Insurance in Personal Financial Planning Course Syllabus Nancy McCready (1)

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1 u c l a e x t e n s i o n. e d u Insurance in Personal Financial Planning Course Syllabus Nancy McCready (1) Course Title: Insurance in Personal Financial Planning Course Number: X Quarter: Winter, 2012 Instructor: Nancy L. McCready, CFP, CRPC Phone: (310) nlmccready@gmail.com Timing: July 4 September 12, 2012 Sessions: Format: Office Hours: Each Wednesday begins a new week Online By appointment (schedule via or phone); communication by any time Course Description: This hands-on course analyzes fundamental insurance principles and approaches to insurance needs. Instruction covers life, health, casualty, and liability insurance and examines the role that insurance plays in financial and estate planning. Participants learn to integrate personal and capital insurance needs into a comprehensive financial plan. The course is also designed to acquaint students with the concept of risk and the nature of insurance as a transfer device to reduce the financial impact of various loss exposures. Written assignments based on case study analysis will be used to identify, quantify and explore various key personal insurance risks. Course Prerequisites: X Survey of Personal Financial Planning, X Financial Analysis in Personal Financial Planning, or the consent of the instructor. Expected Learning Outcomes Upon successful completion of this course, the student will be able to demonstrate a basic understanding of: Fundamental concepts and principles of risk management. Basic principles of insurance as a risk management device to transfer financial losses. Techniques and methods of loss prevention and claims-handling. Life, Health, Property, Casualty and Liability insurance, including underwriting and contract principles. Government and social insurance programs and their role in our economic environment. Evaluation of primary insurance carriers, re-insurance companies and underwriting approaches to business and personal risks from theoretical and practical viewpoints

2 Insurance in Personal Financial Planning Course Syllabus Nancy McCready (2) Welcome I am looking forward to working with you and discovering how I can help you master the information that you will need to grow as a financial professional and succeed on the CFP Certification exam. You are pursuing an exciting goal and my primary objective is to help you achieve meaningful progress toward making it a reality. I know from personal experience how demanding this curriculum is and the challenges that you face in preparing for the CFP Exam. I believe you will find as you master the course material and grow as a professional, your ability to provide meaningful solutions to your clients' needs will also expand. All of my industry experience reinforces for me that appropriately designed insurance plans can make a profound difference in consumers' and business' financial well-being. Please start getting acquainted by posting your background information, your hopes and expectations for this course and your real world experience with insurance and financial planning on the Discussion Board. Thought-provoking discussion questions based on actual events will be posted on the Discussion Boards posted periodically during the course. We will work together to make an extensive amount of material comprehensible and manageable. If you are struggling with a particular chapter or topic and still feel stymied after studying both the text and the study guide, please contact me. Your case study assignments present opportunities to learn through teaching by asking you to explain key concepts to a client who lacks understanding of insurance and who has an issue or problem to solve. It is important that you work through the assignments on you own to the best of your ability and make any additional assumptions needed to provide meaningful recommendations. I want to understand your thought processes and how you would approach each hypothetical client situation. There will also be mid-term and final exams that will include questions drawn or adapted from past CFP exams. One of my objectives in designing these exams is to help prepare you for the format and material covered in the CFP Certification Exam. If you have technical problems, please contact Ryan Minihan, the Course Manager, whose contact information is listed in the Contacts section of the course website. I hope that you will find this course to be a very worthwhile learning experience! Nancy L. McCready, CFP, CRPC

3 Insurance in Personal Financial Planning Course Syllabus Nancy McCready (3) Instructor Bio Instructor: Work Phone: Office Location: Office Hours: Nancy McCready (310) Virtual; my business location is in Century City By appointment Greetings I am a financial advisor and CERTIFIED FINANCIAL PLANNER certificant with Merrill Lynch Wealth Management in Los Angeles. I also hold a Chartered Retirement Planning Counselor designation and an MBA from the University of Virginia. My clients are typically busy, successful professionals and executives who need help in making their financial lives manageable and protecting the assets that they have worked hard to build. I find my work gratifying and endlessly interesting. I have been appointed to serve as an Ambassador for the Certified Financial Planner Board of Standards to help educate the public about key financial planning issues through the media. In this role, I was interviewed by CBS Los Angeles News for a story about a family facing financial crisis due to job loss and inadequate savings. The story aired in November, I have also been interviewed by MarketWatch for a story on estate planning and by Next Avenue on retirement planning.

