FINA 3345 Principles of Insurance

This is a course designed to provide students with a basic understanding of risk management and how insurance can help individuals manage risks they face. It will inform students of the importance of professional services in financial planning with emphasis on risk management and the selling of insurance. It introduces the fundamentals of management of risks such as premature death, disability, health conditions, legal liability, property damage, long-term care and longevity. Other topics discussed include annuities as well as social insurance programs such as Social Security, Medicare and Medicaid. Finally, it will explore the quantitative connection between finance and insurance in the form of basic time value of money calculations which underpin annuities, the cash value of and loans from permanent life insurance such as whole life, universal life and variable life policies.