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B.S in Risk Management and Insurance
The Risk Management & Insurance program is designed to provide students with the knowledge and skills for a career in the insurance industry and enterprise risk management field. In the RMI Program, students will explore the various functional areas, such as underwriting, claims, and loss control that are related to RMI. Students will become skilled in identifying, accessing, and managing the types of risks facing financial institutions, corporations, and individuals and in recommending appropriate insurance coverages.
Summary of Requirements
The program will consist of: General Education requirements; business pre-major requirements; business core requirements; RMI major requirements; major electives; and free electives as shown below:
Requirements for a Major in Risk Management and Insurance:
Students must be accepted into the Risk Management and Insurance major before taking 300-level or above courses in the Department of Business. For continuation in the major, a student must maintain a minimum cumulative GPA of 2.75 in major and non-major courses. A risk management and insurance major must complete at least one internship in the field and are strongly encouraged to achieve at least one Microsoft Office Specialist certification prior to graduation.
Required pre-major courses 10 (13)* credits
MAT 102: *Three hours count toward the general education math requirement
This course surveys the fundamentals of business administration, including management, organizational behavior, marketing, economics, statistics, management information systems, accounting, finance, entrepreneurship, international business, and ethics & social responsibility. It is intended both for students who seek a one-time exposure to business as well as those planning to major in a Department of Business program.
ENG 102 and ASL 125
This course and lab equip students to function in the information society. It introduces students to the current Windows environment and Microsoft Office Suites as they are ubiquitous in today's workplace and personal computing environment. Through hands-on training, students will learn basic skills in Word (word processing), Excel (spreadsheet), Access (database), and PowerPoint (presentation). In addition, file management, Browser, and E-mail basic skills will be practiced.
ASL 125 and ENG 102
Basic concepts of probability and statistics, and applications to the sciences, social sciences, and management. Probability, conditional probability, Bayes Formula, Bernoulli trials, expected value, frequency distributions, and measures of central tendency. Credit will not be allowed for MAT 102 if student has previously passed MAT 130; 102 will not be counted toward a major in the department.
GSR 104 or MAT 055 or the equivalent, or permission of the Mathematics Program Director.
This course emphasizes the meaning and application of the concepts of functions. It covers polynomial, rational, exponential, logarithmic and trigonometric functions and their graphs, trigonometric identities. Passing both MAT 125 and 126 is equivalent to passing MAT 130.
A grade of C or above in MAT 055 or the equivalent, a satisfactory score on appropriate placement exam, or permission of the Mathematics Program Director.
Required core courses 54 credits
As the second part of introduction to Financial Accounting, this course provides a detailed coverage of long-term liabilities, long-lived assets, stockholder's equity, investments, cash flows, and financial statement analysis. Special topics such as payroll accounting, accounting for partnership, and other related topics are also covered.
ACC 201 and BUS 181
Management (or Managerial) Accounting comprises financial and nonfinancial information intended to meet internal users' needs. It involves the development and interpretation of accounting information intended to assist management in the operation of the business. Topics include financial statement analysis and the use of accounting information for planning and control, performance evaluation, and decision-making. The course will cover cost behavior, job order costing, process costing, cost volume-profit relationship, relevant costing/benefits, budgeting, activity-based costing, cash flow and financial statement analysis. Computer lab is required.
This course explores the major functions of management: planning, organizing, leading, and controlling. Within these four functions are subjects such as self-management, organizational structure and culture, leadership, motivating employees, teamwork, human resource management, self-management, change management, and planning and decision-making tools and techniques. This course takes an inside out approach, where the student learns first about themselves and then develops their ability to manage progressively larger and more diverse groups of people and projects.
B or better in BUS 101
This course examines the basic principles of marketing and provides the opportunity to develop the critical analysis and management skills needed by successful marketers. Within the framework of the ''product, price, promotion, distribution, and customer'' elements of marketing, course topics include market segmentation, targeting, positioning, consumer behavior, integrated marketing communication, marketing ethics and social responsibility, and the global dimensions of marketing (including e-marketing).
This course focuses on statistical concepts and their application to businesses. It provides opportunities to develop fundamental skills in quantitative research, presentation, and critical analysis applicable to the business environment. Topics include quantitative and graphical descriptive techniques, data collection and sampling, probability distributions, estimation techniques, inferential and regression analysis.
C+ or better in MAT 102; Business department majors only; or permission of the instructor
This course is cross-listed and is otherwise known as PHI 341. This course introduces students to the normative theories of moral philosophy and how they apply to the business world. It covers a spectrum of topics in the subjects of conflict of interest, corporate ethics and climate, discrimination, ethical climate, ethical decision-making, ethical issues, and ethical standards. Students will use case studies and current events to critically analyze common ethical issues in the business environment and recommend appropriate courses of actions.
