Risk Management and Insurance MGNE 4226G

This course develop an understanding of what is risk, and the main structure of risk models and how it can be measured, why it is interested in individuals at risk, and why the companies at risk. The application of the risk management process on two main areas of concern for companies: the risk of liability and financial risks. 

However the insurance section discusses the fundamental knowledge of insurance comparing, including the required economic theory of insurance corporations, insurance classification scheme, the insurance environment, insurance in risk management, and the main risk factors affecting the insurance companies. In addition, to the legal framework of insurance corporation, and the functions of insurance companies.

Upon completion of the course, students will be able to:

• To study the risk management of corporation and Insurance requirements.
  
• To use of risk management in regarding to insurance purchasing on behalf of corporation.
  
• To focus on risk management theories and models as a corporate and decision-making process.
•  Being aware about the effect of getting involved in risky projects and what are the benefits and the profits for the companies and individuals.
• To provide students with the fundamental knowledge of insurance and their operation in the financial market. 
  
• To explain the economic theory of insurance company through the identifications of risk factors. 
  
• To illustrate insurance classification scheme (life insurance, entrepreneur insurance, and health insurance.
  
• To enrich the main types and the differentiation between insurance company and the insurance environment.
  

By the successful completion of this unit, students will be able to:

• Understanding the nature of risk management and insurance importance for both individual’s investors and companies.
  
• Identifying risk keys and financial risks facing businesses and insurance requirement.
  
• Mapping out various risks and deal with different risks using appropriate risk management techniques
  
• Understanding the organization of risk management
  
• Evaluating risks in terms of frequency and severity using various statistical and financial tools. 
  
• Learning the risk management process that can be applied to a variety of risks.
  
• Analyzing the main factors effecting risks to companies through case studies.
  
• Understand the basic functions and the underlining economic and legal principles of insurance and risk management factors.
  
• Understanding the responsibilities and code of conduct of agents and brokers; be aware of insurance classification schemes, insurance-related qualifications and regulations.
• Understand the basic operations of an insurance company and the insurance industry and their important of economics.
  
• Building up simple cases about local and international insurance companies and what are their biggest stories of Risk Management.