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A bachelor's degree program in insurance and risk management prepares students to help businesses and individuals foresee potential risks and minimize losses. Studies often focus on the principles of business, finance, economics, and organizational management while covering the theories behind risk management and loss management. These 4-year programs should also provide students with a strong foundation of knowledge of the insurance industry. Courses cover the basics of life and health insurance policies, insurance laws and regulations, commercial insurance, and personal insurance. Graduates should have a sufficient educational background and technical training to pass examinations for state licensure, if required.
Bachelor's Degree in Insurance and Risk Management
Undergraduate students who are interested in studying insurance and risk management can enroll in a university's school of business or finance and declare an insurance major in their sophomore or junior year. They should also maintain an overall grade point average of at least 2.0 in order to qualify at most schools.
A bachelor's degree program in insurance and risk management typically features courses that provide a background in both business principles and insurance theory. Some examples of such course topics are listed below:
- Business statistics
- Business finance
- Life and health insurance
- Property risk management and insurance
- Employee benefits
- Management and organizational behavior
- Risk and insurance
Popular Career Options
The insurance industry encompasses many roles, and these are often open to graduates from a baccalaureate program in risk management and insurance. Some potential entry-level positions in the field include the following:
- Insurance sales agent
- Insurance claims adjuster
- Insurance underwriter
- Market researcher
- Insurance marketer
- Risk management analyst
- Damage appraiser
- Insurance investigator
Employment Outlook and Salary Information
According to the U.S. Bureau of Labor Statistics (BLS), insurance sales agents could expect job growth of 9% from 2014-2024. Insurance underwriters, the BLS predicted, could expect an 11% decline in job opportunities during the same decade. The BLS reported median annual salaries of $48,200 for sales agents and $65,040 for underwriters as of May 2015.
Continuing education programs are a very important element of the insurance field. While there are some master's degree programs in risk management available, many insurance professionals count on seminars and conferences to learn about new laws and emerging technologies in the industry.
Licensing requirements for insurance professionals vary by state. Some states require that individual insurance adjusters acquire a license, while others just require professionals to work for licensed insurance companies.
Individuals interested in careers in the insurance field can complete a Bachelor of Science in Insurance and Risk Management, in which you'll learn the theories and practice of business, finance, economics, and management as well as insurance. Graduates can apply for entry level jobs as insurance sales agents and insurance underwriters. Licensing requirements vary by state.