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.
Upon successful completion of this course, participants will be able to:
- 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.
- Note the benefits and problems associated with each type of insurance.
- Identify the differences between the various types of life insurance.
- 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
Types of Insurers
Insurance Company Analysis
Insurer Financial Performance
An Insurable Risk
The Insurable Interest Concept
Insurance Policy Terms and Conditions
Limit of Insurance
Losses and Claims
Who is the Payee?
Chapter 1 – Review Questions
Chapter 2 – Types of Business Insurance
Boiler and Machinery Insurance
Business Interruption Insurance
Commercial Automobile Insurance
Commercial Crime Insurance
Commercial General Liability Insurance
Cyber Risk Insurance
Directors and Officers Liability Insurance
Inland Marine Insurance
Group Term Life Insurance
Political Risk Insurance
Professional Liability Insurance
Types of Property
Surplus Lines Insurance
State Unemployment Insurance
Unemployment Benefit Claims
Workers’ Compensation Insurance
Insurance for the Home Business
Chapter 2 – Review Questions
Chapter 3 – Insurance Management
Managing the Cost of Insurance
Covered Items Analysis
Double Coverage Analysis
Split Limits Elimination
Continual Policy Updates
Unlikely Rider Payouts
Small Claims Avoidance
Captive Insurance Company
Insurance Claim Problems
Insurance Claims Administration
Insurance Claims Report
Accounting for Insurance
Chapter 3 – Review Questions
Review Question Answers and Rationales
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