Course details
This is a skills-based course providing an overview of the insurance business from a broker's perspective, concentrating on the needs of personal lines clients and small commercial risks. The course begins by introducing the broker as an insurance intermediary, and then follows the progress of a risk from the initial broker-client contact, through the evaluation and application process, to the binding of insurance and issuing of a policy. Major insurance product lines and common policy transactions handled by a broker are also covered.
Prerequisite(s)
- 50% in RMGT 2110
Credits
5.5
- Not offered this term
- This course is not offered this term through BCIT Part-time Studies. Please check back next term or subscribe to receive email updates.
Learning Outcomes
Upon successful completion, the student will be able to:
- Define insurance intermediary, focusing on the comparison of roles and responsibilities of agents and brokers and the different licensing requirements for each.
- Discuss effective communication including descriptions of techniques for telephone, written and in person discussions.
- Describe how the risk analysis process leads to the identification of exposures, and how this aids in the sales process.
- Manage client information, from setting up a new client file to completing an application.
- In non technical language describe the significance of full disclosure and the reasons for obtaining the client signature on forms.
- Define “Binding Authority” and its importance in the insurance transaction.
- Compare the coverage provided by a personal liability policy and a commercial general liability policy, highlighting the benefits of each of their major insuring agreements.
- Describe the various processes carried out by brokers over the course of providing insurance to customers over several years.
- Manage a claim situation for a client from the broker’s from the broker’s perspective and be able to explain the process to a customer.
Effective as of Fall 2011
Related Programs
Insurance Broker and Agent Roles (RMGT 3110) is offered as a part of the following programs:
School of Business + Media
- General Insurance and Risk Management
Diploma Full-time
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Programs and courses are subject to change without notice.