From: web-form@Oswego.EDU Sent: Monday, April 28, 2008 1:37 PM To: ucc@oswego.edu 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 310 Course_Type: New Course Course_Title: Property and Liability Insurance Catalog_Description: This course examines the major types of commercial and individual property and liability insurance. Loss control will also be addressed as a complement to insurance coverage. Emphasis is placed on understanding the terms of the contract and its limitations of coverage for the various types of insurance in this category. Prerequisites: either RMI 300 or both FIN325 and MGT261 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. For most individuals and organizations, Property & Liability (formerly Property & Casualty) risks are the most significant sources of risk and the easiest to address (through loss control and insurance.) Any student from this major must understand identification and retention or transfer of these risks. For the non-RMI major, this course will provide useful insurance background for dealing with personal and organizational risk management, as well as provide ways of reducing risk and so reduce the insurance need. Course_Objectives: At the conclusion of the course, students should be able to: A. Identify the property and liability loss exposures of an organization as well as for the individual B. Analyze the factors that shape the content of commercial and personal property and liability insurance, legislative/regulatory requirements, risk-taking attitudes, coverage needs of insured, and coverage limitations C. Describe the primary policy provisions contained in the major types of individual and commercial property and liability insurance D. Assess the suitability of commercial property and liability insurance coverage to the risk financing needs of commercial enterprises (as opposed to hedging and/or loss control or retention) E. Discuss the contemporary issues in the property and liability insurance. Market and public policy/regulation, such as coverage of water damage caused during a hurricane F. Describe the role of the insurance broker G. Identify non-insurance approaches to reducing P&L risks Course_Description: A. Overview of Property and Liability Insurance B. Risk reduction and loss control measures C. Commercial & Individual Property Insurance D. Business Interruption Insurance E. Miscellaneous Property Coverages F. Marine Insurance G. Overview of Tort Law H. Commercial General Liability (CGL) Insurance I. Excess/Umbrella Liability Insurance J. Workers Compensation Insurance K. The Business owners Policy (BOP) L. Professional Liability Insurance M. Directors & Officers (D&O) Liability Insurance N. Employment Practices Liability (EPL) Insurance O. Automobile Insurance Method of Instruction: Lectures, problem solving sessions, collaborative learning, and class discussions. Means of Evaluation: Acceptable evaluation instruments include examinations, quizzes, homework, class discussion and participation, projects and case studies. Resources: Faculty resources are adequate at this time and no additional equipment and/or library resources are required. Bibliography: Boor, J.A., "The Impact of the Insurance Economic Cycle on Insurance Pricing", CAS Study Note, August 2004. Breuer, Michael, 2005 “Multiple Losses, Ex Ante Moral Hazard, and the Implications for Umbrella Policies,” Journal of Risk and Insurance, 72(4): 525-538. Flitner, A.L.; and J. Trupin, Commercial Insurance, American Institute for Chartered Property Casualty Underwriters, Malvern, PA, 2004. International Risk Management Institute, Commercial Property Insurance, International Risk Management Institute: Dallas, TX, 2006. Lane, M and R.G. Beckwith, 2002, Review of Trends in Insurance Securitization: Lane Financial: Kenilworth, IL, 2002. McClenahan, C.L., "Ratemaking," in Foundations of Casualty Actuarial Science (Fourth Edition), Casualty Actuarial Society: Arlington, VA, 2001. Other_Comments: IP_Adress: 129.3.72.223