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Introduction to risk and insurance; risk identification and evaluation, demand for insurance, effects of limited liability, theory of moral hazard and adverse selection; business and personal risk; insurance as a risk management tool. The purpose of this course is to provide an introductory, consumer-oriented overview of risk and insurance. Students begins by examining the basic concepts of risk and insurance, insurance fields and functions, regulation, underwriting and the legal framework. Students then examine three broad classes of insurance: life and health, property and liability, and auto. Topics include introduction to risk and insurance, what is risk, and how to manage it; institutional aspects of the insurance industry, fields of insurance; industry structure; regulation functions of insurers, rate-making, underwriting; loss adjustment; adjustment process; claim settlement; investment functions; life and health insurance; the life insurance contract; buying life insurance; disability insurance; health insurance; social security; retirement programs; property and liability insurance; homeowners' insurance; the standard fire policy; negligence and legal liability; auto insurance; auto and legal liability; the personal auto.