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Business - Insurance Ontario College Diploma

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  • Objectives
    This program is designed to provide students with a broad exposure to business with a specialization in general insurance, and is designed to meet the needs of those students who wish to be employed by the insurance industry in the areas of agency, claims, marketing, and management. Students will have the opportunity to gain all ten credits required for the Chartered Insurance Professional (CIP) designation from the Insurance Institute of Canada.
  • Practical experience
    There is a co-op component option.
  • Academic Title
    Business - Insurance Ontario College Diploma
  • Course description
    Level One
    ACCT1030     Introductory Financial Accounting I

    Description: This course introduces accounting terminology, the accounting equation, the double-entry system of bookkeeping, the accrual basis of accounting, financial statements, and the ledgers and journals making up a basic accounting system. Equivalent Course: OLRN1320 Financial Accounting 1 (Internet)
    Hours: 45
    Credits: 3

    CDEV1020     Co-op and Career Preparation

    Description: This mandatory course prepares students for job searching for their co-op work terms and for post-graduate careers. Students will learn to critically evaluate their skills, attitudes, and expectations and evaluate and interpret available opportunities in the workplace. Self-marketing techniques using resumes, cover letters, cold-calls, and interviewing will be learned and students will learn the expectations, rules, and regulations that apply in the workplace with regards to social, organizational, ethical, and safety issues.
    Hours: 16
    Credits: 1

    COMM1500     Introduction to Professional Writing and Presentation Skills
    Description: Introducing the communication skills necessary for success, this course analyzes cases that reflect real life situations. Students will attain the skills in problem solving and decision making required in professional communications. Emphasis will be placed on producing effective letters and memoranda. The course also helps students develop presentation skills.
    Hours: 45
    Credits: 3

    COMP1056     Business Computing Applications I
    Description: Introducing word processing and spreadsheet applications on a microcomputer, this course will teach: entering text, developing solutions to business problems, describing the processing cycle of a computer and how data is stored, the function and type of storage used in computers, input and output operations and the impact of computers on society.
    Hours: 45
    Credits: 3

    INS1000     Insurance Fundamentals
    Description: This course focuses on Property & Casualty insurance and builds a solid foundation for continued in-depth studies toward the completion of the Chartered Insurance Professional (CIP) designation. Beginning with ?risk? and how it relates to everyday life, the course demonstrates how insurance has evolved throughout history and meets the demands of society. Emphasis is given to the legal principles that govern the insurance process and includes Common Law, The Civil Code of Quebec and Contract Law. The types of insurance company organizations, product distribution methods, underwriting and claims processes are studied as part of insurance operations. Other types of insurance and their uses are also discussed.
    Hours: 48
    Credits: 3

    MATH1010     Business Mathematics I
    Description: The purpose of the course is to provide the student with a mathematical basis for personal and business financial decisions through four instructional models. The course stresses business application using arithmetic, algebra, ratio-proportion and graphing. Applications include payroll, cost-volume-profit analysis and merchandising mathematics. This course stresses logical reasoning and problem solving skills. A Texas Instrument BAII 'Plus' calculator is required for the course.
    Hours: 45
    Credits: 3

    MKT1040     Introductory Marketing I
    Description: This introductory course covers the broad concepts of marketing and its place in Canadian business. Students will examine industrial and consumer behaviour, the various environmental forces on marketing and the subject of market segmentation. They will also be introduced to target markets, product life cycles and product positioning.
    Hours: 45
    Credits: 3

    Level Two
    BUS2010     Business Law

    Description: Introducing the legal system which governs personal and commercial relationships in Canada, this course provides knowledge of the basic legal concepts in order to gain insight into judicial reasoning. Areas covered range from contract law to real property and protection of creativity. Equivalent Course: OLRN1440 Business Law 1 (Internet)
    Hours: 45
    Credits: 3

    BUS2030     Applied Ethics
    Description: This course will familiarize students with the bases of ethical theory and assist them in the development of a critical process for making ethical decisions. Students will learn to make these decisions in the context of their discipline of study.
    Hours: 45
    Credits: 3

