Insurance

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Insurance involves transferring risk from individuals to an insurer in exchange for a premium payment. There are several key principles of insurance: 1. There must be a large pool of similar risks to distribute losses. 2. Losses must be accidental and large enough to cause financial hardship. 3. Risks must be calculated and premiums set accordingly. 4. Parties must act with utmost good faith and insureds must have an insurable interest.

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Was ist angesagt?

Insurance is a social device for spreading the chance of financial loss among a large number of people. Insurance protects against pure risk. Risk is the possibility of losing economic security. Risk can be of two kinds: speculative or pure And only pure risks are insurable Pure risk involves only two possible outcomes: loss or no loss, with no possibility of gain or profit Speculative Risk involves three possible outcomes: loss, no loss or profit The Law of Large Numbers: The average of the results obtained from a large number of trials should be close to the expected value. Underwriting: The process of selecting certain types of risks that have historically produced a profit. Peril: A potential cause of loss. Accident, fire, and theft are common perils. Hazard: Anything that increases the seriousness of a loss or increases the likelihood that a loss will occur. Adverse Selection: Is the tendency of person with a higher than average chance of loss to seek insurance at the average state, which if not Controlled by underwriting, result in higher than expected Loss levels. Insurance is not same as gambling. Gambling is creat a new speculative risk and socially is unproductive but insurance Deals with pure risk and socially is productive. Insurance is not same as hedging. Insurance involves the Transfer of pure risk and reduce objective risk but hedging Involves just the transfer of speculative risk not risk Reduduction. Types of Insurance: Private insurance, consist of health insurance, property and liabilty insurance. Government Insurance, cnosist of social insurance and other Government insurance programs. How does insurance work? You pay a fee called a premium, and in exchange, the insurance company agrees to pay you a certain amount of money -Basic Characteristics Of Insurance Pooling of losses Payment of fortuitous losses Risk transfer Indemnification -Pooling of losses Spreading of losses incurred by the few over the entire group. • Key mechanism is “law of large number”. • Future losses are predicted based on law of large number. Note • Pooling of loss is the spreading of losses incurred by the few over the entire group so that in the process average loss is substituted for actual loss. • The primary purpose of pooling is to reduce the variation in possible Outcomes , which reduces risk. -Payment of fortuitous losses A fortuitous loss is one that is unforeseen and unexpected and occurs as a result of chance. Insurance policies do not cover intentional losses -Risk Transfer Risk transfer means that a pure risk is transferred from the insured to the insurer,who typically is in a stronger Financial position to pay the loss than the insured. -Indemnification Means that the insured is restored to his or her approximate financial position prior to the occurrence of the loss. - Insurable Risk Insurer normally insure only pure risk.

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