FIN 3610 General Insurance
Chapter 6 – Insurance Company Operations
Chapter 8 – Government Regulation of Insurance
Lecture Overview – Comments from Dr. Zietz
Insurance Company Operations and Government Regulation of InsuranceInsurance Company Operations
The information contained in this next lesson, which comes from Chapters 6 and 8, may be more fascinating to some of you if you already have a specific interest in a particular field of insurance. For example if you're in actuarial science major, you will like the right making section. Many students found they want to go into underwriting and there's a good portion of the chapter on the underwriting steps and different types of consideration to beginning the underwriting process. Some students know right away that they're interested in sales while others know for certain that is not their strong interest. The production side of insurance covers again some of the marketing topics that we had earlier, but it will also tell you how professional organizations, such as the CPCU Chartered Property and Casualty Underwriter and the CLU Chartered Life Underwriter, are among others that encourage professionals within the industry to continuously improve their skills and knowledge by completing professional designations.
Another area within the insurance industry that is fascinating and offers a great insight into many facets of the insurance process is claims settlement. There are various types of adjusters that are discussed in this chapter and the steps to the adjusting process is fairly structured. Entering the insurance industry through a claims position will provide insight into how the insurance industry can operate successfully.
Reinsurance is kind of a term that many young professionals are not fully able to grasp but it is a very key tool used to sustain the insurance industry. Reinsurance, as noted on slide 15, is an arrangement by which the primary insurer that initially writes the coverage transfers to another insurer part of those potential losses. The primary insurer is called the seating company, and the company that accepts that seeded risk is the reinsure. This process allows companies to increase their underwriting capacity and reduce their reserves which may be more optimally invested elsewhere.
Insurance Regulation
Chapter 8 brings up several very interesting topics concerning the purpose of regulating the insurance industry and how the regulation may be efficiently accomplished. I typically ask the classroom students “what is the main reason for insurance regulation?” Most of them, being new in their study of insurance, say it is to keep the prices down. Then I respond by asking: do you think we need regulation to ensure the price of groceries is kept at a certain level? Do you think the price of a car should be regulated by the federal government? So what makes insurance different that results in needing regulation that other industries do not need?
If you b ...
This document summarizes a panel discussion on opportunities for insurance companies and financial institutions to collaborate on distributing insurance products. The panelists represented an insurance company, consulting firm, and another insurance company. They discussed how financial institutions evaluate potential insurance partners based on factors like ratings, stability, asset management, and product offerings. Recent growth in annuity sales through banks was noted, with projections of $40 billion annually by the mid-1990s. Reasons for the collaboration included both parties pursuing new distribution opportunities and revenue sources in changing market conditions. The panel aimed to provide perspective on this developing market area.
The document provides an overview of the extended warranty industry in the United States. It discusses the structure of the industry, with extended warranties being offered by either the retailer, manufacturer, or a third party warranty administrator. It estimates the size of the US extended warranty market was $39.5 billion in 2014, with automobiles making up the largest segment. The industry has experienced average annual growth of over 8% while overall US economic growth has been around 2.2% annually. Common products covered by extended warranties include automobiles, mobile phones, consumer electronics, appliances, and home systems.
- Insurance companies provide insurance policies to policyholders in exchange for premium payments. The policies are legally binding contracts where the insurance company agrees to pay specified sums if future events occur, such as death or an accident.
- Insurance companies accept the risk from policyholders in exchange for premiums. They determine which applications to accept and how much to charge through underwriting. Premiums provide stable revenue while payments to policyholders are the major expense.
- There are various types of insurance like life, health, property & casualty, liability, and investment-oriented products. Insurance companies combine these types of insurance in different ways and are regulated at the state level in the US.
This document discusses commercial umbrella liability insurance. It provides the following key points in 3 sentences:
Umbrella policies provide liability coverage over primary policies like general liability and auto liability, sitting above underlying policy limits to provide additional coverage. They offer higher coverage limits at a more affordable cost than buying those limits separately. True umbrella policies may also cover claims not covered by primary policies, but many policies labeled as "umbrellas" are actually excess policies that only provide coverage if the underlying policy also covers it.
Why should companies consider captive programs to address insurance needs? Alan Fine, member in charge of the captive insurance advisory services practice at Brown Smith Wallace, and Bill Goddard, principal in the captive insurance advisory services practice, discuss the August 28 Missouri captive insurance company legislation and what it changes for the formation of captives.
This document summarizes commercial umbrella liability insurance policies. Umbrella policies provide additional liability insurance coverage over primary policies for costs from large jury awards. They have large deductibles equal to primary policy limits, making premiums relatively inexpensive. True umbrella policies may cover exposures not covered by primary policies, with their own terms and deductible. Excess liability policies similarly provide additional coverage but follow primary policy terms. Factors like separate deductibles and page length can distinguish umbrella from excess policies.
Business interruption insurance provides coverage for financial losses businesses incur due to indirect or consequential losses from events that cause operational disruptions, even if there is no direct physical damage to property. It has two main components - business income coverage, which covers lost profits and operating expenses, and extra expense coverage, which covers additional costs like temporary locations that allow businesses to continue operating. Claims made policies, unlike occurrence policies, only provide coverage if a claim is first made and reported during the active policy period. Renewing claims made policies requires caution to avoid coverage gaps. Workers compensation rules aim to universally cover employee injuries but challenges arise with independent contractors who are not legally considered employees.
Business interruption insurance provides coverage for financial losses businesses incur due to indirect or consequential losses from events that cause business interruptions, even if there is only minor direct property damage. It has become especially important with modern automated businesses that are vulnerable to interruptions. Coverage includes lost business income and extra expenses to avoid downtime, such as temporary locations. Claims made policies require claims be reported during the policy period, so renewals require caution to avoid lapses in coverage. Workers' compensation generally does not cover independent contractors, but their injuries may be covered under the client's policy if the contractor has no insurance. The terrorism risk insurance program provides federal backing for terrorism coverage purchased by policyholders.
This document summarizes a panel discussion on opportunities for insurance companies and financial institutions to collaborate on distributing insurance products. The panelists represented an insurance company, consulting firm, and another insurance company. They discussed how financial institutions evaluate potential insurance partners based on factors like ratings, stability, asset management, and product offerings. Recent growth in annuity sales through banks was noted, with projections of $40 billion annually by the mid-1990s. Reasons for the collaboration included both parties pursuing new distribution opportunities and revenue sources in changing market conditions. The panel aimed to provide perspective on this developing market area.
The document provides an overview of the extended warranty industry in the United States. It discusses the structure of the industry, with extended warranties being offered by either the retailer, manufacturer, or a third party warranty administrator. It estimates the size of the US extended warranty market was $39.5 billion in 2014, with automobiles making up the largest segment. The industry has experienced average annual growth of over 8% while overall US economic growth has been around 2.2% annually. Common products covered by extended warranties include automobiles, mobile phones, consumer electronics, appliances, and home systems.
- Insurance companies provide insurance policies to policyholders in exchange for premium payments. The policies are legally binding contracts where the insurance company agrees to pay specified sums if future events occur, such as death or an accident.
- Insurance companies accept the risk from policyholders in exchange for premiums. They determine which applications to accept and how much to charge through underwriting. Premiums provide stable revenue while payments to policyholders are the major expense.
- There are various types of insurance like life, health, property & casualty, liability, and investment-oriented products. Insurance companies combine these types of insurance in different ways and are regulated at the state level in the US.
This document discusses commercial umbrella liability insurance. It provides the following key points in 3 sentences:
Umbrella policies provide liability coverage over primary policies like general liability and auto liability, sitting above underlying policy limits to provide additional coverage. They offer higher coverage limits at a more affordable cost than buying those limits separately. True umbrella policies may also cover claims not covered by primary policies, but many policies labeled as "umbrellas" are actually excess policies that only provide coverage if the underlying policy also covers it.
Why should companies consider captive programs to address insurance needs? Alan Fine, member in charge of the captive insurance advisory services practice at Brown Smith Wallace, and Bill Goddard, principal in the captive insurance advisory services practice, discuss the August 28 Missouri captive insurance company legislation and what it changes for the formation of captives.
This document summarizes commercial umbrella liability insurance policies. Umbrella policies provide additional liability insurance coverage over primary policies for costs from large jury awards. They have large deductibles equal to primary policy limits, making premiums relatively inexpensive. True umbrella policies may cover exposures not covered by primary policies, with their own terms and deductible. Excess liability policies similarly provide additional coverage but follow primary policy terms. Factors like separate deductibles and page length can distinguish umbrella from excess policies.
Business interruption insurance provides coverage for financial losses businesses incur due to indirect or consequential losses from events that cause operational disruptions, even if there is no direct physical damage to property. It has two main components - business income coverage, which covers lost profits and operating expenses, and extra expense coverage, which covers additional costs like temporary locations that allow businesses to continue operating. Claims made policies, unlike occurrence policies, only provide coverage if a claim is first made and reported during the active policy period. Renewing claims made policies requires caution to avoid coverage gaps. Workers compensation rules aim to universally cover employee injuries but challenges arise with independent contractors who are not legally considered employees.
Business interruption insurance provides coverage for financial losses businesses incur due to indirect or consequential losses from events that cause business interruptions, even if there is only minor direct property damage. It has become especially important with modern automated businesses that are vulnerable to interruptions. Coverage includes lost business income and extra expenses to avoid downtime, such as temporary locations. Claims made policies require claims be reported during the policy period, so renewals require caution to avoid lapses in coverage. Workers' compensation generally does not cover independent contractors, but their injuries may be covered under the client's policy if the contractor has no insurance. The terrorism risk insurance program provides federal backing for terrorism coverage purchased by policyholders.
