Business - Insurance
Ontario College Diploma
More Information
Overview
This diploma provides a base in business skills then specializes in insurance-related courses. You will complete 8 credits toward the CIP designation from the Insurance Institute of Canada.
Information Session
New students are invited to attend an information session.
Curriculum
Placement via English Assessment, or successful completion of ESL934.
COM101 replaces EAC 150.
Students who have successfully completed EAC 150 are not required to complete COM101.
This course introduces students to the core concepts of communication. Students will cultivate an awareness of these concepts by analyzing how they are used in a variety of texts and contexts, and they will apply these concepts strategically in their own writing. Through a variety of writing tasks centred on these core concepts of communication, students will develop the transferrable reading and writing skills essential for success in their post-secondary studies, workplaces, and communities.
COM101 or equivalent
This course is designed to provide students with an introduction to the Canadian business environment, business issues and functions, and the major forces at work in the global economy. It provides students with a perspective of business firms as integrated organizations composed of a number of specialized functions.
COM101 or equivalent. May be taken concurrently.
Marketing is an approach to business that puts the customer at the centre of its activities and focuses on satisfying customer needs and wants. While marketing is used by both profit and not-for-profit organizations to meet the demands of the market place, this course introduces students to the fundamental marketing concepts used by profit oriented business organizations.
No required prerequisite, but students should have Grade 12 English and Mathematics or equivalent
This course introduces the student to how accounting information is used by, and meets the needs of both internal and external users through effective and efficient communication as well as what accounting information is required by a business concern to reflect clearly the operating results of the enterprise over its operating life. Throughout the course, students will be introduced to generally accepted accounting principles, the interpretation and preparation of financial statements and how this information is recorded in the various business records.
A fundamental working knowledge of Windows Operating Systems and Excel Software.
Building on the skills they have previously acquired in Excel and Windows operating systems, students will further develop their proficiency in these areas and add Access to their skill set. Throughout the course, they will apply these software skills to solve business problems.
No required prerequisite, but students should have Grade XII English and Mathematics.
This course provides students with the fundamentals of mathematics of business and finance. Following the introduction of concepts of percent and percent change, simple and compound interest rates will be discussed. Compound interest rates will be applied to the study of annuities. Students will also learn important models of business mathematics, such as currency conversion, trade discounts, markups and markdowns, break-even and cost-volume-profit analysis.
This course introduces the concept of risk and shows how insurance deals with risk. Students examine the basic concepts and language of insurance, the legal context of insurance and, the participants in the industry and their relationship to each other. The principles covered in this course underlie every situation encountered in insurance and every policy and courses studied subsequently.
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.
This course introduces students to those legal principles that affect liability insurance including an introduction to the Canadian legal system and the differences between the common law and the Civil Code of Quebec. The course includes discussion of some of the more common ways people become liable to each other and explains how this liability may be insured or why it cannot be insured.
This is a detailed study of automobile insurance in Canada. It deals with legislation related to automobile insurance and policies and regulations, concentrating primarily on personal coverages. The course gives students an overall view of the different provincial approaches to automobile insurance and some of the problems related to it. Students will deal in detail with Owner Policies.
This course introduces the process and principles of macroeconomic thought as they have been developed to explain the determination of the levels of national income and output, employment, the price level and other macroeconomic aggregates. The implications of these principles of public policy in Canada will be examined in the contexts of money and banking, stabilization efforts, international trade, the structure of the Canadian economy, and responses to the emerging patterns of global competition.
The course begins with an overview of the underwriter's role as an investor of shareholder capital on behalf of the insurer. The role of the underwriter has evolved and students will learn how the underwriter accepts or reflects risk for the insurer within parameters both set by the insurer and imposed by the external environment.
