Introduction to Insurance
Fin 230
Fall 2013
Section C
CRN: 30211
Monday, Wednesday, Friday, 10:00-10:50
114 David Kinley Hall
Professor Donald Davis
Office: 343M Wohlers Hall
Teaching Assistants:
Kaili Gu [kailigu1@illinois.edu]
Hyunsu Kim [hkim184@illinois.edu]
Alan Walters [walter18@illinois.edu]
Olivia Wang [qwang19@illinois.edu]
Phone: 217-332-5845
Email: dwdavis@illinois.edu
Professor’s Office Hours:
Monday & Wednesday: 11am-12:30pm
and by Appointment
Assistants’ Office Hours:
104 Surveying Building (between DKH & Wohlers)
Sunday
Monday
Tuesday
Wednesday
Thursday
Friday
2pm – 5pm
11am –3pm/4pm – 8pm
2pm – 8pm
11am – 3pm/4pm – 8pm
2pm – 8pm
1pm – 5pm
Su
Gu
2-5
Kim
2-5
Walters
Wang
Mo
Tu
11-3
2-6
2-5
4-8
11-1
5-8
We
1-3
4-8
11-1
Th
Fr
2-5
2-6
4-8
5-8
1-5
Rotation
on
Fridays
Always bear in mind that your own resolution to succeed is more important than any other one thing. Abraham Lincoln
Course description and outcomes:
Finance 230 is an introductory course on the role of insurance to risk management and in society.
Classes will cover insurance terminology, institutions, business practices, consumer issues, current events, and
common insurance policies (auto, homeowners, health, life).
a) The Insurance Industry—
History
Types of Insurance Organizations
Insurance Functions
Insurance Institution Management
Governance and Regulation
b) Insurance policies and products—
Property & Casualty
Life
Health
Introduction to Commercial, Employee Benefits Plans, and Government Insurance Plans
c) Using Insurance —
Risk Management Process
Exposures, Hazards, & Risks
Insurable & Uninsurable Risks
Personal Risk Management
Risk Management Alternatives
University of Illinois at Urbana-Champaign
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Introduction to Insurance
Fin 230
Fall 2013
Course Materials:
The textbook and i>clicker are available at all local bookstores and through online resources.
Principles of Risk Management and Insurance by George E. Rejda,
12th edition, 2013, Pearson-Addison-Wesley, ISBN: 978-0-13-299291-6 or 978-0-13-299497-2
11th edition, 2011, Pearson-Addison Wesley, ISBN: 978-0-13-611791-9 or 978-0-13-611702-5
10th edition, 2008, Pearson-Addison Wesley, ISBN: 978-0-321-41493-9
There are several editions of this book, both as hardcopy in U.S. and foreign editions, and as e-book for
purchase or rent. Generally, any edition since the 10th ed. will be acceptable; some of the numbers & figures
have changed, but not the basic concepts of insurance.
Reading assignments will be made from the above text and are listed in the course schedule by date. These
readings will enhance the lectures. Class lectures will be based on the material, although the book will cover
information not presented in class, and the class will have information not covered in the textbook. There will
be no assignments from the textbook, so it is highly recommended, but not required.
i>clicker2
ISBN: 1429280476
i>clicker is a response system that allows you to respond to questions posed during the class period, and you
will be graded on that feedback. The i>clicker2 will be used for in-class questions and for the Tontine.
NOTE: You will need the “i>clicker2” to answer all of the in-class questions and receive full grade credit.
There are two other models with less functionality that will allow you to answer some of the questions, but not
all. Also, i>clicker2go or other Internet functional system enhancements will not be used this semester.
You will register your i>clicker on Compass by using the Course Menu and choosing “Register i>clicker”.
Instructions are on this page on how to use your remote ID to register. You may register more than one
i>clicker during the semester, but do not register an i>clicker that is used by another student in this course.
The first Tontine Question (see below) will be on Friday of the first week of classes (see schedule).
There is no make-up for this first Tontine question—or for any other Tontine.
Additional Resource:
1. Automobile, Homeowners, Health, and other insurance policies will be handed out in class or presented on
Compass. These will be used for teaching, assessments, and the final exam.
2. COMPASS will be used for posting of this syllabus, class schedule including due dates, class slides,
additional readings/articles/websites/ podcasts/videos/etc., insurance web links, and for online class
discussions. Also, Compass will be used for i>clicker registration and administration of online assessments.
https://compass2g.illinois.edu/
3. Class PowerPoint slides will be posted the evening before class. Other items will be posted as required.
4. Some readings will be put on reserve in the Undergraduate Library for those who want more detailed
information about topics covered in class.
5. The professor is available during office hours, and via email from your “business address” ( illinois.edu ).
6. Undergraduate Teaching Assistants are available to answer questions—not give answers—at the times
shown on the first page of this syllabus.
7. The Emerson Cammack Lecture Series—A number of notable guests from the insurance and related
industries will be speaking to the class. This is to give you their viewpoint and knowledge from an industry
perspective and to talk about their career path. There will also be a chance to meet with these insurance
professionals in small-group session over lunch; specifics will be announced in class.