4 Insurance in Personal Financial Planning Course Syllabus Nancy McCready (4) Instructor Expectations I believe that students benefit most when their course facilitator is clear and direct with them about course requirements and procedures. Here are a few expectations that I want you to understand as we begin this course. First, simply be yourself. We each bring different kinds of experiences to online learning. Each of you will have different needs, expectations, and concerns and may be working on different timetables to prepare for the CFP Certification Exam, assuming that is your ultimate goal. It will be easier for me to help meet your needs if you communicate them directly and sincerely. As your facilitator, I am very learner-centered. I hope you will always find that I am responsive and supportive. Please feel free to contact me I d like to get to know you. There are ten weekly written assignments, which are to be downloaded and then ed to me for review and grading upon completion. All assignments and should be submitted as a Word or PDF document and are due by the day before the next class session (as noted in the Course Calendar on page 10 of this Syllabus). The case studies are based on the personal and business risks of a specific individual and will address her current and evolving life situation and insurance needs. Each case builds on the prior weeks cases. Assignments must be written in a script format, featuring dialogue between you and the client, to represent the flow of an actual client meeting. Anticipate your client s questions and concerns and consider how to address them clearly and succinctly. Please keep the assignments to a maximum of two pages in length. You are responsible for any assumptions and research required to prepare an acceptable paper. If, after reading an assignment, you do not understand how to proceed, please me immediately so that I can clarify its intent. Examples of effective case study treatments will be posted in the Announcements section of the course website throughout the course. A valuable technique will be the setting up and maintaining of a client file for both record and reference purposes. You will refer to your client file regarding your past recommendations and communications each time you prepare a new case. I encourage you to participate in the Discussion Boards each week. In our learning model, the heart of active learning occurs through discussions that help you test your ideas, reinforce what you have learned, and share resources with others in the class. We judge one another by the quality, clarity and depth of our writing. Communication should be professional and use good netiquette. Your posts should feature good writing and correct spelling and mechanics. In the spirit of scholarly discussion, I expect responses that both agree and disagree with others, as long as they are relevant and respectful. Please include my name in postings to me and do the same for responses to everyone else. No messages are private, so please expand on any topic. Effective postings could include an objective analysis of a reading or experience or, possibly, a brief synopsis of a related assignment from another course. Responses should include more than just passive phrases, such as Interesting comment or I agree with that.

5 Insurance in Personal Financial Planning Course Syllabus Nancy McCready (5) I will be available online at least five days a week and will seek to respond to queries within 24 hours. All assignments and exams will be graded within 7 days. Thank you for your thoughtful reading of the expectations. I welcome your comments. Have a great learning experience. Required Resources Course Syllabus (PDF file) Textbook: Principles of Risk Management and Insurance, 11 th Edition. George E. Rejda, PhD, CLU. Prentice Hall, Publishers. ISBN-10: Course Calendar pages 10 & 11 of this Syllabus Discussion Rubric page 8 of this Syllabus Equipment Requirements Computer with audio capabilities (if desired) Internet connection preferred browsers: Explorer, Safari, FireFox Additional Recommended Readings: 1. Study Guide to Accompany Principles of Risk Management and Insurance (11th edition) by Michael J. McNamara. The study guide is available on-line through academic booksellers and Amazon. 2. Life Insurance and Annuities from the Buyer s Point of View, American Institute for Economic Research, Great Barrington, MA Social Security Medicare pamphlets, Social Security Administration For additional preparation for the CFP Certification Examination, you should request the most recent annual update on Medicare coverages, which will include Part D. Tax Facts #1 and/or The Field Guide, The National Underwriting Co., Cincinnati, OH. The Field Guides for Financial Planning and Estate Planning are both recommended (

6 Insurance in Personal Financial Planning Course Syllabus Nancy McCready (6) Course Grading and Assessment Policies Grading Grades are calculated primarily on the basis of your completion of the weekly assignments and the exams, as follows: % Element 50% Weekly assignments (10) 500 points 20% Mid-term exam 200 points 30% Final exam 300 points 100% 1000 points Course point totals equate to the following grades: A = 900 points to 1000 points B = 800 points to 899 points C = 700 points to 799 points D = 650 points to 699 points* F = Below 650 points The instructor reserves the right to credit a total of up to 100 additional points to any student for meaningful Discussion Board commentary and/or Internet research sources/references that contribute to course development. These points should not be assumed for merely checking in on the Discussion Boards or posting late, after the specific discussion is completed. Each Discussion topic is open for one week and postings should be thoughtful and contributory. The instructor has full discretion to award these additional points based on her sole evaluation of student postings. All course grades are final. Policies about Deadlines and Late Work All assignments and exams are due by the dates indicated in the Course Calendar (page 10 of this syllabus). Case study assignments are always due by midnight of the Tuesday before the next course session date. If your work is sent late but still received during the week that it is due, you will receive the full appropriate points. If an assignment from one week is posted during the following week, you will lose ten percent for each day that it is late. Any assignment submitted more than four days late will no longer receive a grade. I understand that life happens and that work or personal emergencies can occur. Please contact me before an assignment is late so that we can work out an accommodation that meets your scheduling needs. However, there are no extensions for the course. All assignments and exams must be completed and submitted by the final day of class.

