Commercial Lines 101 - AMCL

 

Course Description
This course - Commercial Lines 101 provides an introduction to commercial lines insurance, which concerns financial protection for businesses and corporations, as compared to personal lines insurance which focuses on protection for individuals and families. Examples of commercial lines policies include the building and personal property coverage form, commercial general liability (CGL) policy, business auto policy (BAP), and workers compensation policy.

This course is geared to individuals with little or no experience in the field of insurance. For example, it begins with a general discussion about how insurance operates and how it is defined as well as providing some basic insurance terminology. The course also discusses contract principles and the distinctive characteristics of insurance contracts.

The course then looks at some big picture issues, such as the operations and practices of the insurance industry. This includes an overview of the role of the agent and broker, the claims adjusting process, claims administration, and underwriting practices. This is followed by a discussion of insurance regulation, focusing on the role of the courts, statutory law, and the responsibilities of the state’s department of insurance.

The anatomy of an insurance policy is also reviewed, with discussions about declarations, covered perils, exclusions, definitions, conditions, and endorsements.

The course then shifts its focus to different types of commercial lines insurance. Property policies are addressed first, with attention paid to the building and personal property form. Liability policies such as the CGL policy and the commercial umbrella policy are then summarized. A brief overview of professional liability policies is also provided. In addition, the BAP is reviewed and the course concludes with a discussion of workers compensation insurance. The course does not cover life insurance, health insurance, or employee benefits.

This introductory course will equip the student to meet eight educational objectives, including an understanding of the following.

  1. How insurance is defined and how it operates
  2. Contract principles and distinctive characteristics of insurance contracts
  3. How the insurance industry operates in general terms
  4. How the insurance industry is regulated by various entities
  5. The basic parts of a typical insurance policy
  6. General coverages offered by standard commercial property policies
  7. General coverages offered by standard commercial liability policies
  8. General coverages provided by commercial auto policies and workers compensation policies

By IRMI
International Risk Management Institute, Inc. (IRMI) is the premier provider of risk and insurance continuing education and reference services. IRMI publications are considered the ultimate authority by leading insurance practitioners and even federal appellate courts when interpreting insurance coverage. Use the knowledge you gain from IRMI CE courses with confidence, knowing they are written by seasoned insurance professionals who employ diligent quality assurance standards to provide the most up-to-date, practical, and reliable information possible.