Insurance and Project Risk Management

Project Management

Course Overview

This course looks at risk exposures and how these risks are addressed. Risk management is a lifelong process that involves five steps: identification, evaluation, control, financing and monitoring. Risks can be managed with control techniques or can be financed using insurance. The course covers different types of insurance, life, health and disability and home, property and automobile insurance and including methods to calculate insurance needs.

The course covers the risks that are faced by an individual or firm and the various methods for their treatment. Methods of treatment include, but are not limited to, insurance, loss prevention, suretyship, simple retention, and self-insurance. Topics include personal and business insurance.

Course Objectives

  1. Define the nature of risk and identify the risks facing both individuals and organizations today;
  2. Describe the principles of risk management and the role of the risk manager;
  3. Outline the risks associated with loss of income, ownership of property, and legal liability;
  4. Classify the various types of insurance, which are used to reduce the chance of loss and identify other loss prevention/reductions mechanisms, which may be appropriate; and
  5. Explain our society's treatment of fundamental risks, the concepts of social insurance used to treat these risks, and suretyship.

Course Outline

  1. define different types of risks, hazards and perils, and explain the adverse effect of risk on economic activity
  2. understand the basic statistical principles of insurance and identify the situations where insurance may be used as a risk-sharing or risk-transfer device
  3. differentiate between private and social insurance and recognize the respective needs for each
  4. understand the structure of the insurance industry and the unique facets of an insurance company, including its financial operations
  5. describe the general principles of contract law with a particular emphasis on those principles that are peculiar to insurance
  6. understand the traditional forms of whole life, endowment, and term insurance, as well as some of the innovative life policies, which are now available
  7. describe the annuity contract and understand the various uses of annuities today
  8. understand the need for disability income insurance and the provisions of the disability income policy
  9. identify the various types and appropriate uses of medical expense insurance contracts
  10. review the concept of the Social Security system, including the coverage it provides, the soundness of the program, and proposals for future changes
  11. explain the Workers Compensation and Unemployment Compensation programs
  12. understand the concept of estate planning and discuss the various tools, which are used to minimize estate shrinkage
  13. understand the unique characteristics of group insurance and identify the types of group insurance most frequently used
  14. understand the nature of pension plans and other retirement plans and outline the requirements for pension plans established under the Employee Retirement Income Security Act of 1974 (ERISA)
  15. review the concept of property insurance with a particular emphasis on the various forms of Homeowners and Inland Marine insurance policies
  16. discuss the legal concepts of negligence and identify methods of dealing with legal liability
  17. understand the nature and need for automobile insurance, the types of automobile coverage, and a review of the computation of auto insurance costs
  18. discuss commercial property and liability coverages available for businesses
  19. understand the principles behind surety and fidelity bonding
  20. recognize how government functions as an insurer
  21. identify the need for regulation of the insurance industry, explain the methods by which the industry is currently regulated, and discuss proposals of future regulation
  22. understand suretyship
Study Online


1 Week Face to Face Classes


2 Week Face to Face Classes


Course Features
  • 8 Weeks Online
  • 1-2 Weeks Classes
  • Certified

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