This document is the statement of the National Association of Mutual Insurance Companies submitted to the US Senate Committee on Commerce, Science & Transportation regarding federal involvement in insurance regulation. It argues that a reformed system of state regulation is superior to federal regulation for the following reasons: states understand local needs better; federal regulation could impose unwanted social policies; and a federal system would increase costs and bureaucracy without clear benefits for consumers. The document advocates for reforms to state regulation, especially related to rate-setting, to create a more competitive, consistent system that benefits both consumers and the insurance industry.
FIN 3610 General InsuranceChapter 19 – The Liability Risk The .docxssuser454af01
FIN 3610 General Insurance
Chapter 19 – The Liability Risk
The Liability Risk
Welcome back to general insurance and congratulations on being two thirds through the course! I hope you all did well on Exam Two! I think you'll find this course very interesting, as well as very useful in your personal life.
We will talk about liability risks and then, in the next module, we go into homeowners insurance that I'm sure you will find it very helpful in your personal insurance planning, as well as in Chapter 22, where we will cover the automobile insurance policy. The last module in this section of the course will cover Chapters 25 and 26 on commercial property and commercial liability insurance. A lot of that information is similar to what we will talk about in this chapter.
Now here we will discuss the law of negligence in tort reform. You have heard a lot about tort reform and how different states address different liability issues. I think you'll find that tort reform is very important to the success of the insurance industry. We will talk about specific topics such as the law of negligence, elements of negligence, application of the law of negligence to specific situations, and tort reform.
Take a moment now before we start all of these interesting topics, and google an interesting lawsuit! I just put in my computer crazy liability claims, and I found the 10 most ridiculous lawsuits of all times.
http://www.the-injury-lawyer-directory.com/ridiculous_lawsuits.html . On sites such as this, you will find how some plans and even criminals may stretch the law to try to receive compensation and liabilities. For example the second claim listed is entitled if you can't sue the system, sue yourself. It states in 1995 Robert Brock sued himself for $5 million. He claimed that he had violated his own civil rights and religious beliefs, allowing himself to get drunk and commit crimes which landed him in jail, serving a twenty-three year sentence for grand larceny and breaking and entering. What could he possibly have to gain by suing himself? Since being in prison prevented him from having an income, he expected that the state would pay. Fortunately, that case was thrown out.
You can find thousands of other cases equally ridiculous if you just spend a little time googling liability claims involving tort reform. Following through the chapter on the law of negligence, you will find a lot of these terms are similar to what you might've started in your business law class. The course begins by providing a basis of legal ability including specific definitions for important terms such as torts, negligence, strict liability, and damages. You will see a breakdown of most of these times and or specific definitions depending on the exact situation.
It's important for students to understand the elements of negligence to understand the entire liability process. Note on slide six and again on page 407 in your textbook that four elements must occur before an act is declare ...
The document discusses the differences between occurrence-based and claims-made medical malpractice insurance. Occurrence-based insurance provides unlimited coverage for any claims that occur during the policy period, even if reported later. Claims-made insurance only covers claims that both occur and are reported during the active policy period, unless tail coverage is purchased. Tail coverage extends reporting timelines but is expensive, with costs increasing each year. Over time, premiums for claims-made insurance typically exceed those of occurrence-based policies due to increasing liability exposure. Proper due diligence is important when evaluating and switching between these policy types.
The document summarizes the benefits of establishing a Captive Insurance Company (CIC). It notes that a CIC allows businesses to lower insurance costs, expand coverage, ensure continuity of coverage, retain underwriting income, increase asset liquidity, control investment decisions, and enjoy significant tax benefits. Specifically, premiums paid to a CIC are tax deductible, underwriting income up to $1.2M is excluded from tax, and earnings can grow tax-deferred and may eventually be taxed at lower capital gains rates upon distribution. Overall, a CIC can improve cash flow, profits, and risk management for small businesses.
November 2017 Reprint - Actively Manage Your Risk with a Captive Insurance Co...CBIZ, Inc.
Captive insurance companies allow companies to insure and manage their own risks. They provide benefits for commercial real estate companies who deal with risks like workers compensation, general liability, floods, and loss of rents. Captive insurance structures include pure/single parent captives, group captives, and micro-captives. Micro-captives in particular provide tax benefits and flexibility for smaller companies. While captives provide advantages like tailored coverage and tax benefits, they also involve additional costs and regulatory requirements. Commercial real estate companies should evaluate whether a captive insurance company fits with their risk management strategy.
Chapter 22_Insurance Companies and Pension FundsRusman Mukhlis
This document summarizes key topics related to insurance companies and pension funds. It discusses the fundamentals of insurance, types of insurance like life and health insurance, and how insurance companies are organized and regulated. It also covers the different types of pension plans like defined benefit and defined contribution, and how pension plans are regulated in the US by acts like ERISA.
Dear students get fully solved assignments
Send your semester & Specialization name to our mail id :
“ help.mbaassignments@gmail.com ”
or
Call us at : 08263069601
This document provides an overview of insurance in India, including the main types of insurance policies, how insurance works, and its importance. It discusses life, health, car, education, home, and general insurance policies. It explains elements of an insurance contract, how insurance protects against uncertainties, and how the insurance sector contributes to economic growth by providing stability and savings opportunities. Insurance allows individuals and businesses to protect themselves from financial losses from various risks through a system where premiums from many are used to compensate the few who suffer losses.
Life and Health Insurance FIN 3660 Chapter 2 The Life and .docxSHIVA101531
This document provides an overview of key concepts related to the life and health insurance industry. It discusses the different types of business organizations that insurance companies can be structured as (corporations, mutual insurers, fraternal benefit societies). It also describes the roles of the federal and state governments in regulating the U.S. insurance industry, focusing on ensuring insurer solvency and fair market conduct. Additionally, it positions insurance companies as financial institutions that serve as intermediaries in channeling funds from suppliers to users.
This document is a participant guide for a training on insurance for small businesses. It covers several key types of insurance such as liability insurance, property insurance, workers' compensation insurance and unemployment insurance. It discusses why insurance is important for small businesses, noting that it can help manage risks, protect against loss of income, and some insurance is required by law. It also provides details on selecting insurance, such as considering what is and isn't covered, affordability and business growth needs.
This document discusses the recruitment of advisors and sales of financial products through advisors in the life insurance industry in India. It provides background on the history and development of the life insurance sector in India. It describes how advisors, also known as agents, are critical to the distribution and sales process, as they are the primary channel through which insurance companies can explain policies and benefits to customers. The success of insurance companies depends on having an adequate network of agents to capture market share.
The present book is a great step in forward direction of Indian Insurance sector ; and I have no doubt that after studying this book in detail and getting through the examination successfully, the insurance agent will gain substantially in accomplishing the tasks that are assigned to him or her. I would keenly look forward to its huge success in the Indian insurance domain in the days to come.
Dear students get fully solved assignments
Send your semester & Specialization name to our mail id :
“ help.mbaassignments@gmail.com ”
or
Call us at : 08263069601
When market conditions are good insurance companies get low of business and their profits increase but in the adverse market conditions the companies start facing losses or their profitability reaches to rock bottom.
Fiduciary liability insurance covers plan sponsors and fiduciaries for liability arising from managing employee benefit plans, such as 401(k) plans. While premiums have historically been low, several factors are increasing risks for plan sponsors of defined contribution plans and lawsuits alleging excessive fees are being brought against smaller plans. As legal strategies evolve, plan sponsors should review their fiduciary liability coverage and ensure prudent management of retirement plans.
The document discusses various aspects of insurance companies, including their key operations. It begins by describing how insurance companies handled claims from the 2005 Mumbai floods. It then discusses the main operations of insurance companies, including rate making, underwriting, production (sales), claims settlement, reinsurance, and investments. Insurance companies collect premiums, pay claims, and invest premiums to earn income. They distribute policies through agents or direct selling. Reinsurance allows risks to be shared between insurers.
The document discusses notice-prejudice requirements in directors and officers (D&O) liability insurance policies. Specifically, it notes that:
1) Historically, insurers wanted prompt notice of claims so they could manage them efficiently, while insureds wanted longer reporting periods to avoid denials for late notice.
2) D&O policies typically require claims be made and reported during the policy period, or within a short extension like 60-90 days.
3) Recently, some insurers have further extended reporting periods and adopted "notice-prejudice" rules where they must prove late notice materially prejudiced them to deny coverage.
4) The author sees risks for insurers
This document discusses different methods of financial risk control, including internal and external risk financing. Internal risk financing involves funding losses from regular earnings, creating a fund to cover large losses, or self-insuring. External risk financing primarily uses insurance. The document outlines different types of insurance policies, including liability insurance, employer's liability, professional indemnity, products liability, and personal accident insurance. It provides details on how each policy covers losses and exceptions to the coverage.
Captive insurance companies (CICs) provide significant benefits to businesses. CICs allow businesses to customize their insurance plans to better match their specific risks and needs. They also provide tax benefits as premiums paid to a CIC are fully tax deductible. Additionally, CICs can elect to receive up to $1.2 million in insurance premium income tax-free each year. Finally, CICs can be structured to provide estate planning benefits by transferring the value of the CIC to descendants without gift, estate or generation-skipping transfer taxes. In summary, CICs provide customized insurance coverage, tax benefits, and potential estate planning advantages for businesses.
