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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.

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CPCU, CLU & ARM Prep

Get ready for risk management and insurance designations while you learn.

Designations = Credits

Earn your degree faster with up to 22 credits for insurance designations.

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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.

While helping you build or expand your knowledge of the insurance industry is critical, you’ll also prove your worth in the workplace by successfully moving important initiatives forward and getting things done. For that reason, the program also includes a required course designed to build your expertise in project management, which is a valuable skill in the risk management industry. 

Broaden your skillset 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 a pathway based on your career goals within the insurance industry. If you are interested in positions related to the collection, analysis and presentation of data for better decision making, choose the Information Analytics pathway. If your are driven by the prospect of ultimately owning your own insurance agency, the Agency Principal pathway provides foundational knowledge in entrepreneurship, micro-business management and funding, and organizational leadership.

Use your insurance designation to save time and money toward your degree 

We value your time and honor the knowledge you bring – including designations earned through The Institutes. Because most Institutes courses have been evaluated by the American Council on Education (ACE), the courses you took to earn some of the Institutes top designations can be used to satisfy credit requirements for your Franklin bachelor’s degree. Find out how to get credit for your insurance designations.

Set a foundation for professional designations 

When you graduate from Franklin’s Risk Management & Insurance program, you’ll have the foundation to pursue risk management and insurance designations, such as the Chartered Life Underwriter (CLU) designation from The American College of Financial Services, and the Associate in Risk Management (ARM) designation from The Institutes. Additionally, because Franklin is a Collegiate Studies for CPCU Certificate partner with The Institutes, the leading provider of risk management and property-casualty (P&C) insurance education, your B or better grade in your three P&C RMI courses will waive two parts of your choice of the eight parts required 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:

ENG 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, ENG 130 Research Paper, two semester credits, is also required.

Mathematics (3 hours)

Select:

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 140 Introduction to Quantitative Reasoning or MATH 150 Fundamental Algebra as the prerequisite to MATH 215. Course can count as a University Elective.

Science (6 hours)

Take a minimum of 6 semester hours of Science courses.  One course must have a laboratory component.

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.
Social and Behavioral Sciences (6 hours)

Take a minimum of 6 semester hours. Courses must be from at least two different disciplines.

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.

Also choose another course from the Anthropology, Psychology, and Sociology disciplines, or POSC 204 American Government.

Arts and Humanities (6 hours)

Take a minimum of 6 semester hours:

HUMN 210 - Intro to Logic & Critical Thinking Skill (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.

Also choose one additional course from the Humanities discipline.

Additional General Education Requirements (12 hours)
PF 106 - Introduction to Spreadsheets (1)
This course focuses on using spreadsheets to solve business applications.
PF 108 - Introduction to Databases (1)
This course focuses on using databases to solve business applications.
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.
COMM 150 - Interpersonal Communication (4)
By using applied critical and creative thinking, students in this course will develop a set of communication skills that will enhance their personal and professional relationships and endeavors. This course will focus on skill development in key areas such as self, perception, listening, verbal messages, conversations, relationships, conflict management, persuasion, and public speaking. 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.
OR SPCH 100 - Speech Communication (4)
This public-speaking course emphasizes the fundamentals of extemporaneous speaking. Skill-building activities and assignments focus on research, organization, reasoning, style and delivery of presentations as well as listening and audience engagement.

General Education Electives (4) (if necessary)

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 (20 hours)

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

Major Area (28 hours)
AMGT 440 - Project and Team Management (4)
The focus of this course is on the effective management of projects and the teams responsible for project implementation. This course covers the fundamental theory and practice of project management in an organizational setting. Students learn to apply knowledge, skills, tools, and techniques necessary for effective functioning in a project environment. The course will also provide insights into the management processes related to project team development as well as the project team lifecycle and its dynamics. Accordingly, activities and assignments in this course are designed to help students understand the nature of successful project planning and execution, as well as project team formation and management.
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 - Commercial Lines Property & Casualty Insurance (4)
This course focuses on the core principles underlying and potential applications for comercial lines property and casualty insurance as a risk management tool. Emphasis is placed on analyzing various types of property and casualty insurance products for businesses, contracts involved in such products, and considerations of both the insurer and the insured in identifying suitable P & C insurance products for mitigating specific business risks.
RMI 430 - Life & Health Insurance 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 450 - Personal Lines Property & Casualty Insurance (4)
This course focuses on the core principles underlying, and potential applications for, personal lines property and casualty insurance as a risk management tool for individuals and families. Emphasis is placed on analyzing various types of personal property and casualty insurance products such as auto, homeowners, watercraft, and "toys" (i.e., motorcycles, four-wheelers and travel trailers.) It also addresses insurance carrier functions of personal lines pricing, profitability and portfolio management.
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 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 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 (12 hours)

