Risk Pooling / Insurance Flashcards

1
Q

Insurable Risks examples

A
  1. Personal
  2. Property
  3. Liability
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2
Q

Generally Uninsurable Risks examples

A
  1. Market
  2. Financial
  3. Production
  4. Political
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3
Q

Types of Insurance

A
♠ Private Insurance
 - Life and health insurance
 - Property and liability insurance
♠ Government Insurance 
 - Social insurance
 - Other types like international trade
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4
Q

Benefits of Insurance to Society

A
♠ Indemnification for loss
♠ Less worry and fear
♠ Source of investment funds
♠ Loss prevention
♠ Enhancement of credit
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5
Q

Costs of Insurance to Society

A

♠ Cost of doing business
♠ Fraudulent claims
♠ Inflated claims

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6
Q

Loss Forecasting Methods

A

A. Probability Analysis
B. Regression Analysis
C. Forecasting with Loss Distributions

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