D&O insurance policies offer liability cover for company managers to protect them from claims which may arise from the decisions and actions taken within the scope of their regular duties. D&O cover was first conceived in the late 19th century, and after a long period of obscurity has spread rapidly throughout the industrialized world since the 1980s. Such policies cover the personal liability of company directors and officers as individuals, reimbursement of the insured company if it pays a claim on behalf of its managers, and cover for securities claims against publicly listed companies. The document discusses why companies purchase D&O insurance, how D&O cover functions in terms of who and what is covered, and developments in the D&O insurance market globally.
The following pairs of co-morbid disorders and a write 700 words .docxssuser454af01
The following pairs of co-morbid disorders and a write 700 words
based on your research:
Depression and substance abuse
Address
the following:
Discuss the general concept of co-morbidity.
Format
your paper consistent with APA guidelines.
.
The following is an access verification technique, listing several f.docxssuser454af01
The following is an access verification technique, listing several files and the access allowed for a single use.
Identify the control technique used here and for each,
explain the type of access allowed
.
a. File_1 R-E-
b. File_12 RWE
c. File_13 RW--
d. File_14 --E-
2.
. The following is an access verification technique, listing several users and the access allowed for File_13.
Identify the control technique used here and for each and
explain the type of access allowed.
Finally, describe who is included in the WORLD category.
a. User_10 --E-
b. User_14 RWED
c. User_17 RWE-
d. WORLD R---
.
More Related Content
Similar to FIN 3610 General InsuranceChapter 6 – Insurance Company Operatio.docx
This document is the statement of the National Association of Mutual Insurance Companies submitted to the US Senate Committee on Commerce, Science & Transportation regarding federal involvement in insurance regulation. It argues that a reformed system of state regulation is superior to federal regulation for the following reasons: states understand local needs better; federal regulation could impose unwanted social policies; and a federal system would increase costs and bureaucracy without clear benefits for consumers. The document advocates for reforms to state regulation, especially related to rate-setting, to create a more competitive, consistent system that benefits both consumers and the insurance industry.
FIN 3610 General InsuranceChapter 19 – The Liability Risk The .docxssuser454af01
FIN 3610 General Insurance
Chapter 19 – The Liability Risk
The Liability Risk
Welcome back to general insurance and congratulations on being two thirds through the course! I hope you all did well on Exam Two! I think you'll find this course very interesting, as well as very useful in your personal life.
We will talk about liability risks and then, in the next module, we go into homeowners insurance that I'm sure you will find it very helpful in your personal insurance planning, as well as in Chapter 22, where we will cover the automobile insurance policy. The last module in this section of the course will cover Chapters 25 and 26 on commercial property and commercial liability insurance. A lot of that information is similar to what we will talk about in this chapter.
Now here we will discuss the law of negligence in tort reform. You have heard a lot about tort reform and how different states address different liability issues. I think you'll find that tort reform is very important to the success of the insurance industry. We will talk about specific topics such as the law of negligence, elements of negligence, application of the law of negligence to specific situations, and tort reform.
Take a moment now before we start all of these interesting topics, and google an interesting lawsuit! I just put in my computer crazy liability claims, and I found the 10 most ridiculous lawsuits of all times.
http://www.the-injury-lawyer-directory.com/ridiculous_lawsuits.html . On sites such as this, you will find how some plans and even criminals may stretch the law to try to receive compensation and liabilities. For example the second claim listed is entitled if you can't sue the system, sue yourself. It states in 1995 Robert Brock sued himself for $5 million. He claimed that he had violated his own civil rights and religious beliefs, allowing himself to get drunk and commit crimes which landed him in jail, serving a twenty-three year sentence for grand larceny and breaking and entering. What could he possibly have to gain by suing himself? Since being in prison prevented him from having an income, he expected that the state would pay. Fortunately, that case was thrown out.
You can find thousands of other cases equally ridiculous if you just spend a little time googling liability claims involving tort reform. Following through the chapter on the law of negligence, you will find a lot of these terms are similar to what you might've started in your business law class. The course begins by providing a basis of legal ability including specific definitions for important terms such as torts, negligence, strict liability, and damages. You will see a breakdown of most of these times and or specific definitions depending on the exact situation.
It's important for students to understand the elements of negligence to understand the entire liability process. Note on slide six and again on page 407 in your textbook that four elements must occur before an act is declare ...
The document discusses the differences between occurrence-based and claims-made medical malpractice insurance. Occurrence-based insurance provides unlimited coverage for any claims that occur during the policy period, even if reported later. Claims-made insurance only covers claims that both occur and are reported during the active policy period, unless tail coverage is purchased. Tail coverage extends reporting timelines but is expensive, with costs increasing each year. Over time, premiums for claims-made insurance typically exceed those of occurrence-based policies due to increasing liability exposure. Proper due diligence is important when evaluating and switching between these policy types.
The document summarizes the benefits of establishing a Captive Insurance Company (CIC). It notes that a CIC allows businesses to lower insurance costs, expand coverage, ensure continuity of coverage, retain underwriting income, increase asset liquidity, control investment decisions, and enjoy significant tax benefits. Specifically, premiums paid to a CIC are tax deductible, underwriting income up to $1.2M is excluded from tax, and earnings can grow tax-deferred and may eventually be taxed at lower capital gains rates upon distribution. Overall, a CIC can improve cash flow, profits, and risk management for small businesses.
November 2017 Reprint - Actively Manage Your Risk with a Captive Insurance Co...CBIZ, Inc.
Captive insurance companies allow companies to insure and manage their own risks. They provide benefits for commercial real estate companies who deal with risks like workers compensation, general liability, floods, and loss of rents. Captive insurance structures include pure/single parent captives, group captives, and micro-captives. Micro-captives in particular provide tax benefits and flexibility for smaller companies. While captives provide advantages like tailored coverage and tax benefits, they also involve additional costs and regulatory requirements. Commercial real estate companies should evaluate whether a captive insurance company fits with their risk management strategy.
Chapter 22_Insurance Companies and Pension FundsRusman Mukhlis
This document summarizes key topics related to insurance companies and pension funds. It discusses the fundamentals of insurance, types of insurance like life and health insurance, and how insurance companies are organized and regulated. It also covers the different types of pension plans like defined benefit and defined contribution, and how pension plans are regulated in the US by acts like ERISA.
Dear students get fully solved assignments
Send your semester & Specialization name to our mail id :
“ help.mbaassignments@gmail.com ”
or
Call us at : 08263069601
This document provides an overview of insurance in India, including the main types of insurance policies, how insurance works, and its importance. It discusses life, health, car, education, home, and general insurance policies. It explains elements of an insurance contract, how insurance protects against uncertainties, and how the insurance sector contributes to economic growth by providing stability and savings opportunities. Insurance allows individuals and businesses to protect themselves from financial losses from various risks through a system where premiums from many are used to compensate the few who suffer losses.
Life and Health Insurance FIN 3660 Chapter 2 The Life and .docxSHIVA101531
This document provides an overview of key concepts related to the life and health insurance industry. It discusses the different types of business organizations that insurance companies can be structured as (corporations, mutual insurers, fraternal benefit societies). It also describes the roles of the federal and state governments in regulating the U.S. insurance industry, focusing on ensuring insurer solvency and fair market conduct. Additionally, it positions insurance companies as financial institutions that serve as intermediaries in channeling funds from suppliers to users.
This document is a participant guide for a training on insurance for small businesses. It covers several key types of insurance such as liability insurance, property insurance, workers' compensation insurance and unemployment insurance. It discusses why insurance is important for small businesses, noting that it can help manage risks, protect against loss of income, and some insurance is required by law. It also provides details on selecting insurance, such as considering what is and isn't covered, affordability and business growth needs.
This document discusses the recruitment of advisors and sales of financial products through advisors in the life insurance industry in India. It provides background on the history and development of the life insurance sector in India. It describes how advisors, also known as agents, are critical to the distribution and sales process, as they are the primary channel through which insurance companies can explain policies and benefits to customers. The success of insurance companies depends on having an adequate network of agents to capture market share.
The present book is a great step in forward direction of Indian Insurance sector ; and I have no doubt that after studying this book in detail and getting through the examination successfully, the insurance agent will gain substantially in accomplishing the tasks that are assigned to him or her. I would keenly look forward to its huge success in the Indian insurance domain in the days to come.
Dear students get fully solved assignments
Send your semester & Specialization name to our mail id :
“ help.mbaassignments@gmail.com ”
or
Call us at : 08263069601
When market conditions are good insurance companies get low of business and their profits increase but in the adverse market conditions the companies start facing losses or their profitability reaches to rock bottom.
Fiduciary liability insurance covers plan sponsors and fiduciaries for liability arising from managing employee benefit plans, such as 401(k) plans. While premiums have historically been low, several factors are increasing risks for plan sponsors of defined contribution plans and lawsuits alleging excessive fees are being brought against smaller plans. As legal strategies evolve, plan sponsors should review their fiduciary liability coverage and ensure prudent management of retirement plans.
The document discusses various aspects of insurance companies, including their key operations. It begins by describing how insurance companies handled claims from the 2005 Mumbai floods. It then discusses the main operations of insurance companies, including rate making, underwriting, production (sales), claims settlement, reinsurance, and investments. Insurance companies collect premiums, pay claims, and invest premiums to earn income. They distribute policies through agents or direct selling. Reinsurance allows risks to be shared between insurers.