Select 12 hours of courses from the following:

BSAD 320 - Quant & Qual Methods for Decision Making (4)
This course focuses on the development of individual and team decision-making and problem solving skills. Real world domestic and global issues will be analyzed, diagnosed, and evaluated through the application of a variety of quantitative and qualitative tools and techniques used to arrive at effective decisions and solutions.
COMP 101 - Problem Solving With Computing (2)
Many organizations today utilize computers and information systems to store, organize, analyze, and summarize data to solve problems. As a result, computing is a tool that can benefit students in many different fields. At the heart of solving problems with computers is the study of structured thinking using algorithms. This course is designed for students with no prior programming experience and teaches the building blocks of algorithms, including variables, expressions, selection and repetition structures, functions and parameters, and array processing.
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.
ENTR 420 - Managing Micro Business & Generating Funding (4)
This course covers the critical role of effective leadership in the successful growth of a new business entity. Students will learn the logical approach to recruiting and leading an effective team. Focus will also be on all aspects of entrepreneurial finance and funding. Students will learn how to make use of a standard accounting software package. Also covered are the fundamentals of raising capital, both debt and equity. Building on prior financial training, students will learn the unique characteristics of analyzing small business financial statements with an eye toward potential valuation. Finally, asset acquisition and wealth strategies will be a topic pertinent to all who desire to pursue an entrepreneurial venture.
FINA 340 - Money, Banking, & Financial Markets (4)
This course provides an overview of the financial system. The roles of money, financial intermediaries, financial markets, and central banks are discussed in the context of global economy.
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 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.
INFA 300 - Introduction to Analytics (4)
This course leads students through the foundational concepts, methods and concerns related to the practice of information / data analysis from the posing of questions needing answers to gathering the data, generating statistics, analyzing the results, formulating answers to the questions, and reporting those answers. Course topics include defining clear, accurate and actionable research questions and the answers, selecting data and methods; generating relevant statistics and reporting the story the data tells regarding the questions and the sought-after answers using basic tools such as those intrinsic to spreadsheet software such as Microsoft Excel.
MGMT 470 - Organizational Leadership (4)
This course focuses on the development of leadership theories from trait, skill, style, situational, and contingency constructs and their utilization by managers and leaders. The primary emphasis of the course is the importance of the Full Range Leadership model and the role transformational leadership performs in the interaction with organizational culture and performance.
MIS 200 - Management Information Systems (4)
The purpose of this course is to provide the fundamentals associated with the management of information technology in a business enterprise. These fundamentals are business concepts in which the influence of information technology has caused change or brought about new concepts. Special emphasis will be placed on understanding the managerial issues that are relevant to usage of computers. The student will be given problems isolating these issues and will be asked to propose solutions with alternatives.
RMI 220 - Interviewing Techniques for Insurance Investigations (4)
This course provides an overview of techniques and strategies useful in interviewing and investifations in the insurance field. 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.
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.
WEBD 101 - Introduction to Web Page Construction (2)
This course covers the fundamental concepts necessary for the construction of web pages using the basic building blocks of Hypertext Markup Language (HTML) and Cascading Style Sheets (css). HTML and XHTML are covered in detail for building web pages using a web page development environment. The use of styling using css is introduced.
Additional Requirements

All students are required to pass College Writing (ENG 120), and either Basic Learning Strategies (PF 121), Learning Strategies (PF 321) or University Seminar (UNI 199) prior to enrolling in any course at the 200 level or above. Students who enroll at Franklin with 30 or fewer hours of transfer credit are required to pass PF 121 Basic Learning Strategies in place of PF 321 Learning Strategies. All Urbana University students will enroll in UNI 199 University Seminar.  Interpersonal Communication (COMM 150) or Speech Communication (SPCH 100) must be taken prior to enrolling in any course at the 300 level or above. Students must also meet the University algebra competency requirement.

Program Details

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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).

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