COM101 or equivalent
The ability to write clearly and directly is highly prized in organizations. In order to succeed in today's information overload world, writers must be able to effectively articulate ideas quickly, clearly and concisely in proposals, emails, reports, memos, project plans and through social media. This course focuses on creating professional-quality documents for realistic business situations, with an emphasis on audience analysis, appropriateness and editing. Other topics include formal and informal outlining techniques, how to revise for wordiness, unnecessary phrases, redundancy and jargon, and e-correspondence in an "organizational" setting.
This course is intended to develop your understanding of customer service and the skills associated with understanding the needs of customers, meeting those needs and fostering an environment that encourage customers to return. It will be of interest to anyone who works with customers, either internal or external, on a daily basis.
Students will learn how fraud may arise under insurance policies and what initiatives the insurance industry had advanced to fight fraud. The cost of fraud is discussed as well as the laws that affect how insurers must handle claims investigations and settlements. Property, liability and automobile claims are covered.
Focused knowledge of insurance and professional conduct within the claims domain forms the core of this course. Soft skills and knowledge required to handle claims are blended into the curriculum in order to improve fundamental claims handling techniques. Students will learn about managing relationships in order to gather critical information in the claims handling process. A step-by-step process delivers the key to policy analysis for coverage evaluations. Students will also learn the fundamentals of investigation, evaluation, negotiation and settlement within the claims process.
This course provides an overview of insurance business practices from the broker's perspective and begins by introducing the broker as an insurance intermediary. Students learn the needs of personal lines clients and small commercial risks and the skills that typical grocer will use to perform effectively. Students will follow the progress of a risk from initial contact with the client through the evaluation and application process, to binding and policy documents. Major product lines and common policy transactions handled by brokers will be reviewed.
EAC 150 or COM101
Students are prepared for a business environment increasingly affected by laws. They learn how laws must be understood and applied by management in the conduct of business. They also learn how to analyze a business situation from a general legal perspective. Emphasis is placed on methods of dispute resolution, contracts, torts, employment law, methods of carrying on business, creditors' rights, sale of goods and marketing law.
Course of Interest
Study the theory and gain technical practice in identifying the broader factors that influence urban household floods in Canada. We will examine the impact of climate change, municipal engineering and practices, government land development policies and building and electrical codes on the risk of floods. We will provide insight into how the availability of flood risk insurance for homeowners has evolved. You will gain an in-depth understanding of how to complete a visual assessment of overland, infiltration and sewer backup risks at homes built during different eras of development, identify opportunities to reduce these risks and where further investigation is needed. You will be able to practice and demonstrate proficiency in the use of a nationally recognized flood risk assessment tool by completing one full flood risk assessment at a home of your choosing at the end of this course.
Note:
In order to meet Seneca's breadth requirements for diploma or advanced diploma
programs, students must successfully complete at least 3 general education courses toward their
program, satisfying the following criteria:
- Completion of 1 course from Arts & Humanities;
- Completion of 1 course from Sciences & Social Sciences; and
- Completion of 1 course chosen from either category above.
As of September 2018, MBF101 will replace QNM 106. If students have taken QNM 106 already, they do not need to take MBF101.
Effective January 2017, EAC 394 will be replaced by EAC894
Communicating Across Contexts (COM101) is not a general education course.
Student may not use ECN501 or ECN502 as a general education course in the Business Insurance Diploma.
Program Outcomes
As a graduate, you will be prepared to reliably demonstrate the ability to:
- Describe the impact of major economic systems and current trends on Canadian society and business generally and the general insurance industry specifically.
- Discuss the major categories of insurance and the purpose, structure and functions of industry organizations.
- Analyze the terms of basic fire policy, automobile liability coverage, and coverage under accident benefits using risk assessment models.
- Develop an effective plan that incorporates industry standards for claims investigation. Explain the basis of evaluation to meet the insurer's obligations.
- Describe risk underwriting in property, liability and automobile insurance, and evaluate the significance of the application, the loss experience and the impact of the Canadian legal system.
- Design, construct and use spreadsheets that will provide meaningful information to support decision making and problem solving.
- Use general accounting principles and follow internal control procedures to solve a variety of business problems.
