| Title | Principles of Risk Management and Insurance |
| Author(s) | George E. Rejda, Michael J. McNamara |
| Publisher | Pearson |
| Year | 2021 |
| Edition | 14th Global Edition |
| Language | English |
| Pages | 748 |
| ISBN | 9781292349749 |
| Genre | Finance / Insurance |
| Series | Pearson Series in Finance |
| Size | 24.98 MB |
| Extension |
Summary
Principles of Risk Management and Insurance is a foundational textbook that has shaped how generations of students understand the relationship between risk, insurance, and financial security. Now in its fourteenth edition, this Pearson publication represents the culmination of decades of scholarship by George E. Rejda, a nationally recognized authority on private and social insurance programs, and Michael J. McNamara, a distinguished professor at Washington State University. The book was first developed to serve undergraduate courses in risk management and insurance, and it has maintained that pedagogical focus throughout its many revisions. What distinguishes this text from other insurance manuals is its deliberate emphasis on the consumer perspective, ensuring that readers not only grasp theoretical concepts but also see how those concepts apply to their own financial lives and risk exposures.
The fourteenth edition is organized into six comprehensive parts that guide readers through the discipline in a logical progression. It begins with the fundamental concepts of risk and its treatment, then moves into the structure and operations of the private insurance industry, including marketing systems, company operations, financial statements, and government regulation. The middle sections delve into legal principles governing insurance contracts, followed by extensive coverage of life and health risks, including life insurance, annuities, healthcare reform under the Affordable Care Act, employee benefits, and social insurance programs. The final portions address personal property and liability risks such as auto and homeowners insurance, before concluding with commercial property, liability, and crime insurance. This structure allows instructors to build a course that moves from basic theory to increasingly specialized applications.
What makes this edition particularly relevant is its thorough updating to reflect contemporary global and domestic challenges. The authors incorporate discussion of natural disasters, terrorism, and the evolving landscape of healthcare reform, ensuring that students understand how risk management operates in a world of emerging threats and changing regulations. The consumer-oriented approach means that complex topics like enterprise risk management are presented alongside practical guidance on buying life insurance, understanding policy provisions, and evaluating retirement plans. Each chapter includes features designed to reinforce learning, and the extensive appendices provide real policy examples such as the Personal Auto Policy and Homeowners 3 Special Form, allowing students to see how contractual language translates into actual coverage.
The book is primarily designed for undergraduate students enrolled in risk management and insurance courses within business, finance, or economics programs. It assumes a foundational understanding of basic business concepts but does not require prior specialized knowledge in insurance, making it accessible to sophomores and juniors exploring the field for the first time. Instructors appreciate the text for its comprehensive coverage and clear organization, which can be adapted to semester or quarter schedules. While the content is rigorous enough to prepare students for professional designations such as CPCU or ARM, it remains grounded in everyday consumer decisions, making it valuable for any student who will eventually purchase insurance or manage personal and family risks.
For students and instructors seeking a PDF version of this established textbook, the fourteenth edition offers the same authoritative content in a convenient digital format. The book's longevity—spanning fourteen editions over several decades—attests to its quality and the enduring relevance of its approach. George Rejda's legacy as a scholar and educator is embedded in these pages, and Michael McNamara's contributions ensure that the material remains current with industry practices and regulatory changes. Whether used as a primary course text, a reference for insurance professionals, or a self-study resource for individuals seeking to understand risk management, this book provides a solid foundation that balances theoretical rigor with practical consumer guidance.
Key Features
- The fourteenth edition has been fully updated to address global topics including natural disasters and terrorism, ensuring students understand contemporary risk exposures.
- Coverage of domestic issues such as the evolving Affordable Care Act and healthcare reform reflects the current regulatory landscape of the American insurance system.
- The book places primary emphasis on insurance consumers, blending basic principles with practical considerations that students can apply to their own risk management decisions.
- Six distinct parts organize the material logically, progressing from fundamental risk concepts through private insurance operations, legal principles, life and health risks, and property-liability coverage.
- Enterprise risk management and related advanced topics are covered alongside traditional risk management approaches, preparing students for modern corporate risk practices.
- Detailed chapters on life insurance, annuities, and individual retirement accounts provide thorough preparation for personal financial planning and insurance purchasing decisions.
- Employee benefits coverage includes group life and health insurance as well as retirement plans, addressing the workplace context where many Americans obtain insurance.
- Social insurance topics ensure students understand government programs such as Social Security and Medicare that form part of the broader risk management landscape.
- Commercial property, liability, and crime insurance chapters extend the text's relevance to business students who will encounter these coverages in their careers.
- Appendices include real policy documents, including the Personal Auto Policy and Homeowners 3 Special Form, allowing students to analyze actual contractual language.
- The text is authored by George E. Rejda, a past president of the American Risk and Insurance Association and a nationally recognized expert in the field.
- Michael J. McNamara, a distinguished insurance professor at Washington State University, co-authors the edition, bringing both academic rigor and professional designations including CPCU, ARM, and CLU.
- With 748 pages of comprehensive content, the book serves as both a semester-length course text and a lasting reference for insurance professionals.
