RISK MANAGEMENT FOR FINANCIAL PLANNERS
2nd Edition
Course Objectives
CHAPTER 1 GENERAL PRINCIPLES OF RISK AND INSURANCE
Upon completion of this chapter, the student should be able to:
1. understand basic definitions of insurance.
2. define peril, hazard and risk.
3. have a basic understanding of the concept of indemnity.
4. contrast insurance and gambling.
5. identify non-insurance responses to risk.
6. have a basic understanding of social and voluntary insurance.
Chapter 2: Legal Aspects of Insurance and Risk Management
Upon completion of this chapter, the student should be able to:
1. have a basic understanding of the principle of indemnity.
2. understand the concept of insurable interest.
3. describe characteristics and features of insurance contracts.
4. have a basic understanding of general insurance regulation.
5. Identify points for policy analysis.
Chapter 3: Insurance Policy Selection
Upon completion of this chapter, the student should be able to:
1. identify key factors in insurance policy selection.
2. understand basic advantages and disadvantages to the insurance contract.
3. describe various types of insurance intermediaries.
4. know the parts of the insurance policy.
Chapter 4: Insurance Company Selection
Upon completion of this chapter, the student should be able to:
1. understand types of property and casualty insurance companies.
2. identify key elements of federal and state insurer regulation.
3. have a basic understanding of how to evaluate the strength of an insurer.
4. identify key elements of reinsurance.
5. have a basic understanding of the underwriting process.
Chapter 6: Automobile and Recreational Vehicle Insurance
Upon completion of this chapter, the student should be able to:
1. have a basic understanding of automobile insurance coverage, including liability, uninsured and underinsured motorist, medical payments, and physical damage.
2. know basic factors relating to recreational vehicle coverage.
Chapter 7: Personal Property Insurance
Upon completion of this chapter, the student should be able to:
1. identify key issues related to insuring personal property.
2. have a basic understanding of issues related to special, valuable personal property.
Chapter 8: Personal Umbrella Coverage
Upon completion of this chapter, the student should be able to:
1. identify key factors related to personal umbrella insurance.
Chapter 9: Business and Business Activity Insurance
Upon completion of this chapter, the student should be able to:
1. have a basic understanding of personal auto insurance issues related to business use of a personal auto.
2. have a basic understanding of homeowners insurance policy issues related to business activities.
3. understand key insurance issues related to home-based businesses.
Chapter 10: Overview of Property Insurance
Upon completion of this chapter, the student should be able to:
1. describe steps in identifying insurance needs exposures.
2. identify key elements in evaluating property exposures.
3. identify key elements in evaluating automobile risk exposures.
Chapter 11: Commercial Property Insurance
Upon completion of this chapter, the student should be able to:
1. have an understanding of the types, design, features and uses of commercial property insurance.
2. identify key factors involved in commercial property loss settlement.
Chapter 13: Overview of Business Liability
Upon completion of this chapter, the student should be able to:
1. identify key issues related to business liability.
2. have a basic understanding of the commercial general liability insurance form.
3. know additional types of insurance for business liability risks.
Chapter 14: Professional Liability Insurance
Upon completion of this chapter, the student should be able to:
1. identify key issues related to professional liability insurance.
Chapter 17: Product/Completed Operations Liability Insurance
Upon completion of this chapter, the student should be able to:
1. identify key issues related to product and completed operations liability insurance.
Chapter 18: Directors and Officers Liability Insurance
Upon completion of this chapter, the student should be able to:
1. identify key issues related to directors and officers liability insurance.
2. know areas of D&O liability exposure.
3. understand the components, general attributes, and uses of D&O liability insurance.
Chapter 19: Overview of Health-Related Insurance
Upon completion of this chapter, the student should be able to:
1. have a basic understanding of health-related insurance.
Chapter 20: Types of Individual Health Insurance Coverage
Upon completion of this chapter, the student should be able to:
1. identify key factors related to individual health insurance coverage.
2. have a basic understanding of the types of individual health insurance plans.
Chapter 21: Taxation of Individual Health Insurance Coverage
Upon completion of this chapter, the student should be able to:
1. identify key issues related to the taxation of individual health insurance coverage.
Chapter 22: Standard Provisions of Individual Disability Income Insurance
Upon completion of this chapter, the student should be able to:
1. identify key factors related to disability income insurance.
2. know standard policy provisions, including: occupational definitions, benefit period, elimination period, benefit amount, renewability and riders.
Chapter 23: Taxation of Individual Disability Income Insurance
Upon completion of this chapter, the student should be able to:
1. understand issues relating to taxation of premium and benefit payments.
2. discuss the tax credit for the elderly and the permanently and totally disabled.
3. identify alternatives to disability income coverage.
Chapter 25: Long-Term Care Policy Coverage and Selection
Upon completion of this chapter, the student should be able to:
1. identify key aspects of long-term care insurance.
2. have a basic understanding of tax implications of long-term care insurance.
3. discuss policy comparison and selection.
Chapter 26: Standard Provisions of Long-Term Care Insurance
Upon completion of this chapter, the student should be able to:
1. discuss uses, advantages and disadvantages of long-term care insurance.
2. identify key features and provisions of standard long-term care insurance policies.
3. know alternatives to long-term care insurance.
Chapter 27: Taxation of Long-Term Care Insurance
Upon completion of this chapter, the student should be able to:
1. identify key aspects of income, gift, estate, and generation skipping taxation of long-term care insurance policies.
2. have a basic understanding of the differences between qualified and nonqualified long-term care policies.