Jul 06, 2020
PFP 450 - Insurance and Risk Management
Examines risk management and insurance planning for individual clients as well as employers of small corporations. Teaches the development of risk management and insurance plans with economic and behavioral theory. Course will not have an established scheduling pattern.
Prerequisites: A grade of C or higher in PFP 310 and admission to a College of Business major OR (a grade of C or higher in PFP 310 and declaration of a Personal Financial Planning Certificate).
Upon successful completion of this course, the student will be able to:
Learner Outcomes Approval Date:
- Explain the risk management process
- Compare and contrast the primary risk management techniques available to clients
- Explain how insurers use risk pooling to pay for losses incurred by policyholders
- Distinguish among the factors that affect policyholder premiums
- Differentiate between group and individual health insurance alternatives, including fee for service and managed care plans.
- Describe alternatives for acquiring health coverage including COBRA and Medicaid
- Distinguish between short-term and long-term disability plans.
- Formulate a plan for meeting individual disability income needs
- Compute the tax implications of paying for and receiving disability benefits
- Propose a long-term care insurance plan based on needs, financial resources, policy coverage, and cost
- Compare and contrast annuities (fixed and variable) with other investment alternatives.
- Assess the most appropriate life insurance coverage to match a client’s circumstances
- Estimate a client’s insurance needs using alternative approaches
- Prepare an insurance needs analysis for a case client
- Recommend appropriate insurance products, given a case client’s circumstances
- Diagram the components of property and casualty insurance
- Differentiate among the basic homeowners insurance (HO) forms and features
- Evaluate the components of automobile insurance for potential property damage or liability exposures.
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