Department of Finance
Risk Management & Insurance Track
RISK MANAGEMENT AND INSURANCE – FINANCE 4354
Provides a broad perspective of risk management that, while emphasizing traditional risk management and insurance, introduces other types of risk management and stresses that the same general framework can be used to manage all types of risk. Students are provided a framework for (a) making risk management and insurance decisions to increase business value (b) understanding insurance contracts and institutional features of the insurance industry, and (c) understanding the effects of and the rationale for public policies that affect risk.
INTERNATIONAL RISK AND INSURANCE – FINANCE 4355
Decisions about how to deal with some risky activities and processes have become incredibly complex. The consequences of wrong decisions or just plain bad luck can have profoundly adverse affects, not only on decision-makers, but also on employees, customers, suppliers, and citizens. Increasingly, adverse effects can spill across industries and even national borders, causing grave harm to the innocent and uninvolved. For these reasons, the study of the management of risk in global context is more important than ever.
ENERGY RISK CASE STUDY – FINANCE 4359/7397
This course would bring hands on examination of both risk identification of energy risk with available and selection of solutions for the management of these risk. It is recognized that all risk of most any form cannot be easily digested in short time periods, however at least 7 different firms prospective can be presented over a semester. These firms would differ from semester to semester. Graduate students and MBA students are utilized as team leaders for the undergraduate students and organize the several class presentations with their team.
COMMERCIAL LIABILITY INSURANCE AND RISK MANAGEMENT – FINANCE 4358
All businesses and other organization face liability loss exposures or loss. A liability loss is the money that an organization pays as a result of a specific liability claim or suit against that organization. These losses can range from small "nuisance claims" to multi-million-dollar judgments. Improperly managed, liability loss exposures can prevent organizations from reaching its objectives or can even lead to bankruptcy. Most organizations therefore try to prevent liability losses from occurring and to arrange the most efficient way to finance (pay for) liability losses that cannot be prevented.
INSURANCE OPERATIONS – FINANCE 4356
Insurance is a system in which payments of participants (individuals, businesses or others) are made in exchange for a commitment to reimburse for specific type of losses and under certain conditions. The organization or entity that facilitates the pooling of funds and the payment of benefits is called an insurer.
The principal function of an insurer is the acceptance of risks transferred to it by others. This task is divided into insurer functional areas consisting of marketing, loss control, underwriting, premium audition, claims and reinsurance. Because of their complexity, insurer functions are segmented into specialty departments who must work together to be successful in performing the task of risk transfer.
PROPERTY INSURANCE – FINANCE 4357
The various methods used by business and other organizations (such as governmental or non profit entities) to control the effects of property losses is studied. A property loss is any loss that a person or organization sustains as a result of the damaging destruction, taking or loss of use of property in which that person has a financial interest. The course examines all forms of commercial property insurance to include business interruption theory and practice.
LIFE INSURANCE – FINANCE 4397
Life Insurance addresses the fact that human life possesses many values, most of them irreplaceable and met conductive to measurement. Life Insurance is concerned with the economic value of a human life, which is derived from its earning capacity. This course then provides a basic view of these values and covers all the topics that constitute the foundation for study of some more specialized aspects of life insurance.
ENTERPRISE RISK MANAGEMENT – FINANCE 4397
This course examines in detail an emerging philosophy of collective risk management which seeks to assemble and manage all forms of business risk (positive and negative) under a chief risk officer, thus providing a wholistic view of potential loss or gain to senior management. The majority of major U.S. companies employ some form of ERM in their risk strategy.
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