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FI 325 Risk and Insurance
Elgin, Robert W.


Mission Statement: The mission of Park University, an entrepreneurial institution of learning, is to provide access to academic excellence, which will prepare learners to think critically, communicate effectively and engage in lifelong learning while serving a global community.

Vision Statement: Park University will be a renowned international leader in providing innovative educational opportunities for learners within the global society.

Course

FI 325 Risk and Insurance

Semester

F1J 2009 IN

Faculty

Elgin, Robert W.

Title

Adjunct Faculty

Degrees/Certificates

BS- Management - William Jewell College
MBA - University of Central Missouri

Office Location

Home - Independence

Office Hours

24/7

Daytime Phone

Phone/FAX 816-795-0251

Other Phone

816-795-0625

E-Mail

Robert.Elgin@Park.edu

jameschasee@yahoo.com

Semester Dates

8/17/2009 to 10/11/2009

Class Days

--T---

Class Time

5:30 - 9:50 PM

Prerequisites

none

Credit Hours

3


Textbook:

"Introduction to Risk Management and Insurance", Mark S. Dorfman, Pearson/Prentice Hall, Ninth Edition., 2008
 ISBN 0-13-224227-3

Textbooks can be purchased through the MBS bookstore

Textbooks can be purchased through the Parkville Bookstore

Additional Resources:

McAfee Memorial Library - Online information, links, electronic databases and the Online catalog. Contact the library for further assistance via email or at 800-270-4347.
Career Counseling - The Career Development Center (CDC) provides services for all stages of career development.  The mission of the CDC is to provide the career planning tools to ensure a lifetime of career success.
Park Helpdesk - If you have forgotten your OPEN ID or Password, or need assistance with your PirateMail account, please email helpdesk@park.edu or call 800-927-3024
Resources for Current Students - A great place to look for all kinds of information http://www.park.edu/Current/.


Course Description:
An introduction to the basic principles of insurance and risk management from the perspective of the individual and family consumer; consideration is given to business risk management. 3:0:3

Educational Philosophy:
The facilitator's philosophy is one of interactiveness based on lectures, readings, quizzes, dialogues, examinations, videos and term projects.  The facilitator will engage each learner in what is referred to as disputatious learning to encourage the lively exploration of ideas, issues and contradictions.  Hopefully the student will find an immediate application of the principles learned in the course.

  Instructor Learning Outcomes

  1. Define Risk, differentiate the various types of risk, and explain the four steps in the risk management process.
  2. Explain the importance of the law of large numbers for risk management.
  3. Identify the kinds of property subject to loss, the types of losses that may occur, and the basic types of liability exposures.
  4. Describe the types of potential losses associated with the risk of premature death, several types of medical expense losses that can be incurred, and the general principles underlying employment insurance.
  5. Describe the non-insurance method of risk management.
  6. Define insurance, explain how it differs from other methods of risk transfer, and describe what makes a risk insurable.
  7. Identify and describe the basic parts of an insurance policy.
  8. List the three steps to use in selecting among available risk management techniques.
  9. Determine appropriate insurance coverage for a personal risk management program.
  10. List the different types of consequential loss exposures and types of insurance coverage for each loss exposure.
  11. State the difference between general and particular average losses; explain the differences between insurance and bonding.
  12. Explain how limits of liability are determined in commercial liability policies, and list coverages provided in a worker
  13. Define the key terms in a personal automobile policy, and explain how automobile rating classes are determined.
  14. Identify and explain the factors that can cause automobile insurance premiums to change.
  15. List six basic coverages in a homeowner
  16. Describe the difference between term and whole life insurance and give examples of appropriate uses for each.
  17. Distinguish among three forms of basic health insurance policies, and describe three forms of major medical insurance.
  18. Explain the difference between intermediate and deferred annuities, discuss the concept and structure of variable annuity.
  19. List three features that distinguish group insurance from individual insurance.
  20. Explain the basic pension qualification rules regarding eligibility, retirement ages, form of payment, maximum benefits, maximum contributions and vesting.
  21. Explain the differences between the goals of financial planning and estate planning.
  22. Describe how the insurance industry is divided between private and public sectors.
  23. describe the tasks of administering risk management programs.
  24. Explain why insurance neeeds to be regulated, how regulation affects rates, the direction insurance regulation is headed.
Class Assessment:
The primary method of instruction will be lecture, case study and classroom discussion.  To sucessfully complete this course, it is recommended that you attend all classes, take all examinations on time, keep up with the reading assignments, homework assignments and be prepared to participate in class discussion.

Grading:

Grades for this course will be determined by the following:
   There will be three Quizes each valued at 150 points and each representing 15.0% of the total course points.
 
   There will be a Term Project valued at 250 points and representing 25.0% of the course total points.
 
   There will be a Comprehensive Final Examination valued at 300 points and representing 30.0% of the course total points 
 
   Total possible points 1000
 
All final examinations will be comprehensive and will be closed books and closed notes.  Regardless of any other grade, students must pass the comprehensive examination to pass the course.  If calculators are allowed, they will not be multifunctional electronic devises that include features such as: phones, cameras, instant messaging, pagers, and so forth.  Electronic computers will not be allowed on final exams unless an exception is made by the Associate Dean. 
 

