Objective: 
After completing this course, students should be able to:
– understand the nature of risk and its application
– understand the general purpose, role and benefits of insurance
– demonstrate a knowledge of how the insurance market works
– understand how the general insurance market is regulated
– apply the basic legal principles of insurance
– identify the key features, benefits and use of the main forms of insurance

Assessment: 
There will be a case study every week covering the material for that week. Each student is asked to solve case
applications at home and send via e-mail. There will be one week time for every case study. The weights for the
final course grade are as follows:
A – 12 to 13 case studies
B – 10 to 11 case studies
C – 8 to 9 case studies
D – 6 to 7 case studies
F – less than 6 case studies

Contents: 

Lectures
1. Risk in our society.
2. Insurance and Risk.
3. Introduction to Risk management.
4. Types of insurers and marketing systems.
5. Government regulation of insurance.
6. Fundamental legal principles.
7. Life Insurance.
8. Annuities and individual retirement accounts.
9. Social Insurance.
10. The liability risk.
11. Insurance company operations.
12. Auto insurance and society.
13. Analysis of insurance contracts.

Recommended reading: 

• PRINCIPLES OF RISK MANAGEMENT AND INSURANCE, George E. Rejda, Addison Wesley, 2007
• FUNDAMENTALS OF RISK AND INSURANCE, Emmett J. Vaughan, Therese M. Vaughan, Wiley 2002