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Finance 431: Property Liability Insurance Course

Learn about insurance operations, commercial property & liability coverages, and current events in the insurance industry. Prerequisite: Basic knowledge of insurance terminology and personal lines coverage. Guest speakers from Arch Insurance, Milliman, Zurich North America, and Renaissance Reinsurance.

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Finance 431: Property Liability Insurance Course

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  1. Finance 431:Property-Liability InsuranceInstructor:Stephen D’ArcyTeaching Assistant:Bill SchneiderLecture 1:Introduction and Course Organization

  2. Fill Out on Index CardNameMajor YearCareer ObjectiveFinance and Actuarial Science CoursesPreviously taken Taking this semesterWhy are you taking this course?In what way are you different from other students in this class?Where are we most likely to see you on campus (other than in class)?

  3. General Course Information Prerequisite: Basic knowledge of insurance terminology and personal lines coverage (Fin 230) Course focus - three components: • Insurance Operations • Commercial Property and Liability Exposures and Coverages • Current Events

  4. Insurance Operations • Overview of Industry and Profit Measures • Underwriting • Marketing and Distribution Systems • Claims Adjusting • Ratemaking • Loss Reserving • Reinsurance

  5. Commercial Exposures and Coverages • Commercial Property Insurance • Commercial Liability Insurance • Excess and Umbrella Policies • Professional Liability • Workers Compensation and Employers Liability

  6. Current Events – Examples(These topics may change based on issues that emerge over the semester) • Insurance Brokerage Issues • Insurance Regulation • Catastrophes • Insurance Securitization • Insurance Fraud • Enterprise Risk Management

  7. Required Textbook Risk Management and Insurance by Pritchett, Schmit, Doerpinghaus and Athearn (Seventh Edition) (Fin 230 Text)

  8. I-clickers Will Be Required For Class

  9. Optional TextbooksOn Reserve in the Undergraduate Library Insurance Operations by Webb, Harrison, and Markham;Volumes I and II Commercial Liability Risk Management and Insurance by Malecki, Horn, Wiening, and Flitner Volume II

  10. Course Websitehttp://www.business.uiuc.edu/~s-darcy/Fin431/2008/index.html The site contains the syllabus, lecture notes (posted about one week prior to class), class projects (after covered in class), assignments (approximately one week prior to due date) and keys (after the due date).

  11. General Purpose of Course Fin 230 covered what every consumer needs to know about insurance. This class covers what someone intending to work in the insurance industry, as a risk manager, or as a corporate insurance buyer needs to know about the insurance industry.

  12. What year are you at the U of I? A) Freshman B) Sophomore C) Junior D) Senior E) Graduate Student

  13. What College are You In? A) ACES B) Business C) Engineering D) LAS E) Other

  14. What Is Your Major? A) Finance B) Accounting C) Actuarial Science D) Economics E) Other

  15. Where Is Your Hometown? A) Illinois B) United States other than Illinois C) Europe D) Asia E) Other

  16. Your Car Insurance Company A) State Farm B) Allstate C) GEICO D) Progressive E) Other

  17. How Many Auto Accidents Have You Had Since You Started Driving? A) 0 B) 1 C) 2 D) 3 E) 4 or more

  18. Who Is Going to Win the Superbowl? A) Green Bay Packers B) New England Patriots C) New York Giants D) San Deigo Chargers E) What Superbowl?

  19. Likely Guest Speakers • Mark Vonnahme, VP Arch Insurance Group • Gail Ross, Senior Consultant, Milliman • James Smieszkal, Associate Actuary, Zurich North America • James Matusiak, Underwriter, Renaissance Reinsurance

  20. What You Should Know Now Class Project #1

  21. What’s next? Seven lectures on the general structure of insurance companies and functions within the company. Review and first exam. Thirteen lectures on commercial property and liability coverages, workers compensation and professional liability. Review and second exam. Additional lectures on current events (the topics are subject to change). Review and final exam.

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