Insurance and Risk Management
Subtopics
1. Understand the risk management model (identify hazards, assess and prioritize risks, choose control measures, implement controls, and monitor and review results). |
2. Understand the enterprise risk management model — ERM (state goal, identify risks, evaluate risks, treat risks, monitor and review results, and communicate results). |
3. Adapt risk management model to meet organization’s needs. |
4. Understand how risk creates value. |
5. Know the risk management process of creating a risk program. |
6. Create valid risk forecasts. |
7. Perform risk mapping and risk profiling. |
8. Determine the cost of risk. |
9. Apply risk control theories to create prevention, reduction, enablement, and enhancement tactics. |
10. Create emergency response and business continuity plans. |
11. Understand risk retention plans and risk financing transfers. |
12. Understand how to prepare risk management reports. |
13. Understand legal components of risk management industry. |
14. Recommended insurance for the types of risk commonly faced by young adults. |
1. Differentiate between the main types of auto insurance coverage. |
2. List facts that can increase or reduce auto insurance premiums. |
3. Determine the legal minimum amounts of auto insurance coverage required in one’s state of residence and recommended optimal amounts. |
4. Calculate the amount paid on insurance claims after applying exclusions and deductibles. |
5. Compare costs of auto insurance, given different deductibles and liability coverage limits. |
6. Explain renter’s insurance benefits. |
7. What are worker’s compensation benefits in states and how are they paid. |
1. Analyze conditions when people need health, disability, and life insurance |
2. Identify government programs, including social security, that provide financial assistance for income loss due to illness, disability, or premature death. |
3. Compare sources of health and disability insurance. |
4. Explain purpose of long-term care insurance. |
5. Create a basic financial plan and explain both the benefits and how the plan will change over time. |
1. Recognize basic policy types and basic policy features. |
2. Determine how companies underwrite life insurance. |
3. Define term insurance and permanent insurance. |
4. Understand the basics of contract provisions and legal doctrines. |
5. Understand claims management. |
6. Create portfolios and place insurance coverage. |
7. Be knowledgeable of global insurance markets. |
8. Understand the importance of pricing, risk aversion, and regulation. |
9. Negotiate, write, and renew insurance contracts. |
10. Define regulations that ensure compliance and demonstrate adherence to insurance industry regulations. |
11. Explain legal concepts pertinent to the insurance industry. |
12. Describe insurance products and their benefits. |
13. Discuss the nature of insurance fraud. |
14. Investigate suspected insurance fraud. |
15. Process a claim to fulfill company’s legal obligation to client. |
16. Ensure regulatory compliance of EPA, OSHA, NFPA, ERISA, and COBRA laws and regulations. |
17. Discuss the insurance business cycle (agent, underwriter, claims, settlement, etc.) |
1. Recognize and analyze problems and make decisions based on global environments. |
2. Use benchmarking to compare data. |
3. Understand the techniques and processes for optimizing risk taking decisions with in an organization (Enterprise Risk Management). |
4. Analyze the risk posed by potential clients in order to make insurance approval/denial decisions. |
5. Demonstrate ethical decision making by compliance with fiduciary duties of care (competency and due diligence). |
1. Understand the process and importance of confidentiality agreements. |
2. Implement data security measures for confidential records. |
3. Recognize state and federal regulations regarding privacy violations and public disclosure. |
1. Identify insurance industry jobs. |
2. Recognize industry organizations. |
3. Describe essential knowledge and skills needed to be employed in the insurance industry. |
4. Describe roles and responsibilities in insurance (e.g., underwriter, insurance sales representative, actuary, claims personnel, and loss control specialist). |
5. Describe insurance licensing and certification programs. |