STANDARD COMPETENCIES:

 

 I.      Define insurance as a transfer system, business, and/or a contract.

 II.     Identify and describe three major types of loss exposures.

 III.    Describe the major operations of an insurance organization.

 IV.     Describe and compare the various types of private insurers that provide property and liability insurance.

 V.      Identify and describe the sources of income and expenses for a property and liability insurance company.

 VI.     List and define the profitability ratios used by various insurers.

 VII.    Identify and describe the duties of an agent and a principal in an agency relationship.

 VIII.   Describe and distinguish among the various types of insurance marketing systems.

 IX.     Provide a historical perspective on the role of underwriting.

 X       List some common underwriting activities.

 XI.     Analyze the claim representative¿s responsibilities in the claim handling process.

 XII.    Identify and explain the four essential elements of any valid contract.

 XIII.   Explain and illustrate the principle of indemnity.

 XIV.    Describe the types of property that might be exposed to loss and that are typically covered, or excluded, by property insurance.

 XV.     Identify and describe the four elements of negligence.

 XVI.    Describe the potential financial consequences of liability loss exposures.

 XVII.   Identify and describe the steps in the risk management process.

 XVIII.  Given a scenario, recommend and justify risk management techniques appropriate for an individual, a family, or a business.

 TOPICAL OUTLINE:

 

 I.      Fundamentals of Insurance: What is it? Who Provides Insurance and How Is It Regulated?

 II.     Insurance Marketing

 III.    Underwriting

 IV.     Claims

 V.      Insurance Contracts

 VI.     Property Loss Exposures and Policy Provisions

 VII.    Liability Loss Exposures and Policy Provisions

 VIII.   Managing Loss Exposures: Risk Management