RISK MANAGEMENT AND INSURANCE (RMI)
Undergraduate Courses

RMI 3500 Introduction to Risk Management and Insurance (3.0) Prerequisite: none. CSP: 1, 6, 7.
	The primary focus of this introductory course is on evaluating life, health, retirement, property, and liability exposures to loss and analyzing the alternative methods for managing these risks. Methods of decision making under conditions of uncertainty are emphasized. This course is suggested as an elective for all majors.
RMI 3750 Probability Theory and Simulation Analysis in Risk Management (3.0) Prerequisites: FI 3300; or consent of the instructor; CSP 1, 2, 6, 7.
	This course introduces students to the principles of probability theory and risk simulation analysis. Specific topics covered include probability theory; descriptive statistics and graphical representations of data; probability distribution functions including binomial, Poisson, Normal and other functions; sampling distributions and the Central Limit Theorem; estimation and goodness-of-fit tests; and static and dynamic Monte Carlo simulation models. Spreadsheet simulation exercises are used extensively to illustrate the concepts. The applications are drawn from a variety of areas where risk analysis has become important including finance, insurance, corporate risk management and personal financial planning.
RMI 4010 Life Insurance (3.0) Prerequisite: RMI 3500. CSP: 1, 6, 7.
	This course covers the nature and importance of life and health risks and the functions and uses of individual life and health insurance in treating these risks. From both the individual and the business viewpoints, techniques for evaluating life insurance, health insurance, and annuities are covered, including a review of the legal aspects of these contracts. This course is suggested as an elective for all majors.
RMI 4020 Property and Liability Insurance (3.0) Prerequisite: RMI 3500. CSP: 1, 6, 7.
	This course examines the major types of property and liability insurance. The structure, scope, and limitations of commercial property and liability contracts are analyzed. Coverage principles and concepts are emphasized. This course is suggested as an elective for all majors.
RMI 4150 Theory of Risk (3.0) Prerequisites: MATH 2211, RMI 3750, CSP 1, 2, 6, 7.
	This course will cover the microeconomic theory of decision making for risk-averse individuals and for corporations. The course also provides an introduction to models of adverse selection and moral hazard so students will understand the basics of risk sharing contracts in the presence of various information environments.
RMI 4300 Risk Management (3.0) Prerequisite: RMI 3500. CSP: 1, 2, 6, 7.
	This course examines the business risk management process, the identification and evaluation of loss exposures, the analysis of the various risk control and financing techniques available to manage the exposures, decision making under conditions of uncertainty, and control mechanisms to monitor the results of the risk management program. Fundamental concepts of accounting, economics, finance, statistics, and business communications are integrated with risk management concepts in this course. This course is suggested as an elective for all majors, especially accounting, economics, finance, and management.
RMI 4350 Enterprise Risk Management (3.0) Prerequisites: MATH 2211; RMI 3750; CSP 1, 2, 6, 7.
	This course introduces strategies that firms employ to enhance corporate value through their risk management function. The tools and concepts are relevant for both financial and non-financial institutions. The course focuses on risk management decisions from a corporate finance perspective rather than on the speculative use of financial derivative contracts or on the valuation of derivatives and insurance contracts.
RMI 4389 Directed Readings in Risk Management and Insurance (1.0 to 3.0) Prerequisite: one RMI course, consent of instructor.
RMI 4530 Employee Benefit Plans (Same as Mgs 4385) 3.0 Prerequisite: Mgs 3400. CSP: 1, 6, 7.
	This course examines the characteristics and design of employee benefit plans, including group insurance, pensions, and profit sharing. These plans are evaluated in terms of their cost and effectiveness. Consideration is given to employee communications, taxation, collective bargaining, social insurance systems, and international benefit programs.
RMI 4700 Insurance Operations (3.0) Prerequisite: RMI 3500, RMI 4010, RMI 4020; or consent of instructor. CSP: 1, 6, 7.
	This course is designed to study the key operational activities of insurance organizations. It specifically covers marketing and distributions systems, underwriting, principles of ratemaking, reinsurance, and financial analysis. These functional areas are studied in the context of regulatory and public policy issues. Students analyze the operational and financial aspects of an insurance company.