- Explain the communication process and apply principles of effective communication in listening, speaking and writing.
- Identify sources of conflict and effectively utilize conflict management techniques.
- Analyze supply, demand, and price levels to demonstrate the functioning of the Canadian markets.
- Analyze legal problems of business in general and the general insurance industry specifically as a way of demonstrating the structure and processes of the Canadian legal system.
- Explain how brokerage and marketing objectives affect brokerage sales plans, taking into consideration the various components of a firm's marketing plan.
- Write business communications that are grammatically sound and appropriate in tone given a particular audience and purpose.
- Analyze the dynamics and trends in global business including social, political and economic factors.
- Identify ethical issues, social responsibility and legal issues affecting Canadian business.
- Identify ethical behaviour and social responsibility through the use of case studies.
OSAP Funding Available
This program is eligible for OSAP funding.
Course load is used by OSAP to determine funding options for programs.
If you are taking 1 - 2 courses at the same time, you may be considered for part-time student grants and loans.
- 1 course (20%)
- 2 courses (40%)
If you are taking 3 or more courses at the same time, you may be considered for full-time student grants and loans.
- 3 courses (60%)
- 4 courses (80%)
- 5 courses (100%)
To find out if you qualify and to learn how to apply, please visit the OSAP website.
For information on other awards and financial assistance, please see Financial Aid.
Credit for Prior Learning
Prior Learning Assessment
Earn college credits for what you already know!
Prior Learning Assessment is a method of assessing and recognizing learning that is equal to
college level learning, but has been gained outside a traditional classroom (through work
experience, volunteering, outside study, etc.). If you can prove that the knowledge you have gained
meets the outcomes of a Seneca course, then credit will be awarded.
How does the PLA process work?
Prior Learning is demonstrated through a "challenge" process. The process measures learning
through a variety of methods which may include tests, portfolio assessment, interviews,
demonstrations, essays, and work samples. The method used will be determined in consultation with a
Program Coordinator.
For more information and to determine if you are eligible for PLA, please call the Program
Coordinator.
The process may take from 6 to 8 weeks.
Note: Not all courses can be challenged. For more information go to PLA website or contact your Program Coordinator.
Transfer Credit
Many students who enter Seneca College will have earned academic credits in post-secondary educational institutions which they may be able to apply toward completion of a Seneca College program.
Requests for Transfer Credit must be for a specific course and must be accompanied by an official transcript and course outline. A minimum grade of "C" (60 percent) is generally required for a course to be considered for Transfer Credit.
Download a Transfer Credit Request form. An official copy of your transcript and applicable detailed course outlines should be attached and submitted. Please note it may take 4 to 6 weeks for a Transfer Credit decision.
More Information
Please visit the Office of the Registrar.
Graduation/Convocation
When you meet all program requirements and become eligible for a certificate, diploma, or degree, you must inform the Registrar by completing a Graduation Application form and paying the graduation and alumni fee. Certificates, diplomas, and applied degrees are issued twice a year in the Fall (October) and Spring (June).
For further information including deadlines and fees, please visit the Convocation website or contact the Convocation Office at 416-491-5050 ext. 77461.
Minimum Performance for Graduation
Students will only be eligible to graduate with a Seneca College certificate or diploma if they have maintained an overall good standing in their current program of study. Students in degree programs will be eligible to graduate when they have obtained an average of C (2.5 GPA) in courses in the main field of study, and an average of C (2.0 GPA) in all other courses.
Diploma to Degree
Congratulations on finishing your diploma. Now you can turn it into a degree. We offer the Bachelor of Interdisciplinary Studies Degree through part-time studies here at Seneca. Please go to the Interdisciplinary Studies Degree link for more information about this program and how to apply your diploma through credit transfer.
Here are some degree options that may also be of interest to you.
Program Contacts
Contact us via this form or using the phone number(s) below it.
John Wong
Academic Program Manager
416-491-5050 ext.26630
Information Session
New students are invited to attend an information session.