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B.S. Risk Management & Insurance

Safeguard your career plan by earning a risk management degree online

There’s no question that managing loss and liability is a major undertaking for individuals and businesses. That’s why more people are hiring professionals to help them evaluate and manage their potential for loss. Franklin University’s transfer-friendly Risk Management & Insurance degree program is designed to give you a comprehensive understanding of all aspects of this growing field.

Program not available in

On Site

CPCU, CLU & CRM Prep

Get ready for insurance certification while you learn.

Balanced Curriculum

Learn to mitigate risk with combined legal and finance coursework.

100% Online Classes

Earn your degree around your schedule.

Real-World Practitioners

Learn from experienced business and insurance professionals.

Best-in-Class Curriculum

Learn from a program designed with input from industry professionals.

Accredited Online University

Nearly 80% of our students take online courses.

Program Overview

Minimize organizational & individual risk while reducing exposure to loss

Our Risk Management & Insurance degree program is specifically designed to provide you with a comprehensive understanding of the insurance industry and the principles of risk management, property and casualty carriers operations, life and health insurer operations, and insurance products available to mitigate individual and business risks. 

Help individuals & business owners avoid substantial loss

With a curriculum that intersects legal studies and finance, you’ll learn how to manage exposure of both legal and business risks through fair and nuanced assessments. You’ll learn how to leverage a variety of hedging strategies, and employ financial and insurance products to cost-effectively minimize risk. You’ll also be equipped to analyze individual and commercial property and casualty issues, health and life policies, and employee benefit models.

Our risk management degree program curriculum prepares you to analyze life, health, and property and casualty insurance products, including workers’ compensation, employer and environmental liability, and universal life; understand insurance underwriting in a complex economic and regulatory environment; assess various risk pooling arrangements; and build a foundation using risk management methodologies to limit loss exposure.

Broaden your skill set and learn from real-world experts

Through our highly interactive courses, you’ll gain the necessary skills and knowledge needed in finance, financial planning, economics, risk management, and federal and state regulations across several specialized lines of business within the insurance industry.

You'll learn from real-world risk management and insurance professionals in the classroom, and since the curriculum is developed and consistently reviewed by industry experts, you can be sure your Franklin education addresses current and emerging trends as well as changes in industry regulations.

Plus, Franklin’s Risk Management & Insurance degree program lets you choose electives from across a variety of areas, including accounting, economics, financial management, and financial planning to further focus your studies.

Set a foundation for professional certification

When you graduate from Franklin’s Risk Management & Insurance program, you’ll have the foundation to pursue and obtain insurance certifications, such as the Chartered Life Underwriter (CLU) and Certified Risk Manager (CRM) designations and certifications. Because Franklin is a collegiate program partner with The Institutes, the leading provider of risk management and property-casualty insurance education, you’ll even be able to waive two of the required courses for the Chartered Property and Casualty Underwriter (CPCU) designation.

Earn your degree from a university built for busy adults

Earn your degree on your terms by taking classes 100% online or pursue available coursework at one of our Midwest locations. Regionally accredited and nonprofit, Franklin was built from the ground-up to satisfy the needs of adult learners. Our seamless transfer process and team of academic advisors will help ease your transition to becoming a student, while our flexible course schedules help to balance your education with work, family, and life. Get started on your future today.

*Source information provided by Economic Modeling Specialists International (EMSI)

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Curriculum & Course Descriptions

124 Semester Hours
Fundamental General Education Core (24 hours)
English Composition (3 hours)

Choose a minimum of 3 semester hours from:

WRIT 120 - COLLEGE WRITING (4)
In this course, students acquire the writing competence necessary for conducting and presenting research. A variety of assignments, beginning with personal reflections, build upon one another, as students develop ideas that respond to, critique, and synthesize the positions of others. Students systematize and organize knowledge in ways that will help them in all of their courses. The course also emphasizes the elements of good writing style, appropriate grammar and mechanics, clarity of language, and logical and cohesive development. It culminates in submission of a documented research paper.

*If the course does not have a research paper component, WRIT 130 Research Paper, two semester credits, is also required.

Mathematics (3 hours)

Choose a minimum of three semester hours from:

MATH 215 - STATISTICAL CONCEPTS (4)
This course introduces the student to statistics with business applications. The course covers both descriptive and inferential statistics. Topics included are: measures of central tendency; measures of dispersion; graphical displays of data; linear regression; basic probability concepts; binomial and normal probability distributions; confidence intervals; and hypothesis testing. These topics will be covered using a basic knowledge of algebra and Microsoft Excel. Please note: A book fee will be included in your tuition charges for required course materials. Please see http://www.franklin.edu/financial-aid/tuition-fees /e-textbooks for specific charges.

