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RMIN 2500.004
INTRODUCTION TO RISK MANAGEMENT AND INSURANCE
FALL 2018
Course Information
3 Credit Hours
Prerequisites: None
Course Dates: August 27, 2018 – December 14, 2018
Course Format: Online
Date and Time of Final Exam: December 10, 2018; Opens 12:01 AM, Closes 11:59 PM in
Canvas Course URL: https://unt.instructure.com .
Instructor Information
Dale Sharpe Jenkins, M.S., CIC, AINS, Lecturer
BLB 331C
940.565.3620
Office Hours: Wednesday 10:00 AM – 12:00 PM
Course Description
This is a course in the study of basic theories of risk, risk management techniques, fundamental
principles of insurance and insurance company operations. The course will provide an overview
of insurance contracts and examination of the personal lines home and auto policies and major
commercial lines policies.
Course Specific Outcomes
For RMI majors, this course serves as a basis for more advanced courses. RMIN 2500 students
are expected to comprehend key insurance terminology and insurance contract features; to gain a
general understanding of insurance company operations; to acquire knowledge and
understanding of the basic risk management process and to describe how property and liability
risks are classified and the importance of risk classification. After taking this course students
will have a better understanding of the insurance industry and the importance and relevance of
the risk management function in their personal life as well as within organizations and the
societal importance of risk financing via insurance.
Course Materials
Principles of Risk Management & Insurance,(13th Edition) by George E. Rejda and Michael J.
McNamara. ISBN 13: 978-0-13-408257578
Additional reading material and videos posted in Canvas
Online magazine article publications; links provided in Canvas
Lectures posted in Canvas
2
Course Announcements and Communications
General information from the instructor that needs to be communicated to the entire class will
be done so through Canvas Announcements. Weekly topical information related to the course
material will be communicated through the Discussion board for that particular week.
The best manner of communication for students to connect with the instructor regarding
information related to the students grade is via email. If you email me, please make sure to
include “RMIN 2500.004” in the subject line; when you do so this will reduce (not necessarily
eliminate) the risk of your important message getting filtered into spam or junk folders by
the system administrator. General questions related to course material are best communicated
through the Discussion Board.
Instructor Response Time
Email and phone response within 24 hours (M-F, excludes Sat and Sun)
Assignments: within 48 hours of due date
Grades available: within 72 hours of due date
Discussion response: within 24 hours
I will notify you in the case of any changes to my response time
Course Organization
Several Modules have been set up in Canvas. The Modules can be accessed by clicking on the
word “Modules” located in the menu on the left hand side of your Canvas screen. These are the
Modules you should be able to access:
Course Introduction & Overview. In this Module you will find an overview of the course, the
course syllabus, an outline of reading assignments and additional information regarding
Netiquette and Discussion Board instructions and expectations.
College of Business Opportunities. There are many opportunities for scholarships, internships,
jobs and conferences that are available to College of Business students. In this folder you will
find information regarding these opportunities along with dates and application deadlines.
Weekly Modules. This is a fifteen (15) week course. A weekly folder for each of the 15 weeks is
set up in Canvas. The contents of each Weekly Module will be available for your viewing and
access in Canvas each Sunday at midnight. Within the contents of the Weekly Modules, you will
find the following pertaining to instructions and your responsibilities for the week:
• Learning Objectives
• Lectures
• Instructions for Discussion Board - including links to required reading material
• A link to all Reading Assessment Homework
• Sample Insurance Policies
• Optional videos, YouTube presentations and Reading Material
3
Course Schedule
Week One: Overview of the Definition and Treatment of Risk
Activity Description Due Date
Reading
Assignment
Principles of Risk Management & Insurance, Rejda and McNamara
(PRMI Textbook) - Chapter 1
Against the Gods: The Remarkable Story of Risk, Introduction by Peter
L. Bernstein
Learning
Objectives:
1 Define and understand key terms:
o Loss Exposure,
o Chance of Loss
o Peril,
o Hazard,
2 Explain how risks are categorized as:
o Pure
o Speculative
o Diversifiable
o Non diversifiable
o Enterprise risk
o Systemic risk
3. Give examples of various types of hazards
Discussion
Board
Introduction and Personal Perspective of Risk Taking 1st Post
Submit before: 11:59 pm
8/29/18
2nd
Post Not required
Reading
Assessment
Homework
In Canvas - Covers Chapter One and Lecture(s) Submit before: 11:59 pm
9/2/2018
Week Two: Introduction to Insurance: Definition and Characteristics
Activity Description Due Date
Reading
Assignment
PRMI Textbook - Ch. 2, & Ch. 4 bottom of page 74 – top of page 78
Lecture Risk Perspectives; How Does Insurance Work – Video
The Law of Large Numbers - Video
Learning
Objectives:
1. Explain the basic characteristics of insurance
2. Explain the Law of Large Numbers
3. Describe the Characteristics of an Ideally Insurable Risk
4. Describe the Major Types of Insurance
5. Explain the Social Benefits and Costs of Insurance
6. Describe the underwriting cycle and it impact on RM
Discussion
Board
Classifying risk; Understanding perils and hazards associated with risks. 1st Post
Submit before:
11:59 pm 9/5/18
2nd
Post
Submit before:
11:59 pm 9/7/18
Reading
Assessment
Homework
In Canvas - Covers Chapter 2 and Lecture(s) Submit before:
11:59 pm 9/9/18
4
Week Three: Introduction to Risk Management
Activity Description Due Date
Reading
Assignment
PRMI Textbook - Chapter 3
Lecture Loss Exposures and The Risk Management Process
Peter L. Bernstein on Risk - Video
Learning
Objectives:
1. Define Risk Management
2. Understand and Explain Risk Management Pre- Loss & Post Loss
Objectives
3. Describe the Steps in the Risk Management Process
4. Explain the Major Risk Control Techniques
5.Explain the Major Risk Financing Techniques
6. Understanding the Importance of Identifying Loss Exposures in the
Management of Risk
Discussion
Board
Indentifying Loss Exposures 1st Post
Submit before:
11:59 pm 9/12/18
2nd
Post
Submit before:
11:59 pm 9/14/18
Reading
Assessment
Homework
In Canvas Covers Chapter 3 and Lecture(s) Submit before:
11:59 pm 9/16/18
Week Four: Insurance Company Operations
Activity Description Due Date
Exam 1
In Canvas
Covers Material from Weeks 1 – 3
Submit before:
11:59 pm 9/19/18
Reading
Assignment
PRMI Textbook, Chapter 5, pgs 98–102 & Chapter 6
Lecture Reinsurance – In Canvas
Learning
Objectives:
1. Describe and Explain:
The Rate Making Function of Insurers
The Underwriting Process
The Sales and Marketing Activities of Insurers, and
The Steps in the Claims Process
2. Explain What Reinsurance Is and Its Use and Purpose
3. Explain the Importance of Insurer Investments
Discussion
Board
No Discussion Board this Week
Reading
Assessment
Homework
In Canvas – Covers Chapter 5, pgs 98–102 &
Chapter 6 and Lecture Submit before:
11:59 pm 9/23/18
5
Week Five: Financial Operation of Property & Casualty (P&C) Insurers
Activity Description Due Date
Reading
Assignment
PRMI Textbook - Chapter 7
Learning
Objectives:
1. Understand the three major sections of the balance sheet for a property
and casualty insurance company
2. Identify the sources of revenues and types of expenses incurred by a
property and casualty insurance company
3. Explain how insurer profitability is measured using ratios
4. Explain the Objectives of Rate Making in P&C industry
Lecture Insurer Financial Operations and Measuring Profit and Loss Using Ratios
Discussion
Board
Insurance Company Operations in the Future 1st Post
Submit before:
11:59 pm 9/26/18
2nd
Post
Submit before:
11:59 pm 9/28/18
Reading
Assessment
Homework
In Canvas – Covers Chapter 7 and Lecture Submit before:
11:59 pm 9/30/18
Week Six: Government Regulation of Insurance
Activity Description Due Date
Reading
Assignment
PRMI Textbook - Chapter 8
Learning
Objectives:
1. Explain the major reasons why insurers are regulated
2. Identify key legal cases and legislative acts that have had an important
impact on insurance regulation
3. Identify the major areas of insurance that are regulated
4. Explain the major arguments for and against state regulation of
insurance
5. Explain the objectives of rate regulation and types of rating laws
Lecture Overview of The Texas Department of Insurance
Discussion
Board
State vs. Federal Regulation 1st Post
Submit before:
11:59 pm 10/3/18
2nd
Post
Submit before:
11:59 pm 10/5/18
Reading
Assessment
Homework
In Canvas - Covers Chapter 8 Submit before:
11:59 pm 10/7/18
6
Week Seven: Legal Principles of Insurance
Activity Description Due Date
Exam 2 In Canvas
Covering Material from Weeks 4 - 6
Submit before:
11:59 pm 10/10/18
Reading
Assignment
PRMI Textbook - Chapter 9