The document discusses notice-prejudice requirements in directors and officers (D&O) liability insurance policies. Specifically, it notes that:
1) Historically, insurers wanted prompt notice of claims so they could manage them efficiently, while insureds wanted longer reporting periods to avoid denials for late notice.
2) D&O policies typically require claims be made and reported during the policy period, or within a short extension like 60-90 days.
3) Recently, some insurers have further extended reporting periods and adopted "notice-prejudice" rules where they must prove late notice materially prejudiced them to deny coverage.
4) The author sees risks for insurers
This document discusses different methods of financial risk control, including internal and external risk financing. Internal risk financing involves funding losses from regular earnings, creating a fund to cover large losses, or self-insuring. External risk financing primarily uses insurance. The document outlines different types of insurance policies, including liability insurance, employer's liability, professional indemnity, products liability, and personal accident insurance. It provides details on how each policy covers losses and exceptions to the coverage.
Captive insurance companies (CICs) provide significant benefits to businesses. CICs allow businesses to customize their insurance plans to better match their specific risks and needs. They also provide tax benefits as premiums paid to a CIC are fully tax deductible. Additionally, CICs can elect to receive up to $1.2 million in insurance premium income tax-free each year. Finally, CICs can be structured to provide estate planning benefits by transferring the value of the CIC to descendants without gift, estate or generation-skipping transfer taxes. In summary, CICs provide customized insurance coverage, tax benefits, and potential estate planning advantages for businesses.
D&O insurance policies offer liability cover for company managers to protect them from claims which may arise from the decisions and actions taken within the scope of their regular duties. D&O cover was first conceived in the late 19th century, and after a long period of obscurity has spread rapidly throughout the industrialized world since the 1980s. Such policies cover the personal liability of company directors and officers as individuals, reimbursement of the insured company if it pays a claim on behalf of its managers, and cover for securities claims against publicly listed companies. The document discusses why companies purchase D&O insurance, how D&O cover functions in terms of who and what is covered, and developments in the D&O insurance market globally.
Similar to FIN 3610 General InsuranceChapter 6 – Insurance Company Operatio.docx (20)
The following pairs of co-morbid disorders and a write 700 words .docxssuser454af01
The following pairs of co-morbid disorders and a write 700 words
based on your research:
Depression and substance abuse
Address
the following:
Discuss the general concept of co-morbidity.
Format
your paper consistent with APA guidelines.
.
The following is an access verification technique, listing several f.docxssuser454af01
The following is an access verification technique, listing several files and the access allowed for a single use.
Identify the control technique used here and for each,
explain the type of access allowed
.
a. File_1 R-E-
b. File_12 RWE
c. File_13 RW--
d. File_14 --E-
2.
. The following is an access verification technique, listing several users and the access allowed for File_13.
Identify the control technique used here and for each and
explain the type of access allowed.
Finally, describe who is included in the WORLD category.
a. User_10 --E-
b. User_14 RWED
c. User_17 RWE-
d. WORLD R---
.
The following discussion board post has to have a response. Please r.docxssuser454af01
The following discussion board post has to have a response. Please read the post and respond back according to the instructions attached below. Make sure to respond as instructed. Check attachment for response instruction and respond accordingly.
The instructions for the response to post is attached and highlighted.
The due date is Tuesday 5/10/2021 by 11:59 a.m. NO LATE WORK WILL BE ACCEPTED!
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The following information has been taken from the ledger accounts of.docxssuser454af01
The following information has been taken from the ledger accounts of Isaac Stern Corporation
Total Income since incorporation$317,000
Total Cash Dividends pai d60,000
Total value of stock dividends distributed30,000
Gains on treasury stock transactions18,000
Unamortized discount of bonds payable32,000
Directions: Determine the current balance of retained earnings
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The following attach files are my History Homewrok and Lecture Power.docxssuser454af01
The following attach files are my History Homewrok and Lecture Power Point. Please answer those questions by your own words and read the instructions carefully beofer you start writing.
Course Information:
In this course we will survey the history of technological developments from the Renaissance to the current day. We will focus on a series of technological objects—machines, tools, and systems—considering them in their broader historical (social, cultural, and political) contexts. Organized chronologically we will trace this history beginning with Leonardo Da Vinci and ending with the International Space Station. This is not, however, a teleological assessment, which assumes a progressive improvement of technology—each age has merits in its own rights.
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The following is adapted from the work of Paul Martin Lester.In .docxssuser454af01
The following is adapted from the work of Paul Martin Lester.
In order to find meaning from a visual message, you need to learn a systematic way for studying images.
1.
Make an inventory list of every element in the image,
2.
Note the lighting used in the image,
3.
Note any eye contact by subjects in the image,
4.
Note the visual cues of color, form, depth, and movement,
5.
Note how the gestalt laws apply toward the composition of picture,
6.
Note any semiotic signs that are a part of the image's content, and
When you've gone through the six steps noted above, it's time to apply the six perspectives for visual analysis to the piece. Each perspective is noted below.
Personal Perspective - Gut Reaction
Rick Williams' Omniphasism (all in balance) or Personal Impact Analysis
1.
What is the picture's story?
2.
List primary words.
3.
List associative words.
4.
Select most significant associative words.
5.
Pair up primary & most significant associative words.
6.
Relate word pairs with your own feelings.
7.
Relate any inner symbolism.
8.
Write a brief story concerning personal insights.
Historical Perspective - The image's place in history
When do you think the image was made?
Is there a specific style that the image imitates?
Technical Perspective - Consider the process decisions
How was the image produced?
What techniques were employed?
Is the image of good quality?
Ethical Perspective - Moral Responsibility
Was the image maker socially responsible?
Has any person's rights been violated?
Are the needs of viewers met?
Is the picture aesthetically appealing?
Do the picture choices reflect moderation?
Is the image maker empathetic with the subject?
Can all the image choices be justified?
Does the visual message cause unjustified harm?
Cultural Perspective - Societal Impact
What is the story and the symbolism involved with the elements in the visual message?
What do they say about current cultural values?
Critical Perspective - Reasoned Opinion
What do I think of this image now that I've spent so much time looking and studying it?
Project Overview:
This week, you were introduced to six analytical perspectives for analyzing media. These perspectives form the foundation for your Media Analysis Project (MAP). Over the next three weeks, you will analyze a visual work from any media (print, film, television, Internet), of your own choosing.
Due Date:
June 5
Time Line:
·
Topic Assignment (Listed under Paper Topic)
·
June 5 Thesis and Outline (Listed in appropriate headings below)
·
June 5 Final Paper
NOTE: Thesis and Outline, and Final Paper are two separate documents.
Requirements:
Your analysis must encompass all six perspectives. This will be a detailed analysis consisting of 6-8 written pages. You must also use four credible academic sources in addition to the media itself. All sources must be cited in-text as well as on a reference page using standard APA format. Information on using .
The following article is related to deterring employee fraud within .docxssuser454af01
The document summarizes key findings from a report on occupational fraud. It finds that while asset misappropriation is most common, fraudulent financial statements cause the highest losses. Small businesses are most vulnerable due to lack of audits and controls. Establishing anonymous hotlines is the most effective way to reduce fraud losses, more so than audits. Fraud by executives results in highest losses and is best detected through tips rather than controls.
The Five stages of ChangeBy Thursday, June 25, 2015, respond to .docxssuser454af01
The Five stages of Change
By Thursday, June 25, 2015, respond to the discussion.
Discussion Question
Anthony is a 27 year old heterosexual Caucasian male. He was arrested 2 weeks ago for his second DWI and is facing a license suspension. He works as a delivery driver for a local store and after disclosing the arrest to his employer, as well as the consequences including loss of his license, he was terminated.
Anthony lives with his girlfriend of 3 years and their 2 year old son. Anthony’s drinking behavior has increased to consumption of a case of beer on Saturday and Sunday evenings each week. He consumes several beers after work during the week “to maintain.” He has also been using methamphetamines, specifically “crystal meth” several times weekly. Anthony’s girlfriend ended their relationship as a result of his increasing substance use and ongoing difficulties. Anthony feels depressed and anxious about his current life situation, especially now that he realizes that he has no job and may be homeless because of his substance use. He is also feeling down about the loss of his relationship. He researched a few outpatient treatment programs to help him stop using both alcohol and methamphetamines, but is ambivalent about entering treatment. Anthony has considered the need to stop using substances to improve his life and relationships with significant others, though fears that he will lose his friends and miss partying with them if he stops. He also fears what life will be like without the comfort of getting high.
Consider and discuss the 5 stages of change. Based upon the information provided discuss what stage Anthony is in, and provide a rationale for your decision. Next, discuss the other stages of change and what indicators we might see as Anthony progresses on through these stages. Your posting must be a minimum of 500 words.
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The first step in understanding the behaviors that are associated wi.docxssuser454af01
The first step in understanding the behaviors that are associated with mental disorders is to be able to differentiate the potential symptoms of a mental disorder from the everyday fluctuations or behaviors that we observe. Read the following brief case histories.
Case Study 1:
Bob is a very intelligent, 25-year-old member of a religious organization based on Buddhism. Bob’s working for this organization has caused considerable conflict between him and his parents, who are devout Baptists. Recently, Bob has experienced acute spells of nausea and fatigue that have prevented him from working and have forced him to return home to live with his parents. Various medical tests are being conducted, but as yet, no physical causes for his problems have been found.
