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