Undergraduate Department of Risk Management/Insurance, Real Estate and Legal Studies
College of Business
Website: https://business.fsu.edu/departments/rmi
Chair: Nyce; Professors: Cole, McCullough, Nyce, Orozco, Patricia Schriefer, Sirmans; Associate Professors: Broxterman, Eastman, Karl, Letdin, Zhou; Assistant Professors: Kim, Wang; Teaching Faculty III in Legal Studies and Real Estate: Bailey, Woodyard; Teaching Faculty I in Risk Management and Insurance: Jones, Paul Schriefer; J. Harold and Barbara M. Chastain Eminent Scholar in Real Estate: G.S. Sirmans; Payne H. and Charlotte Hodges Midyette Eminent Scholar in Risk Management and Insurance: Patricia Schriefer; Kathryn Magee Kip Professor in Risk Management and Insurance: McCullough; Dr. William T. Hold/The National Alliance Professor in Risk Management and Insurance: Nyce; American General Insurance Professor of Insurance Law: Eastman; Bank of America Professor of Business Administration: Orozco; Robert L. Atkins Professor in Risk Management and Insurance: Cole; State Farm Professor of Risk Management and Insurance: Karl
The risk management/insurance and real estate degree programs (i.e., B.S. with a major in Risk Management/Insurance and a B.S. with major in real estate) are designed to meet the academic needs of professional insurance, risk management, and real estate practitioners. The term “profession” connotes an occupation requiring advanced education and training and the ability to meet standards deemed desirable for the protection of the public.
The legal studies curriculum is a non-degree service program serving all students in the various business programs. A basic knowledge of legal studies is essential to the successful transaction of business and economic affairs. Advanced and specialized courses are available to students who wish for a more comprehensive knowledge of legal studies in relation to such fields as accounting, finance, insurance, and real estate.
The department also offers a combined BS/MSF pathway and a combined BS/MBA pathway that allows highly qualified undergraduate students in the real estate major the opportunity to accelerate their coursework and take up to nine semester hours of graduate coursework, which may be counted toward both the BS and MSF or MBA degrees. Additionally, the department offers a combined BS/MS-RMI pathway and a combined BS/MBA that allows highly qualified undergraduate students in the risk management and insurance major the opportunity to accelerate their coursework and take up to nine semester hours of graduate coursework, which may be counted toward both the BS and MS-RMI or MBA degrees. Detailed descriptions of the MBA, MSF, and MS-RMI programs can be found in the Graduate Bulletin.
Digital Literacy Requirement
Students must complete at least one course designated as meeting the Digital Literacy Requirement with a grade of “C–” or higher. Courses fulfilling the Digital Literacy Requirement must accomplish at least three of the following outcomes:
- Evaluate and interpret the accuracy, credibility, and relevance of digital information
- Evaluate and interpret digital data and their implications
- Discuss the ways in which society and/or culture interact with digital technology
- Discuss digital technology trends and their professional implications
- Demonstrate the ability to use digital technology effectively
- Demonstrate the knowledge to use digital technology safely and ethically
Each academic major has determined the courses that fulfill the Digital Literacy requirement for that major. Students should contact their major department(s) to determine which courses will fulfill their Digital Literacy requirement. Undergraduate majors in risk management/insurance and real estate satisfy this requirement by earning a grade of “C–” or higher in CGS 2100 (state mandated business prerequisite requirement) or CGS 2518.
Note: CGS 2518 is required for students in the Real Estate major and for students in the Risk Management/Insurance major and is prerequisite to all 4000-level real estate and risk management/insurance courses.
Required Risk in Business and Society Course
All undergraduates at Florida State University intending to enter a business major should complete RMI 2302, Risk in Business and Society, with a “C–” or better by the end of their sophomore year, but no later than their fifth mapping term.
Required Professional Development Course
All undergraduates entering Florida State University in Fall 2019 and later must complete a one-credit course in professional development, GEB 1030, with a “C–” or better by the end of their fifth mapping term. However, students are encouraged to complete the course by the end of their sophomore year to take full advantage of the material.
