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SMC|Academic Programs|Business Department|Property and Liability Insurance

Property and Liability Insurance

3 Units
Prerequisite: NONE

Catalog Description:

In this course, students will learn the basics of property and liability insurance. It covers types of insurers, institutions that provide insurance, insurance regulation, and measurement of financial performance. It also covers insurance operations, including marketing techniques, underwriting, claims, insurance contracts, loss exposure and risk management.

Course Objectives:

Upon completion of the course students will be able to:
A.    define insurance as a transfer system, a business and a contract;
B.    describe types of insurers and insurance regulation;
C.    identify measures of financial performance, such as profitability and solvency;
D.    explain marketing concepts, i.e. the legal role of an insurance agent, insurance marketing systems, compensation of producers, advertising, market management and regulation of insurance producers;
E.    describe underwriting activities, underwriting management, the underwriting process and the regulation of underwriting activity;
F.    explain the responsibilities of claim representatives, the types of claim representatives, the claim handling process, and unfair claim practice laws;
G.    explain the establishment of loss reserves;
H.    identify elements of a contract, special elements of insurance contracts and conditions commonly found in property and liability insurance;
I.    describe property and liability loss exposures and policy provisions;
J.    explain the risk management process and its benefits.
       
Course Content:

7%    Insurance Defined
9%    Insurance Providers and Regulation
10%    Measures of Insurance Financial Performance
10%    Marketing
13%    Underwriting
15%    Claims
9%    Insurance Contracts
9%    Property Loss Exposures and Policy Provisions
9%    Liability Loss Exposures and Policy Provisions
9%    Risk Management