    COMM1140     Interpersonal Communications Skills
    Description: This course will help students develop skills needed to interrelate with others in a variety of workplace situations and social settings. With the assistance of self-assessment and feedback instruments, students will be able to build on individual strengths and overcome weakness in their ability to communicate effectively one-on-one and in group settings. Although the course will incorporate relevant communication theories, the focus will be on developing the ability to present oneself effectively in the majority of managerial roles (e.g. managing conflict, instructing, seminar leader, counselor, team member). The course will also focus on managing ones image to maximize career potential.
    Hours: 45
    Credits: 3

    ECON1020     Microeconomics
    Description: This course is a study of how people in society deal with the problem of scarcity. It introduces students to principles that are essential to an understanding of contemporary microeconomic issues facing Canadian society. Economic models are utilized to analyze decisions made by individual economic units in an economy, such as households, firms, the interaction of these units under varying market structures, and the impact of various government policies. Topics of study include: principles of economics, supply and demand theory, consumer theory, production and cost theory, and the determination of equilibrium price and output under different market structures. Course Equivalent: OLRN1650 Introductions to Microeconomics (Internet).
    Hours: 45
    Credits: 3

    INS1010     Insurance On Property
    Description: This course focuses on all types of personal and commercial property insurance and sets a foundation for further insurance courses. Beginning with fundamental legal requirements, the course focuses on the principles involved with the Basic Fire Policy, and ultimately into present-day habitational insurance. Study broadens out to cover basic commercial insurance and the forms required for such risks. Completion of the course material will allow a student to challenge the Insurance Institute of Canada’s national exam for Property Insurance (C12).
    Hours: 36
    Credits: 3
    Pre-Requisites: INS1000

    INS1020     Personal Automobile Insurance
    Description: This course focuses on personal automobile insurance across Canada. Emphasis is placed upon legislation related automobile insurance as well as specific policy wordings, endorsements and regulations. An overall comparison of various provincial programs is studied while a more detailed approach is utilized for the study of individual policies under Ontario automobile insurance.
    Hours: 48
    Credits: 3
    Pre-Requisites: INS1000

    Level Three
    COOP1460     Co-op Work Term (Business - Insurance)

    Description: This course will provide students with work experience in the Property & Casualty insurance industry. The work will be approved and evaluated by the college. This course increases the student's understanding of employer expectations with regards to academic, practical and attitudinal skills. These skill areas will be developed during the work term while the student performs the responsibilities as laid out in the job description in accordance with course and program outcomes. Student development will be evaluated during and the conclusion of the work experience.
    Hours: 420
    Credits: 14

    Level Four
    ECON1030     Macroeconomics

    Description: This course is a study of the Canadian economy as a whole. It introduces students to principles that are essential to an understanding of contemporary macroeconomic issues facing Canadian society. It examines the structure and performance of the Canadian economy utilizing economic models and aggregate economic indicators such as gross domestic product, employment, unemployment, income and productivity growth, inflation, interest rates, and the impact of domestic and international influences and of government fiscal and monetary policies. Equivalent: OLRN1600 Introduction to Macroeconomics (Internet).
    Hours: 45
    Credits: 3

    INS2000     Insurance Against Liability

    Description: To understand liability insurance, you must first know something of the law and the Canadian legal system and the differences between the common law and the Civil Code of Quebec. This is not a law course but it does introduce you to those legal principles that affect liability insurance. It discusses common ways people become liable to each other and explains how this liability may be insured or why it cannot be insured.
    Hours: 48
    Credits: 3
    Pre-Requisites: BUS2010

    INS2010     Essentials of Loss Adjusting

    Description: The course focuses on insurance knowledge and conduct required of claims professionals. Students examine both the soft skills and technical skills which enhance the handling of insurance claims. Through a step-by-step process, students move from understanding claims situations and evaluation of policy coverage to determining how much of a claim is payable. Managing relationships in order to obtain critical information is discussed and students will also learn the fundamentals of investigation, evaluation, negotiation and settlement within the claims process. The types of claims examined include property, automobile and liability insurance.
    Hours: 48
    Credits: 3
    Pre-Requisites: INS1000

