WorldWideScience

Sample records for crop insurance contracts

  1. Legal and economic aspects of contracts of insurance of crops and yields against drought

    Directory of Open Access Journals (Sweden)

    Veselinović Janko P.

    2016-01-01

    Full Text Available The contract of insurance of crops and yields against drought is based on the risk of decrease of precipitation in comparison with an earlier relevant period. The authors analysed the specificities of the case of draught risk, but also other regulations characteristic of this contractual relationship, both from the economic and the legal point of view. The paper also treats the position of contractual parties in this contractual relationship, partly arising from the monopolising position of the insuring organisation. That part also analyses the contract freedom that is endangered due to unequal positions of contractual parties. Special attention is paid to legal sources, especially the general and special conditions of insurance organisations, seeing as they are the main source of law, as there is a lack of legal regulation of this field. The number of Serbian insurance organisations that offer this type of insurance is extremely low, as well as the percentage of insurance against this risk. The authors analyse the reasons for which this type of insurance is underdeveloped in Serbia, as well as the consequences of such a state to a safe agricultural production. The paper also covers the topic of the role of legislators and the state in general, in terms of regulation of certain elements of this contractual relation, but also in terms of state incentives that would contribute to a higher percentage of insured agricultural areas. This would reduce the uncertainty and the damage suffered by agricultural producers due to increasing weather fluctuations. Taking into account the inadequate legal and economic tradition, education in this field would represent a significant contribution to the development of this kind of insurance. The authors analyse the difference between the contracts of insurance of crops and yields against drought and the weather derivative contracts, which can be traded on the stock market.

  2. Policy Design of Multi-Year Crop Insurance Contracts with Partial Payments.

    Directory of Open Access Journals (Sweden)

    Ying-Erh Chen

    Full Text Available Current crop insurance is designed to mitigate monetary fluctuations resulting from yield losses for a specific year. However, yield realization tendency can vary from year to year and may depend on the correlation of yield realizations across years. When the current single-year Yield Protection (YP and Area Risk Protection Insurance (ARPI contracts are extended to multiple periods, actuarially fair premium rate is expected to decrease as poor yield realizations in a year can be offset by another year's better yield realizations. In this study, we first use simulations to demonstrate how significant premium savings are possible when coverage is based on the sum of yields across years rather than on a year-by-year basis. We then describe the design of a multi-year framework of crop insurance and model the insurance using a copula approach. Insurance terms are extended to more than a year and the premium, liability, and indemnity are determined by a multi-year term. Moreover, partial payment is provided at the end of each term to offset the possibility of significant loss in a single term. County-level data obtained from the U.S. Department of Agriculture are used to demonstrate the implementations of the proposed multi-year crop insurance. The proposed multi-year plan would benefit farmers by offering insurance guarantees across years for significantly lower costs.

  3. SPATIO-TEMPORAL MODELING OF AGRICULTURAL YIELD DATA WITH AN APPLICATION TO PRICING CROP INSURANCE CONTRACTS

    Science.gov (United States)

    Ozaki, Vitor A.; Ghosh, Sujit K.; Goodwin, Barry K.; Shirota, Ricardo

    2009-01-01

    This article presents a statistical model of agricultural yield data based on a set of hierarchical Bayesian models that allows joint modeling of temporal and spatial autocorrelation. This method captures a comprehensive range of the various uncertainties involved in predicting crop insurance premium rates as opposed to the more traditional ad hoc, two-stage methods that are typically based on independent estimation and prediction. A panel data set of county-average yield data was analyzed for 290 counties in the State of Paraná (Brazil) for the period of 1990 through 2002. Posterior predictive criteria are used to evaluate different model specifications. This article provides substantial improvements in the statistical and actuarial methods often applied to the calculation of insurance premium rates. These improvements are especially relevant to situations where data are limited. PMID:19890450

  4. Crop insurance: Risks and models of insurance

    Directory of Open Access Journals (Sweden)

    Čolović Vladimir

    2014-01-01

    Full Text Available The issue of crop protection is very important because of a variety of risks that could cause difficult consequences. One type of risk protection is insurance. The author in the paper states various models of insurance in some EU countries and the systems of subsidizing of insurance premiums by state. The author also gives a picture of crop insurance in the U.S., noting that in this country pays great attention to this matter. As for crop insurance in Serbia, it is not at a high level. The main problem with crop insurance is not only the risks but also the way of protection through insurance. The basic question that arises not only in the EU is the question is who will insure and protect crops. There are three possibilities: insurance companies under state control, insurance companies that are public-private partnerships or private insurance companies on a purely commercial basis.

  5. 76 FR 71276 - Common Crop Insurance Regulations; Pecan Revenue Crop Insurance Provisions

    Science.gov (United States)

    2011-11-17

    ...-0008] RIN 0563-AC35 Common Crop Insurance Regulations; Pecan Revenue Crop Insurance Provisions AGENCY... Corporation (FCIC) proposes to amend the Common Crop Insurance Regulations, Pecan Revenue Crop Insurance... Regulations (7 CFR part 457) by revising Sec. 457.167 Pecan Revenue Crop Insurance Provisions, to be effective...

  6. 75 FR 15603 - Common Crop Insurance Regulations; Florida Avocado Crop Insurance Provisions

    Science.gov (United States)

    2010-03-30

    ... to: (1) Theft; or (2) Inability to market the avocados for any reason other than actual physical... Crop Insurance Regulations; Florida Avocado Crop Insurance Provisions AGENCY: Federal Crop Insurance... Common Crop Insurance Regulations; Florida Avocado Crop Insurance Provisions to convert the Florida...

  7. 78 FR 33690 - Common Crop Insurance Regulations; Pecan Crop Insurance Provisions; Correction

    Science.gov (United States)

    2013-06-05

    ...-0008] RIN 0563-AC35 Common Crop Insurance Regulations; Pecan Crop Insurance Provisions; Correction... FR 13454-13460). The regulation pertains to the insurance of Pecans. DATES: Effective Date: June 5...: [[Page 33691

  8. Supply contract and portfolio insurance

    Science.gov (United States)

    Runsheng Yin; Bob Izlar

    2001-01-01

    The long-term growth of institutional timberland investments depends on the ability of timberland investment management organizations (TIMO) to deal effectively with securitization, leveraging, arbitraging, supply contracting, portfolio insurance, tax efficiency enhancement, and other issues. Financial engineering holds great promise for many of these issues. This...

  9. 75 FR 15777 - Common Crop Insurance Regulations, Basic Provisions; and Various Crop Insurance Provisions

    Science.gov (United States)

    2010-03-30

    ... (protection for production losses only) within one Basic Provisions and the applicable Crop Provisions to..., Macadamia Nut Crop Insurance Provisions, Onion Crop Insurance Provisions, Dry Pea Crop Insurance Provisions... (protection for production losses only) and revenue protection (protection against loss of revenue caused by...

  10. Duty to provide pre-contractual information of crop insurance

    Directory of Open Access Journals (Sweden)

    Ivančević Katarina

    2016-01-01

    Full Text Available Crop insurance is one of the most important types of agricultural insurance. From the aspect of insurance technique, this insurance is very challenging and requires careful drafting of insurance terms and tariffs. This type of insurance can provide security to farmers in case of financial losses caused by numerous risks which they are exposed to. Insufficient knowledge of the opportunities that the insurance provides is caused in part by inaccurate and vague explanations that have been offered by insurers in negotiation stage to interested farmers. In this regard, an important novelty in Serbian law is the obligation of contractual information which was introduced by the new Insurance Law (IL. In this way, additional protection to users of the service of insurance in relation to the provisions of the obligation law is provided. The goal of this obligation is to allow a negotiator to gain a clear idea of the essential elements of the insurance contract, to consider the proposed coverage and make a reasonable decision whether to accept the conclusion of the insurance contract or not, i.e. under what conditions it should be concluded. Sanctions for failure in the obligation to inform act preventively and repressively on insurers. The aim of this study is analyse the legal and factual position of the service beneficiaries in terms of obligation of economically and experientially superior contractor of lawful and full information of a policyholder prior to the conclusion of an insurance contract in a very specific branch of insurance, such as crop insurance. The application of inductive-deductive and comparative-legal research method, points to certain doctrinal and normative solutions from other legal systems, legal provisions applicable in the law of the Republic of Serbia are critically set out, as well as the daily practice of insurance companies.