Choose either MATH 115 Introduction to Quantitative Reasoning or MATH 150 Fundamental Algebra as the prerequisite. Both can count as a general education or University elective.

Choose either MATH 115 Introduction to Quantitative Reasoning or MATH 150 Fundamental Algebra as the prerequisite. Both can count as a general education or University elective.

*At least one mathematics or statistics course beyond the level of intermediate algebra.

Sciences (6 hours)

Choose a minimum of 6 semester hours from:

SCIE 210 - UNDERSTANDING SCIENCE: PRINCIPLES, PRACTICE, & THEORY (2)
Understanding Science: Principles, Practice & Theory is a two credit hour course that introduces students to the major themes, processes, and methods common to all scientific disciplines. Students will develop critical thinking skills necessary to analyze and evaluate all kinds of phenomena, scientific, pseudoscientific, and other. The focus is on the nature of science so students will develop an understanding of how science works and develop an appreciation for the process by which we gain scientific knowledge.
SCIE 211 - INTRODUCTION TO SCIENTIFIC ANALYSIS & REASONING (4)
Introduction to Scientific Analysis and Reasoning is a four credit hour course consisting of three credit hours of lecture and one credit hour of laboratory. This course is an introduction to critical thinking on statistical and scientific claims. The student will develop the critical thinking skills necessary to analyze and evaluate popular sources of (mis)information and to better understand and evaluate all sorts of scientific claims and arguments. The focus of the course is on students developing thoughtful and critical use of scientific information and research to be able to separate truth from deception and make decisions that affect their personal lives and roles as informed and engaged citizens.

*Two science courses, with one having a laboratory component.

Social and Behavioral Sciences (6 hours)

Choose a minimum of 6 semester hours from:

ECON 220 - INTRODUCTION TO MACROECONOMICS (4)
An introduction to economic theory involving the basic underlying causes and principles of the operation of an economic system. Emphasis is placed on studying the economy as a whole. Issues of inflation, unemployment, taxation, business cycles and growth are discussed in the context of the global economic system.
  • Choose an additional course from the Anthropology, Psychology, or Sociology discipline, or PUAD 295 American Government in Action.

*The six semester hours must come from at least two different disciplines

Arts and Humanities (6 hours)

Choose a minimum of 6 semester hours from:

HUMN 210 - INTRODUCTION TO LOGIC & CRITICAL THINKING SKILLS (2)
The goal of this course is to help you improve as a critical, logical thinker. You will be introduced to the art of formulating and assessing arguments according to the standards of logical thinking and critical analysis. You will discover how to apply these valuable skills to your studies and everyday life, learning how to overcome obstacles to critical thinking, and how to avoid being deceived by means of misleading reasoning.
  • Choose additional coursework from the Humanities discipline.

