Tài liệu Bảo Hiểm

A calendar-year deductible is a type of aggregate deductible that is found in basic medical expense and major medical insurance contracts A corridor deductible is a deductible that can be used to integrate a basic medical expense plan with a supplemental major medical expense plan An elimination (waiting) period is a stated period of time at the ...

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An agent is someone who has the authority to act on behalf of a principal (the insurer) Several laws govern the actions of agents and their relationship to insureds There is no presumption of an agency relationship An agent must be authorized to represent the principal Authority is either express, implied, or apparent Knowledge of the agent is...

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Advantages of state regulation include: Greater responsiveness to local needs Promotion of uniform laws by the NAIC Greater opportunity for innovation Unknown consequences of federal regulation Decentralization of political power

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Policy reserves are a liability item on the balance sheet that must be offset by assets equal to that amount State laws specify the minimum basis for calculating policy reserves The reserve for amounts held on deposit is a liability representing funds that are owed to policyholders and to beneficiaries The asset valuation reserve is a statutory ...

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There are two basic methods for sharing losses: Under the Pro rata method, where the ceding company and reinsurer agree to share losses and premiums based on some proportion Under the Excess method, where the reinsurer pays only when covered losses exceed aa certain level Under a quota-share treaty, the ceding insurer and the reinsurer agree to ...

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A stock insurer is a corporation owned by stockholders Objective: earn profit for stockholders Increase value of stock Pay dividends Stockholders elect board of directors Stockholders bear all losses Insurer cannot issue an assessable policy

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AIG mentions an active ERM program in its 2007 10-K Report Riskiness of the Financial Products Division was not fully appreciated The division was issuing credit default swaps A credit default swap is an agreement in which the risk of default of a financial instrument is transferred from the owner of the financial instrument to the issuer of the...

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Estimate the frequency and severity of loss for each type of loss exposure Loss frequency refers to the probable number of losses that may occur during some given time period Loss severity refers to the probable size of the losses that may occur Once loss exposures are analyzed, they can be ranked according to their relative importance Loss sev...

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Private insurance coverages can be grouped into two major categories Personal lines coverages that insure the real estate and personal property of individuals and families or provide protection against legal liability Commercial lines coverages for business firms, nonprofit organizations, and government agencies

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The presence of risk results in three major burdens on society: In the absence of insurance, individuals would have to maintain large emergency funds The risk of a liability lawsuit may discourage innovation, depriving society of certain goods and services Risk causes worry and fear

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