10162120General Insurance Industry Overview
Course Information
Description
This course will provide the student with a foundation of the history of insurance and the general concepts behind the industry; what risk is, what insurance does, insurance as a legal contract, how reinsurance works, the functions of risk management, rating, underwriting, surplus lines, and claims. The differences in types of insurers and marketing systems will be addressed. This course will also discuss some of the general insurance laws and ethical issues that apply to the industry in Wisconsin and how differences in state's insurance laws can impact agents and companies working throughout the country. Property and Liability Policies will be looked at in brief and life and health insurance will be touched on as part of an overall view of industry products.
Total Credits
3
Course Competencies
  1. Identify Risk and describe the steps and objectives of Risk Management.
    Assessment Strategies
    By collaborating on hypothetical cases to evaluate and locate the exposures to loss.
    By evaluating a case and describing how the risks should be managed.
    By answering questions in Blackboard.
    Criteria
    Student can identify exposures to loss.
    Students can list the four ways to handle risk.
    Student can define some general insurance terms.

  2. Identify the role of the state insurance department in regulating the insurance function and ethical concerns in the marketing of insurance today.
    Assessment Strategies
    By reviewing case studies and identifying practices that are illegal and unethical.
    By answering a set of questions in Blackboard regarding the insurance policy as a legal contract.
    Criteria
    Student can describe marketing situations that are against insurance laws and unethical.
    Student can define and describe the four parts of an insurance policy and name some of the key contractual provisions.

  3. Describe the purposes of underwriting, claims, and reinsurance.
    Assessment Strategies
    By verbally communicating the flow of business through insurance companies' departments.
    Criteria
    Student can identify the steps a piece of insurance business takes from marketing through claims.

  4. Communicate the coverage provided by Personal Lines policies and determine product suitability.
    Criteria
    Student researches a Personal Lines insurance product to understand the coverages provided.
    Student's reflection presents insight into all of the personal lines policies discussed.
    Student is able to analyze a situation and make reasonable recommendations on personal lines products that would protect a client's risks.
    Student's reflection presents insight into the key concepts of all property and casualty personal lines products.

  5. Identify the exposures to loss a business client faces and the insurance products available to meet the client's needs.
    Assessment Strategies
    By orally presenting findings of policy research and answering fellow student's questions regarding coverage.
    Through collaboration with and measurement by fellow students, review hypothetical risks and make coverage recommendations, orally defending findings to the class.
    By submitting an experience summary to the instructor outlining their understanding of the material.
    Criteria
    Student researches a Commercial Lines Insurance Product and their reflections indicate an understanding of the coverages provided to protect the business owner.
    Student can analyze a business risk and make suitable recommendations of coverage for the business owner.
    Student identifies the Commercial Lines Coverage available.

  6. Examine the types of Life and Health Insurance Products available.
    Assessment Strategies
    By collaborating with, and measurement by, other students to analyze a life insurance exposure and make suitable coverage recommendations.
    By completion of a final exam.
    Criteria
    Student's reflections accurately describe the general contract provisions in Life and Health Insurance Policies.
    Student is able to identify some of the insurance laws that are specific, in Wisconsin, to life and health insurance policies.
    Student is able to identify the most favorable type of life insurance product for a particular situation.

  7. Conduct research to determine how student personal interests and skills match to insurance positions.
    Assessment Strategies
    By presenting findings of career research, orally and in writing, and answering fellow student's questions regarding the job opportunity
    By answering a set of questions from the text..
    Criteria
    Student researches a specific career opportunity in insurance and their reflections indicate an understanding of the duties and job requirements.
    Student is able to identify the personality traits needed to be successful in this type of position.

  8. Identify the key elements in a resume.
    Assessment Strategies
    By answering a set of questions concerning interview questions in class.
    By submitting two interview questions to the instructor.
    Criteria
    Student can identify four questions that are proper to ask a candidate when interviewing.
    Student can list two questions that would elicit key information regarding job qualifications when asked by an interviewer in an interview.

  9. Communicate work history and education to potential hiring authorities by employing proper interviewing techniques.
    Assessment Strategies
    By submitting a resume to the instructor, meeting rubric guidelines, outlining their education and experience of the material.
    Criteria
    Student analyzes their work experience and education and is able to properly develop a resume.

This Outline is under development.