  11. 7 CFR 457.142 - Northern potato crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 6 2010-01-01 2010-01-01 false Northern potato crop insurance provisions. 457.142... INSURANCE CORPORATION, DEPARTMENT OF AGRICULTURE COMMON CROP INSURANCE REGULATIONS § 457.142 Northern potato crop insurance provisions. The Northern Potato Crop Insurance Provisions for the 2008 and succeeding...

  12. 7 CFR 457.166 - Blueberry crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 6 2010-01-01 2010-01-01 false Blueberry crop insurance provisions. 457.166 Section... CORPORATION, DEPARTMENT OF AGRICULTURE COMMON CROP INSURANCE REGULATIONS § 457.166 Blueberry crop insurance provisions. The Blueberry Crop Insurance Provisions for the 2005 and succeeding crop years are as follows...

  13. 7 CFR 457.123 - Almond crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 6 2010-01-01 2010-01-01 false Almond crop insurance provisions. 457.123 Section 457... CORPORATION, DEPARTMENT OF AGRICULTURE COMMON CROP INSURANCE REGULATIONS § 457.123 Almond crop insurance provisions. The Almond Crop Insurance Provisions for the 2008 and succeeding crop years are as follows: FCIC...

  14. 7 CFR 457.162 - Nursery crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 6 2010-01-01 2010-01-01 false Nursery crop insurance provisions. 457.162 Section 457... CORPORATION, DEPARTMENT OF AGRICULTURE COMMON CROP INSURANCE REGULATIONS § 457.162 Nursery crop insurance provisions. The Nursery Crop Insurance Provisions for the 2006 and succeeding crop years are as follows: FCIC...

  15. Crop insurance demand in wheat production: focusing on yield gaps and asymmetric information

    International Nuclear Information System (INIS)

    Castañeda-Vera, A.; Saa-Requejo, A.; Mínguez, I.; Garrido, A.

    2017-01-01

    Analysis of yield gaps were conducted in the context of crop insurance and used to build an indicator of asymmetric information. The possible influence of asymmetric information in the decision of Spanish wheat producers to contract insurance was additionally evaluated. The analysis includes simulated yield using a validated crop model, CERES-Wheat previously selected among others, whose suitability to estimate actual risk when no historical data are available was assessed. Results suggest that the accuracy in setting the insured yield is decisive in farmers’ willingness to contract crop insurance under the wider coverage. Historical insurance data, when available, provide a more robust technical basis to evaluate and calibrate insurance parameters than simulated data, using crop models. Nevertheless, the use of crop models might be useful in designing new insurance packages when no historical data is available or to evaluate scenarios of expected changes. In that case, it is suggested that yield gaps be estimated and considered when using simulated attainable yields.

  16. Crop insurance demand in wheat production: focusing on yield gaps and asymmetric information

    Energy Technology Data Exchange (ETDEWEB)

    Castañeda-Vera, A.; Saa-Requejo, A.; Mínguez, I.; Garrido, A.

    2017-07-01

    Analysis of yield gaps were conducted in the context of crop insurance and used to build an indicator of asymmetric information. The possible influence of asymmetric information in the decision of Spanish wheat producers to contract insurance was additionally evaluated. The analysis includes simulated yield using a validated crop model, CERES-Wheat previously selected among others, whose suitability to estimate actual risk when no historical data are available was assessed. Results suggest that the accuracy in setting the insured yield is decisive in farmers’ willingness to contract crop insurance under the wider coverage. Historical insurance data, when available, provide a more robust technical basis to evaluate and calibrate insurance parameters than simulated data, using crop models. Nevertheless, the use of crop models might be useful in designing new insurance packages when no historical data is available or to evaluate scenarios of expected changes. In that case, it is suggested that yield gaps be estimated and considered when using simulated attainable yields.

  17. 77 FR 22467 - Common Crop Insurance Regulations; Fresh Market Tomato (Dollar Plan) Crop Provisions

    Science.gov (United States)

    2012-04-16

    ...-0006] RIN 0563-AC32 Common Crop Insurance Regulations; Fresh Market Tomato (Dollar Plan) Crop... Insurance Corporation (FCIC) finalizes the Common Crop Insurance Regulations, Fresh Market Tomato (Dollar... Common Crop Insurance Regulations (7 CFR part 457), Fresh Market Tomato (Dollar Plan) Crop Provisions...

  18. Weather based risks and insurances for crop production in Belgium

    Science.gov (United States)

    Gobin, Anne

    2014-05-01

    Extreme weather events such as late frosts, droughts, heat waves and rain storms can have devastating effects on cropping systems. Damages due to extreme events are strongly dependent on crop type, crop stage, soil type and soil conditions. The perspective of rising risk-exposure is exacerbated further by limited aid received for agricultural damage, an overall reduction of direct income support to farmers and projected intensification of weather extremes with climate change. According to both the agriculture and finance sectors, a risk assessment of extreme weather events and their impact on cropping systems is needed. The impact of extreme weather events particularly during the sensitive periods of the farming calendar requires a modelling approach to capture the mixture of non-linear interactions between the crop, its environment and the occurrence of the meteorological event. The risk of soil moisture deficit increases towards harvesting, such that drought stress occurs in spring and summer. Conversely, waterlogging occurs mostly during early spring and autumn. Risks of temperature stress appear during winter and spring for chilling and during summer for heat. Since crop development is driven by thermal time and photoperiod, the regional crop model REGCROP (Gobin, 2010) enabled to examine the likely frequency, magnitude and impacts of frost, drought, heat stress and waterlogging in relation to the cropping season and crop sensitive stages. The risk profiles were subsequently confronted with yields, yield losses and insurance claims for different crops. Physically based crop models such as REGCROP assist in understanding the links between different factors causing crop damage as demonstrated for cropping systems in Belgium. Extreme weather events have already precipitated contraction of insurance coverage in some markets (e.g. hail insurance), and the process can be expected to continue if the losses or damages from such events increase in the future. Climate

  19. Perception of Innovative Crop Insurance in Australia

    NARCIS (Netherlands)

    Meuwissen, M.P.M.; Molnar, T.A.

    2010-01-01

    Worldwide, extreme climate risks cause stakeholders in food supply chains to search for new risk management tools. In Australia, recently so-called crop yield simulation insurance has been introduced based on an integrated agrometeorological simulation model. Current uptake is relatively low,

  20. 78 FR 17606 - Common Crop Insurance Regulations; Arizona-California Citrus Crop Insurance Provisions

    Science.gov (United States)

    2013-03-22

    ... definition of ``crop year'' by removing the term ``citrus'' and adding the term ``insured'' in its place; 0 v... is planning to replace the category of ``type'' in the actuarial documents with four categories named... category of ``practice'' in the actuarial documents with four categories named ``cropping practice...

