FIS 250 Entire Course New Flashcards
FIS 250 Complete Class
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FIS 250 Complete Class
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FIS 250 Week 1 CheckPoint Risk Management Methods
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CheckPoint: Risk Management Methods
Recall that there is more to handling risk than just purchasing insurance. The five major methods for handling risk include avoidance, loss control, retention, noninsurance transfers, and insurance. Knowing which risk management method to choose is key to avoiding and minimizing losses (Rejda, 2008).
Complete the Case Application activity on p. 14 of the text to identify the risk management techniques appropriate for selected risks and loss exposures. For each letter item, identify the risk management technique you chose and your reason for selecting that technique.
Rejda, G. E. (2008). Principles of risk management and insurance (10th ed.). Boston, MA: Pearson Addison Wesley.
FIS 250 Week 1 CheckPoint Risk Management Methods
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FIS 250 Week 1 DQ 1 And DQ 2
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Week 1 DQ 1
Recall that pure risk is defined as a “situation in which there are only the possibilities of loss or no loss,” and speculative risk is described as a “situation in which either profit or loss is possible” (Rejda, 2008, p. 6). Based on what you know about these types of risk, why do private insurers typically refuse to insure speculative risks? How does the law of large numbers affect speculative and pure risks? Discuss why personal, property, and liability risks are pure risks and provide examples in your response.
Week 1 DQ 2
Recall that insurance creates benefits and costs for society. Review some of the benefits of insurance outlined in Ch. 2 (pp. 28–29) of the text. Compare those benefits with the costs of insurance described on the Web site for the Coalition Against Insurance Fraud at www.insurancefraud.org. Click on the Consumers button followed by the Useful Link and then click on the Learn About Fraud link. According to the Web site, how much does insurance fraud cost Americans each year? How are individuals and families impacted by insurance fraud? Why should the benefits and costs of insurance matter to you? In your opinion, do the benefits outweigh the costs or do the costs outweigh the benefits?
FIS 250 Week 1 DQ 1 And DQ 2
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FIS 250 Week 2 Assignment Risk Management Process
Assignment: Risk Management Process
• Resource: Ch. 3 (pp. 56 and 58) of Principles of Risk Management and Insurance
• Complete the Case Application activity on p. 56 of the text to apply the risk management process to a business case.
• Complete Application Question 5 on p. 58 of the text to apply the risk management process to a case of personal risk.
• Post your response as an attachment.
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FIS 250 Week 2 CheckPoint Risk Management Objectives
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CheckPoint: Risk Management Objectives
• Resource: Ch. 3 (p. 43) of Principles of Risk Management and Insurance
• Recall that the purpose of risk management is to identify and address loss exposures (Rejda, 2008). What are the exact objectives that a risk management professional should know about? Specify pre- and post-loss objectives exist that describe the purposes of risk management and guide risk management professionals in their work.
• Write a 200- to 300-word response that describes, in your own words, each of the three pre-loss and five post-loss risk management objectives. Provide examples of each objective in your response. Examples can be fictional, but should serve to help you describe each objective.
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FIS 250 Week 3 CheckPoint Underwriting Claims and Reinsurance Appendix B
CheckPoint: Underwriting, Claims, and Reinsurance
• Resources: Ch. 6 (pp. 109-118) of Principles of Risk Management and Insurance and Appendix B on the student Web site
• Read the scenario and questions in Appendix B.
• Answer questions from Appendix B in a 200- to 300-word response.
• Post your response as an attachment.
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FIS 250 Week 3 DQ 1 And DQ 2
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Week 3 DQ 1
After reading the Demutualization Claims Clearinghouse Frequently Asked Questions Web site, what is the difference between stock and mutual insurance companies? Why has the industry trend been to demutualize insurance companies?
What is the difference between stock and mutual insurance companies?
Week 3 DQ 2
The three main types of marketing systems are Life Insurance, Property and Casualty Insurance, and Group Insurance. Choose two main systems and describe one or more characteristics of each system. Respond to one of your classmate’s posts by introducing the third main system, which your classmate did not already address. For example, if your classmate described some characteristics of Life and Group marketing systems, you could reply by naming Property and Casualty marketing systems. Include characteristics of that system and describe how they are the same or different from the two systems described by your classmate.
