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: John MacDonald
Additional_Contact_Email: jmacdon1@oswego.edu
Course_Number: RMI 400
Course_Type: New Course
Course_Title: Life and Health Insurance

Catalog_Description: This course covers the nature of life and health insurance risks and the functions and uses of life and health insurance in treating these risks.  The perspective is that of broad-based financial planning, including the integration of tax, accounting and legal aspects from both the individual’s and organization’s viewpoints.  Techniques for evaluating life insurance and annuities are covered, along with a review of the legal aspects of these insurance contracts.

Prerequisites: BLW 355 and either RMI 300 or FIN325 
Sp_every Spring: Yes
Semester_Hours: 3

Justification: 
Required course for the RMI major and an elective course for the Finance, Human Resources, and Business Administration majors.  Life insurance is less often a part of most employee benefits packages yet a major part of individual risk management, so a course that can provide a more thorough understanding beyond the introductory RMI course is crucial for a well-rounded risk professional or non-professional simply wishing better protection for their family. 

Course_Objectives: 
At the conclusion of the course, students should be able to:
A.	Recognize, evaluate and treat the personal and organization risks associated with the financial consequences of loss of life, loss of health and retirement.
B.	Evaluate the types of life and health insurance and retirement products in the market.
C.	Describe the legal and regulatory framework associated with the design and delivery of life and health insurance products.
D.	Assess the suitability of various life and health insurance products for individual or organization situations.

Course_Description: 
A.	Fundamentals of Life and Health Insurance
B.	Regulation Impacting on Life and Health Insurance
C.	Underwriting, Rate Making and Reinsurance
D.	Individual Life and Health Insurance Products
E.	Life and Health Insurance Taxation	
F.	Personal Financial Planning
G.	Partnership & Estate Planning Use of Life Insurance
H.	Retirement Planning and Products

Resources: Faculty resources are adequate at this time and no additional equipment and/or library resources are required, aside from standard updating of library materials or related subscriptions, etc.

Bibliography: 
Black, Kenneth Jr. and Harold D. Skipper,  Life and Health Insurance, 13th Edition, Prentice Hall, Inc., Boston, MA, 2000.

Cummins, J.D., and A. M. Santomero, Changes in Life Insurance Industry: Efficiency, Technology, and Risk Management, Kluwer Academic Publishers: Norwell, MA, 1999.

Girard, L., N., 2000, “An Approach to Fair Valuation of Insurance Liabilities Using Firm’s Cost of Capital,” North American Actuarial Journal, 4: 31-62. 

Gora, J.C. Viatical and Life Settlements: The Challenge Facing the Life Insurance Industry, Life Office Management Association: Atlanta, GA, 2000.

Kennedy, Kathryn J., Employee Benefits Law: Qualification and Erisa Requirements, LexisNexis/Matthew Bender, New York, NY, 2006.  

Lin, Yijia and Samuel Cox, 2005 “Securitization of Mortality Risks in Life Annuities,” Journal of Risk and Insurance, 72(2): 227-252.

Milevsky, Moseh,, 2005, “The Implied Longevity Yield: A Note on Developing an Index for Life Annuities,” Journal of Risk and Insurance, 72(2): 301-320.

Millette, M. J., J. Kumar, O.T. Chaudhary, J. M. Keating, and S. I. Schreiber, Securitization of Life Insurance Businesses, in M. Lane, ed Alternative Risk Strategies, Risk Books: London, 2002.

Moody’s Investors Service, Moody’s Analysis of Life Insurance Embedded Values and Their Securitization, London, 2004. 

Reitano, R., 1997, “Two Paradigms for the Market Value of Liabilities,” North American Actuarial Journal, 1: 104-137. 

Other_Comments: RMI 400 is part of a new proposed major, hence the RMI designation.
IP_Adress: 129.3.72.206