  1. 76 FR 43606 - Common Crop Insurance Regulations; Onion Crop Insurance Provisions

    Science.gov (United States)

    2011-07-21

    ... higher first stage production guarantee for most onion producing areas. Also, a contracted onion crop... for the damaged onion acreage, then any later appraised unharvested production or harvested production...'', ``Onion production'', ``Production guarantee (per acre)'', ``Storage onions'', ``Topping'', ``Transplanted...

  2. Optimal Rules of Negligent Misrepresentation in Insurance Contract Law

    DEFF Research Database (Denmark)

    Lando, Henrik

    2016-01-01

    Rules of misrepresentation in insurance contract law differ widely between jurisdictions. When the insured has negligently misrepresented a fact prior to contracting, common law allows the insurer to rescind the contract if the misrepresentation was material, while civil law countries apply more...

  3. Impacts of crop insurance on water withdrawals for irrigation

    Science.gov (United States)

    Deryugina, Tatyana; Konar, Megan

    2017-12-01

    Agricultural production remains particularly vulnerable to weather fluctuations and extreme events, such as droughts, floods, and heat waves. Crop insurance is a risk management tool developed to mitigate some of this weather risk and protect farmer income in times of poor production. However, crop insurance may have unintended consequences for water resources sustainability, as the vast majority of freshwater withdrawals go to agriculture. The causal impact of crop insurance on water use in agriculture remains poorly understood. Here, we determine the empirical relationship between crop insurance and irrigation water withdrawals in the United States. Importantly, we use an instrumental variables approach to establish causality. Our methodology exploits a major policy change in the crop insurance system - the 1994 Federal Crop Insurance Reform Act - which imposed crop insurance requirements on farmers. We find that a 1% increase in insured crop acreage leads to a 0.223% increase in irrigation withdrawals, with most coming from groundwater aquifers. We identify farmers growing more groundwater-fed cotton as an important mechanism contributing to increased withdrawals. A 1% increase in insured crop acreage leads to a 0.624% increase in cotton acreage, or 95,602 acres. These results demonstrate that crop insurance causally leads to more irrigation withdrawals. More broadly, this work underscores the importance of determining causality in the water-food nexus as we endeavor to achieve global food security and water resources sustainability.

  4. Long Dated Life Insurance and Pension Contracts

    OpenAIRE

    Aase, Knut K.

    2011-01-01

    We discuss the "life cycle model" by first introducing a credit market with only biometric risk, and then market risk is introduced via risky securities. This framework enables us to find optimal pension plans and life insurance contracts where the benefits are state dependent. We compare these solutions both to the ones of standard actuarial theory, and to policies offered in practice. Two related portfolio choice puzzles are discussed in the light of recent research, one is the horizon prob...

  5. 7 CFR 457.169 - Mint crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... type designated in the actuarial documents. The price elections you choose for each type must have the... CORPORATION, DEPARTMENT OF AGRICULTURE COMMON CROP INSURANCE REGULATIONS § 457.169 Mint crop insurance... produces new mint plants at its tips or nodes. Type. A category of mint identified as a type in the Special...

  6. 7 CFR 457.138 - Grape crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... types, in the county for which a premium rate is provided by the actuarial documents: (a) In which you... CORPORATION, DEPARTMENT OF AGRICULTURE COMMON CROP INSURANCE REGULATIONS § 457.138 Grape crop insurance... avoirdupois. Type. A category of grapes (one or more varieties) identified as a type in the Special Provisions...

  7. Good Faith in Life Insurance Contract by Indonesian Court

    Directory of Open Access Journals (Sweden)

    Mokhamad Khoirul Huda

    2017-03-01

    Full Text Available This paper reviews both the interpretation of good faith and its implementation by the Court in terms of life insurance contracts. The principle of good faith in life insurance contracts was under the provision of the Article 251 Wet Boek van Kophandel which assigned the obligation of good faith on the insured. Based on the context of its historical and systematical interpretation, the obligation of good faith should be on both sides, the insurer and the insured. The insured had an obligation to inform any material facts and the insurer had to investigate those all facts. Until recent days, however, judges in all levels of Court did not have any shared and full understanding on the interpretation of good faith in life insurance contracts. As the result, many Courts were frequently inconsistent with each other. Hence, the sense of fairness the people perceived from the court verdict was not achieved.

  8. 78 FR 70485 - Common Crop Insurance Regulations; Extra Long Staple Cotton Crop Provisions

    Science.gov (United States)

    2013-11-26

    ... planting period may be deemed appropriate and actuarially sound. No change has been made in the final rule... in the table for crops in the Crop Insurance Handbook (CIH). Response: The option for providing a...

  9. The Swedish Insurance Contracts Act 2005 – an overview

    OpenAIRE

    Hjalmarsson, Johanna

    2008-01-01

    On 1 January 2006 a new Insurance Contracts Act (Försäkringsavtalslag (SFS 2005:104)) entered into force in Sweden, replacing the Insurance Contracts Act 1927 and the Consumer Insurance Act 1980. The Act is in many ways a modern and interesting product and merits an introduction in English, in the context of the current process of reform undertaken by the Law Commissions of England & Wales and Scotland as well as in the context of expected European initiatives for insurance contract law r...

  10. Development and perspectives of principles of european insurance contract law

    Directory of Open Access Journals (Sweden)

    Ana Keglević

    2013-01-01

    Full Text Available Summary: Principles of European Insurance Contract Law (PEICL provides for a set of principles, definitions and model rules exclusively addressing general law for insurance contract. This work has been preformed within greater project for the creation of Common frame of reference on European contract law initiated by the Commission in 2003. PEICL is essentially designed to perform two basic functions. It would improve the quality of the EU acquis in the area of contract law, remove differences and achieve higher degree of divergences between contract laws of the Member states, and even help the national legislators when enacting legislation or Courts with the possible interpretation of the acquis. On the other hand PEICL could be adopted as an optional instrument, thus offering the common platform for contracting in the area of insurance law on the EU level. Possible Optional instrument would exist parallel with, rather instead of, national insurance contract laws. European Parliament resolution of 2011 on policy options for progress towards a European Contract Law for consumers and businesses and corresponding Green Paper of 2010 show positive tendency towards optional instrument in the legal form of Regulation. This would suit the requirements of the insurance sector. However, there are numerous signals showing adversely. For that reason this paper analyses the development and the status of Principles of European Insurance Contract Law particularly the status and perspectives of Principles within the project for the creation of European contract law.

  11. Value Relevance of Embedded Value and IFRS 4 Insurance Contracts

    OpenAIRE

    Rebecca Chung-Fern Wu; Audrey Wen-Hsin Hsu

    2011-01-01

    In light of the recent exodus of foreign insurers from Taiwan and the local insurers’ outcries against the International Financial Reporting Standard (IFRS) 4 Insurance Contracts, we examine the value relevance of financial statements for life insurance firms, with particular interests to the embedded value (EV) disclosure. We find that the EV of equity has an incremental information role for book value of equity, which indicates that the accounting mismatching problem in the insurance indust...

  12. Asymmetric Information, Self-selection, and Pricing of Insurance Contracts

    DEFF Research Database (Denmark)

    Donnelly, Catherine; Englund, Martin Kristian; Nielsen, Jens Perch

    2014-01-01

    This article presents an optional bonus-malus contract based on a priori risk classification of the underlying insurance contract. By inducing self-selection, the purchase of the bonus-malus contract can be used as a screening device. This gives an even better pricing performance than both...... an experience rating scheme and a classical no-claims bonus system. An application to the Danish automobile insurance market is considered....

  13. 7 CFR 457.117 - Forage production crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... INSURANCE CORPORATION, DEPARTMENT OF AGRICULTURE COMMON CROP INSURANCE REGULATIONS § 457.117 Forage..., or a mixture thereof, or other species as shown in the Actuarial Documents. Harvest—Removal of forage... different price elections by type, in which case you may select one price election for each forage type...

