INS 1100 PRINCIPLES OF INSURANCE (3 credits)
Introduces the student to understanding the nature of risk and how insurance can manage risk. Overview of the insurance industry, its nature and structure and how insurance organizations are regulated. Case studies will be utilized for understanding the challenges of Insurance Risk Management and the role of regulation. Case studies will be used to evaluate the financial strength of industry organizations.
INS 1200 PRINCIPLES OF PERSONAL INSURANCE (3 credits)
Introduces the student to the concept of personal insurance, studying life, health, disability and long-term care insurance. The student gains the perspective of managing personal risk associated with personal insurances.
Prerequisite: INS 1100
INS 2100 PRINCIPLES OF COMMERCIAL INSURANCE (3 credits)
Introduction to the concept of commercial insurance. The student will gain an understanding of insurance to manage commercial risk. Students will evaluate appropriate levels of coverage and study insurance contracts for greater understanding of insurance language. Course will cover property, liability and auto.
Prerequisite: INS 1100
INS 2500 CLAIMS AND UNDERWRITING (3 credits)
Designed to introduce students to the concept of the underwriting process. Students study how underwriters decide on the cost of the risk and price it accordingly. Studies actuarial science in relationship to cost structure. Students gain knowledge in the underwriting process and understand how an offer is made to a prospective client by assessing and appraising the risk involved in the offer. Students use software in the finance lab to work on proposals based on statistical methods in assessing probability of loss. Students will work in teams on case studies to create underwriting scenarios using data and circumstances in real-life insurance pricing situations. The study of claims is designed to introduce students to the claims (property and liability) process, claims adjusting and extent of the company’s liability to the claimant. Students will learn the investigative nature of claims and study the concept of depreciation, replacement costs and the cash value of assets using financial formulas that are industry/company-specific. Special attention will be given to the two sides of claims – representation of the company and representation of the client (public adjustors).
Prerequisites: MIS 1050, INS 1200 and INS 2100
INS 3000 AGENCY OPERATIONS (3 credits)
An overview of managing agency operations. Students will examine the operations in their entirety – claims, underwriting, reinsurance, finance, actuarial importance, insurance regulation and strategic planning for the insurance industry. Emphasis will be placed on regulatory compliance. Global markets will be studied as a means to understand competition and designing strategic plans to overcome the competition. Student teams will design and set up agencies.
Prerequisites: INS 1200 and INS 2100
INS 3100 STATE INSURANCE CODE (1 credit)
Designed to make students aware of how this code is designed and how it affects property insurance. Insurance code language is defined. Common insurance policy provisions are examined and explained. This class is mandatory for students taking the property insurance exam in Michigan, Florida and Texas.
Prerequisite: INS 3000
INS 3500 ACTUARIAL SCIENCE (3 credits)
An overview of actuarial science and its application to risk management. Students will be introduced to mathematical and statistical methods used to assess risk and the role of actuarial science in the insurance industry.
Prerequisite: MTH 2310
INS 3990 INSURANCE INTERNSHIP (3 credits)
The internship is designed (400 hours of employment) to provide the student with supervised on-the-job experience within the industry and discipline. A contracted and supervised work program is arranged between the student, employer and University to meet program objectives.
Prerequisite: 60 credit hours completed
INS 4850 INSURANCE PROPOSALS AND NEGOTIATIONS (3 credits)
A capstone course that integrates holistic insurance risk management components to develop and negotiate proposals. Student teams will be presented with data and a situation that demands insurance protection. Students will design and build proposals to be presented to management for managing risk. Students will utilize software, financial formulas and negotiation skills to prepare their presentations. Strong emphasis in understanding the role of regulatory compliance and exposure to underwriting process.
Prerequisites: SPC 2050 and INS 3000