INSURANCE CONCEPTS

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References• Text booksHarrington, S. et G. Niehaus, Risk Management and Insurance, McGraw-Hill, 2004J.F. Outreville, Theory and Practice of Insurance, Kluwer, 1998H. Skipper et W.J. Kwon, Risk Management and Insurance: perspectives in aglobal economy, Blackwell, 2007Social and Private Insurance2/J.F. Outreville
Definition of an ideal (insurable)risk• Insurable interest• Expected loss (Place, time, cause andamount)• Large number of independent units of thesame value• Loss calculable et accidentalSocial and Private Insurance3/J.F. Outreville
Page 1: INSURANCE CONCEPTSBENEFITS AND COST
Page 7 and 8: Costs of insurance• Transaction c
Page 9 and 10: Insurance coverage (1)1. Full cover
Page 11 and 12: Insurance coverage (3)3. Franchise
Page 13 and 14: Example: coverage in health careins
Page 15 and 16: Why a deductible or a franchise?Why
Page 17 and 18: The price of insuranceRATE-MAKINGPr
Page 19 and 20: Types of Rates• Class Rates• In
Page 21 and 22: High variance and low homogeneitySo
Page 23 and 24: 01005001 0002 0005 00010 00020 0005
Page 25 and 26: Pricing life insurance and pensions
Page 27 and 28: Rate-making concepts (1)• Pure Pr
Page 29 and 30: Rate-making concepts (2)• Rating
Page 31 and 32: Construction of a prospectiverate b
Page 33 and 34: Bonus-Malus ratesHealth insurance c

INSURANCE CONCEPTS

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