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Insurance and Risk Management

This major prepares students for rewarding careers as underwriters, claim adjusters, agents or brokers in an insurance organization. The curriculum and the co-curricular activities provide the student with the knowledge and experience to be able to be a strong part of an insurance organization immediately upon graduation.

For a complete description of courses and degree requirements, please reference our academic catalog.

Core Courses
BUS 201 Principles of Accounting I

This is the introductory course in accounting with an emphasis on financial reporting for external users of financial statements. The course includes an examination of the recording of business transactions and the measurement of business income, assets, liabilities and equities.

Fall and Spring Semesters. 3 semester hours.

BUS 202 Principles of Accounting II

This course is an introduction to management accounting and the use of decision-making tools needed by
managers in an organization. The course focuses on financial analysis, manufacturing cost flows, budgeting, and planning for long-term financing and investing activities.

Fall and Spring Semesters. 3 semester hours.
Prerequisites: C or higher in BUS 201.

BUS 212 Business Law

Business Law I provides an introduction to the law and legal system in the U.S., as well as a thorough examination of the law of contracts and sales. The course includes the study of sales, contracts, bailment and Article II of the Uniform Commercial Code. Also included is the law of negotiable instruments, secured transactions and bankruptcy.

Fall Semester. 3 semester hours.

BUS 316 Financial Management

This course is designed for the general business student and is intended to provide a theoretical and practical framework for corporate financial management. Most specifically this course will encourage each student to build a foundation of knowledge by examining:
(a) financial decision making within the corporate framework;
(b) the relationship between risk and return;
(c) time value of money; and
(d) capital budgeting.

Fall and Spring Semesters. 3 semester hours.
Prerequisites: C or higher in BUS 202 and ECO 202.

BUS 490 Business Policy and Strategic Management

Business Policy and Strategic Management is a capstone course in solving the problems of advanced general management. The course develops the concepts and techniques of strategic management as well as providing an analytical approach in understanding and dealing with actual business world situations.

Fall and Spring Semesters. 3 semester hours.
Satisfies Senior Experience requirement.
Prerequisites: C or higher in BUS 202, 300, 309, 316, ECO 202 and senior standing.

CS 210 Advanced Computer Information Systems

Students will gain an advanced level of competency in computer hardware, operating systems, and applications software such as word processor, spreadsheet, database, HTML, and presentation programs. CS 210 is designed to progress advanced students towards completion of Microsoft Office Applications Certification (MOS). Users will become familiar with all components of the Microsoft Office Suite. CS 210 does not count toward a major or minor in computer science.

Fall and Spring Semesters. 3 semester hours.
Prerequisites: CS 110 with C or higher or equivalent.

ECO 201 Principles of Microeconomics

Microeconomics is the study of elementary supply and demand, the production function, individual firm behavior, and institutional effects of government and labor business operations.

Fall and Spring Semesters. 3 semester hours.

ECO 202 Principles of Macroeconomics

This course examines economics from the aggregate perspective. National, regional and international issues, policies and effects will be explored. Topics include inflation, GDP, unemployment, recessions, growth and development, government strategies such as fiscal and monetary policy, international trade and trading blocks.

Fall and Spring Semesters. 3 semester hours.

FP 200 Fundamentals of Financial Planning

This course provides an overview of the financial planning process, including communication techniques, ethics, risk tolerance, time-value-of-money concepts, financial planning applications, regulatory issues, and the legal and economic environment for financial planning. The student will gain an understanding of the role and responsibilities of a financial planner along with some analytical skills to aid in financial decision-making. This course will also help students prepare for the HS 300 national exam administered by the American College.

Fall Semester. 3 semester hours.

FP 350 Prospecting and Meeting Client Needs

This course offers an introduction to the life insurance sales career and the sales/planning process in the personal market. This course also examines industry proven methods for successfully identifying, selecting, and approaching prospects for financial products and services. The course will conclude with a simulated client presentation judged by professional financial planners. This course will also help students prepare for the FA 200 and FA 202 national exams administered by the American College.

Spring Semester. 3 semester hours.
Prerequisites: 3.0 or higher GPA, FP 200, FP 323 and IRM 221.

IDS 390 Internship (Cooperative Education)

An optional academic experience integrating classroom theory with practical work experience. Participating students are employed off-campus with businesses/organizations related to their career choice, or in an on-campus experience while completing their undergraduate course work. Students must register and pay for internship credits in the same semester as they are working. Credits cannot be deferred to a later semester.

  • Fall and Spring Semesters, Intensive Learning Term and Summer.
  • 1–15 semester hours.
  • Prerequisites: completed 30 semester hours with a 2.25 or higher cumulative GPA.
  • Students must arrange this experience with the appropriate department chairperson before registering for this course.
  • A Cooperative Education Work Experience Application must be completed prior to beginning work.
IRM 221 Principles of Insurance and Risk Management

An introduction to the concept of risk, the process of risk management, and the field of insurance, including fundamental doctrines, historical background, social value, economic influence, loss exposures and protection, insurance regulation, insurance carriers, reinsurance, marketing, underwriting and claims adjusting. This course includes examination of the Michigan Essential Insurance Act and how this law addresses the social responsibility of the insurance business and its attempt to address social injustice. This course will also help students prepare for the INS 21 national examination administered by the Insurance Institute of America.