Lecture Legal Principles of Insurance
Learning
Objectives:
1. Explain the fundamental legal principles reflected in insurance
contracts
2. Explain the legal concepts of representations, concealment and
warranty and how they affect insurance transactions
Discussion
Board
No Discussion Board
Reading
Assessment
Homework
In Canvas – Covers Chapter 9 and Lecture Submit before:
11:59 pm 10/14/18
Week Eight: Analysis of Insurance Contracts
Activity Description Due Date
Reading Assignment PRMI Textbook – Chapter 10
Lecture Coinsurance
Insurance Exclusions and Other Insurance Provisions
Learning Objectives 1. Describe the basic requirements for the formation of a valid
insurance contract
2. Explain how insurance contracts differ from other contracts
3. Identify the basic parts of an insurance contract
Explain the meaning of insured” in an insurance contract
4. Explain the purpose and how coinsurance works in a property
insurance contract
5. Explain how losses are paid when more than one insurance
contract covers the same loss
Discussion Board No Discussion Board
Reading Assessment
Homework
In Canvas – Covers Chapter 10 and Lecture Submit before:
11:59 pm 10/21/18
7
Week Nine: The Liability Risk
Activity Description Due Date
Reading Assignment
PRMI Textbook - Chapter 19
Lecture The Liability Risk
Learning Objectives: 1. Define and Explain the Elements of Negligence
2. Identify and Explain Defenses Used in a Lawsuit
3. Understand how the law of negligence applies in difference
liability situations
4. Explain the issues effecting tort liability system
Discussion Board Issues related to tort liability and a litigious society 1st Post
Submit before:
11:59 pm 10/24/18
2nd
Post
Submit before:
11:59 pm 10/26/18
Reading Assessment
Homework
In Canvas – Covers Chapter 19 and Lecture Submit before:
11:59 pm 10/28/18
Week Ten: Personal Auto Policy
Activity Description Due Date
Exam 3 In Canvas
Covering Material from Weeks 7 - 9
Submit before: 11:59
pm 10/31/18
Reading Assignment PRMI Textbook - Chapter 20
Lecture Overview of the Personal Auto Policy
Learning Objectives: 1. Identify the parties that are insured for liability coverage
under the Personal Auto Policy (PAP)
2. Describe the liability coverage in the PAP
3. Explain the medical payments coverage in the PAP
4. Describe the uninsured motorists coverage in the PAP
5. Explain the coverage for damage to your auto in the PAP
6.Explain the duties imposed on the insured after an accident or
loss
Discussion Board No Discussion Board
Reading Assessment
Homework
In Canvas – Covers Chapter 20 Submit before:
11:59 pm 11/4/18
8
Week Eleven: Personal Auto Insurance – continued
Activity Description Due Date
Reading Assignment PRMI Textbook – Chapter 21
Learning Objectives 1. Describe approaches for compensating auto accident victims
2. Explain the meaning of no fault auto insurance and the
rationale for no fault insurance laws
3.Describe method of for providing auto insurance to high risk
drivers
4. Identify the major factors that determine the cost of auto
insurance to consumers
5. Explain the suggestions that consumers should follow when
shopping for auto insurance
Discussion Board The impact of autonomous vehicles on the insurance industry 1st Post
Submit before:
11:59 pm 11/7/18
2nd
Post
Submit before:
11:59 pm 11/9/18
Reading Assessment
Homework
In Canvas – Covers Chapter 21 Submit before:
11:59 pm 11/11/18
Week Twelve: The Homeowners Policy
Activity Description Due Date
Reading Assignment
Principles of Risk Management & Insurance, Rejda and
McNamara, Chapter 22 and Chapter 23 pages 505- 513
TDI Overview of Homeowners Insurance
http://www.tdi.texas.gov/pubs/consumer/cb025.html
11/15/17
Lecture Insurance 101 –Homeowners Coverages
Homeowners Insurance
Learning Objectives: 1. Identify the major homeowners policies for homeowners,
condominium owners and renters
2. Explain the major provisions in Section I and Section II of the
Homeowners 3 policy
3. Explain the insured’s duties after a loss occurs
4. Explain and illustrate the loss settlement provisions in the
HO3 policy
5. Identify major exclusions found in Section II of the HO3
policy
Discussion Board Current Trends in Homeowners Insurance 1st Post
Submit before:
11:59 pm 11/14/18
2nd
Post
Submit before:
11:59 pm 11/16/18
Reading Assessment
Homework
In Canvas Submit before:
11:59 pm 11/18/2018
9
Week Thirteen:
Activity Description Due Date
Exam 4 Covering Material from Weeks 10 – 12 Submit before: 11:59
pm 11/21/18
Thanksgiving Break
11/22/2018 – 11/23/2018
Week Fourteen: Overview of Commercial Insurance
Activity Description Due Date
Reading Assignment
PRMI Textbook – Chapter 25 pgs. 549 – 563