  14. 7 CFR 457.145 - Potato crop insurance-certified seed endorsement.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 6 2010-01-01 2010-01-01 false Potato crop insurance-certified seed endorsement. 457... INSURANCE CORPORATION, DEPARTMENT OF AGRICULTURE COMMON CROP INSURANCE REGULATIONS § 457.145 Potato crop insurance—certified seed endorsement. The Potato Crop Insurance Certified Seed Endorsement Provisions for...

  15. 7 CFR 457.146 - Northern potato crop insurance-storage coverage endorsement.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 6 2010-01-01 2010-01-01 false Northern potato crop insurance-storage coverage... Northern potato crop insurance—storage coverage endorsement. The Northern Potato Crop Insurance Storage... for insurance provider) Both FCIC and reinsured policies: Northern Potato Crop Insurance Storage...

  16. An Optional Instrument for European Insurance Contract Law

    OpenAIRE

    Mandeep Lakhan; Helmut Heiss

    2010-01-01

    The Principles of European Insurance Contract Law, also referred tousing the acronym PEICL, were published in September 2009. They are the result of ten years of academic work undertaken by the"Restatement of European Insurance Contract Law" Project Group. In the time since its establishment in 1999, the project has been transformed from being a stand-alone project to a part of the CoPECL (Common Principles of European Insurance Contract Law) network, drafting a specific part of the Common Fr...

  17. Health Insurance Competition : The Effect of Group Contracts

    NARCIS (Netherlands)

    Boone, J.; Douven, R.C.M.H.; Droge, C.; Mosca, I.

    2010-01-01

    In countries like the US and the Netherlands health insurance is provided by private firms. These private firms can offer both individual and group contracts. The strategic and welfare implications of such group contracts are not well understood. Using a Dutch data set of about 700 group health

  18. 7 CFR 457.148 - Fresh market pepper crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 6 2010-01-01 2010-01-01 false Fresh market pepper crop insurance provisions. 457.148... pepper crop insurance provisions. The fresh market pepper crop insurance provisions for the 1999 and... Fresh Market Pepper Crop Provisions If a conflict exists among the policy provisions, the order of...

  19. 7 CFR 457.129 - Fresh market sweet corn crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 6 2010-01-01 2010-01-01 false Fresh market sweet corn crop insurance provisions. 457... sweet corn crop insurance provisions. The fresh market sweet corn crop insurance provisions for the 2008... Reinsured Policies Fresh Market Sweet Corn Crop Provisions 1. Definitions Allowable cost.—The dollar amount...

  20. 7 CFR 457.143 - Northern potato crop insurance-quality endorsement.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 6 2010-01-01 2010-01-01 false Northern potato crop insurance-quality endorsement... Northern potato crop insurance—quality endorsement. The Northern Potato Crop Insurance Quality Endorsement...) Both FCIC and reinsured policies: Northern Potato Crop Insurance Quality Endorsement 1. Definitions...

  1. An Optional Instrument for European Insurance Contract Law

    Directory of Open Access Journals (Sweden)

    Helmut Heiss

    2010-08-01

    Full Text Available The Principles of European Insurance Contract Law, also referred tousing the acronym PEICL, were published in September 2009. They are the result of ten years of academic work undertaken by the"Restatement of European Insurance Contract Law" Project Group. In the time since its establishment in 1999, the project has been transformed from being a stand-alone project to a part of the CoPECL (Common Principles of European Insurance Contract Law network, drafting a specific part of the Common Frame of Reference. Having continually worked under the guiding principle that "the law of insurance [in Europe] must be one," it now represents a serious option for providing Europe with a single legal framework for insurance contracts.Despite the European Council's proclamations that the Common Frame of Reference will remain a non-binding instrument, the implementation of one or more optional instruments in the future does not appear to beimprobable considering recent developments. The possibility of anoptional instrument has been expressed more than once by the European Commission in its Action Plan and Communication on European Contract Law. Other indications in favour of an optional instrument include the European Parliament's repeated references to the Common Frame of Reference as providing, at the very least, a model for a futureoptional instrument, as well as the EESC's earlier proposal of anoptional instrument as an alternative to standardising insurancecontract law. The preparation by the EESC of another (own-initiative opinion on European contract law is underway, and its presentation is anticipated in 2010. Hence, the optional instrument is evidently the subject of serious political deliberation. Using Article 1:102, the Principles of European Insurance Contract Law represent a prototype for such an instrument.

  2. An Optional Instrument for European Insurance Contract Law

    Directory of Open Access Journals (Sweden)

    Mandeep Lakhan

    2010-08-01

    Full Text Available The Principles of European Insurance Contract Law, also referred tousing the acronym PEICL, were published in September 2009. They are the result of ten years of academic work undertaken by the"Restatement of European Insurance Contract Law" Project Group. In the time since its establishment in 1999, the project has been transformed from being a stand-alone project to a part of the CoPECL (Common Principles of European Insurance Contract Law network, drafting a specific part of the Common Frame of Reference. Having continually worked under the guiding principle that "the law of insurance [in Europe] must be one," it now represents a serious option for providing Europe with a single legal framework for insurance contracts. Despite the European Council's proclamations that the Common Frame of Reference will remain a non-binding instrument, the implementation of one or more optional instruments in the future does not appear to beimprobable considering recent developments. The possibility of anoptional instrument has been expressed more than once by the European Commission in its Action Plan and Communication on European Contract Law. Other indications in favour of an optional instrument include the European Parliament's repeated references to the Common Frame of Reference as providing, at the very least, a model for a futureoptional instrument, as well as the EESC's earlier proposal of anoptional instrument as an alternative to standardising insurancecontract law. The preparation by the EESC of another (own-initiative opinion on European contract law is underway, and its presentation is anticipated in 2010. Hence, the optional instrument is evidently the subject of serious political deliberation. Using Article 1:102, the Principles of European Insurance Contract Law represent a prototype for such an instrument.

  3. 7 CFR 457.130 - Macadamia tree crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... generally in use in the county for the crop to have normal growth and vigor, and are those recognized by the... in any form of alternating or mixed pattern. Irrigated practice. A method by which the normal growth and vigor of the insured trees is maintained by artificially applying adequate quantities of water...

  4. 7 CFR 1405.6 - Crop insurance requirement.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 10 2010-01-01 2010-01-01 false Crop insurance requirement. 1405.6 Section 1405.6 Agriculture Regulations of the Department of Agriculture (Continued) COMMODITY CREDIT CORPORATION, DEPARTMENT... sentence, if the total expected liability under the catastrophic risk protection endorsement is equal to or...

  5. 78 FR 55171 - Common Crop Insurance Regulations; Processing Sweet Corn Crop Insurance Provisions

    Science.gov (United States)

    2013-09-10

    ... production will be considered as a single processor contract, unless the contracts are for different types... ``processor contract'' regarding different base contract prices on multiple contracts with the same processor... follows: 0 a. Amend the introductory text by removing ``1998'' and adding ``2014'' in its place; 0 b...

  6. The design of long term care insurance contracts.

    Science.gov (United States)

    Cremer, Helmuth; Lozachmeur, Jean-Marie; Pestieau, Pierre

    2016-12-01

    This paper studies the design of long term care (LTC) insurance contracts in the presence of ex post moral hazard. While this problem bears some similarity with the study of health insurance (Blomqvist, 1997) the significance of informal LTC affects the problem in several crucial ways. It introduces the potential crowding out of informal care by market care financed through insurance coverage. Furthermore, the information structure becomes more intricate. Informal care is not publicly observable and, unlike the insurer, caregivers know the true needs of their relatives. We determine the optimal second-best contract and show that the optimal reimbursement rate can be written as an A-B-C expression à la Diamond (1998). These terms respectively reflect the efficiency loss as measured by the inverse of the demand elasticity, the distribution of needs and the preferences for risk sharing. Interestingly, informal care directly affects only the first term. More precisely the first term decreases with the presence and significance of informal care. Roughly speaking this means that an efficient LTC insurance contract should offer lower (marginal) reimbursement rates than its counterpart in a health insurance context. Copyright © 2016 Elsevier B.V. All rights reserved.