State of Florida Common Program Prerequisites for Risk Management
The Florida Virtual Campus (FLVC) houses the statewide, internet-based catalog of distance learning courses, degree programs, and resources offered by Florida's public colleges and universities, and they have developed operational procedures and technical guidelines for the catalog that all institutions must follow. The statute governing this policy can be reviewed by visiting https://www.flsenate.gov/Laws/Statutes/2021/1006.73.
FLVC has identified common program prerequisites for the degree program in Risk Management. To obtain the most up-to-date, state-approved prerequisites for this degree, visit: https://cpm.flvc.org/programs/190/238.
Specific prerequisites are required for admission into the upper-division program and must be completed by the student at either a community college or a state university prior to being admitted to this program. Students may be admitted into the University without completing the prerequisites but may not be admitted into the program.
Degree Programs
Risk Management/Insurance Program
The curriculum in risk management/insurance provides students with the knowledge necessary to analyze the impact of risk and uncertainty upon business and society. Students who major in risk management/insurance prepare for a career in insurance, consulting, financial services, or corporate risk management. Classes cover a variety of topics, including analysis of the risk management process with a focus on enterprise risk management.
Students completing either an undergraduate or graduate risk management and insurance degree satisfy the educational requirements to receive several licenses without sitting for the licensing exams and receive credit for courses required as part of several professional designations including Certified Insurance Councilor (CIC), the Certified Risk Managers (CRM), the Certified Chartered Property and Casualty Underwriters (CPCU), and the Associate in Insurance Data Analytics (AIDA).
Requirements for a Major in Risk Management/Insurance
All students must complete:
- The University-wide baccalaureate degree requirements summarized in the “Undergraduate Degree Requirements” chapter of this General Bulletin
- The state of Florida common program prerequisites for risk management/insurance majors
- The general business core requirements for risk management/insurance majors
- The general business breadth requirements for risk management/insurance majors
- The major area requirements for risk management/insurance majors
Students must be admitted to the major no later than the end of their fifth mapping term, as determined by the College of Business.
Note: To be eligible to pursue a risk management/insurance major, students must meet the admission requirements for the AACSB accredited business programs in the College of Business. These admission requirements are described in the “College of Business” chapter of this General Bulletin.
General Business Core Requirements
All risk management/insurance majors must complete the following six courses. A grade of “C–” or better must be earned in each course.
BUL 3310 The Legal and Ethical Environment of Business (3)
FIN 3403 Financial Management of the Firm (3)
GEB 3213 Business Communications (3)
ISM 3541 Introduction to Business Analytics (3)
MAN 3240 Organizational Behavior (3)
MAR 3023 Basic Marketing Concepts (3)
General Business Breadth Requirements
All risk management/insurance majors must complete the two courses as follows. Each course must be completed with a grade of “C–” or better.
REE 3043 Real Estate (3)
RMI 3011 Risk Management/Insurance (3)
Capstone Course
All risk management/insurance majors must complete the capstone class in Strategic Management and Business Policy (MAN 4720) with a grade of “C–” or better.
Major Area Requirements
All risk management/insurance majors must complete six courses as listed below. A grade of “C–” or better must be earned in each course used to satisfy the risk management/insurance major area requirements.
RMI 4115 Life Insurance Products (3)
RMI 4224 Property and Casualty Insurance Products (3)
RMI 4292 Property and Casualty Insurance Operations (3)
RMI 4347 Commercial Risk Management (3)
Plus at least two electives from the following list of courses:
RMI 4135 Employee Benefit Plans (3)
RMI 4226 Insurance Data Analytics (3)
RMI 4295 Advanced Property and Casualty Insurance (3)
RMI 4304 Applied Learning in Risk Management and Insurance (3)
RMI 4308r Seminar in Risk and Its Control (3) (Topics vary)
RMI 4420 Legal and Political Aspects of Insurance (3)
Selection of electives should be made after consultation with a faculty advisor in order to satisfy the student's interests and to qualify the student for the state licensing examinations and professional designations.
