ACS 2740 - Risk Management and Insurance

• Explain the nature and classification of risk, including distinctions between pure and speculative risks, and among personal, property, and liability exposures
• Differentiate and apply key concepts such as risk, peril, and hazard in analyzing risk situations
• Describe the objectives, components, and steps involved in the risk management process.
• Evaluate alternative methods for managing risk, including avoidance, retention, loss control, and transfer
• Explain the law of large numbers and its significance in supporting the insurance mechanism
• Describe the principles and framework of enterprise risk management and its application in modern organizations
• Identify the characteristics of an ideally insurable risk and the major types of insurance available to individuals and businesses
• Explain the key functions of insurance operations, including underwriting, rating, claims settlement, reinsurance, and investment
• Identify and compare major types of insurers, intermediaries, and marketing systems within the insurance industry
• Explain the fundamental legal principles governing insurance contracts, including indemnity, insurable interest, subrogation, and utmost good faith
• Analyze and evaluate life and health insurance products in terms of their design, benefits, and appropriate applications
• Explain the basis of legal liability and the law of negligence as they relate to personal and commercial insurance
• Analyze the coverage structure and provisions of auto, homeowners, and umbrella insurance policies
• Identify and evaluate key property and liability coverages for business organizations
• Analyze the design and application of commercial insurance programs, including package policies, businessowners policies, and specialized coverages such as crime and cyber liability insurance
• Communicate effectively in both written and oral forms, demonstrating clarity, accuracy, and professionalism in discussing risk management and insurance concepts

• Basic concepts of probability

• Fundamentals of risk and insurance
• Insurance industry and operations
• Legal, regulatory, and ethical principles
• Personal and social insurance coverages
• Enterprise and commercial risk management