CIP012 - Insurance on Property

Outline info
Semester
School
Last revision date 2013-10-01 18:44:52.286
Last review date 2013-11-18 00:15:11.093


Subject Title
Insurance on Property

Subject Description
This course is an introduction to property insurance. It lays the foundation for all types of property insurance, and then discusses the perils, clauses, and limitations in the most common personal lines policies. Students will see how policies develop, with unique perils, clauses, and limitations to suit changing needs.
Pre-requisite: CIP011

Credit Status
One credit

Learning Outcomes
Upon successful completion of this subject the student will be able to:

1. Explain the importance of insurance on property.

2. Analyze and interpret written legal terminology and apply it to investigation to enable solving and negotiating cases first hand.

3. Identify ethical and legal issues that impact contract based business relationships.

4. Use business principles and practice various roles existing in the insurance arena.

5. Compare and contrast similarities and differences of various legal systems used in today's business environments.

6. Summarize the provisions, obligations and conditions extended by statute law forming a mandatory part of all property policies.

7. Evaluate the development and progress from basic fire policy to include the broadest options available in today's market.

8. Illustrate the communication value of clear language wordings of policies when forming legal and binding agreements.

9. Discuss the societal responsibilities of financial institutions, their limitations, calculation of actuarially based rates and revenues, and regulatory reserving obligations.

10. Discuss the evolution and distinctive features of branches of insurance using focused and specific language familiar to the insurance industry.

Cheating and Plagiarism
Each student should be aware of the College's policy regarding Cheating and Plagiarism. Seneca's Academic Policy will be strictly enforced.

To support academic honesty at Seneca College, all work submitted by students may be reviewed for authenticity and originality, utilizing software tools and third party services. Please visit the Academic Honesty site on http://library.senecacollege.ca for further information regarding cheating and plagiarism policies and procedures.

Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecacollege.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Disabilities Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.

Prerequisite(s)
Corequisite: CIP011 

Topic Outline

  • Fire insurance
  • Statutory conditions (common law provinces) General conditions (Quebec)
  • Fire insurance contracts-clauses, limitations
  • Broadening the contract-additional principles and perils
  • The Residential Basic Form
  • The package policy concept
  • Various residential policies and additional coverages

Mode of Instruction
Students learn through classroom lectures, discussions, and question and answer periods.

It is the student's responsibility to save documents, articles and notes that the instructor has provided on Blackboard or in class. Students will not be able to access Blackboard as of the last day of the student's class. 

Prescribed Texts
Textbooks must be purchased directly from the Insurance Institute of Canada (416-362-2588). College fee does not include textbook.

Required Supplies
A notebook, pens, highlighter

Promotion Policy

Grading Policy
A+ 90%  to  100%
A 80%  to  89%
B+ 75%  to  79%
B 70%  to  74%
C+ 65%  to  69%
C 60%  to  64%
D+ 55%  to  59%
D 50%  to  54%
F 0%    to  49% (Not a Pass)
OR
EXC Excellent
SAT Satisfactory
UNSAT Unsatisfactory

For further information, see a copy of the Academic Policy, available online (http://www.senecacollege.ca/academic-policy) or at Seneca's Registrar's Offices.


Modes of Evaluation

2 Quizzes 10%
1 Assignment 15%
Midterm 35%
Final Exam 40%
 

Those students electing to obtain a credit from the Insurance Institute of Canada (IIC) will write the IIC final exam, which will be written outside of Seneca College. Details regarding the registration process, payment, and date/time/location will be communicated to the class by the Seneca College course instructor.
Those students not wishing to pursue the IIC credit will write a Seneca College final exam. In both cases, students who are successful will receive a Seneca College credit.

To obtain the IIC credit: students must achieve a minimum mark of 70% on the term work (counted out of 100) and 55% on the IIC final exam
(counted out of 200) for a combined minimum total mark of 180 out of 300. To obtain Honours, an overall course grade of 80%, including a minimum final exam mark of 80% (240 out of 300) is required. 





Approved by: Susan Horne