Insurance Minor

Minor in Insurance

To meet the needs of our shifting healthcare system as well as forecasts that predict greater demands for new employees in the insurance industry, Eastern Connecticut State University is offering a minor in insurance. This minor offers students with coursework that will help prepare for a rapidly growing job market in the insurance industry.

The global insurance industry expanded by 26 percent from 2010 to 2015, reaching more than $5.1 trillion in 2015. Life insurance represents the leading insurance market segment with almost 58 percent of the overall market in terms of value. In addition, the Bureau of Labor Statistics predicts an increase of five million jobs in health care and social assistance for 2012 to 2022. As health care and social assistance activities increase so do the insurance for those activities.

The insurance minor is particularly suitable for students majoring in finance, business administration, accounting, economics, and business information systems. Courses offerings include Risk Management, Life Insurance, Insurer Operations, and Commercial Property and Liability Insurance.

24 credits (9 credits from Core; 9 credits of Prerequisites; 6 Elective Credits)


Insurance Minor Requirements
I. Core Courses (choose 3 courses/9 credits) Credits
FIN 300 Risk Management and Insurance 3
FIN 400 Life Insurance 3
FIN 401 Health Insurance 3
FIN 402 Insurer Operations 3
FIN 403 Commercial Property and Liability Insurance 3
Total 9
II. Prerequisites (choose 3 courses/9 credits) Credits
ECO 215 Statistics for Business and Economics or 3
MAT 216 Statistical Data Analysis 3
BUS/FIN 245 Business Finance 3
BUS 205 Information Management 3
Total 9
III. Electives (choose 2 courses/6 credits) Credits
BUS 250 Business Law 3
BUS/FIN 347 Financial Institutions and Markets 3
BUS/FIN 348 Personal Financial Planning 3
BUS/FIN 346 Investment Analysis 3
BUS 260 Operations Management 3
Total 6

*FIN 300 Risk Management and Insurance is a pre-requisite to FIN 400, FIN 401, FIN 402 and FIN 403.

Course Offering by Semester Semester
FIN 300 Risk Management and Insurance* Fall, Spring
FIN 400 Life Insurance Fall
FIN 401 Health Insurance Fall
FIN 402 Insurer Operations and Policy Fall
FIN 403 Commercial Property and Liability Insurance Fall
MAT 216 – Statistical Data Analysis

Multidisciplinary, data-driven course in applied statistics. Topics selected from exploratory data analysis (tables, graphs, central tendency and variation), correlation and regression, probability and statistical inference (confidence intervals and hypothesis testing). Emphasis placed on interpretation and analysis of real-data sets. Use of statistical computing software is integral to the course.

Prerequisite: LAC student with T1M or GER student with IIIA or SAT 550+

OR
ECO 215 – Statistics for Business and Economics

A practical course in statistics with applications to economics, business and science. Emphasis placed on probability, probability distributions, statistical inference, correlation and regression.

Prerequisite: LAC student with T1M course or GER student

FIN 300 – Risk Management and Insurance

This course focuses on various types of insurable risks and explains Employee Benefits, Financial and Estate Planning, the regulation of the Insurance Industry, Types of Insurers and the Marketing Systems, and the nature of Insurance Company Operations.

Prerequisite: ECO 215 or MAT 216, and BUS/FIN 245, and BUS 205, and any 2 from the following: BUS 250, BUS 260, BUS/FIN 346, BUS/FIN 347, BUS/FIN 348

FIN 400 – Life Insurance

This course explains various types of life insurance policies, beneficiaries, premiums, life insurance and contracts, annuities, social security and retirement plans.

Prerequisite: FIN 300

FIN 401 – Health Insurance

This course will address the following topics: Different types of health insurance and Providers, Health Insurance Underwriting, Contents of health care policies and Patient Protection and Affordable Care Act.

Prerequisite: FIN 300

FIN 402 – Insurer Operations and Policy

This course covers an Overview of Insurance Company Operations, Marketing and Distribution Systems, Claims Adjusting, Ratemaking, Financial Analysis and Insurer Accounting, Reinsurance, Surplus Lines and Regulation of Insurers.

Prerequisite: FIN 300

FIN 403 – Comm Property and Liab Insur

This course discusses Commercial Property Risk Management, Commercial Property/liability Loss Exposures and Coverages, Building and Personal Property Coverage, BPP Coverage Options, Covered Causes of Loss, Business Income Exposures and Coverage, Commercial General Liability Insurance, Business owners’ Insurance, Commercial General Liability Insurance Claims-Made form and Reading Insurance Policy.

Prerequisite: FIN 300

ECO 215 – Statistics Business/Economics

A practical course in statistics with applications to economics, business and science. Emphasis placed on probability, probability distributions, statistical inference, correlation and regression.

Prerequisite: LAC student with T1M course or GER student

BUS 245 – Business Finance

Basic financial concepts of risk and return, time value of money, criteria for investment decisions, financial markets and securities, financing decisions, forecasting, asset management and dividend policy.

Prerequisite: ACC 201 and MAT 101 or Equivalent

BUS 205 – Information Management

The course introduces the use of information technology for ethical problem solving and decision-making across all major functions of organizations. Particular attention is given to the critical analysis, organization, communication and presentation of information for organizational planning and control, with critical reflection on project work.

Prerequisite: LAC student with T1M course or GER student

BUS 250 – Business Law I

A study of the American legal system including a study of the history and development of law in general, a specific study of constitutional law as it applies to the business environment, the law of torts and crimes, dispute resolution methods, and the law of contracts and agency.

Prerequisite: None

BUS 347 – Financial Institutions & Markets

This course introduces concepts associated with the Reserve bank, commercial banks, savings and loans, credit unions, money market funds, insurance companies, pension and mutual funds, security brokers and other suppliers of financial services and the way they interact with financial markets, money markets and capital market to achieve an effective financial system. These financial institutions and markets form the foundation of any monetary systems.

Prerequisite: ECO 200

BUS 348 – Personal Financial Planning

This course reviews the institutions, instruments and techniques of personal finance planning. It concentrates on the areas of risk management, establishing budgets, tax management, investments, retirement planning and estate planning.

Prerequisite: None

BUS 346 – Investment Analysis

Principles and techniques of investment in securities with a continuous appraisal of the economic setting. The mathematics of investment, the role of investment banking houses, stock exchanges and over-the-counter market, federal and state regulations of trading in bonds and equities.

Prerequisite: BUS/FIN 245 or Equivalent

BUS 260 – Operations Management

Fundamentals of production planning and control, quality control and facilities management. Focuses on management systems for greater competitiveness in manufacturing and the service sector.

Prerequisite: Prerequisite: MAT 216 Or Equivalent Statistical Course