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The Basic Principles of Risk Management and Insurance

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-An Education Program for Congressional Staff

In June 2010, the Griffith Insurance Education Foundation presented three seminars on the basic principles of risk management and insurance as part of its Federal “Basic Principles” Seminar Series. This program was designed to provide federal policymakers and their staffs with a better understanding of the fundamental principles underlying many of the risk management and insurance issues currently before them. These seminars were conducted by some of the most respected and highly qualified professors of risk management and insurance in the country.

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Session #1 – The Basic Principles of Risk Management and Insurance

Date: June 14th, 2010

Rayburn House Office Building, Room 2220

1:00 p.m. – 2:00 p.m.

Washington DC

The first seminar, The Basic Principles of Risk Management and Insurance, was taught by Dr. James M. Carson, the Midyette Eminent Scholar Chair in Risk Management and Insurance  (RMI) in the College of Business at Florida State University. He also directs the RMI Doctoral Program and teaches courses in the college’s undergraduate, masters, and doctoral programs.  His presentation provided an introduction risk management principles and the role of Insurance in addressing risk.

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Session #2 – The Business of Insurance (Lunch Provided)

Date: June 21st, 2010

Rayburn House Office Building, Room B354

12:30 p.m. – 1:45 p.m.

Washington DC

The second session, The Business of Insurance, focused on Property & Casualty Insurance (P&C), the role of investments, reinsurance and guaranty funds.  Dr. Robert E. Hoyt, the Dudly L. Moore, Jr. Chair of Risk Management and Insurance and RMI Department Head at the University of Georgia’s Terry College of Business, presented this program.

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Session #3 – Risk Management and Public Policy (Lunch Provided)

Date: June 28th, 2010

Rayburn House Office Building, Room B340

12:30 p.m. – 1:45 p.m.

Washington DC

The final program, Risk Management and Public Policy, conducted by Dr. Rob B. Drennan Jr., an associate professor of Risk Management and Insurance and Chairman of the Department of Risk, Insurance and Healthcare Management at the Fox School of Business and Management at Temple University.  Dr. Drennan provided an overview of life insurance and how the life insurance industry works.  He will also discuss the role of both insurance legislation and regulation.

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Purpose

In today’s economic environment, federal policymakers and their staffs have been asked to address a growing number of risk management and insurance issues they may not be thoroughly familiar with and must come up to speed quickly on these issues in order to make informed decisions. The Griffith Insurance Education Foundation has been providing education programs for public policymakers since 1993 and has become a well-respected, non-partisan resource for risk management and insurance education. Given the Foundation’s mission of supporting the teaching of these topics at all levels of academia and public policy, the Foundation is working closely with key contacts in Washington D.C. to fill the information, knowledge, and resource gaps with basic principles education programs that are unbiased and non-partisan.

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Benefits

When important policy issues surrounding risk management and insurance arise in Congress, policymakers are inundated with information and materials almost always supporting a position on the impending legislation. In conversations with key Congressional staff, they agree that a need exists for education programs on the basic underlying principles of risk management and insurance. A thorough understanding of risk management principles and how the insurance mechanism works would help policymakers make more informed decisions when crafting and voting on risk and insurance legislation.