Risk Pooling / Insurance Flashcards
1
Q
Insurable Risks examples
A
- Personal
- Property
- Liability
2
Q
Generally Uninsurable Risks examples
A
- Market
- Financial
- Production
- Political
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
4
Q
Benefits of Insurance to Society
A
♠ Indemnification for loss ♠ Less worry and fear ♠ Source of investment funds ♠ Loss prevention ♠ Enhancement of credit
5
Q
Costs of Insurance to Society
A
♠ Cost of doing business
♠ Fraudulent claims
♠ Inflated claims
6
Q
Loss Forecasting Methods
A
A. Probability Analysis
B. Regression Analysis
C. Forecasting with Loss Distributions