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Risk Management & Insurance Planning Course, Lecture notes of Credit and Risk Management

Golden Gate University (GGU)Credit and Risk Management

A course description for Risk Management & Insurance Planning. The course is offered in the Ageno School of Business at Golden Gate University. The course covers personal risk analysis and insurance planning in the context of personal financial planning. The course objectives include identifying insurable risk, explaining legal and regulatory aspects of insurance, demonstrating knowledge of various types of insurance, evaluating life insurance needs, providing an overview of the taxation of annuities, life, medical and disability insurance, and explaining the role of insurance and risk management as part of the financial planning process. The course requires Finance 100 or its equivalent or permission of the instructor as a prerequisite.

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FI 483 - Risk Management & Insurance Planning
!
Spring 2016
Ashley Murphy, CFP®
Ageno School of Business
GOLDEN GATE UNIVERSITY
______________________________________________________________________________
Course Description
Explores personal risk analysis and insurance planning in the context of personal financial
planning. Topics include: career issues; contractual and agency legal issues; insurance
distribution methods (including Internet); evaluating insurers; personal risk assessment; risk
strategies; alternative risk transfer approaches; annuities, life insurance needs analysis and
policy structuring, product analysis; key-person insurance; business continuation applications;
life insurance use in income & estate tax planning; applicability of other insurance products
(e.g., health, disability, general liability, property and casualty); PPO’s, HMOs, HRA’s, group
insurance plans; workers compensation; relevant aspects of social security and state disability
laws; negligence issues; errors & omissions policies; & professional ethics.
Participants learn how to determine insurance needs, evaluate risk management techniques,
run illustrations and evaluate various policies from a cost-benefit standpoint. Emphasis is on
the practical aspects of insurance planning and on the analysis of in-depth case studies.
Satisfies part of the educational requirements to sit for the CFP examination.
Course Objectives
By the end of this course, you will be able to do the following:
1. Identify and explain the concept of insurable risk and the methods of avoiding,
reducing or eliminating risk including the use of insurance.
2. Explain the legal and regulatory aspects of insurance. Examine the criteria that may
be used to evaluate and select insurance companies and agencies.
3. Demonstrate your knowledge of property, casualty and liability insurance, health
Insurance, disability income insurance and long term care insurance.
4. Evaluate life insurance needs for personal and business use.
FI 483 - Risk Management & Insurance Planning
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FI 483 - Risk Management & Insurance Planning

Spring 201 6

Ashley Murphy, CFP®

Ageno School of Business GOLDEN GATE UNIVERSITY

______________________________________________________________________________

Course Description Explores personal risk analysis and insurance planning in the context of personal financial planning. Topics include: career issues; contractual and agency legal issues; insurance distribution methods (including Internet); evaluating insurers; personal risk assessment; risk strategies; alternative risk transfer approaches; annuities, life insurance needs analysis and policy structuring, product analysis; key-person insurance; business continuation applications; life insurance use in income & estate tax planning; applicability of other insurance products (e.g., health, disability, general liability, property and casualty); PPO’s, HMOs, HRA’s, group insurance plans; workers compensation; relevant aspects of social security and state disability laws; negligence issues; errors & omissions policies; & professional ethics. Participants learn how to determine insurance needs, evaluate risk management techniques, run illustrations and evaluate various policies from a cost-benefit standpoint. Emphasis is on the practical aspects of insurance planning and on the analysis of in-depth case studies. Satisfies part of the educational requirements to sit for the CFP examination. Course Objectives By the end of this course, you will be able to do the following:

  1. Identify and explain the concept of insurable risk and the methods of avoiding, reducing or eliminating risk including the use of insurance.
  2. Explain the legal and regulatory aspects of insurance. Examine the criteria that may be used to evaluate and select insurance companies and agencies.
  3. Demonstrate your knowledge of property, casualty and liability insurance, health Insurance, disability income insurance and long term care insurance.
  4. Evaluate life insurance needs for personal and business use.
  1. Provide an overview of the taxation of annuities, life, medical and disability insurance.
  2. Explain the role of insurance and risk management as part of the financial planning process. Prerequisites: Finance 100 or its equivalent or permission of the instructor. Prescribed Textbook(s): Principles of Risk Management and Insurance, Twelfth Edition, George E Rejda, Michael McNamara, Addison Wesley 2013 The Tools and Techniques of Life Insurance Planning, Stephen R. Leimberg, National Underwriter 5th edition. Student Success What does it take to succeed in this course? There is considerable material to cover and most of it will be unfamiliar to you. As such, in order to successfully accomplish the course objectives, each student is strongly urged to: Complete homework reading. The basic concepts covered in the readings will be assumed knowledge in class. Class time is intended to build-upon the concepts conveyed in the reading material. Ask questions when you do not understand the material. Be assertive in seeking out help. Ask your instructor and your fellow students when you have a question. Complete all assignments on time, move through the course as assigned, and make a firm commitment for completion of the course. Late assignments will penalized at a rate of one full grade (e.g. an ‘A’ assignment would get a ‘B’) for every day the assignment is late. Develop a study plan that will work for you. You need to budget your time in order to organize your work efforts to cover scheduled readings and assignments on a timely basis. Be an active learner. Take responsibility for your learning. Education is a combination of working independently on assignments and interaction with classmates. This style of learning allows an individual a greater opportunity to learn the material presented and a freedom in terms of the amount of effort you put into the course. However, with this freedom comes the need for an even higher level of personal responsibility and discipline in terms of completing your work on time, monitoring your progress and ultimately achieving your own grade. Academic Integrity It is imperative that students familiarize themselves with the University’s policy on academic integrity. Required Text: Principles of Risk Management and Insurance , Twelfth Edition, George E Rejda, Addison Wesley 2011

University Library There are several databases available through the Golden Gate University Library for students to conduct research on various topics. Remote (off campus) access to the databases requires your last name and student ID# (located on the front of your ID card). Be sure to type in ALL 7 digits, including the starting 0. Example: 0123456. You may access the library from GGU’s homepage at http://www.ggu.edu. Supervised Exam Info All eLearning (entirely online) courses require at least one supervised exam per term. Check with your instructor to find out when you are allowed to take the supervised exam. It is your responsibility to schedule an exam time and location. For more information , go to http://www.ggu.edu/cybercampus/ExamInformation. Grading Policy Instructor Bio Ashley Murphy, CFP® Ashley Murphy, CFP® is the founder and Principal of Arete Wealth Strategists, a Registered Investment Advisory with a presence in Berkeley, CA and Minneapolis, MN. Previously, Ashley worked at David White and Associates, one of the largest family owned insurance General Agent’s in the Bay Area. In his previous career as a corporate financial analyst, Ashley worked at several large companies including Visa, Babcock and Brown and VWR International. Ashley has been quoted in the Wall Street Journal and Financial Advisor magazine. He was the runner-up student of the year at UC Berkeley Extension in 2010 and taught Insurance there in

  1. Ashley was the Secretary of NexGen, the Financial Planning Association's young professionals chapter. Ashley lives in Minneapolis, MN with his wife and daughter. In his spare time, he enjoys travel, cycling and staying fit. He serves on the board of directors of a non-profit organization in Minneapolis, MN. Education: Bachelor of Business Management (Management and Organizations) - University of Queensland, Australia Grade Weightings Class Participation 20% Homework and Projects 30% Mid-Term Exams (2) 15% each 30% Final Exam 20% 100%

Bachelor of Arts (Management Info Systems) - University of Queensland, Australia Professional Designation: CFP ® - Certified Financial Planner (USA) Discussion Information You will be required to participate in two weekly discussions. Each week, your instructor posts a specific discussion topic and you interact with your instructor and fellow students by reflecting, sharing, posting, questioning, etc. Discussions enable you to have a conversation with your classmates and instructor, just as you would in a live classroom. Discussions are a vital part of online courses. Active participation in discussions is the key to a complete learning experience. Rather than simply reading an expert's opinion on a subject, you can interact with the experts --your instructors-- questioning them, sharing your thoughts and opinions, and gathering their responses. Criteria for Class Participation are as follows: Quality rather than quantity of contributions will be evaluated. Full and enthusiastic classroom participation related to class discussion is expected of all students. Case Studies and Exams do not count toward Class Participation. Genuine interest in the subject matter as displayed through the uniqueness of contributions and the degree of effort expended in sourcing outside material. Related outside reading and demonstration of an understanding of the material through personal experience. Clarifying questions are not considered contribution to class participation Must be in attendance to earn at least half of the marks. Grading and Evaluation Numerical Value to Letter Grade Conversion A+: 100-97% A: 96-93% A- :92-90% B+: 89-87% B: 86-83% B-: 82-80% C+: 79-77% C: 76-73% C-: 72-70% D+: 69-67% D: 66-63% D-: 62-60% Below 60% = Not Passing *As standardized by Golden Gate University