  7. Crop insurance evaluation in response to extreme events

    Science.gov (United States)

    Moriondo, Marco; Ferrise, Roberto; Bindi, Marco

    2013-04-01

    Crop yield insurance has been indicated as a tool to manage the uncertainties of crop yields (Sherrick et al., 2004) but the changes in crop yield variability as expected in the near future should be carefully considered for a better quantitative assessment of farmer's revenue risk and insurance values in a climatic change regime (Moriondo et al., 2011). Under this point of view, mechanistic crop growth models coupled to the output of General/Regional Circulation Models (GCMs, RCMs) offer a valuable tool to evaluate crop responses to climatic change and this approach has been extensively used to describe crop yield distribution in response to climatic change considering changes in both mean climate and variability. In this work, we studied the effect of a warmer climate on crop yield distribution of durum wheat (Triticum turgidum L. subsp durum) in order to assess the economic significance of climatic change in a risk decision context. Specifically, the outputs of 6 RCMs (Tmin, Tmax, Rainfall, Global Radiation) (van der Linden and Mitchell 2009) have been statistically downscaled by a stochastic weather generator over eight sites across the Mediterranean basin and used to feed the crop growth model Sirius Quality. Three time slices were considered i) the present period PP (average of the period 1975-1990, [CO2]=350 ppm), 2020 (average of the period 2010-2030, SRES scenario A1b, [CO2]=415 ppm) and 2040 (average of the period 2030-2050, SRES scenario A1b, [CO2]=480 ppm). The effect of extreme climate events (i.e. heat stress at anthesis stage) was also considered. The outputs of these simulations were used to estimate the expected payout per hectare from insurance triggered when yields fall below a specific threshold defined as "the insured yield". For each site, the threshold was calculated as a fraction (70%) of the median of yield distribution under PP that represents the percentage of median yield above which indemnity payments are triggered. The results

  8. 20 CFR 726.201 - Insurance contracts-generally.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 3 2010-04-01 2010-04-01 false Insurance contracts-generally. 726.201 Section 726.201 Employees' Benefits EMPLOYMENT STANDARDS ADMINISTRATION, DEPARTMENT OF LABOR FEDERAL COAL MINE HEALTH AND SAFETY ACT OF 1969, AS AMENDED BLACK LUNG BENEFITS; REQUIREMENTS FOR COAL MINE OPERATOR...

  9. Optimal health insurance contract : can moral hazard increase indemnity ?

    OpenAIRE

    Bien, Franck; Alary, David

    2006-01-01

    In this note, we generalize the results obtained by Barday and Lesur (2005) by considering a bivariated non separable utility function. We characterize optimal health insurance contracts. Moreover, we show that under moral hazard a sufficiently high risk aversion implies that the optimal coverage and the optimal preventive effort are higher than with perfect information.

  10. Proportionality in the New German Insurance Contract Act 2008

    NARCIS (Netherlands)

    H. Heiss (Helmut)

    2013-01-01

    markdownabstract__Abstract__ In 2008, the German legislature enacted a completely revised Insurance Contract Act, in which a new rule of proportionality replaced the former all-or-nothing principle for questions of liability. This article outlines the reasons for this shift and the impact of the

  11. REINSURANCE FORM THE PERSPECTIVE OF PROPERTY INSURANCE CONTRACT

    Directory of Open Access Journals (Sweden)

    Dănilă Ștefan MATEI

    2018-05-01

    Full Text Available The most significant means by which insurance markets operate to spread risks beyond like risk pools is reinsurance. The reinsurance operation has the advantage that the original insured can increase his financial capacity in order to cover the risks that he cannot bear alone. The risks are therefore spread and the danger of insolvency or of decreasing the financial capacities either disappears or is reduced. The reinsurance involves a new insurance, carried out by a new policy, for the same original insured risk, for the purpose of compensating the insured persons for the previously concluded insurances. Both contracts exist at the same time. By reinsurance the reinsurer receives reinsurance premiums, in return for which it contributes, according to the obligations assumed, to bearing the indemnities that the reinsured pays on the occurrence of the risk subject to reinsurance; the reinsured cedes reinsurance premiums, in return for which the reinsurer contributes, according to the obligations assumed, to bearing the indemnities that the reinsured pays on the occurrence of the risk subject to reinsurance. The reinsurance does not terminate the insurer’s obligations and does not establish any legal relationship between the insured and the reinsurer. This paper offers an introduction to key features of reinsurance, and some of the sources of complexity in the legal issues that arise

  12. 78 FR 13454 - Common Crop Insurance Regulations; Pecan Revenue Crop Insurance Provisions

    Science.gov (United States)

    2013-02-28

    ... meaning of the definition to allow a choice of either four or six years of sales records to be used to... adding ``2014'' in its place; 0 b. In section 1 by: 0 i. Revising the definitions of ``approved average... Provisions for the 2013 crop year by changing the definition of two-year coverage module to one crop year...

  13. 77 FR 52587 - Common Crop Insurance Regulations; Peach Crop Insurance Provisions

    Science.gov (United States)

    2012-08-30

    ... authorizes FCIC to waive collection of administrative fees from limited resource farmers. FCIC believes this... recommended that due to lack of records in a new orchard (or transferred orchards) and along with the desire of producers to insure fruit for fresh production, a new eligible producer or a new orchard, should...

  14. 75 FR 44709 - Common Crop Insurance Regulations; Stonefruit Crop Insurance Provisions

    Science.gov (United States)

    2010-07-29

    ... resource farmers. FCIC believes this waiver helps to ensure that small entities are given the same... spacing for the producer to carry out recommended orchard management practices. Comment: A commenter... insurance period (e.g., a planned orchard renovation). Therefore, the producers should be able to timely...

  15. 7 CFR 457.144 - Northern potato crop insurance-processing quality endorsement.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 6 2010-01-01 2010-01-01 false Northern potato crop insurance-processing quality... Northern potato crop insurance—processing quality endorsement. The Northern Potato Crop Insurance.... Definitions Broker. Any business enterprise regularly engaged in the buying and selling of processing potatoes...

  16. 77 FR 41709 - Common Crop Insurance Regulations; Florida Citrus Fruit Crop Insurance Provisions

    Science.gov (United States)

    2012-07-16

    ... fees from limited resource farmers. FCIC believes this waiver helps to ensure that small entities are... farmers. FCIC is proposing to change the term ``citrus fruit crop'' to ``citrus fruit commodity'' and to.... Abandoned orchards harbor disease and insects, which without proper control measures and remediation efforts...

  17. 77 FR 27658 - Common Crop Insurance Regulations; Processing Sweet Corn Crop Insurance Provisions

    Science.gov (United States)

    2012-05-11

    ... farming operation. For instance, all producers are required to submit an application and acreage report to... price data from third party sources (e.g., Agricultural Marketing Service) for sweet corn grown under..., it was found that the base contract price more accurately reflects the value of processing sweet corn...

  18. 26 CFR 1.72-16 - Life insurance contracts purchased under qualified employee plans.