About the Author
George E. Rejda (1931–2022) was a nationally recognized authority on private and social insurance programs and a professor emeritus of finance at the University of Nebraska–Lincoln. He earned his bachelor's degree from the Wharton School of the University of Pennsylvania, where he was also a Huebner Fellow, and later received his doctorate from the same institution. After serving in the United States Marine Corps, Rejda joined the economics department at the University of Nebraska in 1963. In 1983, he was named the V.J. Skutt Distinguished Professor of Insurance, a chaired position he held for twenty-two years until his retirement. He served as president of the American Risk and Insurance Association from 1977 to 1978 and received several awards from the organization for his articles published in the Journal of Risk and Insurance. Beyond Principles of Risk Management and Insurance, now in its fourteenth edition and widely used throughout the United States, he authored Social Insurance and Economic Security, another influential text in the field [citation:4][citation:9][citation:15].
Michael J. McNamara is a distinguished professor of insurance at Washington State University's Carson College of Business. He holds several professional designations, including Chartered Property Casualty Underwriter (CPCU), Associate in Risk Management (ARM), and Chartered Life Underwriter (CLU). His involvement with professional education extends to service on the CPCU exam preparation committee and drafting questions for the ARM program. McNamara has served as president of the Western Risk and Insurance Association and has published extensively in journals including the Journal of Risk and Insurance, the Journal of Insurance Issues, and the CPCU Journal. His research has covered topics ranging from demutualization of life insurers to workplace homicide and shareholder wealth, and he co-authored articles with George Rejda on state high-risk pools for the uninsurable. His combination of academic scholarship and professional engagement brings practical relevance to the textbook's treatment of modern risk management and insurance practices [citation:5][citation:10].
Related Books
- Risk Management and Insurance — Scott E. Harrington and Gregory R. Niehaus
- Insurance and Risk Management — Mark S. Dorfman
- Fundamentals of Risk and Insurance — Emmett J. Vaughan and Therese M. Vaughan
- Enterprise Risk Management: From Incentives to Controls — James Lam
- Social Insurance and Economic Security — George E. Rejda
- The Economics of Risk and Insurance — Georges Dionne
- Risk Management and Financial Institutions — John C. Hull
- Commercial Liability Risk Management and Insurance — Donald S. Malecki and Ronald C. Horn
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FAQ
Q : What is the ISBN of the 14th Global Edition of Principles of Risk Management and Insurance?
R : The ISBN for the 14th Global Edition, published by Pearson in 2021, is 9781292349749. This edition is cataloged as part of the Pearson Series in Finance and contains 748 pages. The US edition of the same fourteenth edition carries a different ISBN, 9780135180860, and may have slightly different pagination [citation:1].
Q : Is this book suitable for students who have no prior background in insurance?
R : Yes, the text is designed for undergraduate courses and assumes no prior specialized knowledge in insurance. It begins with fundamental concepts of risk and its treatment before progressing to more advanced topics. The consumer-oriented approach means that even complex subjects are explained in terms of how they affect individuals and their families, making the material accessible to students from various business disciplines [citation:1].
Q : How does the 14th edition differ from previous editions?
R : The fourteenth edition has been thoroughly updated to address contemporary global and domestic issues. It includes expanded coverage of natural disasters and terrorism as risk exposures, along with updated discussion of the Affordable Care Act and healthcare reform. The edition also maintains the book's signature emphasis on consumer considerations while incorporating current developments in enterprise risk management and insurance regulation [citation:1][citation:12].
Q : Does the book cover commercial insurance in addition to personal lines?
R : Yes, the text includes extensive coverage of commercial property and liability risks. Part 6 of the book addresses commercial property insurance, commercial liability insurance, and crime insurance and surety bonds. This makes the book relevant not only for students interested in personal financial planning but also for those pursuing careers in business risk management or commercial insurance underwriting [citation:3][citation:6].
Q : Who was George E. Rejda and what was his connection to this book?
R : George E. Rejda was a professor emeritus of finance at the University of Nebraska–Lincoln and a nationally recognized expert on insurance. He held the V.J. Skutt Distinguished Professor of Insurance position for twenty-two years and served as president of the American Risk and Insurance Association. He authored the original editions of this textbook, which has now reached fourteen editions and remains widely used across American universities. Rejda passed away in 2022 at the age of 90 [citation:4][citation:9][citation:15].
Q : What professional designations does Michael J. McNamara hold?
R : Michael J. McNamara holds the Chartered Property Casualty Underwriter (CPCU), Associate in Risk Management (ARM), and Chartered Life Underwriter (CLU) designations. He is a distinguished professor of insurance at Washington State University and has served on the CPCU exam preparation committee and drafted questions for the ARM program. His academic research has been published in the Journal of Risk and Insurance and the Journal of Insurance Issues [citation:5][citation:10].
Q : Is the Global Edition different from the US edition of this book?
R : The Global Edition is published by Pearson for international markets and may have different pagination and a different cover than the US edition. The content is substantially the same, covering the same fourteen-edition material, but the ISBN differs (9781292349749 for the Global Edition versus 9780135180860 for the US edition). Students should verify with their instructor which edition is required for their course [citation:1][citation:13].
Q : Does this book prepare students for professional insurance examinations?
R : While the book is primarily designed for undergraduate academic courses, its comprehensive coverage of insurance principles, legal doctrines, and coverage forms provides a strong foundation for professional designations such as CPCU and ARM. Many instructors use the text as a stepping stone toward professional certification, and the inclusion of real policy documents in the appendices helps students develop the analytical skills needed for examination success [citation:1][citation:3].
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