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Principles of risk management and insurance / George E. Rejda

By: Material type: TextTextPublication details: Boston : Pearson/Addison Wesley, c2008.Edition: 10th edDescription: xx, 748 p. : 26 cmISBN:
  • 9780321468574
Subject(s): DDC classification:
  • 368 REJ
Contents:
Machine derived contents note: Contents Preface xvi Part One Basic Concepts in Risk Management and Insurance 1 chapter 1 Risk in Our Society 2 Meaning of Risk 3 Chance of Loss 4 Peril and Hazard 5 Basic Categories of Risk 6 Types of Pure Risk 8 Burden of Risk on Society 11 Methods of Handling Risk 12 Summary 15 n Key Concepts and Terms 15 n Review Questions 16 Application Questions 16 n Internet Resources 17 n Selected References 17 Notes 17 Case Application 14 Insight 1.1: At a Glance; The Economic Problem of Poor Health 10 chapter 2 Insurance and Risk 18 Definition of Insurance 19 Basic Characteristics of Insurance 19 Requirements of an Insurable Risk 21 Two Applications: The Risks of Fire and Unemployment 23 Adverse Selection and Insurance 24 Insurance and Gambling Compared 24 Insurance and Hedging Compared 25 Types of Insurance 25 Benefits of Insurance to Society 28 Costs of Insurance to Society 29 Summary 33 n Key Concepts and Terms 34 n Review Questions 34 Application Questions 34 n Internet Resources 35 n Selected References 36 Notes 36 Case Application 33 Insight 2.1: Insurance Fraud Hall of Shame; Sampling of Outrageous Cases 31 Insight 2.2: Don't Think Insurance Fraud is Committed Only by Hardened Crooks 32 Appendix Basic Statistics and the Law of Large Numbers 38 chapter 3 Introduction to Risk Management 41 Meaning of Risk Management 42 Objectives of Risk Management 42 Steps in the Risk Management Process 43 Identifying Loss Exposures 44 Analyze the Loss Exposures 44 Select the Appropriate Techniques for Treating the Loss Exposures 45 Implement and Monitor the Risk Management Program 52 Benefits of Risk Management 53 Personal Risk Management 53 Summary 56 n Key Concepts and Terms 57 n Review Questions 57 Application Questions 58 n Internet Resources 59 n Selected References 59 Notes 59 Case Application 56 Insight 3.1: Why Do Firms Self-Insure Their Group Health Insurance Plans? 49 Insight 3.2: Show Me the Money; Risk Manager Salaries Rise 54 Chapter 4 Advanced Topics in Risk Management 61 The Changing Scope of Risk Management 62 Insurance Market Dynamics 65 Loss Forecasting 69 Financial Analysis in Risk Management Decision Making 72 Other Risk Management Tools 75 Summary 77 n Key Concepts and Terms 78 n Review Questions 78 Application Questions 78 n Internet Resources 79 n Selected References 80 Notes 80 Case Application 77 Insight 4.1: The Weather (Derivatives) Report 70 Appendix Risk Management Application Problems 82 Part Two The Private Insurance Industry 87 Chapter 5 Types of Insurers and Marketing Systems 88 Overview of Private Insurance in the Financial Services Industry 89 Types of Private Insurers 92 Agents and Brokers 98 Types of Marketing Systems 99 Group Insurance Marketing 102 Summary 103 n Key Concepts and Terms 103 n Review Questions 103 Application Questions 104 n Internet Resources 104 n Selected References 105 Notes 106 Case Application 102 Insight 5.1: Holding Company Schemes: The Feeling Isn't Mutual 96 Insight 5.2: How Much Do Insurance Agents Earn? 99 Chapter 6 Insurance Company Operations 107 Insurance Company Operations 108 Rate Making 108 Underwriting 109 Production 112 Claims Settlement 113 Reinsurance 115 Alternatives to Traditional Reinsurance 120 Investments 121 Other Insurance Company Functions 124 Summary 125 n Key Concepts and Terms 126 n Review Questions 126 Application Questions 126 n Internet Resources 127 n Selected References 128 Notes 128 Case Application 125 Insight 6.1: Stiffed by Your Insurer? Check Your Insurer's Complaint Record 115 Insight 6.2: New Proposals for Dealing with Mega- Catastrophes 121 Chapter 7 Financial Operations of Insurers 130 Property and Casualty Insurers 131 Life Insurance Companies 136 Rate Making in Property and Casualty Insurance 139 Rate Making in Life Insurance 143 Summary 144 n Key Concepts and Terms 145 n Review Questions 145 Application Questions 145 n Internet Resources 146 n Selected References 147 Notes 147 Case Application 143 Insight 7.1: Profitability of Insurance Industry and other Selected Industries 137 Chapter 8 Government Regulation of Insurance 149 Reasons for Insurance Regulation 150 Historical Development of Insurance Regulation 151 Methods for Regulating Insurers 153 What Areas Are Regulated? 153 State Versus Federal Regulation 161 Current Problems and Issues in Insurance Regulation 163 Summary 169 n Key Concepts and Terms 169 n Review Questions 169 Application Questions 170 n Internet Resources 171 n Selected References 171 Notes 172 Case Application 168 Insight 8.1: 2005 Annual Ranking of Automobile Insurance Complaints in New York State (based on 2004 data) 159 Part THREE Legal Principles in Risks and Insurance 173 Chapter 9 Fundamental Legal Principles 174 Principle of Indemnity 175 Principle of Insurable Interest 178 Principle of Subrogation 179 Principle of Utmost Good Faith 181 Requirements of an Insurance Contract 183 Distinct Legal Characteristics of Insurance Contracts 185 Law and the Insurance Agent 186 Summary 188 n Key Concepts and Terms 189 n Review Questions 190 Application Questions 190 n Internet Resources 191 n Selected References 191 Notes 191 Case Application 188 Insight 9.1: Corporation Lacking Insurable Interest at Time of Death Can Receive Life Insurance Proceeds 180 Insight 9.2: Auto Insurer Denies Coverage Because of Material Misrepresentation 182 Insight 9.3 Insurer Voids Coverage Because of Misrepresentations in Proof of Loss 182 Chapter 10 Analysis of Insurance Contracts 193 Basic Parts of an Insurance Contract 194 Definition of the "Insured" 197 Endorsements and Riders 198 Deductibles 198 Coinsurance 200 Coinsurance in Health Insurance 201 Other-Insurance Provisions 201 Summary 204 n Key Concepts and Terms 204 n Review Questions 205 Application Questions 205 n Internet Resources 206 n Selected References 206 Notes 207 Case Application 203 Insight 10.1: Will Your Auto Insurance Cover You When You Drive Another Person's Car? 197 Part Four Life and health Risks 209 Chapter 11 Life Insurance 210 Premature Death 211 Financial Impact of Premature Death on Different Types of Families 212 Amount of Life Insurance to Own 213 Types of Life Insurance 219 Variations of Whole Life Insurance 225 Other Types of Insurance 234 Summary 237 n Key Concepts and Terms 238 n Review Questions 239 Application Questions 239 n Internet Resources 241 n Selected References 242 Notes 242 Case Application 237 Insight 11.1: 2001 CSO Mortality Table 222 Insight 11.2: How Good Is Cash-Value Life Insurance as an Investment? 224 Insight 11.3: Variable Universal Life Insurance: Is It Worth It? 232 Chapter 12 Life Insurance Contractual Provisions 244 Life Insurance Contractual Provisions 245 Dividend Options 251 Nonforfeiture Options 253 Settlement Options 254 Additional Life Insurance Benefits 259 Summary 264 n Key Concepts and Terms 264 n Review Questions 265 Application Questions 265 n Internet Resources 266 n Selected References 267 Notes 267 Case Application 262 Insight 12.1: Is This Death a Suicide? 