IOWA CITY, Iowa (KCRG) – The University of Iowa has seen big success in its new ‘Risk Management and Insurance” program.

Iowa has had classes for insurance for decades, but students would only be able to obtain a certificate for completing the courses. In the last year, the school said it was ranked 8th in the country.

“I have one more to take next semester, and I am taking three currently,” said Will Eastman, an Iowa senior.

Eastman is one of 200 students currently taking part in the University of Iowa Tippie College of Finance ‘Risk Management’ major. Before this year, Eastman studied finance, but when he learned adding a second major would include 5 classes, he jumped at the opportunity. He plans to get into the health insurance field when he graduates next Spring.

“Everyone was jumping on it because of how easy and how good of a sale it is,” said Eastman.

Tippie School of Finance Professor Martin Grace said being ranked 8th in the country was a novelty this year – that next year would be the real test, but the program was something he said brings a lot more to the state of Iowa than people might think.

“In most states, the insurance industry is around 2% of the state’s economy, here, it’s five times that or more,” Grace said.

The new program comes at a time when some Iowans were starting to see insurance companies pulling out of the state of Iowa. We reported that 5 companies left Iowa last year due to losses of billions of dollars from storm damage. That included the 2020 derecho, which caused $10 billion in damage in Iowa.

“The whole world is having larger and larger claims because we live in more dangerous areas, more risky areas,” said Grace.

It’s challenges like this that Eastman said he had learned about and was ready to take to his new career when he graduates.

“A lot of us students were drawn in because we weren’t just talking about definitions and how auto or home insurance, we were talking about unique real-world problems that are happening now in current events,” said Eastman.

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A Chicago police commander of major narcotics investigations was struggling with almost $840,000 in debt earlier this year, including more than $30,000 in taxes he owed the IRS, according to bankruptcy records.

Joshua Wallace, 50, is one of the two finalists to become the next police chief in Des Moines, Iowa. On Wednesday, the Des Moines Register newspaper first reported on Wallace’s bankruptcy filing in February.

Wallace earned $181,000 from the Chicago Police Department last year, the records show. He was selected last year to become the commander of the department’s Criminal Networks Group, a unit that oversees joint narcotics and gang operations between the police department’s counterterrorism bureau and federal and local law enforcement agencies.

His debt raises questions because in the past, the police department routinely vetted the credit history and financial background of officers who investigate narcotics trafficking, law enforcement sources said.

They said large debts can be a disqualifying factor because of the potential for an officer to pilfer money from police funds seized in drug cases in order to pay off debts. Police applicants who have big debts are often rejected from entering the training academy, city records show.

“An officer might have $10,000 in student loan debt, and he discloses it, and we were fine with that,” one high-ranking former police department official said. “It’s a judgment call. But close to a million in debt? I don’t know about that.”

No one has accused Wallace of wrongdoing.

In a brief interview, Wallace said he’s “unaware” of whether his police superiors knew of his debt before he got his current job on Sept. 1, 2023. He filed his bankruptcy petition about six months later, on Feb. 29.

“It’s a personal matter that was the best option for me when I was going through a rough divorce,” Wallace said Thursday. “The debt has been restructured and is being repaid. It’s unfortunate, it’s embarrassing, and it’s personal.”

A police department spokesperson declined to comment.

This year, Wallace also applied to become the police chief in Austin, Texas. A Cincinnati police official got that job in August.

In February, Wallace hired the well-known Geraci law firm to file a federal bankruptcy petition declaring he was $839,735 in debt. His biggest liability was the $452,000 mortgage on his $364,000 home in Beverly, the filing said.

He also owed $236,000 for student loans, plus about $95,000 to credit card companies and banks. JPMorgan Chase Bank sued him last year in Cook County court to recover a $23,000 credit card debt. The bank dropped the lawsuit because of the bankruptcy filing.

Wallace, a former commander of the Wentworth District on the South Side, had $565,000 in assets, according to his bankruptcy filing.

Contributing: Tom Schuba

Baylor (2-3, 0-2 Big 12) at No. 16 Iowa State (4-0, 1-0), Saturday, 7:30 p.m. ET (Fox)

BetMGM College Football Odds: Iowa State by 12 1/2.

Series record: Baylor leads 12-10.

WHAT’S AT STAKE?

The Cyclones are the highest-ranked team in what looks like a wide-open Big 12, and they’re out to their best start since 2000. Defending home field is key if they are going to be a contender. Never mind its record, Baylor is a tough out. The Bears’ three losses are by 11, 7 (in overtime) and 6 points. This is a big game for Dave Aranda, whose seat is warming quickly in Waco.

KEY MATCHUP

Baylor QB Sawyer Robertson vs. Iowa State defense. Robertson, who has started three games in place of the injured Dequan Finn, threw for 324 yards and three touchdowns and ran for a TD in last week’s 34-28 loss to BYU. He needs to get the Bears off to a faster start, though. They fell behind 21-0 to BYU. Iowa State’s defense is second-best in the nation against the pass.

PLAYERS TO WATCH

Baylor: RB Bryson Washington, the leading rusher in an offense that distributes carries among five players, needs to get going for the Bears to have success. If the Cyclones’ defense has a weakness, it’s stopping the run consistently. Washington ran for a career-high 106 yards against Air Force on Sept. 14.

Iowa State: QB Rocco Becht has been a rock for the Cyclones in his 17 career starts. He threw his 30th touchdown pass — and 18th in eight games — and went over 4,000 yards passing against Houston last week.

FACTS & FIGURES

Matt Campbell last week became Iowa State’s career coaching wins leader with 57. He is 16-11 when the Cyclones are ranked. … The Cyclones’ shutout of Houston was their first on the road in a conference game since a 24-0 win at Kansas State in 1971. … ISU has won the turnover battle in all four games and is 36-9 under Campbell when doing so. … Baylor is 25-28 in five seasons under Aranda, including 15-23 in conference games. … Baylor has held opponents to a total of 20 second-points in five games compared with 74 first-half points.

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