    Science.gov (United States)

    2010-04-01

    ... pension, annuity, or profit-sharing plans for the purchase of life insurance contracts and rules for the... income, an endowment, or other contract providing life insurance protection. The rules of this section.... (b) Treatment of cost of life insurance protection. (1) The rules of this paragraph are applicable to...

  19. 48 CFR 3028.307 - Insurance under cost-reimbursement contracts.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 7 2010-10-01 2010-10-01 false Insurance under cost-reimbursement contracts. 3028.307 Section 3028.307 Federal Acquisition Regulations System DEPARTMENT OF HOMELAND... Insurance 3028.307 Insurance under cost-reimbursement contracts. ...

  20. 48 CFR 728.313 - Contract clauses for insurance of transportation or transportation-related services.

    Science.gov (United States)

    2010-10-01

    ...) USAID is required by law to include language in all its direct contracts and subcontracts ensuring that all U.S. marine insurance companies have a fair opportunity to bid for marine insurance when such...

  1. Acceptance of selective contracting: the role of trust in the health insurer.

    Science.gov (United States)

    Bes, Romy E; Wendel, Sonja; Curfs, Emile C; Groenewegen, Peter P; de Jong, Judith D

    2013-10-02

    In a demand oriented health care system based on managed competition, health insurers have incentives to become prudent buyers of care on behalf of their enrolees. They are allowed to selectively contract care providers. This is supposed to stimulate competition between care providers and both increase the quality of care and contain costs in the health care system. However, health insurers are reluctant to implement selective contracting; they believe their enrolees will not accept this. One reason, insurers believe, is that enrolees do not trust their health insurer. However, this has never been studied. This paper aims to study the role played by enrolees' trust in the health insurer on their acceptance of selective contracting. An online survey was conducted among 4,422 people insured through a large Dutch health insurance company. Trust in the health insurer, trust in the purchasing strategy of the health insurer and acceptance of selective contracting were measured using multiple item scales. A regression model was constructed to analyse the results. Trust in the health insurer turned out to be an important prerequisite for the acceptance of selective contracting among their enrolees. The association of trust in the purchasing strategy of the health insurer with acceptance of selective contracting is stronger for older people than younger people. Furthermore, it was found that men and healthier people accepted selective contracting by their health insurer more readily. This was also true for younger people with a low level of trust in their health insurer. This study provides insight into factors that influence people's acceptance of selective contracting by their health insurer. This may help health insurers to implement selective contracting in a way their enrolees will accept and, thus, help systems of managed competition to develop.

  2. Acceptance of selective contracting: the role of trust in the health insurer

    Science.gov (United States)

    2013-01-01

    Background In a demand oriented health care system based on managed competition, health insurers have incentives to become prudent buyers of care on behalf of their enrolees. They are allowed to selectively contract care providers. This is supposed to stimulate competition between care providers and both increase the quality of care and contain costs in the health care system. However, health insurers are reluctant to implement selective contracting; they believe their enrolees will not accept this. One reason, insurers believe, is that enrolees do not trust their health insurer. However, this has never been studied. This paper aims to study the role played by enrolees’ trust in the health insurer on their acceptance of selective contracting. Methods An online survey was conducted among 4,422 people insured through a large Dutch health insurance company. Trust in the health insurer, trust in the purchasing strategy of the health insurer and acceptance of selective contracting were measured using multiple item scales. A regression model was constructed to analyse the results. Results Trust in the health insurer turned out to be an important prerequisite for the acceptance of selective contracting among their enrolees. The association of trust in the purchasing strategy of the health insurer with acceptance of selective contracting is stronger for older people than younger people. Furthermore, it was found that men and healthier people accepted selective contracting by their health insurer more readily. This was also true for younger people with a low level of trust in their health insurer. Conclusion This study provides insight into factors that influence people’s acceptance of selective contracting by their health insurer. This may help health insurers to implement selective contracting in a way their enrolees will accept and, thus, help systems of managed competition to develop. PMID:24083663

  3. 48 CFR 428.307 - Insurance under cost-reimbursement contracts.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Insurance under cost-reimbursement contracts. 428.307 Section 428.307 Federal Acquisition Regulations System DEPARTMENT OF...-reimbursement contracts. ...

  4. 48 CFR 1028.307 - Insurance under cost-reimbursement contracts.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Insurance under cost-reimbursement contracts. 1028.307 Section 1028.307 Federal Acquisition Regulations System DEPARTMENT OF THE...-reimbursement contracts. ...

  5. 48 CFR 28.307 - Insurance under cost-reimbursement contracts.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Insurance under cost-reimbursement contracts. 28.307 Section 28.307 Federal Acquisition Regulations System FEDERAL ACQUISITION...-reimbursement contracts. Cost-reimbursement contracts (and subcontracts, if the terms of the prime contract are...

  6. 48 CFR 228.307 - Insurance under cost-reimbursement contracts.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Insurance under cost-reimbursement contracts. 228.307 Section 228.307 Federal Acquisition Regulations System DEFENSE ACQUISITION....307 Insurance under cost-reimbursement contracts. ...

  7. The Problem of Multiplicity of Insurance Contracts from the Fire to the Money of the Insured in the Jordanian Civil Law

    Directory of Open Access Journals (Sweden)

    Dr. Nabeel Farhan Al Shatanawi

    2017-11-01

    Full Text Available The insured, in some cases the conclusion of more than a decade of insurance against risk of fire to more than insurance companies, so as to increase the total amount of insurance cover for the value of the money of the insured, what is the extent of commitment by all insurance companies to pay compensation when the risk of fire? This study sheds light on the position of the Jordanian legislature to demonstrate the shortcomings and imperfections in the drawback of legislative texts the issue of multiple insurance contracts from the fire, and realized the need to restore the Jordanian legislature consideration of this legislative regulation in terms of the need to distinguish between the insurer and the good faith and bad faith in the case of multiple insurance contracts and their impact on the right to obtain compensation when the danger, and the provisions of the commitment of the insured to notify the insurance company in multiple insurance contracts.

  8. Utmost good faith in non-marine insurance contracts in Malaysia: the need for legal reform

    OpenAIRE

    Thanasegaran, Haemala

    2017-01-01

    This thesis evaluates whether the duty of utmost good faith (the cornerstone of insurance contracts) is effectively regulated and in tum, observed by insurers and insureds alike in Malaysia. This is researched by evaluating the adequacy of the Insurance Act 1996 (Malaysia) and the Takaful Act 1984 (Malaysia), along with the supporting infrastructure and measures introduced by the Malaysian government in providing for the adherence to the duty of utmost good faith throughout the various stages...

  9. Time-Varying Estimation of Crop Insurance Program in Altering North Dakota Farm Economic Structure

    OpenAIRE

    Coleman, Jane A.; Shaik, Saleem

    2009-01-01

    This study examines how federal farm policies, specifically crop insurance, have affected the farm economic structure of North Dakota’s agriculture sector. The system of derived input demand equations is estimated to quantify the changes in North Dakota farmers’ input use when they purchase crop insurance. Further, the cumulative rolling regression technique is applied to capture the varying effects of the farm policies over time. Empirical results from the system of input demand functions in...

  10. Managing hydroclimatological risk to water supply with option contracts and reservoir index insurance

    Science.gov (United States)

    Brown, Casey; Carriquiry, Miguel

    2007-11-01

    This paper explores the performance of a system of economic instruments designed to facilitate the reduction of hydroclimatologic variability-induced impacts on stakeholders of shared water supply. The system is composed of bulk water option contracts between urban water suppliers and agricultural users and insurance indexed on reservoir inflows. The insurance is designed to cover the financial needs of the water supplier in situations where the option is likely to be exercised. Insurance provides the irregularly needed funds for exercising the water options. The combined option contract - reservoir index insurance system creates risk sharing between sectors that is currently lacking in many shared water situations. Contracts are designed for a shared agriculture - urban water system in Metro Manila, Philippines, using optimization and Monte Carlo analysis. Observed reservoir inflows are used to simulate contract performance. Results indicate the option - insurance design effectively smooths water supply costs of hydrologic variability for both agriculture and urban water.