Additional General Education Requirements (24 hours)
HUMN 211 - INTRO TO ETHICAL ANALYSIS AND REASONING (2)
The goal of this course is to help you improve your ethical analysis and reasoning skills. You will be introduced to the art of formulating and assessing ethical arguments according to the standards of logical thinking and critical analysis. In this course, you will discover how to apply the following questions to your job and everyday life. Why do we need ethics if we have laws to govern our behavior' Does the majority view determine what is ethical and what is not' Are feelings, desires, and preferences reliable ethical guides' Is it ever appropriate to criticize another individual's (or culture's) ethical judgment' Are people always responsible for their actions' Do human beings have a natural tendency to good, a natural tendency to evil' both' neither' Is there a single moral code that is binding on all people, at all times, and in all places'
PF 321 - LEARNING STRATEGIES (2)
This course prepares students to be successful lifelong learners both academically and in their chosen careers. Franklin courses require a high level of self-directed learning and focus on skills required in the workplace and the classroom that are easily transferable between the two environments. The course includes strategies for advancing communication skills, including the use of electronic tools to participate in virtual environments. The assignments and activities in the course are created to closely simulate teamwork found in the workplace.
SOCL 110 - INTRODUCTION TO SOCIOLOGY (4)
Sociology is the scientific study of group behavior - whether the groups are dyads, small groups, associations, bureaucracies, societies, publics, aggregates, social movements, or mobs, etc. This introductory course introduces the student to sociological principles and theoretical perspectives that facilitate understanding the norms, values, structure and process of the various types of groups into which people organize. The course focuses on applying the scientific method to studying social problems (e.g. poverty, crime, sexism and racism) and basic institutions (i.e. family, government, economy, religion, education). Students will develop their "sociological imagination" as a way of understanding what their lives are and can be in relation to the larger social forces at work in local, national, and international environments.
SPCH 100 - SPEECH COMMUNICATION (4)
A basic public speaking course intended to improve the student's ability to think critically and to communicate orally. Theory and practice are provided in various speaking situations. Each student is required to speak before an audience, but class work also involves reading, gathering and organizing information, writing and listening.
Business Core (28 hours)
ACCT 215 - FINANCIAL ACCOUNTING (4)
An introduction to accounting emphasizing how general purpose financial statements communicate information about the business corporation's performance and position for users external to management. Approximately one third of the course emphasizes how the accountant processes and presents the information and includes exposure to recording transactions, adjusting balances and preparing financial statements for service and merchandise firms according to established rules and procedures. The balance of the course examines major elements of the statements such as cash, receivables, inventory, long'lived assets, depreciation, payroll, bonds, and other liabilities and stocks. Concepts of this course are applied to Managerial Accounting (ACCT 225). Students are advised to avoid any time lapse between these courses.
ACCT 225 - MANAGERIAL ACCOUNTING (4)
The study of management accounting for internal reporting and decision-making. The course introduces a business-management approach to the development and use of accounting information. Major topics include cost behavior, cost analysis, profit planning and control measures. Accounting for decentralized operations, capital budgeting decisions, and ethical challenges in managerial accounting are also covered.
BSAD 220 - BUSINESS LAW (4)
A study of the everyday legal problems encountered in business with emphasis on the areas of legal procedure, contracts, agency, employment law, business organizations and torts, with cases relating to these and other areas.
ECON 210 - INTRODUCTION TO MICROECONOMICS (4)
An introduction to economic theory involving the examination of how decision making by firms and individuals is shaped by economic forces. Emphasis is placed on demand, supply, market equilibrium analysis, and basic market structure models. The invisible hand as the driving force for economic decisions as well as market externalities are discussed. The class concentrates on providing a balanced approach to studying economic agents' behavior and the global implications and outcomes.
FINA 301 - PRINCIPLES OF FINANCE (4)
This course is designed to survey the field of finance and provide the foundation for more advanced finance coursework. Topics include sources of business and financial information, financial statement analysis, the time value of money, the nature and measurement of risk, financial institutions, investments and corporate finance.
MGMT 312 - PRINCIPLES OF MANAGEMENT (4)
This course explores the basic concepts and processes of management. Students will explore the functional roles and processes of planning, leading, organizing, and controlling comprising the manager role. Students develop skills related to the manager function that are required in today's competitive environment.
MKTG 300 - MARKETING (4)
Theory, strategies and methods are foundational to the informed practice of marketing. Students investigate the importance of marketing to an organization or cause, the interrelationship of the difference phases of marketing, the marketing of goods versus services, analysis and identification of markets, pricing strategies and digital marketing tactics. Please note: A book fee will be included in your tuition charges for required course materials. Please see http://www.franklin.edu/financial-aid/tuition-fees /e-textbooks for specific charges.
University Electives (28 hours)

Any undergraduate courses offered by the University except developmental education courses.

