The concepts I have learned in this course will not only help me in my future work, but have also given me extremely useful life knowledge to apply to my personal life. I think it’s important that every adult has an understanding of auto and workers compensation insurance. Then as far as my future career in business, the concepts of general liability and property insurance are sure to apply whether I choose the finance or risk management route. The first concept in this course was commercial general liability and property insurance. Although I was unable to attend the first lecture, I was able to understand key concepts by reading the textbook chapters. My two biggest conceptual takeaways from CGL policies are the two basic insuring agreements
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With this topic, I leveraged the quizzes available on Canvas as well as the State of Minnesota’s WC website. The quizzes online helped me test my understanding of the textbook chapters. I learned about the concept of exclusive remedy and the exceptions that apply. I also learned about the several different ways of developing a premium for WC insurance. The State of Minnesota’s website taught me the five-factor test for determining whether an employee is an independent contractor or not. This knowledge of the workers compensation system is crucial to have even if it is not part of your job because there is always the possibility that you will find yourself in a situation where you are injured at …show more content…
Tanner’s guest speaker presentation was particularly helpful for me to understand the concept of no-fault’s legal implications. Tanner taught me what constitutes a vehicle and who is included as insured and additional insureds. The end-of-class debates helped me really deepen my knowledge of no-fault insurance and I was thankful that I was able to argue for repeal of the law because I believe the system is flawed in many ways. Most specifically, the fraud in the no-fault system is unacceptable. The law needs to be changed to add restrictions for billing or at least not have insurance companies match dollar-for-dollar because medical providers are highly incentivized to provide as much treatment as they can, leading to many cases of fraud. Furthermore, Take-a-Way #4 was useful for applying my knowledge to my personal life as I got the opportunity to analyze my own auto insurance policy and compare it with others. Finally, Andy did a great job of reinforcing the premium rating factors that apply to auto insurance. I found it interesting that insurers are allowed to discriminate based on gender, but not race. Automobile insurance is a pillar of the insurance industry so this knowledge absolutely helps widen my options for future careers. If I were to work for an auto insurer, I believe I would enjoy claims
With this topic, I leveraged the quizzes available on Canvas as well as the State of Minnesota’s WC website. The quizzes online helped me test my understanding of the textbook chapters. I learned about the concept of exclusive remedy and the exceptions that apply. I also learned about the several different ways of developing a premium for WC insurance. The State of Minnesota’s website taught me the five-factor test for determining whether an employee is an independent contractor or not. This knowledge of the workers compensation system is crucial to have even if it is not part of your job because there is always the possibility that you will find yourself in a situation where you are injured at …show more content…
Tanner’s guest speaker presentation was particularly helpful for me to understand the concept of no-fault’s legal implications. Tanner taught me what constitutes a vehicle and who is included as insured and additional insureds. The end-of-class debates helped me really deepen my knowledge of no-fault insurance and I was thankful that I was able to argue for repeal of the law because I believe the system is flawed in many ways. Most specifically, the fraud in the no-fault system is unacceptable. The law needs to be changed to add restrictions for billing or at least not have insurance companies match dollar-for-dollar because medical providers are highly incentivized to provide as much treatment as they can, leading to many cases of fraud. Furthermore, Take-a-Way #4 was useful for applying my knowledge to my personal life as I got the opportunity to analyze my own auto insurance policy and compare it with others. Finally, Andy did a great job of reinforcing the premium rating factors that apply to auto insurance. I found it interesting that insurers are allowed to discriminate based on gender, but not race. Automobile insurance is a pillar of the insurance industry so this knowledge absolutely helps widen my options for future careers. If I were to work for an auto insurer, I believe I would enjoy claims