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FIS 250 Week 4 Assignment Interpreting Insurance Contracts Appendix C
Assignment: Interpreting Insurance Contracts
• Resources: Appendixes A, B, C, & D in the back of Principles of Risk Management and Insurance and Appendix C on the student Web site
• Complete Appendix C.
• Post your response as an attachment.
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FIS 250 Week 4 CheckPoint Determining Loss Outcomes
CheckPoint: Determining Loss Outcomes
• Answer Application Questions 1, 2, 4, 5, & 6 on p. 190 of the text.
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FIS 250 Week 5 CheckPoint Life Insurance Needs Analysis Worksheet Appendix D
CheckPoint: Life Insurance Needs Analysis
• Complete the Life Insurance Needs Analysis Worksheet in Appendix D.
• Post the completed Appendix D as an attachment.
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FIS 250 Week 5 DQ 1 And DQ 2
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In this discussion you will role-play the parts of a prospective insured and of an independent insurance broker in a question and answer session. In response to this post, act as a prospective insured who is calling an insurance broker to ask a question about any of the following health insurance options:
o hospital-surgical insurance
o major medical insurance
o health savings accounts
o long-term care insurance
o disability-income insurance
Pose an initial question that asks about the basic characteristics of the option, for example, “I’m thinking about using a health savings account. What can you tell me about them?”
Find a classmate’s post and, acting as the insurance broker, provide an answer to his or her question. Continue posing and answering questions until you have learned about as many coverage options as possible.
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FIS 250 Week 7 CheckPoint Loss Settlement Payments
CheckPoint: Loss Settlement Payments
• Resource: Ch. 20 (pp. 457–458) of Principles of Risk Management and Insurance
• Complete Application Questions 1 and 2 on p. 464 of the text. For each question, explain how you reached your answers.
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FIS 250 Week 7 DQ 1 And DQ 2
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Week 7 DQ 1
Review the coverage provided by Section 1 of the Homeowners 3 policy on pp. 445–451 and Appendix A of the text. Recall that Section 1 coverage include Coverage A: Dwelling, Coverage B: Other structures, Coverage C: Personal property, Coverage D: Loss of use, and Additional coverage.
Choose two of Section 1 coverage and explain how they are important. Provide examples of how a homeowner could be personally affected if not insured for the coverage you chose.
Comment on your classmates’ posts by describing situations in which exclusions or limits may apply and how the homeowner could be affected.
Week 7 DQ 2
What must an insurer and insured do following a loss to a home covered by a homeowner’s policy? Discuss one requirement of each party and describe why you think each requirement is in place. How would each requirement benefit each party?
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FIS 250 Week 8 Assignment Losses Covered Under PAPs
Assignment: Losses Covered Under PAPs
• Complete Application Question 1 on pp. 516–517 and Application Question 6 on p. 517 of the text. Be sure to address items (A) through (M) of Application Question 1. You are not required to show your calculations, so provide only your final answers for each item.
• Post your response as an attachment.
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FIS 250 Week 8 CheckPoint CheckPoint PAP
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CheckPoint: PAP
• Imagine you are a customer service representative at a major auto insurance provider. You answered a phone call from an insured who recently purchased an auto policy. She received her policy in the mail, reviewed it, and now has questions about her coverage. Her auto policy is located in Appendix B of the text.
• Answer her questions by identifying the types and locations of policy provisions in Appendix B, and by describing the purpose of each of the provisions:
o I’m not clear about my liability coverage on the Ford and Toyota. I don’t understand why they’re different amounts ($100,000 each person, $300,000 each accident, and $50,000 each accident). What does those amounts mean? If I get into an accident, what does this cover?
o If I cause an accident in which I get seriously injured and have to pay related medical bills for, say, two years to come, does my policy cover that?
o What if my car is struck by a hit-and-run driver? Will the damages to my car be covered?
o We get windstorms where I live and I’ve heard of trees falling on people’s cars and causing substantial damage. Will my insurance cover an event like that?
o I’m a very private person. What if I was injured in an accident and had to go to the doctor? Would I have to share my medical records with you?
o My driving record is less than perfect. Not that I expect this to happen, but can I continue coverage if my license is revoked?
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