Business Administration: Insurance and Risk Management

CampusStart Date
MonctonSeptember 2018

Program Overview

Insurance and Risk Management professionals are key players in successful business. They know how to gain an edge on competitors by forecasting and avoiding risk and identifying advantages. You’ll learn core business fundamentals and specialized skills in underwriting, claims adjusting, and agency services for property, liability, and automobile insurance. From start-ups to multinationals, all businesses aim for peak efficiency and that’s why Insurance and Risk Management professionals are desirable in any industry.


Duration

The requirements for this diploma program may be achieved within two academic years of full-time study.


Admission Requirements

    Profile B

  • High School Diploma or Adult High School Diploma or GED Diploma of High School Equivalency
    • Foundations of Mathematics 110
      or
      Geometry and Applications in Mathematics 112 and Functions and Relations 112

      (NB Francophone High School Math Equivalencies)


      Career Possibilities

      The Business Administration: Insurance and Risk Management program prepares you for a career as an assessor, valuator, appraiser or clerk at a banking, insurance or financial organization. There are also career opportunities in the insurance industry as an adjuster, claims examiner or underwriter. The insurance specific content is taught in keeping with the Insurance Institute of Canada (IIC). Upon successful completion of insurance related courses from the program, students may choose to register for the Chartered Insurance Professional (CIP) designation examinations administered by the IIC. This may lead to further career opportunities. Registering for IIC examinations is the responsibility of the student.

      Find career possibilities related to this program in Career Coach.


      NOC Codes

      1312 - Insurance adjusters and claims examiners
      1313 - Insurance underwriters
      1314 - Assessors, valuators and appraisers
      1434 - Banking, insurance and other financial clerks


      What you will learn

      • Insurance – Property, Automobile, and Liability
      • Claims Adjustment
      • Underwriting
      • Risk Management
      • Strategic Management
      • Project Management
      • Business Law
      • Economics
      • Mathematics
      • Accounting
      • Statistics
      • Marketing
      • Sales
      • Customer Service
      • Business Communication


      Program Courses

      This year's courses are still under development. Showing 2017's courses for reference.

      This course is designed to allow the student to work independently in a business setting related to their field of study. Students are expected to follow the work schedule of the practicum host.

      This course is designed to provide students with the knowledge and skill to formulate strategies and operational plans to achieve performance targets and gain/sustain competitive advantage. Using knowledge acquired in this and other program courses, students establish the direction a business must take to adapt to the changing environment & then align its resources and actions to reach its goals. Course concepts and content are applied through the use of case studies.

      In this course, student will be introduced to the basic formats and principles of business communications. It will examine audience, purpose and message and its impact on style and tone.

      Participants use a variety of sources to conduct research and use the results of research to produce short informal reports, discussion papers, and proposals.

      Prerequisites:

      • COMM1155

      This course teaches students how to create documents that are organized, unified, and coherent.

      This course introduces students to a wide range of macroeconomic issues such as aggregate supply and demand, fiscal policy, nature and causes of unemployment and inflation, the role money and banking play in the economy, as well as international trade and the international monetary system.

      This course enables students to examine key economic issues and problems as they relate to business and to the Canadian business environment. Students apply economic principles to the study of Canada and its economy. They acquire the skills to manage businesses more effectively, make appropriate personal choices in business, and contribute to society overall.

      This course utilizes a practical approach in introducing the student to ethics and ethical issues in the workplace. Participants examine the subject by considering numerous examples of real-world case studies that illustrate dilemmas students are challenged to resolve.

      This course is designed to provide learners with the knowledge and skill to assess risks and to apply the resources to control their probability or impact. Learners are taught where and how risk management methodologies are applied as well as the principles and processes used to mitigate risks.

      This course provides students with the fundamentals of analysis and recording of financial transactions for the complete accounting cycle.

      This course builds on the knowledge in Accounting I. It provides students with an in-depth understanding of and the skills necessary to apply accounting concepts, principles, and procedures.

      Prerequisites:

      • GACG1050

      This course is designed to provide learners with foundational knowledge of insurance principles and practice. Students are taught the history of the insurance industry as well as its current day function, roles, and risks. They are taught the Canadian law and regulatory bodies impacting the insurance industry as well as fundamental processes such as determining rates, writing contracts, and processing claims.

      This course is designed to address the legalities and doctrines that apply to all commercial and personal property insurance. It discusses the elements that comprise the commercial, habitational, and homeowner insurance contract as well as the standardized forms that are utilized for these contracts.

      Prerequisites:

      • INAS1007

      This course is designed to address the legalities and doctrines that apply to liability insurance; a form of insurance that provides specific protection against third party insurance claims. It focuses on the Canadian criminal and civil laws systems and how they relate to liability insurance. Students are also taught the various types of liability that exists and the coverage available to protect against them.

      Prerequisites:

      • INAS1007

      This course is designed to allow students quality time to prepare for the Insurance Institute of Canada’s (IICs) examinations. Successful completion of these examinations qualifies towards the Chartered Insurance Professional (CIP) designation.

