BUS 170 - Insurance for Agents and Brokers
Comprehensive survey of insurance. Fire, marine, automobile, owner liability, burglary, boiler, machinery, accident and health, fidelity and surety insurance, insurance law and duties of the agent. Designed to meet prelicensing requirements for the N.Y.S. Property and casualty insurance license. Course offered based on student demand and may not be offered every semester.
1 Class Hours; 6 Laboratory Hours
Learning Outcomes of the Course:
After successful completion of this course the student will be able to demonstrate an understanding of the following topics/categories by achieving a passing score of 70% on the NYS comprehensive exam:
1. Insurance Regulation: Licensing, state regulation, federal regulation.
2. General Insurance: Concepts, insurers, agents and general rules of agency, contracts.
3. Property and Casualty Insurance Basics: Principles and concepts, policy structure, common policy provisions, Terrorism Risk Insurance Act of 2002 and the Extension Act of 2007.
4. Dwelling Policy: Purpose and eligibility, coverage forms-perils insured against, property coverages, general excursions, conditions, selected endorsements, personal liability supplements.
5. Homeowner’s Policy: Purpose and eligibility, coverage forms, definitions, property coverages, liability coverages, perils insured against, exclusions, conditions, selected endorsements.
6. Auto Insurance: Laws, personal automobile policy, commercial auto.
7. Commercial Package Policy: Components of a commercial policy, commercial general liability, commercial property, commercial crime, commercial inland marine, equipment breakdown protection coverage form, farm coverage.
8. Business Owners Policy: Purpose and eligibility, business owner’s property coverage forms, business liability coverage form, business common policy conditions form, selected endorsements.
9. Workers Compensation Insurance: Workers compensation laws, workers compensation and employer’s liability insurance policy, volunteer firefighters/ambulance endorsement, other sources of coverage, New York State disability benefits law.
10. Other Coverages: Umbrella excess liability policies, specialty liability insurance, excess lines, surety bonds, aviation insurance, ocean marine insurance, national flood insurance, other policies, New York property insurance underwriting association (fair plan).
11. Accident and Health Insurance: Individual health insurance policy general provisions, disability income and related insurance, individual disability income insurance, medical plans, New York mandated benefits and offers, long term care insurance, group health and blanket insurance Medicare supplements.
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