247 Insight 12.2: Don't Be Confused About Dividend Options 252 Insight 12.3: Examples of Life Settlement Cases 262 Chapter 13 Buying Life Insurance 268 Determining the Cost of Life Insurance 269 Rate of Return on Saving Component 273 Taxation of Life Insurance 275 Shopping for Life Insurance 272 Summary 280 n Key Concepts and Terms 281 n Review Questions 281 Application Questions 281 n Internet Resources 282 n Selected References 282 Notes 283 Case Application 279 Insight 13.1: Be Careful in Replacing an Existing Life Insurance Policy 273 Appendix Calculation of Life Insurance Premiums 284 Chapter 14 Annuities and Individual Retirement Accounts 290 Individual Annuities 291 Types of Annuities 292 Taxation of Individual Annuities 295 Individual Retirement Accounts 297 Summary 305 n Key Concepts and Terms 306 n Review Questions 306 Application Questions 306 n Internet Resources 307 n Selected References 307 Notes 307 Case Application 1 304 Case Application 2 304 Insight 14.1: At a Glance; Advantages of an Immediate Annuity 293 Insight 14.2: Ten Questions to Answer Before You Buy a Variable Annuity 298 Insight 14.3: Will You Have Enough Money at Retirement? Monte Carlo Simulations Can Be Helpful 303 Chapter 15 Individual Health Insurance Coverages 309 Health-Care Problems in the United States 310 Large Member of Uninsured Persons in the Population 312 Individual Health Insurance Coverages 313 Hospital-Surgical Insurance 314 Major Medical Insurance 314 Health Savings Accounts 316 Long-Term-Care Insurance 319 Disability-Income Insurance 321 Individual Medical Expense Contractual Provisions 324 Shopping for Individual Health Insurance 326 Summ
Summary: This book provides complete and current treatment of major rike management, functional and financial operations of insurers, legal principles, life and health insurance, property and liability insurance, employee benefits and social insurance
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Holdings
Item type Current library Home library Call number Copy number Status Notes Date due Barcode Item holds
Book Mzumbe University Main Campus Library Mzumbe University Main Campus Library 368 REJ (Browse shelf(Opens below)) 1 Available 0059626
Book Mzumbe University Main Campus Library Mzumbe University Main Campus Library 368 REJ (Browse shelf(Opens below)) 2 Available 0059119
Book Mzumbe University Main Campus Library Mzumbe University Main Campus Library 368 REJ (Browse shelf(Opens below)) 3 Available 0059120
Book Mzumbe University Main Campus Library Mzumbe University Main Campus Library 368 REJ (Browse shelf(Opens below)) 4 Available For reference only. 0059625
Total holds: 0

Includes bibliographic references and index

Machine derived contents note: Contents
Preface xvi
Part One Basic Concepts in Risk Management and
Insurance 1
chapter 1 Risk in Our Society 2
Meaning of Risk 3
Chance of Loss 4
Peril and Hazard 5
Basic Categories of Risk 6
Types of Pure Risk 8
Burden of Risk on Society 11
Methods of Handling Risk 12
Summary 15 n Key Concepts and Terms 15 n Review
Questions 16
Application Questions 16 n Internet Resources 17 n
Selected References 17
Notes 17
Case Application 14
Insight 1.1: At a Glance; The Economic Problem of Poor
Health 10
chapter 2 Insurance and Risk 18
Definition of Insurance 19
Basic Characteristics of Insurance 19
Requirements of an Insurable Risk 21
Two Applications: The Risks of Fire and Unemployment 23
Adverse Selection and Insurance 24
Insurance and Gambling Compared 24
Insurance and Hedging Compared 25
Types of Insurance 25
Benefits of Insurance to Society 28
Costs of Insurance to Society 29
Summary 33 n Key Concepts and Terms 34 n Review
Questions 34
Application Questions 34 n Internet Resources 35 n
Selected References 36
Notes 36
Case Application 33
Insight 2.1: Insurance Fraud Hall of Shame; Sampling of
Outrageous Cases 31
Insight 2.2: Don't Think Insurance Fraud is Committed
Only by Hardened
Crooks 32
Appendix Basic Statistics and the Law of Large
Numbers 38
chapter 3 Introduction to Risk Management 41
Meaning of Risk Management 42