    INS2020     Underwriting Essentials

    Description: The course examines the underwriter’s role as an investor of shareholder capital on behalf of the insurer. Students examine the different roles of the underwriter in accepting risk, rejecting risk or suggesting changes to a risk, within the insurer’s internal parameters as well as those which are imposed by the external environment. Consideration is given to the many detailed types of knowledge, the ?hard? and ?soft? skills and the temperament needed to perform underwriting duties effectively and efficiently. These characteristics are applied in the analysis of individual property, automobile and liability risks.
    Hours: 48
    Credits: 3

    LIBS1010     Critical Thinking Skills

    Description: This course is designed to provide students with knowledge and skills to make decisions based on carefully focused and deliberately determined ways of thinking. The course will take a balanced approach to learning critical thinking skills and will include theory, analysis and experiential applications.
    Hours: 45
    Credits: 3

    MKT2130     Introductory Selling
    Description: Introductory selling will introduce the student to the integral part that selling plays in a wide variety of business environments, and will explain the importance of professional salesmanship in a buyer/seller relationship. Students will be presented with a wide variety of selling situations and will have the opportunity to learn and apply the theories and skills of selling. This course is also designed to develop and refine the student’s presentation skills.
    Hours: 60
    Credits: 4
    Pre-Requisites: MKT1040

    Level Five
    BUS1020     Organizational Behaviour

    Description: Studying people and organizations, this course examines the behaviour of individuals working alone or in teams. Using actual examples, this course examines how behavioural factors affect organizational effectiveness. Note: This course is an approved HRPAO credit. Equivalent: Introduction to Business Management & Organizational Behaviour. OLRN1470 (Internet).
    Hours: 45
    Credits: 3

    INS1030     Fraud Awareness and Prevention
    Description: This course focuses on learning how fraud may arise with respect to insurance policies and what initiatives the insurance industry has advanced to fight such fraudulent practices. The dollar cost of fraud to individuals and the industry is discussed, as well as the laws that affect how insurers must handle claims adjustment and settlement. Property, automobile and liability claims are covered. New business and renewals and the underwriting of each are discussed from the perspective of ?red flags? which may indicated potential fraud at the beginning stages of an insurance contract.
    Hours: 36
    Credits: 3

    INS2030     Essentials Skills for the Insurance Broker and Agent
    Description: This course is an overview of insurance business practices from the broker/agent’s perspective and concentrates on the needs of both personal lines and small commercial risk clients. Students are given insights into the skills that a typical broker/agent uses to perform effectively from initial contact with a client through the evaluation and application process, to binding and policy documents. All major insurance product lines and common policy transactions that a broker/agent may handle are reviewed.
    Hours: 48
    Credits: 3

    INS2040     Building Construction, Fire Protection and Basic Hazards

    Description: The course deals with the basic elements of fire hazards and focuses on certain aspects of physical risk that may be subject to insurance.
    Hours: 36
    Credits: 3

    INS2050     Integrated Insurance Applications
    Description: The course is designed to provide the student with an appreciation of the purpose and meaning to the insurance industry’s existence. It exposes students to the challenges confronting senior management and moves into philosophical issues related to the insurance industry, such as the role of insurance in society and the manner in which business is carried out. Students examine the structure of the industry, the interdependence of its members, the forces which shape the marketplace and the way in which insurance is regulated. Economic issues surrounding insurance and pricing of product & service are also studied. The financial management of insurance companies is discussed and concludes with the importance of ethics and professionalism at all levels of the insurance industry.
    Hours: 36

    MGMT2110     Introduction to the Risk Management Process

    Description: The course begins with risk management, in which insurance is only a part of a general approach to managing an insured’s exposure to potential loss, and explores the scope of the risk management process; identifying and analyzing loss exposures, and developing alternative techniques to treat each exposure. Students are shown how to determine the property insurance needs of a commercial client; reviewing Commercial Liability insurance, Business Interruption insurance and Commercial Package policies. Commercial insurance cases are analyzed utilizing risk management techniques and process.
    Hours: 36
    Credits: 3

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