Fall and Spring Semesters. 3 semester hours.
Prerequisites: BUS 212 recommended.

IRM 322 Personal Insurance

Designed to cover policy provisions and concepts common to various personal multiple-line property, casualty, life and health contracts. This course will also help students prepare for the INS 22 national examination administered by the Insurance Institute of America.

Fall Semester. 3 semester hours.
Prerequisites: IRM 221, cumulative GPA 3.0; BUS 212 recommended.

IRM 323 Commercial Insurance

Designed to cover policy provisions, and concepts common to various commercial multiple-line property and casualty contracts. This course will also help students prepare for the INS 23 national examination administered by the Insurance Institute of America.

Spring Semester. 3 semester hours.
Prerequisites: IRM 221, cumulative GPA 3.0; BUS 212 recommended.

IRM 350 Negotiations and Persuasive Presentations

An examination of negotiating techniques, construction of a persuasive argument, assembly of information to support positions and proposals, use of spreadsheets and presentation software to create professional documents and presentations to support positions and proposals, such as the development of a new product or the sale of new insurance coverage to a risk manager or new exposure to an insurance/reinsurance underwriter.

Fall Semester. 3 semester hours.
Prerequisites: IRM 323, cumulative GPA 3.0.

IRM 454 Risk Management

This course examines the process of risk management for a private firm in-depth using many of the concepts and tools studied in other insurance courses. Topics include the identification and analysis of loss exposures; examination of alternatives to traditional insurance; the use of forecasting, cash flow analysis and information systems in the risk management process. This course will incorporate the use of case studies and a risk management simulation “game” exercise. This course will also help students prepare for the ARM 54 national examination administered by the Insurance Institute of America.

Fall Semester. 3 semester hours.
Prerequisites: IRM 221, IRM 323, BUS 316,and MTH 232; cumulative GPA 3.0.

MTH 232 Statistics

Statistics and probability. Including measures of central tendency and dispersion, normal and binomial probability distributions, hypothesis testing, confidence intervals, correlation, regression and nonparametric tests. Statistical software introduction.

Fall and Spring Semesters. 4 semester hours.
Satisfies Mathematics Proficiency requirement with a grade of C or higher.
Prerequisites: MTH 109 or completion of two years of high school algebra.

Complete ONE of the following special interest tracks:

Agency

IRM 324 PC Insurance Licensing

This course will prepare students to pass the Michigan PC Insurance Producers licensing exam. Areas to be reviewed include insurance basics such as contract law, basics of property and casualty insurance, personal lines, commercial lines insurance. This course will also analyze the Michigan Insurance Code as it relates to the general provisions of insurance regulation and laws pertaining to property and casualty insurance.

Spring Semester. 3 semester hours.
Prerequisites: IRM 221, cumulative GPA 3.0.

IRM 483 Agency Operations

This course is designed to cover the operational management of an insurance agency. It examines all aspects of management such as personnel, sales and marketing. Further topics are agency image, legal and ethical practices. This course will also help students prepare for the AAI 83 national examination administered by the Insurance Institute of America.

Fall Semester. 3 semester hours.
Prerequisites: IRM 221, cumulative GPA 3.0.

Insurer

IRM 482 Studies in Insurance and Risk Management: Variable Topics

An examination of selected areas of concern or interest not intensively covered in other courses. The focus will be substantive as well as analytical. Topics may include such areas as further investigation into reinsurance, claims, commercial underwriting, surplus lines insurance, employee benefits, estate planning, ethics, financial analysis and management of insurance companies, risk management alternatives – financing or control, international risk management, or any other insurance topics where there is student interest or business community need. May be repeated for credit with a different topic.

As announced. 3 semester hours.
Prerequisites: IRM 221, 322, and 323; cumulative GPA 3.0; and senior standing or instructor permission.

IRM 490 Strategic Management of Insurance Enterprise

This course examines the strategic management of an insurance company with a focus on financial management, U.S. regulation, and an overview of operations in a global marketplace – including consideration of differences in culture, language, regulations, laws and political risks. The core operations of marketing, underwriting, reinsurance, ratemaking and claims adjusting are studied. This course will incorporate the use of an insurance company financial management simulation “game” exercise. This course will also help students prepare for the CPCU 520 national examination administered by the American Institute for Chartered Property Casualty Underwriters.

Spring Semester. 3 semester hours.
Prerequisites: IRM 221, MTH 232, and cumulative GPA 3.0; IRM 322 and 323 recommended.
Satisfies Senior Experience requirement.

Notes
  • Membership in the Gamma Iota Sigma insurance and risk management fraternity is strongly recommended.
  • The IRM 330 Ethics and Presentations course meets the Service Learning requirement, and is recommended for insurance and risk management students.
  • If the student is planning to attend graduate school, ECO 301 Intermediate Microeconomics, MTH 151 Calculus I and MTH 152 Calculus II are recommended.
  • A foreign language is highly recommended for all business students.
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