Objectives of Risk Management 42
Steps in the Risk Management Process 43
Identifying Loss Exposures 44
Analyze the Loss Exposures 44
Select the Appropriate Techniques for Treating the Loss
Exposures 45
Implement and Monitor the Risk Management Program 52
Benefits of Risk Management 53
Personal Risk Management 53
Summary 56 n Key Concepts and Terms 57 n Review
Questions 57
Application Questions 58 n Internet Resources 59 n
Selected References 59
Notes 59
Case Application 56
Insight 3.1: Why Do Firms Self-Insure Their Group Health
Insurance Plans? 49
Insight 3.2: Show Me the Money; Risk Manager Salaries
Rise 54
Chapter 4 Advanced Topics in Risk Management 61
The Changing Scope of Risk Management 62
Insurance Market Dynamics 65
Loss Forecasting 69
Financial Analysis in Risk Management Decision Making 72
Other Risk Management Tools 75
Summary 77 n Key Concepts and Terms 78 n Review
Questions 78
Application Questions 78 n Internet Resources 79 n
Selected References 80
Notes 80
Case Application 77
Insight 4.1: The Weather (Derivatives) Report 70
Appendix Risk Management Application Problems 82
Part Two The Private Insurance Industry 87
Chapter 5 Types of Insurers and Marketing Systems 88
Overview of Private Insurance in the Financial Services
Industry 89
Types of Private Insurers 92
Agents and Brokers 98
Types of Marketing Systems 99
Group Insurance Marketing 102
Summary 103 n Key Concepts and Terms 103 n Review
Questions 103
Application Questions 104 n Internet Resources 104 n
Selected References 105
Notes 106
Case Application 102
Insight 5.1: Holding Company Schemes: The Feeling Isn't
Mutual 96
Insight 5.2: How Much Do Insurance Agents Earn? 99
Chapter 6 Insurance Company Operations 107
Insurance Company Operations 108
Rate Making 108
Underwriting 109
Production 112
Claims Settlement 113
Reinsurance 115
Alternatives to Traditional Reinsurance 120
Investments 121
Other Insurance Company Functions 124
Summary 125 n Key Concepts and Terms 126 n Review
Questions 126
Application Questions 126 n Internet Resources 127 n
Selected References 128
Notes 128
Case Application 125
Insight 6.1: Stiffed by Your Insurer? Check Your
Insurer's Complaint
Record 115
Insight 6.2: New Proposals for Dealing with Mega-
Catastrophes 121
Chapter 7 Financial Operations of Insurers 130
Property and Casualty Insurers 131
Life Insurance Companies 136
Rate Making in Property and Casualty Insurance 139
Rate Making in Life Insurance 143
Summary 144 n Key Concepts and Terms 145 n Review
Questions 145
Application Questions 145 n Internet Resources 146 n
Selected References 147
Notes 147
Case Application 143
Insight 7.1: Profitability of Insurance Industry and
other Selected
Industries 137
Chapter 8 Government Regulation of Insurance 149
Reasons for Insurance Regulation 150
Historical Development of Insurance Regulation 151
Methods for Regulating Insurers 153
What Areas Are Regulated? 153
State Versus Federal Regulation 161
Current Problems and Issues in Insurance Regulation 163
Summary 169 n Key Concepts and Terms 169 n Review
Questions 169
Application Questions 170 n Internet Resources 171 n
Selected References 171
Notes 172
Case Application 168
Insight 8.1: 2005 Annual Ranking of Automobile Insurance
Complaints
in New York State (based on 2004 data) 159
Part THREE Legal Principles in Risks and
Insurance 173
Chapter 9 Fundamental Legal Principles 174
Principle of Indemnity 175
Principle of Insurable Interest 178
Principle of Subrogation 179
Principle of Utmost Good Faith 181
Requirements of an Insurance Contract 183
Distinct Legal Characteristics of Insurance Contracts 185
Law and the Insurance Agent 186
Summary 188 n Key Concepts and Terms 189 n Review
Questions 190
Application Questions 190 n Internet Resources 191 n
Selected References 191
Notes 191
Case Application 188
