All you wanted to know about insurance

Type :

Theses

Pages :

39 pages

Format :

.doc

Published date :

04/07/2009

Category :

Economics & finance

Sub category :

Finance

Oboulo.com selection criteria

$ 19.95 Add to cart

Summary :

Insurance
1. Principles of insurance
2. Indemnification
3. History of insurance
4. Types of insurance
Reinsurance
1. Types of Reinsurance
Role of Reinsurance
1. Reinsurance is insurance for insurers
2. Reinsurance stabilizes primary insurers
3. Reinsurance offers more than just cover
4. Reinsurance helps primary insurers to reduce their capital costs and raise their underwriting capacity
5. Little Concentration in the Reinsurance Market
6. The Reinsurance Industry has Surmounted One of its Gravest Crises
7. Is the Lack of Reinsurance Cover Damaging to the Economy
8. Certain Risks are Uninsurable
9. The Lack of Reinsurance Cover is Generally only Temporary
Reinsurance management Strategy
1. Basis of Insurance and Need for Reinsurance
2. Good Reinsurance Management
3. Reinsurance Cover Capacity
4. Operating Freedom
5. Technical Back-up
6. Proper Retention Policy
7. Planning the Program
8. Marketing
9. Markets
10. Terms
11. Lead
12. Use of Markets and Brokers
13. Inward Reinsurance
14. Administration
Standard Provisions in Reinsurance Contracts
1. The Negotiating Process
2. Drafting the Contract
3. Contract Provisions
4. Reassured Name
5. Term and Termination
6. Territory
7. Exclusions
8. Limit and Retention
9. Loss Occurrence Definition
10. Reinsurance Premium
11. Premium or Profit Commission Adjustments
12. Offset
13. Reports and Remittances
14. Claims
15. Errors and Omissions
16. Arbitration
Future outlook
Conclusion

Abstract

insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of potential financial loss. insurance is defined as the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a premium and duty of care. The rate of losses must be relatively predictable: In order to set premiums (prices) insurers must be able to estimate them accurately. If the coverage is unique, the insured will pay a correspondingly higher premium. Lloyd's of London often accepts unique coverage. (e.g., the insuring of Tina Turner's legs and Jennifer Lopez's butt). The losses must be predictable on a macro level: Insurers need to know how much they would be required to pay when the insured-for event occurs. Most types of insurance have maximum levels of payouts, but not all do, notably health insurance. The loss must be significant: The legal principle of De minimis dictates that trivial matters are not covered. Furthermore, rational insurance uses existing insurance when the transaction costs dictate that filing a claim is not rational.