Business department majors only, or permission of the department.
This course examines the basic principles of financial management and provides
opportunities to develop basic quantitative, research, and critical analytical skills that are useful to a financial manager. Topics include financial managerial functions and responsibilities, risk/return trade-off, ethics and social responsibility, taxation issues, financial institutions and economic environment, interest rate analysis, financial statement analysis, time value of money, and valuation techniques.
ACC 202, BUS 211, BUS 331, and Business department majors only; or permission of the instructor
This course focuses on the global dimensions of business. It covers a broad spectrum of subjects in foreign direct investment and trade, international cooperate strategies, international governance and regulation, international patents and protections, and multinational culture. The political, cultural, institutional, economic, legal, and technological environmental forces that accompany global business activities are discussed in an integrated manner.
BUS 261 or GSR 220; BUS 351, BUS 371; Business department majors only, or permission of the department.
This course introduces students to the American business legal environment and covers basic concepts in contracts, the uniform commercial code, corporations and partnerships, agency, intellectual property, employment, antitrust, consumer protection, security regulation, environmental and international law, and business ethics and social responsibility.
Business department majors only, or permission of the department
An introduction to data and information processing concepts and systems viewed from a contemporary management perspective. The course provides the conceptual foundations in understanding technologies, such as computer hardware and software, the Internet, networking, security, enterprise computing, e-commerce, database management, and how information systems support business functions. The hands-on labs enable students to develop in-demand skills in business analytics and data management.
B or better in BUS 181; Business department majors only or permission of the department.
BUS 351, 381, Business department majors only; or permission of the instructor
This course examines the production phase of business activities. It covers a broad spectrum of subjects in continuous improvement, cost control, data analysis tools, and quality management. Students will learn to analyze and apply methods of design and operation of production systems.
BUS 211 and 331; Business department majors only or permission of the department
This course, the first of the two-course Senior Capstone sequence, serves to review and reinforce all business functional knowledge in the areas of marketing, finance, accounting, operations/production management, human resources management, organizational behavior, ethics, legal business environment, macro- and micro-economics, global dimensions of business, information management systems, quantitative research techniques and statistics, business leadership, integration, and strategic management. The class will use a hybrid instructional platform which utilizes both online self-paced eLearning and onsite lectures and discussions.
BUS 331, 341, 351, 361, 371, 381, and 391; Business department majors only, or permission of the department.
This is the second course of the senior capstone series. It is designed for graduating seniors majoring in Accounting, Business Administration, and Risk Management to synthesize, apply, and integrate all business functional knowledge and their major-specific expertise to solve complex problems in a real and virtual business environment. A variety of instructional techniques such as case studies, simulations, team projects, guest speakers, and field trips may be used to deliver an enhanced capstone experience. Through simulations,students will emulate top corporate executives to develop and implement strategy plans and business policies in a competitive, global business environment.
BUS 491; Business department majors only, or permission of the department.
This course introduces students to the study of economics and provides an overview of common macroeconomic concepts. The course encourages students to understand, use, and analyze common macroeconomic concepts such as inflation, employment, consumption, national income, money, and interest rates, as well as the fundamental economic concepts of supply and demand, marginal analysis, and opportunity costs.
B or better in BUS 101; C or better in MAT 125
This course provides an overview of common microeconomic concepts. The course encourages students to critically analyze common microeconomic concepts such as supply and demand, prices, markets and market structure, competition, utility, production costs, marginal analysis, and opportunity costs. The underlying theoretical basis for these concepts and how they are interrelated with each other and with the overall economy is also introduced in this course.
Study and intensive practice of professional writing skills and genres, such as resumes, letters of application, emails, memos, short proposals and reports.
GSR 150 or permission of the instructor.
Required Risk Management and Insurance courses 18 credits
This course starts with a broad overview of ways to manage risk, and the approach taken by insurance companies to contain these risks. The nature of the insurance contract, the various types of insurance, and their routine components are examined. The use of insurance as a solution for business problems is also explored. Because most employee group benefits are insurance related, those components of a benefit plan are a focal point of the course. Topics such as insurer solvency and profitability, insurance regulation, insurance contracts, and loss exposures mainly in the area of property and liability insurance will be covered.
This course will look at current issues in the Property/Casualty insurance industry. Basic principles, functions and uses of property & casualty insurance; types of policy contracts; calculation of premiums reserves; organization management; supervision of companies.
RMI 201, Business Department majors only, or permission from the Business department.