Insight 9.1: Corporation Lacking Insurable Interest at
Time of Death Can Receive
Life Insurance Proceeds 180
Insight 9.2: Auto Insurer Denies Coverage Because of
Material
Misrepresentation 182
Insight 9.3 Insurer Voids Coverage Because of
Misrepresentations in Proof
of Loss 182
Chapter 10 Analysis of Insurance Contracts 193
Basic Parts of an Insurance Contract 194
Definition of the "Insured" 197
Endorsements and Riders 198
Deductibles 198
Coinsurance 200
Coinsurance in Health Insurance 201
Other-Insurance Provisions 201
Summary 204 n Key Concepts and Terms 204 n Review
Questions 205
Application Questions 205 n Internet Resources 206 n
Selected References 206
Notes 207
Case Application 203
Insight 10.1: Will Your Auto Insurance Cover You When You
Drive Another
Person's Car? 197
Part Four Life and health Risks 209
Chapter 11 Life Insurance 210
Premature Death 211
Financial Impact of Premature Death on Different Types of
Families 212
Amount of Life Insurance to Own 213
Types of Life Insurance 219
Variations of Whole Life Insurance 225
Other Types of Insurance 234
Summary 237 n Key Concepts and Terms 238 n Review
Questions 239
Application Questions 239 n Internet Resources 241 n
Selected References 242
Notes 242
Case Application 237
Insight 11.1: 2001 CSO Mortality Table 222
Insight 11.2: How Good Is Cash-Value Life Insurance as an
Investment? 224
Insight 11.3: Variable Universal Life Insurance: Is It
Worth It? 232
Chapter 12 Life Insurance Contractual Provisions 244
Life Insurance Contractual Provisions 245
Dividend Options 251
Nonforfeiture Options 253
Settlement Options 254
Additional Life Insurance Benefits 259
Summary 264 n Key Concepts and Terms 264 n Review
Questions 265
Application Questions 265 n Internet Resources 266 n
Selected References 267
Notes 267
Case Application 262
Insight 12.1: Is This Death a Suicide? 247
Insight 12.2: Don't Be Confused About Dividend
Options 252
Insight 12.3: Examples of Life Settlement Cases 262
Chapter 13 Buying Life Insurance 268
Determining the Cost of Life Insurance 269
Rate of Return on Saving Component 273
Taxation of Life Insurance 275
Shopping for Life Insurance 272
Summary 280 n Key Concepts and Terms 281 n Review
Questions 281
Application Questions 281 n Internet Resources 282 n
Selected References 282
Notes 283
Case Application 279
Insight 13.1: Be Careful in Replacing an Existing Life
Insurance Policy 273
Appendix Calculation of Life Insurance Premiums 284
Chapter 14 Annuities and Individual Retirement
Accounts 290
Individual Annuities 291
Types of Annuities 292
Taxation of Individual Annuities 295
Individual Retirement Accounts 297
Summary 305 n Key Concepts and Terms 306 n Review
Questions 306
Application Questions 306 n Internet Resources 307 n
Selected References 307
Notes 307
Case Application 1 304
Case Application 2 304
Insight 14.1: At a Glance; Advantages of an Immediate
Annuity 293
Insight 14.2: Ten Questions to Answer Before You Buy a
Variable Annuity 298
Insight 14.3: Will You Have Enough Money at Retirement?
Monte Carlo Simulations
Can Be Helpful 303
Chapter 15 Individual Health Insurance Coverages 309
Health-Care Problems in the United States 310
Large Member of Uninsured Persons in the Population 312
Individual Health Insurance Coverages 313
Hospital-Surgical Insurance 314
Major Medical Insurance 314
Health Savings Accounts 316
Long-Term-Care Insurance 319
Disability-Income Insurance 321
Individual Medical Expense Contractual Provisions 324
Shopping for Individual Health Insurance 326
Summ

This book provides complete and current treatment of major rike management, functional and financial operations of insurers, legal principles, life and health insurance, property and liability insurance, employee benefits and social insurance

eng.

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