Case Study 2:
Mary is a 30-year-old musician who is very dedicated and successful in her work as a teacher in a local high school and as a part-time member of local musical groups. Since her marriage five years ago, which ended in divorce after six months, she has dated very few men. She often worries about her time running out for establishing a good relationship with a man, getting married, and raising a family. Her friends tell her she gets way too anxious around men, and, in general, she needs to relax a little.
Case Study 3:
Jim was vice-president of the freshmen class at a local college and played on the school’s football team. Later that year, he dropped out of these activities and gradually became more and more withdrawn from friends and family. Neglecting to shave and shower, he began to look dirty and unhealthy. He spent most of his time alone in his room and sometimes complained to his parents that he heard voices in the curtains and in the closet. In his sophomore year, he dropped out of school entirely. With increasing anxiety and agitation, he began to worry that the Nazis were plotting to kill his family and kidnap him.
Case Study 4:
Larry, a 37-year-old gay man, has lived for three years with his partner, whom he met in graduate school. Larry works as a psychologist in a large hospital. Although competent in his work, he often feels strained by the pressures of his demanding position. An added source of tension on the job is his not being out with his co-workers, and, thus, he is not able to confide in anyone or talk about his private life. Most of his leisure activities are with good friends who are also part of the local gay community.
For each case, identify the individual's behaviors that seem to be problematic for the patient.
For each case study, explain from the biological, psychological, or socio-cultural perspective your decision-making process for identifying the behaviors that may or may not have been associated with the symptoms of a mental disorder.
Based on your course and text readings, provide an explanation why you would consider some of these cases to exhibit behaviors that may be associated with problems that occur in everyday life, while others could be as.
The first one is due Sep 24 at 1100AMthe French-born Mexican jo.docxssuser454af01
Elena Poniatowska, a French-born Mexican journalist and author, will give a public lecture called "We Can All Be Writers" at ASU on September 24th. Students can receive extra credit by attending the full event and submitting a 250-word rhetorical analysis that identifies one thing the speaker did well and one thing not done well in reaching her audience.
On September 25th, fiction writer and poet Matt Bell will read from and discuss his work at ASU. Extra credit can be received by attending the full event and submitting a 250-word report and 500-word personal reflection on what was learned, anything surprising, and how something related to the student's personal experiences or writing.
The first part is a direct quote, copied word for word. Includ.docxssuser454af01
The
first part
is a
direct quote, copied word for word. Include the author's last name and the page number of the quote in parantheses. MLA format.
The
second part
of the journal entry, is
one paragraph that explains why you found the passage to be important
.
.
The final research paper should be no less than 15 pages and in APA .docxssuser454af01
The final research paper must be at least 15 pages long, not including the references page, follow APA format, and include visual elements like charts or pictures to support the study. Students will submit their papers through the eCourse website where a link for submissions will be provided.
The first one Description Pick a physical activity. Somethi.docxssuser454af01
The first one
Description: Pick a
physical activity
. Something you do all the time, or something you’ve never done before: bike riding, running, swimming, hiking, golf, playing twister, roller skating, soccer, basketball, etc. Now go and spend at least twenty minutes participating in this activity. Really do it. Engage. Explore and experience it. Pay attention to every part of your body and mind as you play/do the activity. Even if you’ve done it all your life, engage with every nuance of the activity. What do your muscles do and feel like when doing the activity? What is challenging? What is smooth and easy? What sounds to you experience? smells? Tastes? Sights? Sensations? What about your mind? Where do your thoughts go as you perform the activity? Really pay attention and discover the experience of the activity. Perform it for at least twenty minutes, mindfully paying attention to every part of the experience. Experience and notice the details. Now go home. And write about what you experienced. Detail it. Tell me about what was hard, easy, unusual, fun, new? What did you feel, taste, smell, hear, see? Take me through it beat by beat, moment by moment, nuance by nuance.
The second one
Description: Go to a busy café or diner, or some other eatery, where you can sit near TWO other people, engaged in a conversation, a dynamic interesting conversation with tenstion… where something is happening between the two people… EAVES DROP on conversations – without being obvious. Find one that has something interesting going on. Anticipate spending at least 20-30 minutes listening in to this conversation.
From this conversation, listen carefully, pay attention to what is being said, what conflict is arising, what is expressed and revealed through the language. NOW, also pay attention to the people involved. What do they look like? What is their body language? Pay attention to all the details. Do not write anything at the busy café or diner. Just listen to what is said. Watch. Pay attention to all the details.
At a later time (when you get back home)
write a letter as if you are one of the people you observed in the café. Write the letter addressing the person that they were at the café with. This can be a love letter, a complaint, an email, an apology, an explanation, etc… For this exercise to work, you must have 1) chosen a conversation to listen to where something was HAPPENING and 2) you must really have spent the time, listening in on a conversation and paying attention to the dramatic tension… something between the two people must have been witnessed, heard, experienced, by YOU the writer. If not this letter will be flat, uninteresting, and lacking conflict. Write about something you heard or observed happening between the two people, but write about it as if you are one of the people in the conversation to the other. Write about some inherent need, conflict, obstacles. The letter can be a complaint, an apology, a .
The first column suggests traditional familyschool relationships an.docxssuser454af01
The first column suggests traditional family/school relationships and the second identifies a more collaborative approach. Provide an example of a situation (attendance, behavior problems, academic difficulties) that could arise at school and suggest how this issue may be resolved with a collaborative approach. Respond to at least two of your classmates’ postings.
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The first president that I actually remembered was Jimmy Carter. .docxssuser454af01
The first president that I actually remembered was Jimmy Carter. I do remember as a child Ford being mentioned, but I was certainly not engaged in his presidency. However, I remember Reagan quite well. He came to office after a major financial down turn and his policies did seem to improve things immediately. Some have said that his actions of borrowing money were a hindrance to the future. Do you feel that Reganomics was beneficial to future generations or did he just borrow from the future in order to benefit his present circumstance? Did this set precedence for future presidents to take the nation into debt in order to help their political careers? I look forward to your thoughts?
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The final project for this course is the creation of a conceptual mo.docxssuser454af01
The final project for this course is the creation of a conceptual model for an integrated afterschool childhood prevention, education, or intervention program (Boys and Girls Club, for example). The program serves a wide range of age groups (ages 4 through 17) and demographic backgrounds. Students should design a program that can appropriately address the needs of the various learners. This final project should include a program foundation, program description, research proposal, and self-reflection.
The final product represents an authentic demonstration of competency because it requires students to apply classic theory in order to compose an original program based on advanced developmental principles. The project is divided into
four milestones
, which will be submitted at various points throughout the course to scaffold learning and ensure quality final submissions. These milestones will be submitted in
Modules Three, Five, Seven, and Ten.
Main Elements
1.
Program Foundation:
a narrative/essay format that will describe the main concept of the program (prevention, education, intervention) and if the program will focus on a specific topic (math, English, drugs, bullying, coping skills for stress or anxiety, peer pressure, or your choice). This foundational narrative will provide citations that link the program concept to at least two of the classical theories presented in this course (Montessori, Piaget, Vygotsky, Bandura, Bronfenbrenner). (approximately 3–4 pages)
·
What type of program will be the focus of this project? Will it be a prevention program to stop kids from using alcohol and drugs? To try and prevent bullying? Will the program be an educational model, for example, a program focused on improving educational outcomes like math, critical thinking, problem solving, science, language skills, or other? Will the program be an intervention model or a program that targets kids for problematic behaviors like truancy, acting out in class, running away, vandalism, minor theft, or underage possession of alcohol or substances?
·
Consider the critical tasks of development as laid out by the chosen theory that may help organize the approaches utilized for each age group.
2.
Program Description
: This section will provide specific descriptions of the elements (tasks, materials, activities) for the each developmental level spanning the age ranges from 4 through 17. These levels should be consistent with at least one of the two classical theories proposed in your program foundation narrative. (approximately 3–4 pages)
·
In what setting will this program be offered, for example, school setting, community center, treatment center, or a faith-based organization?
·
How will your topic differ across each developmental level?
·
How will you describe the activities, materials, and tasks that will take place in the program for each age range?
·
Are the age ranges consistent with at least one of the classic theories employed to guide this.
The finance department of a large corporation has evaluated a possib.docxssuser454af01
The finance department of a large corporation has evaluated a possible capital project using the NPV method, the Payback Method, and the IRR method. The analysts are puzzled, since the NPV indicated rejection, but the IRR and Payback methods both indicated acceptance. Explain why this conflicting situation might occur and what conclusions the analyst should accept, indicating the shortcomings and the advantages of each method. Assuming the data is correct, which method will most likely provide the most accurate decisions and why?
.
The Final Paper must have depth of scholarship, originality, theoret.docxssuser454af01
The document provides guidelines for a final paper assignment. It states that the paper must be 10-15 pages long, follow APA style guidelines, use 8-10 scholarly sources, and address specific topics related to the future of managed health care delivery systems. These topics include managed health care quality, provider contracting, cost containment, effects on Medicare and Medicaid, the future role of government regulations, and three recommendations for quality changes to Medicare and Medicaid plans. The paper must also include an abstract, introduction, conclusion, and separate reference page.
The Final exam primarily covers the areas of the hydrosphere, the bi.docxssuser454af01
The Final exam primarily covers the areas of the hydrosphere, the biosphere and the lithosphere. As in the Midterm, special attention should be paid to the lecture notes and the PowerPoint files, as well as the Discussion Boards. These sections are dependent on the text and the laboratory exercises, but the discussions and the lecture notes are more conducive to explanation and understanding with a essay-driven format. Additionally, the animated PowerPoints are good at achieving an understanding of processes that are in motion, especially when looking at the lithosphere, giving them more of a 3-dimensional quality.
