BUSI 345 - Risk Management and Insurance

Credit Hours: 3
Lecture Hours: 3
Laboratory Hours: 0

Prerequisite(s): BUSI 100 or BUSI 200

Restriction(s): None

Corequisite(s): None

This course describes the concepts available to corporations, non-profit organizations, and other organizations in their efforts to manage pure risks. The course addresses the costs of pure risks and employee benefits (e.g., pensions, health insurance, etc.) and how these costs affect the daily management of a firm as well as long-run profitability and survival. The course examines the techniques used by management in dealing with the issues including risk assumptions, prevention, diversification, and transfer via insurance and non-insurance market mechanisms.

Student Learning Outcomes of the Course:

Explain the concept of pure risks that affect the management processes and decision-making.
Evaluate basic techniques used to address pure risks.
Discuss relevant current research trends in the field of risk management and insurance
Distinguish between the different types of operations and characteristics of the insurance industry
Apply the analytical and quantitative tools required for evaluation of concepts in the field of risk management.