Major Area (24 hours)
FPLN 450 - RETIREMENT SAVINGS & INCOME PLANNING (4)
An introduction to retirement planning concepts, procedures, and issues for individuals, businesses, and business owners. Topics include understanding and evaluating client retirement objectives, qualified and non-qualified retirement plans, tailoring retirement plans to client needs, funding retirement plans and investing plan assets, retirement planning for individual clients, post-retirement monetary needs, tax considerations in retirement planning, and retirement plan distributions.
RMI 300 - PRINCIPLES OF RISK MANAGEMENT & INSURANCE (4)
This course introduces students to the general concepts of risk identification and management, as well as how various products and methods, including insurance, can be used to manage the non-speculative risks of individuals and businesses. Emphasis will be placed on analyzing various types of insurance products, including life, health, property, and liability insurance contracts, and how the insurance industry develops, manages, markets, and underwrites such contracts in a complex economic and regulatory environment.
RMI 420 - PROPERTY AND CASUALTY INSURANCE (4)
This course focuses on the core principles underlying and potential applications for property and casualty insurance as a risk management tool. Emphasis is placed on analyzing various types of property and casualty insurance products, contracts involved in such products, and considerations of both the insurer and the insured in identifying suitable property and/or casualty insurance products for mitigating specific identifiable business and personal risks.
RMI 430 - INDIVIDUAL & GROUP LIFE & HEALTH INSURANCE (4)
This course analyzes the uses of individual and group life and health insurance to manage the financial risks that illness, incapacity, and death pose to individuals and organizations. It includes a review of various health and life insurance products and their utility in addressing specific needs and situations, as well as the underwriting and operational mechanisms that insurers employ in providing such products.
RMI 470 - INSURANCE COMPANY OPERATIONS (4)
This course analyzes insurer operations and, in particular, the methods and bases for their operational decisions, including pricing, distribution, marketing, underwriting, reinsurance, claims handling, and loss limitation or control. Consideration will also be given to the impact of outside influences on insurer operations, including industry regulation and market/economic influences.
RMI 495 - RISK MANAGEMENT & INSURANCE CAPSTONE (4)
This course will build upon all of the previous material and previous research assignments in the risk management and insurance program to provide a capstone experience for risk management and insurance majors. Students will be challenged to research and analyze the operations and finances of domestic and international corporations, determine their operational and financial risk profile, and create a risk management strategy for managing these risks, all while expanding their knowledge base to include international risk management and insurance product strategies, regulations, and issues. Students will be required to communicate their research and analysis in organized and structured papers and analyses and to present their findings to various audiences.
Major Electives (8 hours)
ACCT 341 - FRAUD EXAMINATION (4)
This course provides an overview of the behavioral research associated with occupational fraud and the methodology of fraud examination (i.e., obtaining documentary evidence, interviewing witnesses and potential suspects, writing investigative reports, testifying to findings, and forensic document examination). The majority of the course is focused on detecting the most common types of occupational fraud, determining how each type of fraud is committed, and implementing prevention strategies.
ACCT 342 - INTERVIEWING TECHNIQUES FOR FRAUD INVESTIGATIONS (4)
This course provides an overview of techniques and strategies useful in interviewing and interrogating occupational fraud suspects and other parties of interest. These techniques and strategies include interpreting the verbal and nonverbal cues of an interviewee, as well as planning, conducting, and documenting the findings from investigative interviews.
ACCT 343 - LEGAL ELEMENTS OF FRAUD (4)
This course explores the legal issues associated with occupational fraud investigations with a primary emphasis on the proper preparation of a fraud report. Related topics addressed include analyzing relevant criminal and civil laws, the rights of the parties involved in an investigation, rules of evidence, and expert witnessing.
ACCT 344 - CORPORATE GOVERNANCE & INTERNAL CONTROL ASSESSMENT (4)
This course starts with an overview of key legislation and guidelines associated with corporate governance. This includes analyzing the components of the Committee of Sponsoring Organizations' (COSO) internal control framework, the Sarbanes-Oxley Act of 2002, Statement on Auditing Standards (SAS) No. 99, and the role of the Public Company Accounting Oversight Board (PCAOB). However, the primary focus of the course is on identifying, documenting, analyzing, and testing internal controls in an organization as part of an effective fraud prevention program.
ECON 321 - INTERMEDIATE MICROECONOMICS (4)
This course provides a further examination of profit maximizing strategies by firms and individuals. Evaluation of consumer behavior, firms' production decisions, and market power are at the core of the analysis. Special attention is given to the asymmetric information considerations, game theory, and externalities.
ECON 322 - INTERMEDIATE MACROECONOMICS (4)
This course examines the differences between the economy in the short run and in the long run. A number of macroeconomic models are considered, and the results are used to conduct macroeconomic policy discussion on stabilization policies and government debt.
ECON 420 - FORECASTING (4)
This course provides a hands-on experience for creating working econometric models to forecast business activities, including revenues, costs, and profits. Trends, seasonal and cyclical fluctuations, as well as error term dynamics, are analyzed.
ENTR 395 - FOUNDATIONS OF ENTREPRENEURSHIP (4)
Foundations of Entrepreneurship is an introductory course that examines the theory, practice, and tools of entrepreneurship. Various entrepreneurship structures and how such structures result in different unique pathways to success are explored. Students will focus on the importance of developing an entrepreneurial mindset as they assess their individual values and determine their affinity for entrepreneurial thinking, while also reviewing the risks and rewards of entrepreneurial businesses in the context of their chosen entrepreneurial philosophy. Finally, students will identify and evaluate opportunities for new ventures, and consider a strategic approach for successful business plan development.
FINA 403 - ADVANCED FINANCIAL MANAGEMENT (4)
An introduction to advanced concepts and methods of financial management. Topics include risk and return, asset evaluation, capital budgeting, capital structure, business financial planning and working capital management.
FINA 405 - INVESTMENTS (4)
An examination of investment markets, transactions, planning and information. Topics include investment risk and return measures, debt and equity instruments, evaluation techniques, hybrid and derivative securities, mutual funds, real estate investments, tax planning and the investment process, and portfolio management.
FINA 450 - GLOBAL FINANCE (4)
An examination of financial management in the global economy. Topics include international financial markets, exchange rates, interest rates and inflation, exchange rate risk management, working capital management, capital budgeting, country risk analysis, long-term financing, and global strategic planning.
FPLN 300 - PRINCIPLES OF FINANCIAL PLANNING (4)
An introduction to personal financial planning. Topics include the financial planning process, money management and investments, insurance needs, income tax planning, retirement planning and estate planning. Cases are used to illustrate important planning concepts, techniques and issues.
FPLN 430 - TAX PLANNING (4)
An introduction to federal income taxation and the role of the tax code in financial planning for individuals, businesses, and business owners. Topics include the tax environment, fundamentals of income tax planning, the measurement of taxable income, the taxation of business income, individual income taxation, and the tax compliance process.
FPLN 440 - RISK MANAGEMENT & INSURANCE PLANNING (4)
An introduction to the techniques and issues of risk management and insurance for businesses and individuals. Topics include legal principles in risk and insurance, insurance contracts, personal property and liability risk, life and health risks, social insurance, insurance companies and product markets, insurance pricing, insurance taxation, government regulation of insurance, and professional ethics and market conduct.
FPLN 440 - RISK MANAGEMENT & INSURANCE PLANNING (4)
An introduction to the techniques and issues of risk management and insurance for businesses and individuals. Topics include legal principles in risk and insurance, insurance contracts, personal property and liability risk, life and health risks, social insurance, insurance companies and product markets, insurance pricing, insurance taxation, government regulation of insurance, and professional ethics and market conduct.
RMI 410 - RMI INTERNSHIP (1-4)
This course provides qualified students with an opportunity to receive academic credit for supervised professional training and experience in an actual work environment. This Internship is an ongoing seminar between the student, the faculty member and the employment supervisor. It involves an Internship Application and Learning Agreement, periodic meetings with the faculty representative, professional experience at a level equivalent to other senior-level courses and submission of material as established in the Internship Application and Learning Agreement. Participation cannot be guaranteed for all applicants.
Additional Requirements