Real Estate Program
The Real Estate Program provides a foundation for students seeking a broad understanding of the real estate market and its participants. Students are introduced to such concepts as urban economics, market behavior, valuation, finance, investment analysis, and real estate law. In general, the curriculum is designed to develop the fundamental skills necessary to make effective real estate business, investment, and consumption decisions. More specifically, the program equips students to enter a wide variety of real estate related professions (e.g. investment and portfolio analysis, institutional lending and mortgage banking, brokerage, appraisal, property management, and property development).
Students completing the Undergraduate Real Estate Degree Program must satisfy the pre-license and post-license educational requirement for a real estate sales associate and broker license for the State of Florida. Students completing the Undergraduate Real Estate Degree Program must also satisfy the classroom education requirement needed to become certified as a general appraiser in the State of Florida.
Requirements for a Major in Real Estate
All students must complete:
- The University-wide baccalaureate degree requirements summarized in the “Undergraduate Degree Requirements” chapter of this General Bulletin
- The state of Florida common program prerequisites for real estate majors
- The general business core requirements for real estate majors
- The general business breadth requirements for real estate majors
- The major area requirements for real estate majors
Students must be admitted to the major no later than the end of their fifth mapping term, as determined by the College of Business.
Note: To be eligible to pursue a real estate major, students must meet the admission requirements for the AACSB accredited business programs in the College of Business. These admission requirements are described in the “College of Business” chapter of this General Bulletin.
General Business Core Requirements
All real estate majors must complete the following six courses. A grade of “C–” or better must be earned in each course.
BUL 3310 The Legal and Ethical Environment of Business (3)
FIN 3403 Financial Management of the Firm (3)
GEB 3213 Business Communications (3)
ISM 3541 Introduction to Business Analytics (3)
MAN 3240 Organizational Behavior (3)
MAR 3023 Basic Marketing Concepts (3)
General Business Breadth Requirements
All real estate majors must complete the two courses as follows. Each course must be completed with a grade of “C–” or better.
REE 3043 Real Estate (3)
RMI 3011 Risk Management and Insurance (3)
Capstone Course
All real estate majors must complete the capstone class in Strategic Management and Business Policy (MAN 4720) with a grade of “C–” or better.
Major Area Requirements
All real estate majors must complete the five courses listed below. A grade of “C–” or better must be earned in each course used to satisfy the real estate major area requirements.
REE 4103 Real Estate Valuation (3)
REE 4143 Real Estate Market Analysis (3)
REE 4204 Real Estate Finance (3)
REE 4313 Real Estate Investment (3)
REE 4433 Legal Environment of Real Estate (3)
Selection of upper-division electives to satisfy the University-wide total hours requirement should be made after consultation with the student's faculty advisor.
Honors in the Major
The Department of Risk Management/Insurance, Real Estate and Legal Studies offers honors in the major to encourage talented students to undertake independent and original research as part of the undergraduate experience. For requirements and other information see the “University Honors Office and Honor Societies” chapter of this General Bulletin.
Definition of Prefixes
BUL—Business Law
REE—Real Estate
RMI—Risk Management and Insurance
Undergraduate Courses
BUL 3310. The Legal and Ethical Environment of Business (3). Prerequisite: Admission to the College of Business. This course offers an introduction to the legal setting in which business operates. Emphasis is on public and regulatory law and on the social, political, and ethical aspects of legal issues in business. Subjects include the nature of law and legal process, administrative law, business and the Constitution, statutory and common law, and related topics.
BUL 3351. UCC and Law for Accountancy (3). This course exposes students to the basic concepts of law as applied to the accounting profession. The focus of the course is on the application and analysis of legal and ethical principles.