Learning Objectives: 1. Explain the basic components of the commercial package
policy
2. Explain the basic provisions of the building and personal
property policy
3. Identify the causes of loss that are covered under various
cause of loss forms
4. Explain the type of losses covered under the business income
(and extra expense) coverage form
5. Explain how terrorism coverage has changed since 9/11 and
how coverage is offered today
Lecture Overview of Commercial Insurance
Discussion Board The Risk Manager and Insurance Broker 1st Post
Submit before:
11:59 pm 11/28/18
2nd
Post
Submit before:
11:59 pm 11/30/18
Reading Assessment
Homework
In Canvas – Covers Chapter 25 Submit before:
11:59 pm 12/2/18
Week Fifteen:
Activity Description Due Date
Reading Assignment
PRMI Textbook – Chapter 26
Learning Objectives: 1. Identify the major liability loss exposures of business firms
2. Describe basic coverages provided by a commercial general
liability (CGL) policy
3. Explain the coverage provided by workers compensation and
employers liability policy
4. Describe coverage provided by Cyber Liability policies
5. Describe coverage provided by Directors and Officers
Liability Insurance
Discussion Board No Discussion Board
Reading Assessment
Homework
In Canvas – Chapter 26 Submit before: 11:59
pm 12/5/18
10
Discussion Board
The Discussion Board (DB) assignments are designed to help you apply the reading material to
topics and issues faced by professionals in the risk management and insurance industry today.
Your participation in the DB conversations is required and will be graded. There are a total of 9
DB assignments. Each assignment will be graded, however your lowest score will be dropped
and your final grade will be calculated using the average of your 8 highest scores for DB posts.
Discussion Board assignments open at 11:59 pm Sundays and close the following Fridays at
11:59 pm. With the exception of the first DB assignment (Introductions & Personal Perspective
of Risk) you will be required to make at least two posts per week as well as answer any follow
up questions posed by the instructor. The initial post will be your response to the
prompt/question(s) raised by the instructor and it is due by 11:59 pm on Wednesdays. The
second post will be your comment on another classmate’s post. The second post is due on
Fridays by 11:59 pm. Any additional questions raised by the instructor will be posted by
Thursday. If the instructor raises additional questions in the discussion you must respond to
those as well by the Friday deadline.
There is a more detailed overview of DB assignments located in the Course Introduction and
Overview module located in Canvas. Your average grade for Discussion Board assignments will
make up 20% of your final grade.
Reading Assessment Homework
There will be weekly homework assignments beginning Week One for a total of 14 assignments
throughout the term. The homework assignments for each week are located in the Weekly
Module in Canvas. They will open at 12:00 am each Monday and close on Sundays at 11:59 pm.
The assignments are designed to test your understanding of the reading material and therefore the
correct answers come from your reading assignments.
Your average grade for all homework will represent 20% of your final course grade. The lowest
score on your homework assignment will be dropped and your final grade will be calculated
based on the remaining 13 scores.
Midterm and Final Exams
No make-up exams will be allowed. There are four (4) midterm exams during the semester
and one (1) final exam. The average of your score on the midterm exams represents 25% of
your final grade. The final is comprehensive and will represent 35% of your final grade. All
exams are administered through Canvas. Midterm and Final exams are scheduled as follows:
Exam One – Opens 12:00 am 09/19/18; Closes 11:59 pm 09/19/18
Exam Two – Opens 12:00 am 10/10/18; Closes 11:59 pm 10/10/18
Exam Three – Opens 12:00 am 10/31/18; Closes 11:59 pm 10/31/18
Exam Four – Opens 12:00 am 11/21/18; Closes 11:59 pm 11/21/18
Final Exam – Opens 12:00 am 12/10/18; Closes 11:59 pm 12/10/18
11
Grades
The course grade will be determined by adding your average grade for DB, Homework and
Midterms to your Final Exam. To calculate your final grade:
(Average of DB x .20) + (Average of Homework x .20) + (Average of Midterm Exams
x .25) + (Final Exam Score x .35) = Final Average
Reminder…if this class is in your major, you must earn a “C” to pass.
Course grade is determined as follows:
FINAL AVERAGE LETTER GRADE
90 – 100 A
80 – 89.9 B
70 – 79.9 C
60 – 69.9 D
UNDER 60 F
The instructor reserves the right to curve final grades if it is deemed appropriate.