  11. 48 CFR 328.311 - Solicitation provision and contract clause on liability insurance under cost-reimbursement...

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Solicitation provision and contract clause on liability insurance under cost-reimbursement contracts. 328.311 Section 328.311 Federal... Insurance 328.311 Solicitation provision and contract clause on liability insurance under cost-reimbursement...

  12. PRICING AND ASSESSING UNIT-LINKED INSURANCE CONTRACTS WITH INVESTMENT GUARANTEES

    Directory of Open Access Journals (Sweden)

    Ciumas Cristina

    2014-07-01

    Full Text Available One of the most interesting life insurance products to have emerged in recent years in the Romanian insurance market has been the unit-linked contract. Unit-linked insurance products are life insurance policies with investment component. A unit-linked life insurance has two important components: protection and investment. The protection component refers to the insured sum in case of the occurrence of insured risks and the investment component refers to the policyholders’ account that represents the present value of the units from the chosen investment funds. Due to the financial instability caused by the Global Crisis and the amplification of market competitiveness, insurers from international markets have started to incorporate guarantees in unit-linked products. So a unit- linked life insurance policy with an asset value guarantee is an insurance policy whose benefit payable on death or at maturity consists of the greater of some guaranteed amount and the value of the units from the investment funds. One of the most challenging issues concerns the pricing of minimum death benefit and maturity benefit guarantees and the establishing of proper reserves for these guarantees. Insurers granting guarantees of this type must estimate the cost and include the cost in the premium. An important component of the activity carried out by the insurance companies is the investment of the premiums paid by policyholders in various types of assets, in order to obtain higher yields than those guaranteed by the insurance contracts, while providing the necessary liquidity for the payment of insurance claims in case of occurrence of the assumed risks. So the guaranteed benefits can be broadly matched or immunized with various types of financial assets, especially with fixed-interest instruments. According to Romanian legislation which regulates the unit-linked life insurance market, unit-linked life insurance contracts pass most of the investment risk to the

  13. 7 CFR 457.111 - Pear crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... alternating or mixed pattern. Marketable. Pear production acceptable for processing or other human consumption... irrigation water supply, if caused by an insured peril that occurs during the insurance period. (b) In... provisions of the Basic Provisions are not applicable. 13. Pear Quality Adjustment Endorsement (a) This...

  14. 48 CFR 3028.311 - Solicitation provision and contract clause on liability insurance under cost-reimbursement...

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 7 2010-10-01 2010-10-01 false Solicitation provision and contract clause on liability insurance under cost-reimbursement contracts. 3028.311 Section 3028.311... contract clause on liability insurance under cost-reimbursement contracts. ...

  15. 48 CFR 1428.311 - Solicitation provision and contract clause on liability insurance under cost-reimbursement...

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Solicitation provision and contract clause on liability insurance under cost-reimbursement contracts. 1428.311 Section 1428.311... under cost-reimbursement contracts. ...

  16. 48 CFR 528.311 - Solicitation provision and contract clause on liability insurance under cost-reimbursement...

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Solicitation provision and contract clause on liability insurance under cost-reimbursement contracts. 528.311 Section 528.311 Federal...-reimbursement contracts. ...

  17. 48 CFR 28.311 - Solicitation provision and contract clause on liability insurance under cost-reimbursement...

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Solicitation provision and contract clause on liability insurance under cost-reimbursement contracts. 28.311 Section 28.311 Federal...-reimbursement contracts. ...

  18. 78 FR 4478 - Federal Employees Dental and Vision Insurance Program: Application Process for Contract Awards

    Science.gov (United States)

    2013-01-22

    ... process is being changed to be in line with the process used for the Federal Employees Health Benefits... OFFICE OF PERSONNEL MANAGEMENT Federal Employees Dental and Vision Insurance Program: Application... Process for Federal Employees Dental and Vision Insurance Program Contract Awards. SUMMARY: The U. S...

  19. Pricing long-dated insurance contracts with stochastic interest rates and stochastic volatility

    NARCIS (Netherlands)

    van Haastrecht, A.; Lord, R.; Pelsser, A.; Schrager, D.

    2009-01-01

    We consider the pricing of long-dated insurance contracts under stochastic interest rates and stochastic volatility. In particular, we focus on the valuation of insurance options with long-term equity or foreign exchange exposures. Our modeling framework extends the stochastic volatility model of

  20. Assessing the Challenges in Successful Implementation and Adoption of Crop Insurance in Thailand

    Directory of Open Access Journals (Sweden)

    Shweta Sinha

    2016-12-01

    Full Text Available The purpose of this paper is to assess the gaps in the adoption of crop insurance in Thailand and suggest possible solutions relating to policy support and framework, implementation mechanisms, technology adoption, and awareness amongst farmers. The methodology includes a literature review, interaction with officials, rice experts and insurance experts, and discussion with farmers. A study was undertaken at province level to assess the impact of using rainfall index as a threshold. Additionally, focused group discussions (FGD were conducted with rice farmers at the village level. Key issues targeted in the FGD were to understand the behavior and practices during droughts, impact of drought on crop yield, methods already in use to reduce the impact, such as plantation of drought-resistant rice, and the adoption of crop insurance. Data availability is a challenge and has led to withdrawal of Weather Index Insurance (WII in 2015. WII have threshold levels based on historical rainfall. Adoption of coping mechanisms, such as drought-resistant rice and irrigation increases the chances of adverse selection. In absence of ground based weather data, a combination of satellite agriculture drought information can be used to make crop insurance more attractive as it would help in reducing basis risk and improving insurers and farmers’ confidence in the product. Discussion with farmers, insurance companies, and the Bank of Agriculture and Agricultural Cooperatives (BAAC in Thailand suggested low awareness among farmers about the potential benefits of weather index insurance products. Relatively low compensation is also an obstacle. Proper marketing and awareness raising campaigns should also accompany the introduction of index-based insurance products.

  1. The influence of gender and product design on farmers' preferences for weather-indexed crop insurance.

    Science.gov (United States)

    Akter, Sonia; Krupnik, Timothy J; Rossi, Frederick; Khanam, Fahmida

    2016-05-01

    Theoretically, weather-index insurance is an effective risk reduction option for small-scale farmers in low income countries. Renewed policy and donor emphasis on bridging gender gaps in development also emphasizes the potential social safety net benefits that weather-index insurance could bring to women farmers who are disproportionately vulnerable to climate change risk and have low adaptive capacity. To date, no quantitative studies have experimentally explored weather-index insurance preferences through a gender lens, and little information exists regarding gender-specific preferences for (and constraints to) smallholder investment in agricultural weather-index insurance. This study responds to this gap, and advances the understanding of preference heterogeneity for weather-index insurance by analysing data collected from 433 male and female farmers living on a climate change vulnerable coastal island in Bangladesh, where an increasing number of farmers are adopting maize as a potentially remunerative, but high-risk cash crop. We implemented a choice experiment designed to investigate farmers' valuations for, and trade-offs among, the key attributes of a hypothetical maize crop weather-index insurance program that offered different options for bundling insurance with financial saving mechanisms. Our results reveal significant insurance aversion among female farmers, irrespective of the attributes of the insurance scheme. Heterogeneity in insurance choices could however not be explained by differences in men's and women's risk and time preferences, or agency in making agriculturally related decisions. Rather, gendered differences in farmers' level of trust in insurance institutions and financial literacy were the key factors driving the heterogeneous preferences observed between men and women. Efforts to fulfill gender equity mandates in climate-smart agricultural development programs that rely on weather-index insurance as a risk-abatement tool are therefore

  2. 27 CFR 70.164 - Surrender of property subject to levy in the case of life insurance and endowment contracts.

