Intro to Insurance w/ Code & Ethics
The purpose of this course is to introduce students to the basic overview of the property/casual insurance system. It is designed for those students who have little or no knowledge of insurance. In addition, this course will enable students to understand and apply the proper ethical behavior and obligations related to the insurance field.
Upon completion of the course students will be able to:
A. explain the history of insurance, define terminology such as stock, mutual, direct writing insurance companies, admitted, non-admitted companies; in addition, agent vs. broker, and the benefits of the insurance industry.
B. describe, illustrate, and explain the following concepts: principles of indemnity, valued policy, liability limits (split and single BI/PD), loss ratios, occurrence liability form, risk peril, risk management, etc.
C. describe basic Insurance Service Office (ISO) insurance forms for Commercial Property, Commercial General Liability, Commercial Auto, Homeowners, Personal Auto Policy, Crime, Umbrella Insurance Contracts, etc.
D. explain and illustrate the civil law system and how insurance liability contracts protect families and organizations from Civil Law risks and negligence, intentional acts, strict liability, and contracts.
E. explain ethical behavior as it relates to the insurance industry and discuss implications and obligations of agency/agents
F. illustrate examples of professional behavior and compare ethical behavior among several corporations
G. explain agent and types of agent authority
H. describe the responsibilities and ethical obligations of an insurance employee
I. define ethics in a general business context and in insurance organizations
J. describe the legal framework of insurance organizations and explain the state and federal role in insurance regulation
10% Property/Casualty Distribution System
5% Reinsurance: Creating an Insurance Company
10% Civil Law
5% ISO Insurance Contracts
5% Personal Lines Contracts
5% Risk Management and Business
5% Other Insurance Contract and Summary Comments
10% Definition of Ethics
10% The Law of Ethics
10% Insurance Agents
10% Ethical Principles
10% Professionalism in Insurance