For this final essay exam you are required to answer all five (5) of the questions. Although there is no set word limit for these essay questions, you will be graded on your knowledge of the material and the detail with which you write your answers. You should take care to cite your sources in APA format and provide full references in a Works Cited list.
Describe the paths of water through the hydrologic cycle. Explain the processes and the energy gains and losses involved in the changes of water between its 3 states. Operationally, we often most concerned with water does when it reaches the solid earth, both on the surface and in the sub-surface. Explain the relationship between the saturated zone, the water table, a ground water well and the cone of depression, all within the sub-surface.
The food chain is a valuable concept in biogeography. Give an example of a specific food chain, labeling the various levels of the food chain. After looking at characteristics of food chains, explain how a geographer’s approach to the study of organisms might be different than biologist’s study of organisms; what would each try to emphasize more than the other? What exactly is a biome? Compare/contrast the concept of the biome with that of the zoogeographic region. Compare/contrast the floral characteristics of 2 of the following biomes: Desert, Tundra, Midlatitude Grassland and Boreal Forest.
Theorize the difference in soil development in adjoining soils developed on forested, sloped area versus a grassed flat area. What are the soil-forming factors? Explain the importance of the nature of the parent material to soil formation and type. Then, cite at least 2 examples in which the influence of parent materials might be outweighed by other soil-forming factors. Explain the “struggle” between the internal and external processes in shaping the Earth’s surface. What are the different ways that the surface of the Earth is changed over time?
Describe the general sequence of events in continental drift since the time of 5 separate continents 450 million years ago. What is the difference between the older continental drift theory by Wegener and the more recent plate tectonic theory? Plate tectonics theory explains many seemingly unrelated phenomena. Explain how the patterns of volcanoes and earthquakes related to plate tectonics..
The Final Paper must be 8 pages (not including title and reference p.docxssuser454af01
The Final Paper must be 8 pages (not including title and reference pages) and should demonstrate an understanding of the reading assignments, class discussions, your own research, and the application of new knowledge. It must include citations and references for six to eight sources; one may be the text.
Micozzi, M. S. (2010). Fundamentals of complementary and alternative medicine. (4th ed.). St. Louis, MO: Saunders Elsevier.
At least four must be from the ProQuest, EBSCOhost, or PubMed Central databases in the University Library, and the remaining sources must be from other scholarly or professional Internet resources.
For the Final Paper,
Complementary and alternative medicines >> (
Natural Products)
Provide a brief discussion of the protocols, and provide details of historical events that shaped the practice.
Chronic Pain
Describe the disease or condition from the CAM perspective
Include potential cultural challenges faced by the afflicted patient population as well as the practitioner.
Describe how the CAM (Natural Products) practitioner diagnoses and treats the condition.
Identify potential questions or skepticisms other health care providers and potential clientele may have regarding the CAM selected, and address the questions, supporting your responses with a minimum of two sources of research for the health condition and system chosen.
Identify and substantively describe a minimum of two other CAM practice interventions that could be suggested to assist in minimizing the impact of the illness/condition. Justify implementation of the two interventions you are recommending.
Must begin with an introductory paragraph that has a succinct thesis statement.
Must address the topic of the paper with critical thought.
Must end with a restatement of the thesis and a conclusion paragraph.
Must utilize six to eight sources; one may be the text, at least four must be from the ProQuest, EBSCOhost, or PubMed Central databases, and the remaining sources must be from other scholarly or professional Internet resources.
Must document all sources in APA style.
Must include a separate reference page that is formatted according to APA style.
.
This presentation includes basic of PCOS their pathology and treatment and also Ayurveda correlation of PCOS and Ayurvedic line of treatment mentioned in classics.
Thinking of getting a dog? Be aware that breeds like Pit Bulls, Rottweilers, and German Shepherds can be loyal and dangerous. Proper training and socialization are crucial to preventing aggressive behaviors. Ensure safety by understanding their needs and always supervising interactions. Stay safe, and enjoy your furry friends!
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
How to Build a Module in Odoo 17 Using the Scaffold MethodCeline George
Odoo provides an option for creating a module by using a single line command. By using this command the user can make a whole structure of a module. It is very easy for a beginner to make a module. There is no need to make each file manually. This slide will show how to create a module using the scaffold method.
Main Java[All of the Base Concepts}.docxadhitya5119
This is part 1 of my Java Learning Journey. This Contains Custom methods, classes, constructors, packages, multithreading , try- catch block, finally block and more.
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
How to Add Chatter in the odoo 17 ERP ModuleCeline George
In Odoo, the chatter is like a chat tool that helps you work together on records. You can leave notes and track things, making it easier to talk with your team and partners. Inside chatter, all communication history, activity, and changes will be displayed.
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
This presentation was provided by Steph Pollock of The American Psychological Association’s Journals Program, and Damita Snow, of The American Society of Civil Engineers (ASCE), for the initial session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session One: 'Setting Expectations: a DEIA Primer,' was held June 6, 2024.
FIN 3610 General InsuranceChapter 6 – Insurance Company Operatio.docx
1. FIN 3610 General Insurance
Chapter 6 – Insurance Company Operations
Chapter 8 – Government Regulation of Insurance
Lecture Overview – Comments from Dr. Zietz
Insurance Company Operations and Government Regulation of
InsuranceInsurance Company Operations
The information contained in this next lesson,
which comes from Chapters 6 and 8, may be more fascinating to
some of you if you already have a specific interest in a
particular field of insurance. For example if you're in actuarial
science major, you will like the right making section. Many
students found they want to go into underwriting and there's a
good portion of the chapter on the underwriting steps and
different types of consideration to beginning the underwriting
process. Some students know right away that they're interested
in sales while others know for certain that is not their strong
interest. The production side of insurance covers again some of
the marketing topics that we had earlier, but it will also tell you
how professional organizations, such as the CPCU Chartered
Property and Casualty Underwriter and the CLU Chartered Life
Underwriter, are among others that encourage professionals
within the industry to continuously improve their skills and
knowledge by completing professional designations.
Another area within the insurance industry that is fascinating
and offers a great insight into many facets of the insurance
process is claims settlement. There are various types of
adjusters that are discussed in this chapter and the steps to the
adjusting process is fairly structured. Entering the insurance
industry through a claims position will provide insight into how
the insurance industry can operate successfully.
Reinsurance is kind of a term that many young professionals are
2. not fully able to grasp but it is a very key tool used to sustain
the insurance industry. Reinsurance, as noted on slide 15, is an
arrangement by which the primary insurer that initially writes
the coverage transfers to another insurer part of those potential
losses. The primary insurer is called the seating company, and
the company that accepts that seeded risk is the reinsure. This
process allows companies to increase their underwriting
capacity and reduce their reserves which may be more optimally
invested elsewhere.
Insurance Regulation
Chapter 8 brings up several very interesting topics concerning
the purpose of regulating the insurance industry and how the
regulation may be efficiently accomplished. I typically ask the
classroom students “what is the main reason for insurance
regulation?” Most of them, being new in their study of
insurance, say it is to keep the prices down. Then I respond by
asking: do you think we need regulation to ensure the price of
groceries is kept at a certain level? Do you think the price of a
car should be regulated by the federal government? So what
makes insurance different that results in needing regulation that
other industries do not need?
If you bought an insurance policy on your house, what is your
number one fear? If your house has a loss, the insurance policy
will pay you for that loss through that sharing process we
discussed. What would really keep you awake at night,
especially if you bought the coverage at a very cheap premium,
much cheaper than the other competitors? You probably should
be concerned that the price may not be enough to sustain that
group of insureds like we discussed in Chapter 1. So one of the
key reasons for the insurance regulation is to make sure the
insurance company is solvent. Should they write the coverage
too cheaply, perhaps there will be no funds available when that
person has the loss in the group.
Take some time and look up the development of
insurance regulation overtime. You need to go back and read
3. about Paul versus Virginia in 1868. The question has arisen for
many years even prior to that that insurance is or is not
interstate commerce. If insurance is deemed interstate
commerce, then a different set of regulations would apply. The
real question was, and still is, should states have the prerogative
of regulating insurers domiciled in their territory or should the
federal government have the right to regulate all insurers. As
with other types of laws, there has always been a propensity to
leave regulatory authority at the level of the consumer involved.
Specifically, state regulation has been going on for many years.
Then, read about the US versus Southeast Underwriters
Association case in 1944. This ruling overturned the palm the
Virginia case from decades earlier and helped decide that
insurance was in fact interstate commerce and should be
regulated by the federal government.
This interesting story continues because that ruling, US
versus Southeast Underwriters Association, only lasted for one
year when the McCarran Ferguson act 1945 gave the states the
authority to regulate insurance companies domiciled in their
states, but reserved the right for federal antitrust laws to kick in
if the states are unable to regulate activity.
Fast forward several decades to 1999, with the financial
modernization act. This changed the earlier law that had
prevented banks, insurance companies, and investment firms
from competing across state lines. A summary of this important
act is found on slide 6. Take some time to read about the
modernization act as it really changed the way a lot of financial
transactions are made today.
