FINANCE PATHWAY - INSURANCE PATHWAY

FIN INS 12.1.0

Business Law

FIN INS 12.1.0

K&S Statement: Understands business’s responsibility to know, abide by, and enforce laws and regulations that affect business operations and transactions.

FIN INS 12.1.1

Understand regulation of the insurance industry to adhere to government requirements.

1. Discuss federal and state regulation governing the insurance industry (SP)

Explain the significance of the Consolidated Omnibus Budget Reconciliation Act (COBRA) (SP)
Discuss Title I of the Health Insurance Portability and Accountability Act (HIPAA) (SP)

FIN INS 12.1.2

Understand the legal environment of insurance to interpret insurance contracts.
Discuss fundamental legal principles that pertain to insurance (e.g. indemnity, insurable interest, subrogation, utmost good faith) (MN)
Describe the nature of insurance contracts (MN)

FIN INS 12.2.0

Information Management

FIN INS 12.2.0

K&S Statement: Understands tools, strategies, and systems needed to access, process, maintain, evaluate, and disseminate information to assist business decision-making.

FIN INS 12.2.1

Utilize information-technology tools to underwrite an insurance policy.
Use computer smart systems to assist in the underwriting process (SP)
Use the Internet to determine a potential client’s risk (SP)

FIN INS 12.2.2

Acquire information to investigate insurance fraud.
Conduct a database search to obtain background information on claimants and witnesses (SP)

FIN INS 12.3.0

Operations

FIN INS 12.3.0

K&S Statement: Understands the processes and systems implemented to monitor, plan, and control the day-to-day activities required for continued business functioning.

FIN INS 12.3.1

1. Use investigative techniques to identify insurance fraud.
2. Discuss the nature of insurance fraud (SP)
3. Investigate suspected insurance fraud (SP)

Conduct surveillance work (SP)

FIN INS 12.3.2

Manage agency policies to protect the insurance company’s financial well-being.
Notify client in writing when policy is cancelled (SP)

1. Monitor agency accounts (MN)

FIN INS 12.3.3

1. Process a claim to fulfill company’s legal obligation to client.
2. Discuss the nature of insurance claims (CS)
3. Process an insurance claim (SP)
4. Interview claimant and witnesses (SP)
5. Inspect property damage (SP)
6. Compile claim report (SP)
7. Negotiate with claimant (SP)

Settle insurance claim (MN)

FIN INS 12.4.0

Professional Development

FIN INS 12.4.0

K&S Statement: Understands concepts, tools, and strategies used to explore, obtain, and develop in an insurance career.

FIN INS 12.4.1

Acquire knowledge of the insurance industry to obtain a foundation for employment in insurance.

1. Describe the nature of the insurance industry (CS)
2. Discuss the manner in which insurance companies generate income (SP)
3. Explain the use of state risk pool programs (SP)

Discuss trends in the insurance industry (e.g. hacker insurance, identity theft insurance, etc.) (SP)
Discuss licensing and certification in the insurance industry (SP)

FIN INS 12.4.2

Analyze careers in insurance to determine which role and responsibilities best match personal abilities and traits.

1. Discuss the role and responsibilities of an underwriter (SP)
2. Discuss the role and responsibilities of an insurance sales representative (SP)
3. Discuss the role and responsibilities of an actuary (SP)
4. Discuss the role and responsibilities of claims personnel (SP)

Explain the role and responsibilities of a loss control specialist (SP)

FIN INS 12.5.0

Risk Analysis

FIN INS 12.5.0

K&S Statement: Understands techniques and strategies used to gather, access, and evaluate the risk posed by potential insurance clients.

FIN INS 12.5.1

Analyze the risk posed by potential clients in order to make insurance approval/denial decisions.

1. Explain the importance of actuarial science in the insurance industry (SP)
2. Discuss the nature of credit-based insurance scores (SP)

Underwrite an insurance policy (SP)

FIN INS 12.6.0

Selling

FIN INS 12.6.0

K&S Statement: Understands the concepts and actions needed to determine client needs and wants and respond through planned, personalized communication that influences purchase decisions and enhances future business opportunities.

FIN INS 12.6.1

Acquire product knowledge to communicate product benefits and to ensure appropriateness of product for the customer.

1. Explain the nature of liability insurance (SP)
2. Describe components of automobile insurance coverage (SP)
3. Discuss components of homeowners insurance (SP)
4. Discuss components of flood and earthquake insurance (SP)
5. Describe components of commercial property insurance (SP)
6. Explain the nature of commercial liability insurance (SP)
7. Discuss the nature of title insurance (SP)
8. Discuss the nature of health insurance coverage (SP)
9. Discuss the nature of long-term care insurance (SP)
10. Explain the nature of Medicare (SP)
11. Discuss the nature of Medicaid (SP)
12. Discuss the nature of unemployment insurance (SP)
13. Explain the nature of workers compensation insurance (SP)
14. Describe the nature of disability insurance (SP)
15. Discuss the nature of life insurance (SP)

Discuss the role of life insurance in investment and estate planning (SP)

FIN INS 12.6.2

Evaluate existing client insurance and risk management needs to generate more business.

1. Evaluate a client’s insurance needs (SP)
2. Recommend coverage upgrades to clients where appropriate (SP)

FIN INS 12.6.3

Utilize sales processes and techniques to aid in successfully completing the sale.

1. Identify prospective clients (SP)
2. Schedule appointments with prospective clients (SP)
3. Interview client (SP)
4. Determine client’s insurance needs (SP)
5. Prepare sales presentation materials (SP)
6. Present insurance recommendation to client (SP)
7. Close the insurance sale (SP)
8. Handle objections (SP)
9. Process insurance documentation (SP)