance Coverages
  • Read assigned chapters
  • Review the Lecture material
  • Participate in the Discussions
  • Complete Quiz
  • Submit first draft of research paper
  • Optional web activities
    • Kaiser Family Foundation's
    • On the Money
    • How much life insurance do you need?

6

1,2,6

Topic: Employee Benefits and Liability Risk
  • Readings:
    • Chapter 16: Employee Benefits
    • Chapter 19: The Liability Risk
  • Read assigned chapters
  • Review the Lecture material
  • Participate in the Discussions
  • Complete Quiz
  • Optional web activities
    • Insurance Fraud Quiz

7

1,2,7,9

Topics: Auto and Homeowners Insurance
  • Readings:
    • Chapter 20: Auto Insurance
    • Chapter 22: Homeowners Insruance
  • Read assigned chapters
  • Review the Lecture material
  • Participate in the Discussions
  • Complete Quiz
  • Optional web activities
    • Money's Covered or Clueless Quiz
  • Optional reading
    • Umbrella policies
    • Automobile Insurance Requirements in CT

8

1,2,8

Topic: Commercial Property and Liability
  • Readings:
    • Chapter 25: Commercial Property Insurance
    • Chapter 26: Commercial Liability Insurace
  • Read assigned chapters
  • Review the Lecture material
  • Participate in the Discussions
  • Submit Research Paper
  • Optional web activities
    • Funny Insurance Claims Risk

COSC Accessibility Statement

Charter Oak State College encourages students with disabilities, including non-visible disabilities such as chronic diseases, learning disabilities, head injury, attention deficit/hyperactive disorder, or psychiatric disabilities, to discuss appropriate accommodations with the Office of Accessibility Services at OAS@charteroak.edu.

COSC Policies, Course Policies, Academic Support Services and Resources

Students are responsible for knowing all Charter Oak State College (COSC) institutional policies, course-specific policies, procedures, and available academic support services and resources. Please see COSC Policies for COSC institutional policies, and see also specific policies related to this course. See COSC Resources for information regarding available academic support services and resources.