From: web-form@Oswego.EDU
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Subject: Web Form: Course_Submission

Department_Chair: Charles Spector
Department_Chair_Email: spector@oswego.edu
Additional_Contact: Assistant Professor Finance
Additional_Contact_Email: jmacdon1@oswego.edu

Course_Number: RMI 300
Course_Type: New Course
Course_Title: Introduction to Risk Management and Insurance 

Catalog_Description: 
This course is structured as an interdisciplinary approach to the study of the principles of risk and the management of risk through the use of financing, insurance, and/or hedging, all in the context of the managerial and personal decision-making process.  Topics include risk measurement, risk identification, the principles of insurance, the basics of hedging, and the integration of risk treatment programs.  
 
Prerequisites: ACC 202, MAT 158, and MGT 261 
Fl - every Fall: Yes
Semester_Hours: 3

Justification: 
Required course for the RMI major and an elective course for the Finance and Business Administration majors.  The course should integrate knowledge from foundation courses, particularly with respect to applying statistics and the functional areas of a business.  Principles of how to be sure all risks are identified and a decision made about how to determine the amount of exposure and the way to address the risk(s) can be applied on a business or a personal level of decision making.  The course provides a context for discussing various insurance types and hedging more in depth in subsequent courses.

Course_Objectives: 
At the conclusion of the course, students should be able to:
A.	Explain the role and importance of risk management
B.	Identify and assess the fundamental life, health, retirement, property and liability loss exposures for organizations and individuals
C.	Discuss the essential features of avoidance, risk control, retention and transfer as the principal methods of managing the risk of loss
D.	Explain the nature and basic principles of insurance and its proper role in risk management
E.	Identify and describe the primary policy provisions contained in insurance contracts
F.	Evaluate the loss exposures of individuals and business organizations and recommend an appropriate risk management program
G.	Proceed to more advanced study in the field of risk management and insurance, especially topics seen in RMI450
H.	Understand the application of probability and statistics to risk


Course_Description: 
Course Outline: 
A.	Introduction to Risk in our Society
B.	Risk Management and Insurance Overview
C.	Identifying Risks
D.	Measuring Risks
E.	When Risk Management brings Value to the Firm
F.	Risk Management Techniques Overview
G. 	Risk Capital Techniques and Financing
H. 	Insurance:  definition, contracts, principles, general types
I. 	Insurance Operations and Regulation
J.	Hedging Basics & Applications
K.	Enterprise Risk Management  
L.	Best Practices in ERM


Method of Instruction: 
Lectures, problem solving sessions, and class discussions.

Means of Evaluation: 
Acceptable evaluation instruments include examinations, quizzes, homework, class participation, projects and small case studies.

Resources: 
Faculty resources are adequate at this time and no additional equipment and/or library resources are anticipated. 


Bibliography: 
Baker, Tom and Jonathan Simon (Eds), Embracing Risk: The Changing Culture of Risk and Responsibility, University of Chicago Press: Chicago, Ill.  2002. 

Crouhy, M. R. Mark and D. Galai, Managing Risk, McGraw-Hill: New York, 2000.

Dorfman, Mark S., Introduction to Risk Management and Insurance, Ninth Edition, Prentice-Hall, Boston, MA, 2008.	

Ferguson, Tamela D., Mark S. Dorfman  and William L. Ferguson, ‘Risk Management and Insurance-Related Journals: A Survey of Risk and Insurance Academics,” Risk Management and Insurance Review 8(1), 65, 2005.

Redja, George E., Principles of Risk Management and Insurance, Tenth Edition, Addison-Wesley Educational Publications, Reading, MA, 2008.

Trieschmann, Hoyt, & Sommer, Risk Management and Insurance, 12th Edition. South-Western, Mason, Ohio, 2006.

Other_Comments: 
IP_Adress: 129.3.72.223