Continue reading through this chapter about the areas
that are regulated, the reasons for that regulation, and how you
would address the issue of insurance regulation if you were
helping draft a bill in the legislature. Be sure to read the
advantages and disadvantages of state versus federal regulation,
and how the ultimate goal of regulation, which is to ensure
solvency, is achieved. This is a very interesting chapter!
4. Assignment 4, Chapter 6 and 8 NAME
___________________________
FIN 3610
1. a. Briefly explain the basic principles of underwriting.
b. Identify the major sources of information available to
underwriters
2. The regulation of the insurance industry is structured
differently from the regulation of many industries.
a. Explain three key reasons why the insurance industry is
regulated.
b. Discuss the most significant need for insurance regulation.
c.
3. Discuss and summarize the main outcome of each of the
following cases or laws with respect to insurance regulation:
a. Paul v. Virginia
b. South-Eastern Underwriters Association Case
c. McCarran-Ferguson Act
d. Financial Modernization Act of 1999
4. Delta Insurance is a property insurer that entered into a
surplus-share reinsurance treaty with Eversafe Re. Delta has a
retention limit of $200,000 on any single building, and up to
nine lines of insurance may be ceded to Eversafe Re. a building
valued at $1,600,00 is insured with Delta. Shortly after the
policy was issued, a severe windstorm caused $800,000 loss to
the building.
5. a. How much of the loss will Delta pay?
b. How much of the loss will Eversafe Re pay?
a. What is the maximum amount of insurance that Delta can
write on a single building under the reinsurance agreement?
Explain your answer.
5. For each of the following situations, indicate the type of
reinsurance plan or arrangement that the ceding insurer should
use, and explain the reasons for your answer.
a. Company A is an established insurer and is primarily
interested in having protection against a catastrophic loss
arising out of a single occurrence.
b. Company B is a rapidly growing new company and desires a
plan of reinsurance that will reduce the drain on its surplus
because of the expense of writing a large volume of new
business.
c. Company C has received an application to write a $50 million
life insurance policy on the life of the chief executive officer of
a major corporation. Before the policy is issued, the underwriter
wants to make certain that adequate reinsurance is available.
d. Company D would like to increase its underwriting capacity
to underwrite new business.
e.
6. Explain the difference between rebating and twisting as they
relate to the insurance industry.
FIN 3610 General Insurance
Chapter 5: Types of Insurers and Marketing Systems
Lecture Overview – Comments from Professor Zietz
Let’s examine the different types of Insurers and
Marketing Systems through which Insurance is Available!
In this chapter, we will overview the use of private insurance in
the financial service industry; give examples of types of private
6. insurers; expand on agents and brokers; see examples of types
of marketing systems; and explaining group insurance
marketing.
There are a myriad of ways to classify insurance companies,
including the type of insurance coverage that it offers, the type
of insurance services that it offers, the ownership of the
company, and the location in which the company is domiciled.
The types of classifications of private insurers discussed in this
chapter include:
· Stock insurers
· Mutual Insurers
· Reciprocal Exchanges
· Lloyd’s associations
· Blue Cross and Blue Shield plans, and
· Health Maintenance Organizations.
These classifications may greatly influence things like how
much coverage the company can write and how much the
premiums or income is taxed. This chapter provides a great
overview of the differences between the corporate structures of
the company. Carefully peruse the information in the Exhibits
5.1-5.3 for some interesting details on these classifications.
Quick Question: What is the largest U.S. Property/Casualty
Company in Revenues?
How many of you thought it was Berkshire Hathaway? I’m sure
you were surprised by that ranking. Note that MetLife is the
largest U.S. Life and Health Insurance Company.
The second part of this chapters delves into the types of
marketing systems used in the distribution of insurance. If you
have had a marketing class, you’ll see some familiar
information. However, you will also see that the marketing
systems in insurance also use some new terms, including
Personal Selling Systems such as Career Agents, Multiple Line
Exclusive Agents, Independent agents, Personal Producing
General Agents, and Brokers. It is very important to note the
difference between these types of systems. The major
7. distribution systems for Property and Casualty (P/C) generally
include these types of systems:
· Independent agency system
· Exclusive agency system
· Direct Writers
· Direct response system
· Multiple distribution systems
If you find yourself in the insurance industry, perhaps wanting
to have your own business or agency, it will be important to
note the differences, including the advantages and
disadvantages of each of these.
The insurance industry offers a wide array of professional
career paths in the area of sales! We’ll talk more about other
career choices in the next chapter when we cover Insurance
Company Operations.
Assignment 3, Chapter 5 NAME
__________________________
FIN 3610
When appropriate, provide a citation and a copy of your source.
1. a. Describe the basic characteristics of stock insurers.
b. Describe the basic features of mutual insurers.
c. Identify the major types of mutual insurers.
2. Property and casualty insurance can be marketed under
different marketing systems. Compare the independent agency
system with the exclusive agency system with respect to each of
the following:
a. Number of insurers represented by the agent
b. Ownership of policy expirations
c. Differences in the payment of commissions
8. 3. You have just learned that “the number of life insurers has
declined sharply during the past decade because of the increase
in company mergers and acquisitions, demutualization of
insurers, and formation of mutual holding companies.”
a. How many life insurers are there currently in the U.S.? How
many life insurance companies were there in 1970? Provide a
citation and a copy of your source.
b. Why have mergers and acquisitions among insurers increased
over time?
c. What is the meaning of demutualization?
d. Briefly explain the advantages of demutualization of a mutual
life insurer.
e. What is a mutual holding company?
f. What are the advantages of a mutual holding company to an
insurer?
4. Commercial Insurance is a large stock property and liability
insurer that specializes in the writing of commercial lines of
insurance. The board of directors has appointed a committee to
determine the feasibility of forming a new subsidiary insurer
that would sell only personal lines of insurance, primarily
homeowners and auto insurance. The new insurance company
would have to meet certain management objectives. One
member of the board of directors believes the new insurer rather
than as a stock insurer. Assume you are an insurance consultant
who is asked to serve on the committee. To what extent, if any,
would each of the following objectives of the board of directors
be met by formation of a mutual property and casualty insurer?
Treat each objective separately.
a. Commercial Insurance must legally own the new insurer.
b. The new insurer should be able to sell common stock
periodically in order to raise capital and expand into new
markets.
c. The policies sold should pay dividends to the policyholders.
d. The new insurer should be licensed to do business in all
states.
9. FIN 3610 General Insurance
Chapter 3: Introduction to Risk Management
Lecture Overview – Comments from Professor Zietz
Welcome back to General Insurance and now to Risk
Management Topics!
In this chapter we will define the meaning of risk
management (RM); explain the objectives of risk management;
explain the steps in the risk management process; expand on the
benefits of risk management; and explain how the risk
management process can be used on a personal level.
You have probably discovered by now that the field of
insurance and risk involves much more than just paying an
insurance agent to cover your losses. Insurance involves a great
deal of mathematics and structured arrangements to operate
successfully. I mentioned in Chapter 1 that there are several
definitions of risk. Risk definitions are often broken down in
dichotomies of risk such as Pure vs Speculative and Objective
vs Subjective. The study of risk and its management is
definitely a science.
In this chapter we expand on the management of risk by going
through the basic risk management process. On slide 3 you will
see an important definition:
Risk Management is a process that identifies loss exposures
faced by an organization and selects the most appropriate
techniques for treating such exposures.
You will note that the above definition includes two steps in the
RM process: 1) identifying loss exposures; and 2) selecting the
most appropriate technique. There are also two other steps, so
let’s put these steps all in order:
1. Identifying potential losses
2. Analyzing and measuring the loss exposures
10. 3. Selecting the appropriate combination of techniques for
treating the loss exposures; and
4. Implementing and monitoring the RM program.
It is important to memorize those steps as you move forward to
understanding what tasks and skills are needed to successfully
complete the RM process.
Keep in mind that not all organizations have the same goals.
Obviously, you know of for-profit companies whose goal is to
maximize the value of its owners. Non-profits may have a
myriad of goals, including serving under-privileged children or
spreading a religious message. Regardless of the ultimate goal,
the objectives of the risk manager may vary throughout the RM
process.
An interesting observation may be found by a little role playing.
Imagine for a moment that you are the RM of a large airline.
Let’s presume your company is a publicly held company and
your job is to help manage risk so as to maximize the value of
company to the shareholders. This would include incorporating
the risk appetite of your Board of Directors into your decisions.
Perhaps your company has very little or no debt and can afford
to absorb a certain level of risk. Your sub-goal may be to keep
up with the growth of the company by observing how risks
change.
Now, let’s say that you became the RM back in August of 2001.
Imagine that one of your planes was involved in the tragic
events of 9/11. What was your immediate goal on 9/12?
Keeping up with growth of the company was definitely NOT
your immediate concern. I spoke to an airline RM a month after
9/11 who commented that their immediate goal was to “keep
planes in the air.” In other words, to keep the company moving
and surviving. You’ll note on slides 4 and 5 that these goals
will definitely be fluid with changes that occur in the firm. A
good risk manager needs to be able to handle aggregate risk for
their organization while many of the variables will be changing.
11. There is no time for a Risk Management to become complacent!
This chapters provides more details on the processes involved
with completing each RM
step. Pay careful attention to the specific RM techniques as
those will be used throughout the RM process.
FIN 3610 Assignment 2
Name_______________________
Chapter 3
Please remember that you must do your own work. Any
plagiarism will result in a grade of zero for all students
involved. Please use your own words even if you are using the
textbook for answers. Always provide a citation when a
reference is used.
