Areas of Study


he Risk Management & Insurance program is designed to provide students with an understanding of the insurance industry and of the current academic and practitioner literature on financial risk management. In the Risk Management & Insurance program, students will explore the various functional areas of insurance company management, including investment and financing policies as well as pricing and underwriting activities. Students will also become familiar with the types of risks facing financial institutions, corporations, and individuals and learn how to measure and manage these risks. The Risk Management & Insurance program prepares students for careers in the financial services industry (insurance companies, banks, securities firms, and pension funds).

Courses & Requirements

Summary of Requirements

Requirements for a Minor in Risk Management and Insurance:

The minor in Risk Management and Insurance consists of a minimum of 15 credit hours. Students must take RMI 200 and RMI 300, plus three advanced (300- or 400-level) courses. The specific course of study must be determined in consultation with the student's faculty advisor in the Department of Business.

Required Risk Management and Insurance courses 6 hours

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.

Elective Risk Management and Insurance courses 9 hours

Choose three courses:

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.

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.

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.

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Minor in Risk Management and Insurance

James Bruner

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