The course covers off-shore financing, role of reinsurance, history of alternative risk financing, forecasting risk loss, capital market functions, forming captive insurance companies, and use of derivatives in risk management.
This course covers property and casualty underwriting through the principles of underwriting; strategic underwriting techniques; the insurance production environment; and insurance agency management tools and processes. Students will learn to assess whether to accept insurance risks (or groups of risks) and at what price.
RMI 301, RMI 310; Business Department majors only, or permission from the Business department
This course is designed to give greater coverage to those risk management and insurance topics that are not covered in great detail in other courses. Such as risk assessment and mapping, emerging risks, insurance markets, risk transfer and risk financing, insurance economics, catastrophe risks, Social Security, Public health Insurance, and international risk issues.
RMI 301, RMI 310, RMI 315; Business Department majors only, or permission from the Business department.
Enterprise Risk Management comprehensively addresses all risks faced by an organization - pure risk, speculative financial risks, strategic risks, operational risks and other risks. This course is designed to apply the theories and techniques in the process of planning, organizing, leading and controlling the activities of an organization to minimize risks. It also provides an overview of risk management and insurance markets and products that can be used to help manage the organization's risk. In addition, several valuation and risk management tools and models designed to measure and manage risk will be introduced and discussed.
BUS 351, RMI 301, 310, and 315; or permission of instructor
Major Electives courses 6 credits
Choose two courses:
Study of concepts, techniques and principles of cost and management accounting. The use of accounting data for managerial decision making, planning, and control.. Topics include budgeting, cost concepts, cost behavior, cost-volume-profits relationships, inventory control, standard costs, absorption costing versus direct costing, variance analysis, cost allocations, setting price and international issues.
ACC 202; Business department majors only or permission of the department.
Study of federal income taxation of individuals and their impact on personal and business financial decision making. Topics include: concepts of gross income, deductions, tax credits; business and personal investment deductions; sale and other dispositions of property; changes in tax law and economic impact of the law. Although the course emphasizes income taxation, issues such as gift, estate, partnership and corporate taxation are discussed.
A course that examines the principles of financial investing and provides opportunities to develop basic quantitative, research, presentation, and critical analytical skills that are useful to an investor. Topics include analysis of the investment environment, tools and mechanics of investing (debt instruments, government and municipal securities, common stock, real estate), portfolio construction and management, dealing with securities markets, tax issues in investing, research strategies, financial statement analysis, and risk/return trade-off analysis. This course incorporates student management of an actual investment fund that is a component of Gallaudet University's endowment.
Primary course focus is on evaluating life insurance policies. The nature and importance of life insurance within the individual and business perspective and techniques for evaluating life insurance contracts will be covered. Whole Life, Term Life and Key Person Life Insurance will be analyzed. Cost/benefit analysis of various types of life insurance, both individual and business will be addressed.
RMI 201, Business Department majors only, or permission from the Business department
Special topics in the discipline, designed primarily for seniors. Students may enroll in 495 Special Topics multiple times, as long as the topics differ
1. Accurately apply fundamental business concepts, models and principles to address hypothetical or real-world business issues. (Common Business Knowledge & Inquiry)
2. Communicate effectively in both American Sign Language and written English in various formats and styles to a variety of audiences in multiple business contexts. (Communication)
3. Apply technological tools, and statistical and quantitative reasoning skills in analyzing and evaluating numerical information to support evidence-based business decisions. (Quantitative Reasoning & Technological Skills)
4. Critically assess business problems and develop well-supported solutions. (Critical Thinking & Problem Solving)
5. Critically evaluate all business opportunities and challenges using a global business perspective. (Global Dimension)
6. Foster personal growth by acting in a professional, ethical, and socially responsible manner, and collaborate effectively in teams as required. (Wellness, Ethics & Social Responsibility)
7. RMI Discipline Specialty Knowledge and Inquiry
7a. Analyze and assess coverage adequacy in common insurance policies.
7b. Apply RMI knowledge and technical tools in evaluating, treating, and monitoring risk factors facing various business entities.
7c. Articulate effective insurance policy recommendations based on critical analysis in written reports and presentations.
The BS in Risk Management and Insurance (RMI) is accredited by the Council for Business Schools and Programs (ACBSP), a leading specialized accreditation body for business education around the world.
The employment of Insurance professionals is expected to grow by a 19% rate from 2019-2029, with an average annual salary of $111,030. Learn more about career opportunities in the business and financial industries.
The employment of Financial Analysts is expected to grow by a 5% rate from 2019-2029, with an average annual salary of $83,660.
Learn more about career opportunities in the business and financial industries.
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