All items posted on COMPASS that are not covered by copyright law are covered by
the Creative Commons Attribution-Noncommercial-Share Alike License. If you are unfamiliar with this
license, see: http://creativecommons.org/licenses/by-nc-sa/3.0/us/
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Introduction to Insurance
Fin 230
Fall 2013
Grading:
Your overall course grade will consist of the following components in the following percentages:
Weekly Quizzes =
Final =
Projects =
i>clicker class questions =
Tontine game =
45 %
25 %
15 %
10 %
5 % + bonus
Weekly Homework—
There will weekly homework TO BE SUBMITTED ONLINE THROUGH COMPASS BY FRIDAY AT
12:01am (this is the standard time that ALL P&C insurance policies commence and terminate). The
questions will be available on Compass on Mondays at 12:01am and will cover the classes for that week.
Final Exam—
There is also an in-class final exam at the time scheduled by the registrar (Dec. 13 at 7-11am).
Acceptable conflicts must be reported to the professor by last day of classes.
Class Projects—
There will be several projects during the semester that will require research and work outside of class.
The assignments will be posted on Compass and talked about in class with instructions, due dates, and
any other information needed to complete the projects.
i>clicker in-class questions—
During the class lecture, questions will be asked for you to answer with your i>clicker that will be used
by the professor to evaluate class learning and teaching during the class. Generally, each in-class
question is worth one point towards the class participation grade and there will be an indeterminate
number of i>clicker questions during the course. See above for information on i>clicker.
Tontine game—
Let’s start with a definition:
ton·tine [ton-teen, ton-teen] –noun
1. an annuity scheme in which subscribers share a common fund with the benefit of survivorship, the survivors' shares being
increased as the subscribers die, until the whole goes to the last survivor.
2. any of various forms of life insurance in which the chief beneficiaries are those whose policies are in force at the end of a
specified period (tontine period).
[Origin: 1755–65; < F; named after Lorenzo Tonti, Neapolitan banker who started the scheme in France about 1653.]
Note: The tontine was outlawed in the 20th century…but NOT in this class…
A “Tontine Question” will be asked each week to be answered with the i>clicker. It will be a graded
question for all students worth 5% of the overall course grade.
But additionally there will be an award to the person or persons who “survive” the “Tontine Period.”
Our tontine period is to the last Friday in the semester (see schedule) and all students who have the
highest number of correctly answered Tontine Questions will share in the reward as survivors.
You must be present to answer the Tontine question-no exceptions.
Letter grades will be given for the course.
Grades will be A (Excellent), B (Good), with plus or minus ( + / — ), and C (Fair), D (Poor), & F (Failure).
For numerical GPA purposes, see the University of Illinois at Urbana-Champaign Student Code.
Failure to turn in an assignment or record an i>clicker response will result in zero (0) points.
There is no “make-up” or “dropping the lowest grade” or other modification of grades.
You have plenty of time to complete each assignment and most are completed on-line.
If you foresee a problem with submitting an assignment, contact the professor—No promises, but it couldn’t hurt.
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Introduction to Insurance
Fin 230
Fall 2013
All grades will be posted to “My Grades” on Compass.
Grades will not be distributed or discussed via telephone or email per the University privacy policy.
Grade disputes—Students have until the eighth (8th) day at 16:00 after a grade is posted to the GradeBook on
Compass to contest a grade. After that time, the grade will be considered fair and acceptable to the student.
IT IS UP TO YOU TO KEEP UP WITH YOUR GRADES.
Final Grades—Final grades will be computed based on the percentages shown for each category above with
responses within a category given equal weight.
If you are not making progress towards a satisfactory grade, see the professor for discussion and guidance.
Teaching Assistants for the class will be available for help throughout the week during the times posted above.
Special Accommodations—If you have any condition, physical disability or learning disability, which will
make it difficult to carry out the requirements of this course as outlined or which will require academic
accommodation, please notify the professor by the end of the second week of class.
We will accommodate you per the University guidelines through the DRES Student Services office.
Professional Recommendations—I will not write recommendation letters for academic or employment
reasons for students in Finance 230; this includes graduate schools, employers, or academic grants & awards.
Academic Integrity—You are smart. You are a University of Illinois student.
You should be too smart to cheat.
By enrolling in this course, you are indicating implicitly that you have read, understand, accept, and will abide
by the University’s policies and procedures regarding academic integrity and dishonesty as stated in The
Student Code of the University of Illinois at Urbana-Champaign in Part 4.
During the on-line assessments and final exam, you will work alone and not copy questions for others.
Additionally, you are responsible for your own i>clicker and the responses given during class. Possession of
multiple i>clickers is an infraction of the Student Code.
Teamwork and collaboration is encouraged outside of class with fellow students in order for you to learn the
materials better. I encourage discussing issues presented in the class, readings, and projects, but you should
work through the answers yourself—your answers should be your answers and not simply copied.
All work you submit in this class is assumed to be your own, original work unless noted, and any
misrepresentations of the work or plagiarism will not be tolerated.
Please share with the class other people’s ideas about insurance that you read or hear, but attribute those. And
then use what you learn to put your own ideas together—that’s learning.
Whether you think you can, or think you can’t, you’re right – Henry Ford
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