All students are required to pass College Writing (WRIT 120), either Basic Learning Strategies (PF 121) or Learning Strategies (PF 321) and either Speech Communication (SPCH 100) or Interpersonal Communication (COMM 150) prior to enrolling in any other course at the 200 level or above. Either PF 121 or PF 321 must be taken prior to the first BLF course, or it may be taken concurrently with the first 15-week BLF course. Students who enroll at Franklin with 30 or fewer hours of transfer credit are required to pass Basic Learning Strategies (PF 121) in place of Learning Strategies (PF 321). Students must also meet the University algebra competency requirement.

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Program Details

Career Opportunities

Claims Adjuster, Examiner, and Investigator

Claims adjusters, examiners, and investigators evaluate and validate loss claims, making settlement determinations based upon policy terms, guidelines, and other factors.

Insurance Agent

Insurance sales agent solicit new insurance policies, provide quotes, and sell products and services to meet customer insurance needs.

Insurance Claims and Policy Processing Clerk

Insurance claims and policy processing clerks review policy applications, and handle change requests and cancellations.

Insurance Manager

Insurance managers oversee the delivery of insurance services end-to-end, including preparing proposals, processing new policies and renewing existing ones.

Insurance Underwriter

Insurance underwriters evaluate insurance applications, assess the risk of insuring the proposed customer, and determine the insured’s coverage amounts and premiums.

Personal Financial Advisor

Personal Financial Advisor provide advice on investments, insurance, taxes, cash flow and, debt management, as well as education, retirement, and estate planning.

Risk Manager

Risk managers assess and quantify loss potential, and recommend strategies for reducing uncertainties and controlling the probability of loss from insured events

Employment Outlook

Claims Adjusters, Examiners, and Investigators

2015
9,308 jobs
2025
10,036 jobs

Insurance Sales Agents

2015
17,864 jobs
2025
20,747 jobs

Insurance Appraisers, Auto Damage

2015
459 jobs
2025
490 jobs


Source information provided by Economic Modeling Specialists International (EMSI) - June 2016

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