Discipline: Business Degree Credit  [X]
Non Credit  [ ]
Nondegree Credit  [ ]
Comm Service  [ ]
 

Riverside Community College District
Integrated Course Outline of Record

Business 61


COURSE DESCRIPTION
61 Introduction to Insurance Units: 1.00
 
Prerequisite: None.
 
Basic introduction to the modern insurance system, how insurance products and services are distributed to the consumer, how insurance company departments function, how reinsurance is used, civil laws or tort and contracts, commercial and personal ISO insurance contracts, and the risk management process. 18 hours lecture.
 
SHORT DESCRIPTION FOR CLASS SCHEDULE
Examines the essentials of insurance including the structure and operation of insurance companies, reinsurance, importance of the risk management process, and a review of basic insurance contracts.
 
ADVISORY ENTRY SKILLS
None.

STUDENT LEARNING OUTCOMES
 Upon successful completion of the course, students should be able to:

Explain the history of insurance, define terminology such as stock,
mutual, direct writing insurance companies, admitted/non-admitted
companies and reinsurance; agent vs. broker, and the benefits of
the insurance industry.

Illustrate and critically discuss the importance of risk management
and cost of risk to a business or an individual.

Apply the insurance essentials learned to day-to-day business and
personal insurance needs through the composition of developed
and unified written responses to case studies.
 
COURSE CONTENT
  TOPICS
 
  1. Property/Casualty Distribution System including
    1. Insurance and the Economy
    2. Insurance Company Regulation
    3. Stock and Mutual Insurance Companies
    4. Direct Writer Insurance Company
    5. Direct Marketing Company
    6. Insurance and the Internet
    7. Insurance Services Office (ISO)
  2. Reinsurance: Creating an Insurance Company
  3. Insurance Company Departments/Structure 
    1. Underwriting
    2. Claim Department
    3. Marketing Department
    4. Loss Control Department
  4. Basic Insurance Concepts 
    1. Principle of Indemnity and Insurance Contracts
  5. Valuations 
    1. Valued Policy/Replacement Cost Value/Actual Cash Value
    2. First Party and Third Party Claim Forms
    3. Limits-Commercial, General Liability
    4. Loss Ratio
    5. Occurrence Liability Form
    6. Risk
  6. Civil Law
  7. Common Law 
    1. Statutory and Common Law
      1. Contract Law (Civil Law Category)
    2. Tort Law (Civil Law Category)
  8. Tort Law-Intentional Acts
  9. Tort Law-Unintentional Acts (Negligence)
  10. Tort Law-Strict Liability
  11. Medical Payments
  12. ISO Insurance Contracts
  13. Commercial Lines ISO Forms
    1. Building and Personal Property Coverage Form
    2. Commercial Property Causes of Loss Forms
    3. Commercial General Liability Forms
    4. Business Auto Coverage Form
  14. Personal Lines Contracts 
    1. Personal Auto and Homeowner ISO Forms
    2. ISO Homeowners Policy
    3. ISO Homeowners Three-Policy HO-3
    4. HO-3 Section I (Property Coverages)
    5. HO Section II (Liability/Medical Payment Coverages
    6. HO-3 Declarations Page
    7. Section II: Personal Liability and Medical Payments
  15. Risk Management and Business
    1. Cash Flow > Assets and People > Sr. Mgmt. & Business
      Mission Goals
  16. Other Insurance Contracts and Summary Comments 
    1. Worker’s Compensation
    2. Umbrella Policy
  17. Career options available in the insurance industry
 
METHODS OF INSTRUCTION
 Methods of instruction used to achieve student learning outcomes may include, but are not limited to:

  • Presentation of lectures and discussions on the structure of insurance companies and the benefits of insurance products to the welfare of society.
  • Cooperative/collaborative learning tasks and activities designed to assist students in better understanding the concepts of risk management, reinsurance, civil law, torts and contracts.
  • Case studies involving the various structures of insurance companies, needs for insurance and the importance of risk management.
  • Guest speakers to allow students to interact with insurance professionals.
 
METHODS OF EVALUATION
 Students will be evaluated for progress in and/or mastery of learning outcomes by methods of evaluation which may include, but are not limited to:

  • The writing of case study analyses demonstrating an understanding of insurance company operations, insurance needs and risk management.
  • Class discussions designed to evaluate students’ understanding of the structure and operation of insurance companies and the concept of reinsurance.
  • Quizzes/examinations designed to assess students’ ability to recall, critically analyze and apply key concepts of the modern insurance system.
  • Participation as required by instructor to ensure progress in mastering the course content and involvement in collaborative learning projects.
  • Individual web projects designed to assist student in determining and evaluating various career options available in the insurance industry.
ASSIGNMENTS

Required Reading Assignments


Required Writing Assignments


Other Outside-of-Class Assignments
 
COURSE MATERIALS
 All materials used in this course will be periodically reviewed to ensure that they are appropriate for college level instruction. Possible texts include:

  • -. Orientation to Property/Casualty Insurance. Insurance Educational Association, 2004.
  • American Institute for American Institute for Chartered Property Casualty Underwriters and Insurance Institute of America (AICPCU), http://aicpcu.org/

    State of California Department of Insurance, http://saverealmoney.com/insurance/california-insurance-department.htm

    Insurance Research Council, a non-profit division of the American Institute for Chartered Property Casualty Underwriters and the Insurance Institute of America, http://www.ircweb.org/

    Insurance Educational Association (IEA), http://www.ieatraining.com/
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