保险学Tresch12eCh22.ppt

Risk Management and the Insurance IndustryChapter 22 Chapter Objectives Indicate the size of the insurance industry Describe how the insurance business is divided between the private and public sectors Explain why personal insurance has a larger premium volume than property insurance Identify and explain the differences between stock companies, mutual companies, Lloyd’s associations, and reciprocal insurers Indicate which types of insurance have the largest volume Explain how insurance guaranty funds operate Describe how insurance is distributed from insurers to consumers and list the differences between types of agents and brokers in insurance Described the global nature of risk management and the insurance industry The Field of Insurance Insurance coverages can be divided into various opposing categories Personal (life and health) vs property (buildings, homes, autos) Government (flood insurance) vs private (product liability) Involuntary (Social Security) vs voluntary (fire insurance) The categories are not mutually exclusive and they overlap Figure 22-1 depicts the major classifications of insurance and what they have in common with each other Figure 22-1: Major Classifications of Insurance Personal Coverages Those related directly to the individual The risk they cover is the possibility that some peril may interrupt the individual’s income, such as Death, accidents and sickness, unemployment, and old age Insurance is written on each Private insurers are active in providing insurance for death, accidents and sickness, and old age Governmental units are active in all categories Property Coverages Directed against perils that may destroy property Property insurance is distinguished from personal insurance Personal insurance covers perils that may prevent one from earning money with which to acquire property in the future Whereas property insurance covers property that is already acquired Property insurance as used here includes fire, marine,