7 Insurance in Personal Financial Planning Course Syllabus Nancy McCready (7) Academic Honesty Policy Academic dishonesty covers behavior in cheating, plagiarism, and fabrication of information. These behaviors are not tolerated. Citations and references should be provided following standard APA 6 th formatting. Students are encouraged to familiarize themselves with the UCLA Student Conduct Code and the official statements regarding cheating and plagiarism. These and other relevant documents are available on the Dean of Students Office website:

8 Insurance in Personal Financial Planning Course Syllabus Nancy McCready (8) Discussion Rubric This rubric will be used to assess the quality of your initial responses and interaction in the online discussion forums. Please use this tool as a guide when constructing your postings. Mechanics of the Posting Participation in the Discussion Content of Posting Critical Thinking Evidenced by Posting Unsatisfactory Basic Proficient Distinguished Uses incomplete Uses complete Uses complete Uses complete sentences, is sentences and the sentences, sentences, organization unstructured in its posting is organization is is clear and thoughtful, organization, and comprehensible. The evident, and the the posting is includes frequent or organization could be posting includes no grammatically correct, consistent errors in improved to present a more than one and free of spelling mechanics (grammar, more coherent mechanical error errors. The tone is clear spelling, usage) in argument, statement, (grammar, spelling, and respectful. each paragraph. The or question. Includes usage) per posting is unreadable 2-3 mechanical errors paragraph. The tone and there is a distinct grammar, spelling, is clear and lack of tone. usage) per paragraph. respectful Provides minimal comments and information to other participants in the forum. Writes a general or superficial posting that is unrelated to the discussion at hand and/or posts no comments. Provides no evidence of agreement or disagreement with an existing discussion. The tone is respectful. Provides comments, and some new information on a sporadic basis. Interacts with only 2 participants in the forum. Demonstrates a restricted understanding of the concepts, topics, and ideas as evidenced by posting information that could be derived from prior posts and/or including highly general comments. Indicates agreement or disagreement with an existing discussion but provides no justification or explanation for comments. Provides comments, discussion, questions, and new information on a fairly regular basis. Interacts with three or more participants in the forum. Demonstrates an adequate understanding of the concepts, topics, and ideas as evidenced by posting superficial, or general statements in the forum. Includes a few details in the posting. Indicates agreement or disagreement with an existing discussion including a limited explanation or justification. Provides comments, discussion, and questions without a clear connection to the course material at hand. Provides comments, discussion, questions, and new information on a regular, active, and weekly basis. Shows a high degree of interaction with five or more participants in the forum. Demonstrates a solid understanding of the concepts, topics, and ideas as evidenced by thoughtful responses and questions that show a clear connection (are integrated) with the course material at hand. The posting shows depth, and includes many supporting details. Demonstrates a critical analysis of an existing posted idea or introduces a different interpretation to an existing concept or idea. Includes comments, discussion, and questions that have a clear connection (are integrated) with the course material at hand.

9 Insurance in Personal Financial Planning Course Syllabus Nancy McCready (9) Course Overview Week 1 Risk Management in Financial Planning Week 2 Legal Principles and Government Regulation Week 3 Insurance Marketing and Auto Insurance Week 4 Homeowners Insurance Week 5 Umbrella & Other Liability Insurance Week 6 Individual Health Coverage & Social Insurance / Mid-Term Exam Week 7 Life Insurance Fundamentals & Needs Analysis Week 8 Life and Annuity Contracts Week 9 Employee Benefits Week 10 Commercial Coverage Week 11 Final Exam

10 Insurance in Personal Financial Planning Course Syllabus Nancy McCready (10) Course Calendar The following depicts weekly sessions, topics, readings, case study assignments and exam dates Schedule Topic Readings Session 1 - July 4 Risk Management in Financial Planning Rejda chapters 1, 2, 3 & 6 Case Study Assignment Title Due Type Due "Insurance is a scam!" July 10 Exams Session 2 - July 11 Legal Principles and Government Regulations Rejda chapters 8, 9 & 19 "Las Vegas - Not" July 17 Session 3 - July 18 Insurance Marketing and Auto Insurance Rejda chapters 5, 22, 23 and Appendix B "What about my car?" July 24 Session 4 - July 25 Homeowners Insurance Rejda chapters 20 & 21 plus Appendix A "Condo Problems" July 31 Session 5 - Aug. 1 Umbrella & Other Liability Insurance Rejda chapters 4, 7 & 24 "Consulting Challenges" Aug. 7 Session 6 - Aug. 8 Individual Health Coverage & Social Insurance Rejda chapters 15 & 18 "Mother Hits a Milestone" Aug. 14 MID-TERM Aug. 14 Session 7 - Aug. 15 Life Insurance Fundamentals & Needs Analysis Rejda chapters 6, 11, 13 and Appendix C "Marriage - Good News, Bad News" Aug. 21 Session 8 - Aug. 22 Life & Annuity Contracts Rejda chapters 10, 12 & 14 "Surprise, Surprise" Aug. 28 Session 9 - Aug. 29 Employee Benefits Rejda chapters 16 & 17 "Partnership Possibilities" Sept. 4 Session 10 - Sept. 5 Commercial Coverage Rejda chapters 25, 26 & 27 "Analyzing the Business Venture" Sept. 11 Session 11 - Sept. 12 Rejda chapter reviews & Study Guide review FINAL Sept. 16 Grades Posted by September 19