RISK MANAGEMENT AND INSURANCE MAJOR
MICHAEL J. O'NEILL, J.D., Interim Program Director
Faculty: Lecturers: Michael Bova, George Luchorie, Phillip Scrimenti, David Smith.
The undergraduate program in risk management and insurance is an innovative course of
study providing our students with an overall background in risk management, life and health
insurance, property and liability insurance, employee benefits, social insurance, and personal
financial planning. Risk management and insurance is a proud profession. Graduates in risk
management and insurance find a variety of career opportunities in insurance companies
(underwriting, marketing, claims adjusting, rate making, and investment); as risk managers in
business; as brokers/agents providing professional risk management/insurance/employee
benefits counseling for clients; as consultants and personal financial planners; and in
government social insurance programs.
COURSE DESCRIPTIONS:
RISK 220: Introduction to Risk Management and Personal Lines Insurance
3 credits
The primary focus of this introductory course is on evaluating life, health, retirement,
property and liability exposures to loss and analyzing the methods for managing these risks.
Risk management and insurance techniques for dealing with potential losses to
individuals and organizations are emphasized.
RISK 321: Commercial Property and Liability Insurance
3 credits
This course examines the major types of property and liability insurance. The structure, scope,
and limitations of commercial property and liability contracts are analyzed. Coverage
principles and concepts are emphasized.
Prerequisite: RISK 220
RISK 325: Life and Health Insurance
3 credits
This course covers the nature and importance of life and health risks and the functions and
uses of individual life and health insurance in treating these risks. From both individual and
business viewpoints, techniques for evaluating life insurance, health insurance and annuities
are covered, including a review of the legal aspects of these contracts.
RISK 335: Claims Adjusting
3 credits
This is an introductory course designed to instruct the coverage elements of an insurance
policy, legal liability that may be informed and damages that can be assessed under all types
of insurance.
RISK 340: Health Care Management
3 credits
This course is a comprehensive analysis illustrating the importance of health care programs
that encompass both affordability and availability. Various forms of health care structures
such as HMOs, PPOs and governmental programs, such as Medicare and Medicare
Supplements, will be identified and an analysis will be provided.
RISK 415: Risk Management
3 credits
This course examines the risk management process, the identification and evaluation of loss
exposures, the analysis of the various risk control and financing techniques available to manage
the exposures, decision making under conditions of uncertainty, and control mechanisms to
monitor the results of the risk management program. Case studies, computer simulation, and
assignments to reinforce the risk management concepts covered in the course are required.
Prerequisite: RISK 321, RISK 325
RISK 420: Employee Benefits
3 credits
This course examines the characteristics and design of employee benefit plans, including
group insurance, pensions, and 401(k) plans. These plans are evaluated in terms of their cost
and effectiveness. Consideration is given to employee communications, taxation, collective
bargaining, social insurance systems and international benefit programs.
RISK 425: Insurance Operations
3 credits
This course focuses on the key operational activities of insurance organizations. It specifically
covers marketing and distribution systems, underwriting, principles of ratemaking,
reinsurance and financial analysis. These functional areas are studied in the context of
regulatory and public policy issues. Students will analyze the operational and financial
aspects of an insurance company.
RISK 450: Retirement and Estate Planning
3 credits
This is a comprehensive course consisting of two parts. First, the practical knowledge needed
for choosing the best retirement plan and designing a plan that will meet a client's needs from
a tax and retirement standpoint is discussed, as well as personal retirement planning and
retirement distribution planning. Retirement planning topics include qualified plans,
nonqualified plans, the IRAs, and retirement needs for individual clients. Second, various
aspects of estate and gift tax planning are examined, including the nature, valuation, transfer,
administration, and taxation of property. Particular emphasis is given to a basic understanding
of the estate and gift tax system, including the strategies used in estate planning.
Risk Management and Insurance Curriculum
(Numerals in front of courses indicate credits)
FRESHMAN
3 Prin of Microeconomics/BCOR 111
3 Algebra for Bus Students/MATH 114
3 Business Technology 1/CIS 150
3 College Composition/LENG 111
3 Introduction to Philosophy/LPHI 131
3 Prin of Macroeconomics/BCOR 112
3 Financial Accounting/BCOR 201
3 Prin of Management/BCOR 251
3 Critical Analysis & Comp/LENG 112
3 Sacred Scripture/LTHE 121
3 Intro to Risk Mgmt & Ins/RISK 220
33
SOPHOMORE
3 Managerial Accounting/BCOR 202
3 Legal Environ of Bus/BCOR 203
3 Business Statistics/BCOR 221
3 Bus/Prof Comm/BCOR 231
3 Prin of Marketing/BCOR 241
3 Comm Prop & Liab Ins/RISK 321
3 Theology II Series/LTHE
3 Philosophy II Series/LPHI
3 Hist of West & World/LHST 111
3 LS Natural Science
33
JUNIOR
3 Global Business/BCOR 306
3 Financial Management/BCOR 311
3 Life & Health Ins/RISK 325
3 Risk Management/RISK 415
3 Risk Mgmt & Ins Electives
3 Fine Arts Series/LFIN
3 Literature Series/LENG
3 Theology/Phil III Series/LTHE or LPHI
9 Free Electives
33
SENIOR
3 Experiential Learning/BCOR 450
3 Business Policy/BCOR 480
3 Employee Benefits/RISK 420
3 Ins Operations/RISK 425
6 Risk Mgmt & Ins Electives
12 Free Electives
30
THE NEXT STEP
Baccalaureate Degree program for Graduates of Two Year Colleges.
Risk Management
(Numerals in front of course indicate credits)
Pre-Senior Year
3 Business Statistics/BCOR221
3 Business & Prof Comm/BCOR 231
3 Principles of Marketing/BCOR 241
3 Financial Management/BCOR 311
3 Sacred Scripture/LTHE 121
3 Introduction to Philosophy/LPHI 131
3 FineArt Series/LFIN
3 Intro to Risk Mgmt & Ins/RISK 220
3 Comm Property & Liability Ins/RISK 321
3 Life & Health Ins/RISK 325
3 Free Elective
33
Senior Year
3 Global Business/BCOR 306
3 Experiential Learning/BCOR 450
3 Business Policy/BCOR 480*
3 Theology or Phil III Series/LTHE or LPHI
3 Literature Series/ LENG
3 Risk Management/RISK 415
3 Employee Benefits/RISK 420
3 Ins Operations/RISK 425
9 Risk Mgmt & Ins Elective
33
*Fulfills Senior Seminar/LBST 383
Students will complete 66 credits at Gannon. Students will be required to take other courses
in substitution for any of the courses listed above which they satisfactorily complete prior to
admission to the program. Students are required to take 18 hours from Gannon's Core of
Discovery program.
Prerequisites:
The above course requirements presume that the student has completed the following courses
(or their equivalent), typically found in an A.S. degree program, prior to matriculation. If not,
these become additional required courses in the program.
Accounting (BCOR 201& 202)
Algebra for Business Students (Math 114)
Economics (BCOR 111 & 112)
Management (BCOR 251)
Business Technology (CIS 150)
Legal Env/Bus Law (BCOR 203)
Composition (LENG 111 & 112)
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