The course grade for students will be based on the overall average of homework and tests taken during the course in accordance with the weighting of the various requirements as stated in the syllabus.

All final exams in all School of Business and Management courses will be comprehensive and will be closed book and closed notes. They will constitute 30% of the total course grade and will not be a take-home exam. They will be completed during the test week in the period designated by the registrar or by the Proctor in the case online courses. If calculators are allowed, they will not be multifunctional electronic devices that include features such as: phones, cameras, instant messaging, pagers, and so forth. Electronic Computers will not be allowed on final exams unless an exception is made by the Dean of the School of Business and Management.

Late Submission of Course Materials:
Make-up quizzes will not be permitted.  Make-up examinations are discouraged and will not be permitted unless there are unusual circumstances and arrangements were made prior to the examination date.  Make-up examinations are generally more difficult and may be in a different format than the original examination.  If the examination is identical to the original examination, the grade that you receive will be reduced by 20%  
 
The total grade for the term will be awarded based on the following scale where the percentage represents the amount earned of the total possible points.          
 90% to 100% =A          80% to 89%=B          70% to 79%=C          60% to 69%=D           Below 60%=F

Classroom Rules of Conduct:
We expect students to act like adults, respect the rights of others and generally act like they would in a work environment.

Course Topic/Dates/Assignments:

8/18/09    Chapter 1 - Fundamentals and Terminology
               Chapter 2 - Defining the Insurable Event
               Chapter 3 - Risk Management
8/25/09   Chapter 4 - Insurance Companies
               Chapter 5 - Insurance Occupations
               Chapter 6 - The Insurance Market: The Economic Problem
               Quiz #1 
9/1/09    Chapter 7 - Insurance Regulation
               Chapter 8 - Insurance Contracts
               Chapter 9 - Basic Property and Liability Insurance Contracts
9/8/09     Chapter 10-Hownowners Insurance (HO)
              Chapter 11-Personal Auto Policy
              Chapter 12-Professional Financial Planning
              Quiz #2  
9/15/09  Chapter 13-Life Insurance Policies
              Chapter 14-Standard Life Insurance Contract Provisions and Options
              Chapter 15-Annuities 
              Chapter 16-Medical Expense and Disability Insurance
9/22/09  Chapter 17-Advanced Topics in Risk Management
              Chapter 18-Commercial Property Insurance
              Chapter 19-Commercial Liability Insurance
              Quiz #3
9/29/09  Chapter 20-Bonding, Crime Insurance and Reinsurance
              Chapter 21-Employee Benefits
              Chapter 22-Social security
              Chapter 23-Unemployment and Worker's Compensation Insurance 
              Review for Comprehensive Final Examination  
10/6/09  Term Project Due
              Comprehensive Final Examination

Academic Honesty:
Academic integrity is the foundation of the academic community. Because each student has the primary responsibility for being academically honest, students are advised to read and understand all sections of this policy relating to standards of conduct and academic life.   Park University 2008-2009 Undergraduate Catalog Page 87
We have a "NO TOLERANCE POLICY" for academic dishonesty.

Plagiarism:
Plagiarism involves the use of quotations without quotation marks, the use of quotations without indication of the source, the use of another's idea without acknowledging the source, the submission of a paper, laboratory report, project, or class assignment (any portion of such) prepared by another person, or incorrect paraphrasing. Park University 2009-2010 Undergraduate Catalog Page 92

Attendance Policy:
Instructors are required to maintain attendance records and to report absences via the online attendance reporting system.

  1. The instructor may excuse absences for valid reasons, but missed work must be made up within the semester/term of enrollment.
  2. Work missed through unexcused absences must also be made up within the semester/term of enrollment, but unexcused absences may carry further penalties.
  3. In the event of two consecutive weeks of unexcused absences in a semester/term of enrollment, the student will be administratively withdrawn, resulting in a grade of "F".
  4. A "Contract for Incomplete" will not be issued to a student who has unexcused or excessive absences recorded for a course.
  5. Students receiving Military Tuition Assistance or Veterans Administration educational benefits must not exceed three unexcused absences in the semester/term of enrollment. Excessive absences will be reported to the appropriate agency and may result in a monetary penalty to the student.
  6. Report of a "F" grade (attendance or academic) resulting from excessive absence for those students who are receiving financial assistance from agencies not mentioned in item 5 above will be reported to the appropriate agency.

Park University 2009-2010 Undergraduate Catalog Page 95
Since this is an eight week course, attendance is critical for sucessful completion of this course.  For each unexcused absence in excess of two your letter grade will be reduced one level.  An excused absence is one that is approved in advance.

Disability Guidelines:
Park University is committed to meeting the needs of all students that meet the criteria for special assistance. These guidelines are designed to supply directions to students concerning the information necessary to accomplish this goal. It is Park University's policy to comply fully with federal and state law, including Section 504 of the Rehabilitation Act of 1973 and the Americans with Disabilities Act of 1990, regarding students with disabilities. In the case of any inconsistency between these guidelines and federal and/or state law, the provisions of the law will apply. Additional information concerning Park University's policies and procedures related to disability can be found on the Park University web page: http://www.park.edu/disability .

Copyright:

This material is copyright and can not be reused without author permission.

Last Updated:6/18/2009 1:58:46 AM