INSR – Insurance Studies
INSR 101
Insurance Principles and Practices
3 Credits Weekly (3-0-0)
Students develop an understanding of basic insurance principles and the primary benefits insurance contributes to society. Students are introduced to legal concepts and the legal environment in which insurance operates. Insurance contracts are examined including the legal elements that make Insurance contracts unique. Risk Management concepts are introduced and explored. Students will be introduced to and examine critical industry functions such as underwriting insurance policies, selling /distributing insurance, adjusting losses and learn how reinsurance works. They will examine insurance application forms, policies ,binders, claim forms and other documents common in the industry. Students will explore regulation of insurance in Canada, including policy wordings, professional licensing, ethics, and the role of Insurance industry organizations.
INSR 202
Property Insurance
3 Credits Weekly (3-0-0)
This course is an introduction to property insurance. Students examine the basic fire insurance policy and learn how it has evolved into the policies of today. They will examine the legislative framework that governs property insurance, learn about co-insurance, mortgage clauses, exclusions and statutory conditions as they relate to property insurance. Using basic form insurance policies, students examine how policy wordings are adapted and modified by endorsements to cover the various needs of the consumers of personal lines insurance policies. Students will learn how property insurance is applied in the work of brokers, agents, underwriters and claims adjusters. They will be introduced to a variety of habitational policies including Homeowners' forms, Tenants' forms, and other property coverages to insure high value and secondary homes. Students also evaluate the influence of legislation in the development of standardized property insurance wordings and practices.
INSR 203
Automobile Insurance
3 Credits Weekly (3-0-0)
Students will take part in a comprehensive examination of automobile insurance in Canada. They will learn about application forms, policy wordings and endorsements available to enhance the standard automobile coverage. Students will learn about automobile insurance legislation, policies and regulations, focusing mostly on personal coverage. They will learn about different provincial approaches to automobile insurance in Canada, but the primary focus will be on the Alberta automobile policy. A variety of other topics are covered including third party liability coverage, direct compensation-property damage ( DCPD) and ratemaking.
INSR 204
Liability Insurance
3 Credits Weekly (3-0-0)
Students examine important legal principles affecting liability insurance, including the basis for legal liability (common law, statutory and contractual). The Commercial General Liability Policy forms the basis for student learning in insurance contract analysis. Cases are used to apply hypothetical liability claims to determine coverages. Other coverages include products liability, workers' compensation, employers’ liability and environmental liability. The course includes a brief discussion of underwriting and rating of liability insurance.
INSR 210
Essential Skills for the Insurance Broker and Agent
3 Credits Weekly (3-0-0)
Students develop an understanding of insurance business practices from the broker’s perspective. This skills-based course concentrates on the needs of personal lines clients and small commercial risks. Students examine the role of an agent or of a broker as an insurance intermediary. The progress of a risk from initial contact with the client through the evaluation and application process, to binding and policy documents is traced. Major product lines and common policy transactions that a broker or agent handles on a daily basis are examined.
INSR 211
Essentials of Loss Adjusting
3 Credits Weekly (3-0-0)
Students develop an understanding of insurance and professional conduct within the claims domain. Students examine soft skills and technical skills required to handle insurance claims. Examine the fundamentals of investigation, evaluation, negotiation and settlement within the claims process.Through a step-by-step process, students move from understanding to application, analysis, synthesis and evaluation of hypothetical claims scenarios in order to determine: a) if coverage exists, and b) how much of the claim is payable. The types of claims include automobile, property and liability.
INSR 212
Underwriting Essentials
3 Credits Weekly (3-0-0)
The underwriter’s role as an investor of shareholder capital on behalf of the insurer is explored. Students examine the role of the underwriter in accepting or rejecting risk for the insurer within parameters both set by the insurer and imposed by the external environment. Consideration is given to the many types of detailed knowledge, the “hard” and “soft” skills, and the temperament of an underwriter needed to perform effectively and efficiently. These characteristics are applied in the analysis of individual property, liability, and automobile risks.
INSR 300
Insurance and Risk Management
3 Credits Weekly (3-0-0)
This course provides the theory and application of risk management and insurance a manager needs to ensure that an organization minimizes its exposure to loss while meeting its objectives. Key topics include risk identification and evaluation, and selection and implementation of risk management techniques. Other topics include insurance as a risk financing tool to pay for losses that do occur, insurance policy provisions, loss exposures and insurance for property, liability, life, health and income, and government regulations concerning risk management and insurance.