BUL 4651. Legal and Ethical Studies: Regulation and Compliance (3). This course examines the law of compliance and accompanying principles of corporate governance as a critical means of improving the efficiency and ethics of business organizations. Students study the internal controls, business practices and norms, operations, regulations, and laws that govern how business entities are managed and how the rights of a business entity's stakeholders are balanced, as well as the various duties, rights, and obligations of boards of directors, officers, managers, investors, shareholders, regulators, customers, and whistle-blowers.
REE 3043. Real Estate (3). This course is a survey introduction to real estate, real estate evaluation, and real estate investment decision making. The course, in addition to REE 4433, meets the FREC educational requirement for real estate sales licensing.
REE 4103. Real Estate Valuation (3). Prerequisite: REE 3043 (C– or better). This course acquaints students with the valuation process and the basics of valuation terminology. It also demonstrates the application of a variety of valuation techniques to both residential and income properties.
REE 4143. Real Estate Market Analysis (3). Prerequisites: REE 3043 and REE 4103. This course includes topics such as techniques of real estate market analysis, survey research, and applications of computers to real estate problems.
REE 4204. Real Estate Finance (3). Prerequisites: REE 3043 and FIN 3403, both with C- or better. This course is an intermediate treatment of real estate finance, investment, and tax analysis. Coverage includes mortgage markets, financing devices, and quantitative evaluation of real estate projects.
REE 4313. Real Estate Investment (3). Prerequisites: REE 3043 and REE 4103 or REE 4204 or departmental permission. This course introduces students to the analytical tools and procedures used to evaluate real estate investments. The course focuses on the topic of real estate investment analysis, primarily from the private investors' perspective.
REE 4433. Legal Environment of Real Estate (3). Prerequisites: BUL 3310 and REE 3043. This course is an intermediate treatment of the legal environment of real estate and real estate decision making. The course emphasizes common law rules and legal considerations inherent in contemporary real property decisions. The course, in addition to REE 3043, meets the FREC educational requirements for real estate sales licensing.
REE 4905r. Directed Individual Study (1–3). May be repeated to a maximum of nine semester hours.
REE 4941. Real Estate Internship (3). (S/U grade only.) Prerequisite: Instructor permission. This internship is designed for College of Business students who desire to gain real-world experience in the real estate field through on-the-job practice. Students work under the direction of an approved industry professional, a faculty advisor, and the internship director.
REE 4970r. Honors in the Major Research (1–6). Prerequisite: Admission to the honors program. In this course, students accepted into the Honors in the Major program complete an original research or creative project in their major area of study. This course must be repeated at least twice to complete a minimum of six (6) credit hours total but may be repeated up to a maximum of twelve credit hours in total.
RMI 2000. Practice of Risk Management (2). (S/U grade only.) This course reflects the most current developments in risk management.
RMI 2001. Principles of Risk Management (1). (S/U grade only.) This course is a survey of the general principles of risk management and their role in business.
RMI 2110. Personal Insurance Planning (3). This course is an introduction to personal risk exposure. The course integrates life, health, property, liability, private, and governmental programs.
RMI 2113. Personal Lines Insurance (2). (S/U grade only.) This course provides a thorough review of personal lines insurance principles and exposures.
RMI 2180. Benefits (2). (S/U grade only.) This course reflects the most current developments in insurance benefits.
RMI 2212. Personal and Business Property Insurance (3). This course provides an overview of property risks and coverages. Insurer operations are discussed in detail. Social problems associated with the risks are discussed as well as the impact of inland marine, transportation, and multi-peril coverages.
RMI 2214. Commercial Property Insurance (2). (S/U grade only.) This course provides a thorough review of commercial property principles and exposures.
RMI 2215. Commercial Casualty Insurance (2). (S/U grade only.) This course provides a thorough review of commercial liability principles and exposures.
RMI 2301. Analysis of Risk Management (2). (S/U grade only.) This course covers the concepts relating to the analysis of risk.