1. a. What is the definition AND purpose of Risk Management?
b. Explain the steps in the risk management process. Which step
is the most important?
2. You have just opened a children’s day care that can care for
up to 100 children per day. You are concerned about liability
exposures as well as earning enough revenue to be profitable.
For each of the following risk management techniques, describe
a specific action using that technique that may be helpful in
dealing with the day care’s liability exposure. Be specific.
a. Avoidance:
b. Loss prevention
c. Loss reduction
d. Duplication
e. Separation
f. Diversification
g. Non Insurance Transfer
12. 3. a. Describe the reasons a company may establish a captive
insurer?
b. Explain the advantages of using a captive insurer in a risk
management program.
c. Provide a real-life example of a large captive (include
citation).
4. Avoidance is a risk-control technique that can be used
effectively in a risk management program.
a. What is the major advantage of using the technique of
avoidance in a risk management program?
b. Is it possible or practical for a firm to avoid all potential
losses? Explain your answer.
FIN 3610 General Insurance
Chapter 2: Insurance and Risk
Lecture Overview – Comments from Professor Zietz
General Risk and Insurance topics get interesting!
Here in Chapter 2, we will define and explain the basic
characteristics of insurance; characterize the ideally insurable
risk; explain the relationship between adverse selection and
insurance; compare insurance to gambling and hedging; give
examples of kinds of insurance; and expand on the benefits and
costs insurance can have on society as a whole.
Let’s start with a good, thorough definition of Insurance. When
I took my first insurance course, back in the middle ages
(hopefully you just laughed!) the only definition I remembered
from the class was that “Insurance is the Transfer of Risk.” It
was only later in grad school when I was caught using that
definition that I realized that Insurance does, in fact, transfer
risk, but it is not THE transfer of risk. Transferring risk is just
one of several risk management tools for handling risk, just like
risk avoidance and risk control. The best definition of risk that
includes all of the important elements is:
13. Insurance is a device for sharing, pooling, reducing, and
transferring, risk by combining a sufficient number of exposure
units to make individual losses collectively predictable.
Note that “sharing” means to divide or distribute in shares.
When one joins an insurance pool, then he or she should be
consciously aware that the process assumes some responsibility
for contributing toward the total losses of the pool.
The above definition of insurance is consistent with the
definition in the text that states (I’ve added the information in
parentheses): “Insurance is the pooling (grouping together) of
fortuitous (accidental or occurring by chance) losses by transfer
of such risks to insurers, who agree to indemnify (compensate
or put back into a pre-loss condition) insureds for such losses,
to provide other pecuniary (financial) benefits on their
occurrence e, or to render services connected with the risk.”
If you recall the pooling of homes in the example from Chapter
1, you will probably note that Insurance is really a business use
of the law of large numbers. Insurance provides a way to reduce
risk by correctly applying the law of large numbers. The
definitions used have elements that are mandatory for the
concept of insurance to work.
Now that you’ve reviewed the essential processes needed to
make insurance work correctly, ponder this question:
How would you respond to someone who says “I’ve never had a
loss so my money was all down the drain?” Post your comments
in the discussion forum!
As you continue through the chapter through the benefits and
social costs of insurance as well as the probability analysis
information, you will now better understand why insurance
requires correct statistical, called actuarial, skills to make sure
the pool of funds is sufficient to pay the claims.
14. FIN 3610 General Insurance
Chapter 1: Risk and Its Treatment
Lecture Overview – Comments from Professor Zietz
Welcome to General Insurance!
In this chapter we will go over and explain the definitions of
risk and different classifications of risks; peril versus hazard;
personal risks and commercial risks; what the burden of risk is
on society; techniques for managing risk; as well as explaining
a few terms that we will be using in this course.
This course is probably your first exposure to many of the
insurance and risk terms that we cover this semester. I expect
you will find that will be surprised at how you look at many
terms and ideas regarding the insurance product are vastly
different after going through this class. For example, I like to
start out asking the students to provide their pre-class definition
of risk. Many of them say “it’s the chance of something bad
happening,” or “the possibility of a negative outcome.” You’ll
find that these definitions are actually incorrect. While you’ll
find three definitions of different types of risk on slide 3, please
start thinking of risk as:
Risk: The possibility of a deviation between actual and expected
outcomes.
This definition contains the same elements as the definition
given in slide 3 “uncertainty concerning the occurrence of a
loss,” but let’s look at the deviation needed between actual and
expected outcomes. The following example really sets the
groundwork for fully understanding Risk and the elements
necessary to make the insurance product work successfully.
Assume that you own a house that has a 1/100 probability of
total fire loss. You cannot predict whether your house will burn.
Perhaps you then become a property investor and own 100
homes. You may assume that if your 1/100 probability is correct
15. that you will have one loss. However, with such a small sample
size, you could easily have 2 losses, meaning your expectation
deviated 100% from the number of actual losses. Then perhaps
you become a mega property investor and own 1000 similar
homes. Keep in mind, we need all of these homes to be
homogeneous for that 1/100 probability to be remotely
accurately. Should you own 1000 homes, you should expect 10
losses. Should an extra loss occur (11 losses) when your
expectation deviated only 10% from the number of actual
losses. Continue this exercise with more houses, say 100,000,
when you will expect 1,000 losses. One extra loss would lead to
a deviation of only .1% from expected losses. Thus, is
illustrated how the concept of insurance utilizes the law of large
numbers (sample must be unbiased, without adverse selection,
etc.) and units must be homogeneous to match the 1/100
probability of loss. Ultimately, risk (the deviation between
actual and expected losses) is reduced!
# Exposures
Expected Loss
Actual Loss
Deviation
1
?
100
1
2
100%
1,000
10
11
10%
10,000
100
16. 101
1%
100,000
1,000
1,001
.1%
Let’s think briefly about the variables that may interrupt this
process. Let’s say that instead of you owning all of these
homes, we open up this process to MTSU students in this class.
If there is only 1 student, it would be impossible to predict or
plan for the outcome of that single house. We’d just probably
buy insurance on the house if we were the owner. Now, let’s
assume that there are 100 students in this class, each having
identical homes in the same geographic area. Let’s also say that
each home is worth $100,000. We should expect one of those
houses to burn. So, we’d all agree to put $1,000 in a pot, and
we’d have $100,000 available to pay for whoever the unlucky
one of use is who incurs the fire. Everyone is happy and the
owner of the house that burned “gets” the funds to rebuild his
house as it was.
That’s sounds great, UNLESS we are off on our prediction.
What happens to the pot if we actually have TWO houses burn,
versus one? Obviously, we don’t have enough money in the pot
to pay for two losses. We could have charged $2,000 per person,
but perhaps none of us would have been willing to spend that
much in premiums. So, let’s look exactly at the RISK in this
deviation: We expected one loss; we had two losses, so that’s a
100% deviation between actual and expected outcomes. How
should we proceed with this scenario?
The only reasonable way to make this pot be large enough to
cover our losses is to increase our sample size. So, the next line
in the above table shows that we add more houses to our pool,
let’s say 1,000 homeowners join our pool. We would then
expect to have 10 losses and we would charge premiums
accordingly. However, if we are off in our projection by 1 loss,
17. then we are only off by 10% (the percentage difference between
10 and 11 is 10%). So we have reduced the risk, which is
actually just that deviation between actual and expected losses.
Consider the problems that may occur in this scenario. Suppose
a student joins our class who has a history of having multiple
fire losses, or even worse, whose house is already on fire!
Would you be willing to let him join the pool? Would you want
to ask anyone who wants to join the pool if they have had prior
fire losses? Would you think that the rules for joining the pool
should prevent someone from joining if they are severely upside
down on their mortgage? Clearly, we’d want the pool of
homeowners to have similar loss probabilities if they are all
paying that $1000 annual premium.
I hope this example sparks some ideas in your mind about how
to structure that pool of homeowners’ risks to charge just the
right amount of premium that will cover any losses that may
occur. You’ll find that the slides in this chapter take you
through the basic classifications of risk and the costs and
benefits of having this pool work successfully.
FIN 3610 Assignment 1
Name_______________________
Chapters 1 and 2
Please remember that you must do your own work. Any
plagiarism will result in a grade of zero for all students
involved. Please use your own words even if you are using the
textbook for answers. Always provide a citation when a
reference is used.
1. Provide a complete definition of Insurance and briefly
discuss the essential elements of the definition.
18. 2. The Law of Large Numbers is used in the development of
insurance rates. Explain how this statistical tool is important to
the success of insurance.
3. Briefly define and discuss risk as it relates to insurance.
Provide an example of how insurance reduces risk.
4. Provide an example of the following terms:
a. Physical Hazard
b. Moral Hazard
c. Morale Hazard
5. How does enterprise risk management differ from traditional
risk management?
6. Identify an appropriate risk management technique, or
combination of techniques, that would be appropriate for
dealing with the following risk exposures.
a. A student may not be able to finish school as his financial aid
is discontinued.
b. A family head may die prematurely because of a heart attack.
c. An individual’s home may be totally destroyed in a hurricane.
d. A new car may be severely damaged in an auto accident.
e. A negligent motorist may be ordered to pay a substantial
liability judgment to someone who is injured in an auto
accident.
7. List and briefly describe the six characteristics of an ideally
insurable risk:
a.
b.
c.
d.
e.
f.
19. 8. Explain the concept of adverse selection as it relates to
insurance. Provide an example of adverse selection.
9. Explain the two major differences between insurance and
gambling.
10. How have you practiced risk management today? Be
specific.