Issues: if a student has any issue regarding grading or assignments, please
contact the instructor within one business day of the grade being released in the grade book. Please do not wait until the semester ends when it is too late
to consider any recourse.
While you are allowed to use your textbook and refer to material in Canvas in order to complete the exams, you are NOT allowed to get help from other
students.
Important Note: There will be no makeup work for missed assignments, discussions or
exams. Utilization of the calendar functions on your personal phones or emails to set up
reminders about course deadlines is highly recommended.
Attendance and Participation
Canvas enables us to track whether and when you visit various areas of the course site,
login times, total number of login sessions, total amount of time online and number of
discussion postings. We reserve the right to drop students with very poor access.
Zip Code Survey
To better serve students who have a need for taking classes online, the University may collect
some basic information via the “Zip Code Survey” which I strongly encourage you to take. The
Survey will be posted in Canvas when it becomes available.
12
Netiquette
Netiquette is network etiquette; it is a set of rules for behaving properly online. Students are required to understand and adhere to netiquette while interacting with others in this course. You
can review the rules at
http://www.albion.com/netiquette/corerules.html . Please review them carefully. You will be asked a question pertaining to netiquette on your graded homework assignment for Week One.
Disability Accommodation
The University of North Texas is on record as being committed to both the spirit and letter of
federal equal opportunity legislation; reference Public Law 92-112 – The Rehabilitation Act of
1973 as amended. With the passage of new federal legislation entitled Americans with
Disabilities Act (ADA), pursuant to section 504 of the Rehabilitation Act, there is renewed
focus on providing this population with the same opportunities enjoyed by all citizens.
As a faculty member, I am required by law to provide "reasonable accommodations" to
students with disabilities, so as not to discriminate on the basis of that disability. Student
responsibility primarily rests with informing faculty of their need for accommodation and in
providing authorized documentation through designated administrative channels. Information
regarding specific diagnostic criteria and policies for obtaining academic accommodations can
be found at http://www.unt.edu/oda/apply/index.html. Also, you may visit the Office of
Disability Accommodation in the University Union (room 321) or call them at (940) 565-4323.
If you need an accommodation, please contact me promptly during the first week of class.
Special Note about Canvas
Canvas is committed to making certain that online courses are open and accessible to people
with disabilities. As a result, Canvas complies with Section 508 of the United States
Rehabilitation Act of 1973, enabling people with disabilities and those using assistive
technologies, such as screen readers, to fully use the software.
Academic Dishonesty
Academic dishonesty is defined in the UNT Policy on Student Standards for Academic
Integrity. Any suspected case of Academic Dishonestly will be handled in accordance with the
University policy and procedures. Possible academic penalties include a grade of “F” in the
course. You will find the policy and procedures at http://vpaa.unt.edu/academic-integrity.htm
If I suspect that you have engaged in academic dishonesty, I will deal with the situation as
outlined in the University Policy mentioned above. You will be allowed to remain in the class
during the entire time that the academic misconduct accusation is being investigated,
adjudicated, and appealed. As noted above, the maximum academic penalty that can be
13
assessed by an instructor is an F in the course. However, university officials use the academic
misconduct information to decide if other misconduct sanctions are then to be applied, and the
student has separate rights to appeal those decisions, remaining in the class until all appeals are
exhausted.
You will be asked to agree to an ethics statement that outlines the ethical principles you are
expected to adhere to throughout this course. The ethics statement will be made available to you
on our course homepage. As stated earlier, on Graded Quiz 1, you will be asked in one of the
questions whether you have read and agree to this statement.
Student Perceptions of Teaching (SPOT)
Student feedback is important and an essential part of participation in this course. The student
evaluation of instruction is a requirement for all organized classes at UNT. The short SPOT
survey will be made available to provide you with an opportunity to evaluate how this course
is taught. You will receive an email from "UNT SPOT Course Evaluations via IASystem
Notification" ([email protected]) with the survey link. Please look for the email in your
UNT email inbox. Simply click on the link and complete your survey. Once you complete the
survey you will receive a confirmation email that the survey has been submitted. For additional
information, please visit the spot website at www.spot.unt.edu or email [email protected] .
Eagle Connect Account
All students should activate and regularly check their EagleConnect (e-mail) account.
EagleConnect is used for official communication from the University to students. Many
important announcements for the University and College are sent to students via
EagleConnect. For information about EagleConnect, including how to activate an account
and how to have EagleConnect forwarded to another e-mail address, visit
https://eagleconnect.unt.edu/