RMI 2302. Risk in Business and Society (3). This course is designed to enhance student understanding of risk and its implications for individuals, business, and society. The course focuses on the impact of uncertainty on decisions and the risk-reward tradeoff. Students analyze the implications of risk in a variety of settings.
RMI 2310. Risk Financing (2). (S/U grade only.) This course reflects the most current developments in risk financing.
RMI 2340. Risk Control (2). (S/U grade only.) This course reflects the most current developments in risk control.
RMI 2662. Introduction to Risk Management and Insurance (3). This course is an introduction to the principles, practices, and economics of insurance. The focus of the course is the relationship of fire, life and casualty contracts to business and contingency risks.
RMI 2700. Agency Management (2). (S/U grade only.) This course reflects the most current techniques and theories for agency management.
RMI 3011. Risk Management/Insurance (3). This course is an introduction to the principles of risk management and insurance and their application to personal and business pure risk problems.
RMI 4115. Lifecycle Risk Management (3). Prerequisite: RMI 3011, with a C- or better. This course focuses on the fundamental objectives of personal risk management. Students conduct an in-depth analysis of the risk transfer mechanisms used to protect against economic losses caused by health risks, death, disability, long term healthcare needs, and excessive longevity.
RMI 4135. Employee Benefit Plans (3). Prerequisite: RMI 3011. This course studies basic concepts and managerial concerns underlying the group insurance mechanism and the characteristics of various qualified retirement planning vehicles.
RMI 4224. Property and Casualty Insurance Products (3). Prerequisite: RMI 3011. This course analyzes more common basic insurance contracts—their use and coverage afforded as a fundamental basis for understanding legal, underwriting, marketing, financial, and other insurance functions.
RMI 4226. Insurance Data Analytics (3). Prerequisite: RMI 3011. This course focuses on the use of data and analytics tools in the insurance industry. Students develop a set of tools for presenting and analyzing data, explore sources of data, and consider the range of applications for the data that is collected throughout the industry.
RMI 4292. Property and Casualty Insurer Operations (3). Prerequisite: RMI 3011. This course discusses the composition, financial structure, and operations of the insurance industry. Special consideration is given to consumer problems and solutions.
RMI 4295. Advanced Property and Casualty Insurance (3). Prerequisite: RMI 4224. This course studies business insurance problem evaluation and planning with proposed solutions utilizing comprehensive coverage package programs.
RMI 4304. Applied Learning in Risk Management and Insurance (3). Prerequisite: RMI 3011. This course provides an in-depth exploration into specific risk management and insurance topics of current interest. Within these topics, students are encouraged to explore some aspect of human experience with a focus on at least one source diversity. Topics vary over time.
RMI 4308r. Seminar in Risk and Its Control (3). Prerequisite: Instructor permission. Topics vary. May be repeated to a maximum of six semester hours.
RMI 4347. Commercial Risk Management (3). Prerequisite: RMI 4224. This course studies the application of the risk management process. Includes risk control, risk financing, and business risk management problems.
RMI 4420. Legal and Political Aspects of Insurance (3). Prerequisites: BUL 3310 and RMI 3011. This course studies insurance contracts and marketing—judicial doctrines of contract construction, claims processes, insurance institutions, governmental regulation, and sponsorship of insurance.
RMI 4905r. Directed Individual Study (1–3). May be repeated up to three times.
RMI 4941. Risk Management and Insurance Internship (3). (S/U grade only.) Prerequisite: RMI 3011. This course is designed for Risk Management Insurance majors to gain real world experience in the Risk Management Insurance field through on-the-job practice. Students work under the direction of an approved industry professional, a faculty advisor and the internship director.
RMI 4970r. Honors in the Major Research (1–6). Prerequisite: Admission to the honors program. In this course, students accepted into the Honors in the Major program complete an original research or creative project in their major area of study. This course must be repeated at least twice to complete a minimum of six (6) credit hours total, but may be repeated up to a maximum of twelve credit hours in total.
For listings relating to graduate coursework, consult the Graduate Bulletin.