Self-Study
3
Overview
Finance
There are no prerequisites.

Course Description

Insurance is designed for events that are infrequent and high-loss. If events are too frequent, the cost of insurance coverage will be too expensive. If an event has small losses, there is no point in obtaining insurance coverage, since self-insurance is less expensive. Thus, insurance is intended for a very specific set of situations. In Business Insurance Fundamentals, Steven M. Bragg provides an overview of the insurance industry, including the operations and distribution systems of insurers. The course also notes the more common insurance policy terms and conditions, the types of insurance most applicable to businesses, and how to manage and account for insurance. There is a particular emphasis on managing the cost of insurance.



Instructor

Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast.

Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with Deloitte & Touche. He holds an MBA from Babson College, a Master of Finance from Bentley College, and a BA from the University of Maine (summa cum laude).



Course Specifics

Finance
Dec 30, 2016
There are no prerequisites.
SS3158023
59
None


Compliance Information

103220
Qualifies for CA Fraud: No


Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Cite the types of insurance offered by insurers.
  • Identify the classifications of sellers of insurance products.
  • Note the measurements used to judge the performance of insurers.
  • Cite the conditions needed for a risk to be insurable.
  • Identify the reasons for the different clauses used in an insurance contract.

Chapter 2

  • Note the benefits and problems associated with each type of insurance.
  • Identify the differences between the various types of life insurance.

Chapter 3

  • Identify the methods used to reduce the cost of insurance.
  • Note the circumstances under which self-funded insurance might be successful.



Table of Contents

Chapter 1 – Overview of Business Insurance

Learning Objectives

Introduction

Types of Insurers

Insurance Distribution

Insurance Company Analysis

Insurer Operations

Insurer Financial Performance

Insurer Failures

Insurance Pricing

An Insurable Risk

The Insurable Interest Concept

Insurance Policy Terms and Conditions

Indemnity

Deductibles

Limit of Insurance

Coinsurance

Exclusions

Insurance Riders

Perils

Endorsements

Losses and Claims

Who is the Payee?

Summary

Chapter 1 – Review Questions

Chapter 2 – Types of Business Insurance

Learning Objectives

Introduction

Boiler and Machinery Insurance

Business Interruption Insurance

Policy Inclusions

Additional Coverages

Management Actions

Commercial Automobile Insurance

Commercial Crime Insurance

Commercial General Liability Insurance

Coverage Limitations

Umbrella Coverage

Credit Insurance

Cyber Risk Insurance

Management Actions

Directors and Officers Liability Insurance

Management Actions

Additional Coverages

Fidelity Bonds

Inland Marine Insurance

Life Insurance

Group Term Life Insurance

Medical Insurance

Political Risk Insurance

Professional Liability Insurance

Property Insurance

Types of Property

Policy Inclusions

Policy Exclusions

Additional Coverages

Coverage Limitations

Valuation Issues

Management Actions

Surety Bonds

Surplus Lines Insurance

State Unemployment Insurance

Unemployment Benefit Claims

Workers’ Compensation Insurance

Policy Inclusions

Management Actions

Reinsurance

Insurance for the Home Business

Summary

Chapter 2 – Review Questions

Chapter 3 – Insurance Management

Learning Objectives

Introduction

Managing the Cost of Insurance

Broker Training

Odds Analysis

Insurer Messaging

Covered Items Analysis

Double Coverage Analysis

Split Limits Elimination

Continual Policy Updates

Unlikely Rider Payouts

Non-Comparability

Deductibles Analysis

Small Claims Avoidance

Inventory Reduction

Delayed Payments

Self-Funded Insurance

Captive Insurance Company

Insurance Claim Problems

Insurance Claims Administration

Core Reports

Losses Report

Incidents Report

Insurance Claims Report

Accounting for Insurance

Insurance Payments

Claims Receipts

Summary

Chapter 3 – Review Questions

Review Question Answers and Rationales

Glossary

Index

Qualified Assessment

Answer Sheet

Course Evaluation



Choose Your Preferred Format


Online Access

Get immediate access to a robust collection of learning and reference materials, allowing you to dive deep into the information you need. Our self-study materials are authored by top-quality, industry experts who focus on helping you grasp concepts quickly using real-life examples. Download your CPE to any device, and take it with you so you can learn when and wherever you want. Complete your CPE with an online exam, and enjoy instant grading with the option to print your certificate immediately upon passing.

online access
Hard Copy

Our self-study materials are authored by top-quality, industry experts. You’ll receive a bound notebook of all the course materials, shipped to you within one business day. In addition, you’ll also have full online access. Each self-study package includes a robust collection of learning and reference materials to help you cover the information efficiently and put it into practice immediately.

hard copy
Self-Study Video

Experience high-quality instruction with our Self-Study Videos, available to you 24/7. With more than 80+ videos currently in the Western CPE Self-Study Video library, you can see and hear our expert instructors deliver the information you need in a dynamic way that allows you to immediately apply your learning. Unlike a live course or webcast, you can complete the course on your own time, playing and pausing as needed. Self-Study Videos allow you to complete your CPE requirements on your own time.

hard copy


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