      This course is designed to address the legal concepts, legislation, and doctrines that apply to personal automobile coverage. Students begin the course by learning about the history and development of Automobile Insurance in Canada. In doing so, they learn of the shift from uniformity across provinces to distinct differences based on provincially regulated plans; thereby focusing on provisions that apply to the Atlantic Provinces. Students learn the types of personal automobile coverages available and how they are applied.

      Prerequisites:

      • INAS1007

      This course is designed to develop the knowledge and skills of the beginner broker. It guides students through the evaluation process, application process, and policy documentation for the property, liability, and automobile insurance sectors.

      Prerequisites:

      • INAS1007

      This course is designed to provide knowledge and skill in risk assessment (as it pertains to insurance coverage) and determining whether to accept or reject the risk.

      Prerequisites:

      • INAS1012

      This course is design to develop detailed knowledge and skill to handle claims after a loss has occurred. Students are introduced to legal and corporate systems that impact the claims process. They are also taught the methodologies, tools and techniques used to analyze the policy contract, investigate the loss, as well as evaluate, negotiate, and settle the claim.

      Prerequisites:

      • INAS1012

      This course is an introduction to basic concepts in business law. It provides students with an overview of various acts and legislations that govern the marketplace such as contract law, tort liability, employment legislation, intellectual property, and real property.

      This course provides students with a review of fundamental operations, familiarize students with problems related to business, and with the mathematics of cost-volume-profit analysis.

      This course is designed to familiarize students with the mathematics of merchandizing, simple interest, compound interest, and annuities.

      Prerequisites:

      • MATH1086

      This course provides students with an overview of the marketing function, emphasizing consumer satisfaction as a focal point of an organization’s activities.

      This course focuses on the elements of the marketing mix: products and services; pricing; distribution channels; and promotion.

      Prerequisites:

      • MKTG1027

      This course draws from a number of social science disciplines to gain a greater understanding of human behaviour in organizations. Students investigate the impact of culture, social structures, and personality and examine how each could impact on the effectiveness and productivity of organizations.

      This course will introduce students to job search techniques.

      This course provides an introduction to the meaning of community service.  Students learn how community service can enhance a student’s educational experience, personal growth, employability, and civic responsibility. Students participate in one day of volunteering to enhance their understanding of civic responsibility and to help the New Brunswick Community College realize its vision of transforming lives and communities. 

      This course provides students with the knowledge and skills necessary to plan, coordinate, implement and evaluate a project within a team environment. Students learn effective project management techniques that allow them to monitor all work activities and ensure a quality product while remaining within budget and meeting all contract requirements.

      All business strives to make smart decisions. As part of the decision-making process, stakeholders meet to exchange ideas and agree upon a course of action. Varying interests are negotiated to serve the goals of the organization and those of its stakeholders. Successfully facilitating meetings and discussions enhances group consensus and commitment. Negotiating with confidence and overcoming resistance can produce outcomes which serve various interests and still produce quality conclusions. By employing effective facilitation, negotiation, and decision-making skills, you can increase productivity, make smarter decisions, and accomplish better results.

      Students develop skills in strategic customer service that lead to retention of customers in a high tech, competitive and demanding consumer market.

      This courses teaches students the essentials of an Office Suite including spreadsheets, word processing, presentations and information management softwares. They learn how to use the internet effectively as a research tool.

      This course builds on the basic spreadsheet skills and examines more advanced software functionality. Among the areas covered are the creation and management of tables and charts, the manipulation of multiple worksheets and workbooks, and various advanced functions.

      Prerequisites:

      • SAAL1212

      This course covers the basic fundamentals of selling with an emphasis on the concepts and practices of selling.

      A safe and healthy workplace is the responsibility of the employer and the employee. This course introduces students to the importance of working safely and addresses how employers and employees can control the hazards and risks associated with the workplace. Students will also learn about the roles and responsibilities of key stakeholders including WorkSafeNB, the employer and the employee in ensuring workplaces are safe.

      The course introduces students to the major concepts and tools for describing, analyzing and drawing conclusions from data. Course topics include summarizing and presenting different types of data, analyzing the risks and assumptions underlying statistical analysis and the principles and methods associated with sampling

      Prerequisites:

      • MATH1086

      This course prepares students to deliver extemporaneous and impromptu presentations of various lengths and purposes.


      Specific Considerations

      The insurance specific content is taught in keeping with the Insurance Institute of Canada (IIC). Upon successful completion of insurance related courses from the program, students may choose to register for the Chartered Insurance Professional (CIP) designation examinations administered by the IIC. These exams are offered in the months of April, July, and December and students must register in advance. Exams must be written during the semester in which the student receives the given instruction. Should a student wish to defer a CIP examination, he/she must submit his/her request in writing in advance to the IIC registrar, along with supporting documentation. Registering for IIC examinations is the responsibility of the student.

      This program is a "Learning Integrated Virtually Everywhere" (L.I.V.E) program that requires the use of a notebook computer as part of the learning experience. Your notebook computer should meet minimum technical specifications to ensure the software required for your program operates effectively. See here for more information: L.I.V.E. (Learning Integrated Virtually Everywhere)


      Disclaimer: This web copy provides guidance to prospective students, applicants, current students, faculty and staff. Although advice is readily available on request, the responsibility for program selection ultimately rests with the student. Programs, admission requirements and other related information is subject to change.

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