Course Overview
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. Notify me to receive email notifications when the course opens for registration next term.
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:
- Indicates programs accepting international students.
- Indicates programs eligible for students to apply for Post-graduation Work Permit (PGWP).
School of Business + Media
- General Insurance and Risk Management
Diploma Full-time
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