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Preface 2 Ç°ÑÔ 3 PART I. Principles of Insurance 13 Chapter 1. Risk and Insurance 13 1.1. INSURANCE DEFINITION 13 1.2. THE CONCEPT OF RISK 14 1.3. CLASSIFICATIONS OF RISK 14 1.4. INSURANCE AND UNINSURABLE RISKS 17 1.5. POOLING OF RISK 19 1.6. PERILS AND HAZARDS 20 1.7. FUNCTIONS AND BENEFITS OF INSURANCE 22 1.8. REINSURANCE, CO-INSURANCE, AND SELF-INSURANCE 25 1.9. INSURANCE HISTORY AND EVOLUTION 31 1.10. INSURANCE PRODUCTS 36 REVIEW 40 QUESTIONS 41 REFERENCES 41 Chapter 2. Insurance Regulation and Supervision 43 2.1. INSURANCE REGULATION 43 2.2. THE PURPOSE OF REGULATION 44 2.3. REASONS THE INSURANCE INDUSTRY NEEDS TO BE REGULATED 44 2.4. OVERVIEW OF REGULATED ACTIVITIES 46 2.5. REGULATION OF INSURANCE IN DIFFERENT COUNTRIES – CASE STUDY 49 REVIEW 55 QUESTIONS 55 REFERENCES 55 Chapter 3. The Insurance Market 57 3.1. INTRODUCTION OF THE INSURANCE MARKET 57 3.2. COMPONENTS OF THE INSURANCE MARKET 58 3.3. INTERMEDIARIES 62 3.4. DISTRIBUTION CHANNELS 64 3.5. THE ROLE OF ANCILLARY PLAYERS IN THE INSURANCE MARKET 65 REVIEW 67 QUESTIONS 67 REFERENCES 67 Chapter 4. The Insurance Contracts 69 4.1. INTRODUCTION OF INSURANCE CONTRACT 70 4.2. CLASSIFICATION OF INSURANCE CONTRACT 70 4.3. DISTINGUISHING CHARACTERISTICS OF INSURANCE CONTRACTS 73 REVIEW 78 QUESTIONS 78 REFERENCES 79 Chapter 5. Life Insurance and Annuities 80 5.1. THREE WAYS LIFE INSURANCE IS DISTRIBUTED 80 5.2. TYPES OF LIFE INSURANCE 84 5.3. ANNUITY - INTRODUCTION 95 5.4. AN ANNUITY INSURANCE OPERATION 95 5.5. ANNUITY CONTRACTS 95 5.6. CLASSIFICATION OF ANNUITIES 97 5.7. USES OF ANNUITIES 99 REVIEW 101 QUESTIONS 101 REFERENCES 101 Chapter 6. Health Insurance and Social Security 103 6.1. HEALTH INSURANCE DEFINITION 103 6.2. HEALTH INSURANCE OVERVIEW 103 6.3. MANAGED CARE ORGANIZATIONS 105 6.4. MANAGED CARE MODELS 109 6.5. HEALTH INSURANCE PRODUCTS 112 6.6. SOCIAL SECURITY 117 REVIEW 119 QUESTIONS 119 REFERENCES 119 Chapter 7. Employee Benefit 121 7.1. EMPLOYEE BENEFITS DEFINITION 121 7.2. TYPES OF EMPLOYEE BENEFITS 122 7.3. WHO PAYS THE COST OF BENEFITS 126 7.4. GROUP LIFE INSURANCE 127 7.5. GROUP DISABILITY INCOME INSURANCE 128 7.6. GROUP HEALTH INSURANCE 130 7.7. PENSION PLANS 132 REVIEW 139 QUESTIONS 139 REFERENCES 139 Chapter 8 Business Risk Insurance 141 8.1. AGRICULTURAL RISK 141 8.2. INDUSTRIAL RISK 147 REVIEW 151 QUESTIONS 151 REFERENCES 152 Chapter 9. Homeowners Insurance 153 9.1. HOMEOWNERS (HO) INSURANCE DEFINITION 153 9.2. TYPES OF POLICIES 154 9.3. MAJOR COVERAGES 155 9.4. EXCLUSIONS 157 9.5. PROPERTY LOSS SETTLEMENT 158 9.6. PRICING HOMEOWNERS POLICIES 160 REVIEW 162 QUESTIONS 162 REFERENCES 162 Chapter 10. Car Automobile Insurance 164 10.1. AUTO LOSS EXPOSURES 164 10.2. COVERAGE 166 10.3. AUTO INSURANCE PRICING: RATING FACTORS 171 10.4. AUTO INSURANCE PRICING: UNDERWRITING 173 REVIEW 173 QUESTIONS 174 REFERENCES 174 PART II. Insurance Mathematics 175 Chapter 11. Multiple Criteria Decision Making (MCDM) 175 11.1. MULTIPLE CRITERIA DECISION MAKING (MCDM) 175 11.2. TERMS OF MCDM ENVIRONMENT 177 11.3. CLASSIFICATION OF MADM METHODS 178 11.4. MULTIPLE CRITERIA DECISION MAKING METHODS 180 REVIEW 200 QUESTIONS 201 REFERENCES 201 Chapter 12. Regulation and SOLVENCY II 203 12.1. SOLVENCY 203 12.2. SOLVENCY II 207 12.3. LAMFALUSSY PROCEDURE 214 REVIEW 216 QUESTIONS 216 REFERENCES 216 Chapter 13. Financial Statements 217 13.1. FINANCIAL STATEMENTS 217 13.2. FINANCIAL REPORTING ANALYSIS 219 13.3. FINANCIAL RATIOS 235 REVIEW 237 QUESTIONS 238 REFERENCES 238 Chapter 14. Technical Provisions 239 14.1. INITIAL THOUGHTS OF TECHNICAL PROVISIONS 239 14.2. LIFE INSURANCE TECHNICAL PROVISION 239 14.3. NONLIFE INSURANCE TECHNICAL PROVISIONS 243 REVIEW 250 QUESTIONS 250 REFERENCES 250 Chapter 15. Reinsurance 251 15.1. INTRODUCTION - REINSURANCE 251 15.2. CLASSIFICATION OF REINSURANCE 256 15.3. REINSURANCE ARRANGEMENTS 263 15.4. INSURANCE-REINSURANCE NETWORKS 283 15.5. REINSURANCE TREATIES 285 15.6. REINSURANCE PROGRAMMES 285 REVIEW 287 QUESTIONS 288 REFERENCES 288 Chapter 16. Life Insurance: Pricing and Reserving 289 16.1. LIFE TABLE 289 16.2. LIFE INSURANCE PRICING 292 16.3. LIFE INSURANCE RESERVING 298 REVIEW 301 QUESTIONS 302 REFERENCES 302 Chapter 17. Non-Life Insurance: Reserving 303 17.1. INTRODUCTION OF TECHNICAL RESERVING 303 17.2. ANNUAL PROFIT 309 17.3. CLAIM RESERVES MODEL: RUN-OFF TRIANGLES 312 REVIEW 315 QUESTIONS 315 REFERENCES 315