    Science.gov (United States)

    2010-04-01

    ... the case of life insurance and endowment contracts. (a) In general. This section provides special rules relating to the surrender of property subject to levy in the case of life insurance and endowment... subject to levy in the case of life insurance and endowment contracts. 70.164 Section 70.164 Alcohol...

  3. 7 CFR 457.122 - Walnut crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... quarantine, boycott, or refusal of any person to accept production. 10. Duties in the Event of Damage or Loss... production on insured acreage that you intend to abandon or no longer care for, if you and we agree on the... do not agree with our appraisal, we may defer the claim only if you agree to continue to care for the...

  4. 7 CFR 457.159 - Stonefruit crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... selling through an on-farm or roadside stand, farmer's market, and permitting the general public to enter...); (f) That are grown in an orchard that, if inspected, is considered acceptable by us; and (g) That... or to determine the condition of the orchard. (2) The calendar date for the end of the insurance...

  5. 48 CFR 228.311 - Solicitation provision and contract clause on liability insurance under cost-reimbursement...

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Solicitation provision and contract clause on liability insurance under cost-reimbursement contracts. 228.311 Section 228.311 Federal... liability insurance under cost-reimbursement contracts. ...

  6. 48 CFR 1828.311 - Solicitation provision and contract clause on liability insurance under cost-reimbursement...

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Solicitation provision and contract clause on liability insurance under cost-reimbursement contracts. 1828.311 Section 1828.311... insurance under cost-reimbursement contracts. ...

  7. 7 CFR 457.153 - Peach crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... production acceptable for processing or other human consumption even if failing to meet any U.S. or... planted in any form of alternating or mixed pattern. Loss in quality. When the crop is damaged to the... chilling hours to effectively break dormancy; or (9) Failure of irrigation water supply, if caused by an...

  8. 7 CFR 457.108 - Sunflower seed crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... Crop Provisions If a conflict exists among the policy provisions, the order of priority is as follows... insufficient or improper application of disease control measures; (e) Wildlife; (f) Earthquake; (g) Volcanic... the United States as being injurious to human or animal health. (3) Quality will be a factor in...

  9. 7 CFR 457.109 - Sugar Beet Crop Insurance Provisions.

    Science.gov (United States)

    2010-01-01

    ... planted. The first occurrence that land is considered as planted acreage for the crop year. Local market price. The price per pound for raw sugar offered by buyers in the area in which you normally market the...) November 25 in Ohio; (5) December 31 in New Mexico and Texas; and (6) November 15 in all other States and...

  10. 7 CFR 457.167 - Pecan revenue crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... include selling through an on-farm or roadside stand, or a farmer's market, or permitting the general... of in-shell pecans grown during a crop year. Harvest—Collecting mature pecans from the orchard. Hedge...—Pecans as they are removed from the orchard with the nut-meats in the shell. Interplanted—Acreage on...

  11. 7 CFR 457.157 - Plum crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ..., farmer's market, and permitting the general public to enter the field for the purpose of picking all or a... writing; (e) That are grown in an orchard that, if inspected, is considered acceptable by us; and (f) That... any information that we require for the crop or to determine the condition of the orchard. (2) The...

  12. 7 CFR 457.160 - Processing tomato crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... business enterprise regularly engaged in processing tomatoes for human consumption, that possesses all...; (6) Earthquake; (7) Volcanic eruption; or (8) Failure of the irrigation water supply, if due to a... meets the quality requirements of the processor contract (expressed as usable or payable weight). (3...

  13. 7 CFR 457.168 - Mustard crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... amount of production delivered, and the processor contract provides for delivery of the mustard under... that are identified by the Food and Drug Administration or other public health organizations of the... FCIC including, but not limited to, protein and oil will not be considered. (e) Any production...

  14. Accounting for short samples and heterogeneous experience in rating crop insurance

    Science.gov (United States)

    Julia I. Borman; Barry K. Goodwin; Keith H. Cobel; Thomas O. Knight; Rod Rejesus

    2013-01-01

    The purpose of this paper is to be an academic inquiry into rating issues confronted by the US Federal Crop Insurance program stemming from changes in participation rates as well as the weighting of data to reflect longer-run weather patterns.

  15. 7 CFR 457.128 - Guaranteed production plan of fresh market tomato crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... the insured crop directly to consumers without the intervention of an intermediary such as a... Special Provisions. The price election you choose for each type must have the same percentage relationship...: (A) Grown fresh market tomatoes for commercial sales; or (B) Participated in the management of a...

  16. 7 CFR 457.121 - Arizona-California citrus crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... quarantine, boycott, or refusal of any person to accept production. 10. Duties in the Event of Damage or Loss... insured acreage that you intend to abandon or no longer care for, if you and we agree on the appraised... agree with our appraisal, we may defer the claim only if you agree to continue to care for the crop. We...

  17. 7 CFR 2.44 - Administrator, Risk Management Agency and Manager, Federal Crop Insurance Corporation.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 1 2010-01-01 2010-01-01 false Administrator, Risk Management Agency and Manager... Secretary for Farm and Foreign Agricultural Services to the Administrator, Risk Management Agency, and... for the transaction of the business of the Federal Crop Insurance Corporation and the Risk Management...

  18. Claims settlement in insurance contracts from a consumer protection perspective in Cameroon

    Directory of Open Access Journals (Sweden)

    Comfort Fuah Kwanga

    2017-10-01

    Full Text Available Everyone in the society is faced with the possibility of one or more hazards that are part of life will sooner or later befall him and may occasion some loss. This misfortune is uncertain as to the time and period when it will occur and this amongst others include: fire outbreak, accident, and even death. This necessitates the need for people to go for insurance policies which suit their various needs in order to permit compensation in case of loss. Most consumers of insurance products are “short changed” in the process because very few take the trouble to read through their insurance policies in order to ascertain and understand the terms and conditions. The result is that most often when a claim arises and it is discovered that the loss is not covered by the terms of the insurance contract, there is the tendency of blaming the insurance companies. This paper posits that: there are of course some “bad eggs” in the industry who manipulate consumers. However, the paper holds that this unpleasant quagmire is often due to lack of understanding of the terms of insurance contracts in general and consumer apathy in particular. The essence of this study is to re-iterate the need to communicate the rules of the insurance game, thereby minimizing some of the misunderstanding and problems faced by consumers.

  19. 78 FR 38483 - Area Risk Protection Insurance Regulations and Area Risk Protection Insurance Crop Provisions

    Science.gov (United States)

    2013-06-26

    ... premium rates for ARPI that are sufficient to cover expected losses plus a reasonable reserve. The premium... that maximize net benefits (including potential economic, environmental, public health and safety... establish their insurance guarantees, and compute premium amounts. Whether a producer has 10 acres or 1000...

  20. The Effect of Crop Insurance on Technical Efficiency of Wheat Farmers in Kermanshah Province: A Corrected Ordinary Least Square Approach

    Science.gov (United States)

    Agahi, Hossein; Zarafshani, Kiumars; Behjat, Amir-Mohsen

    The purpose of this study was to describe the effect of crop insurance on agricultural production among dry wheat farmers in Kermanshah province. The population of this study consisted of dry wheat farmers. Data used in this study was collected using stratified multi-stage cluster sampling method and face to face interview with 251 farmers in three different climate regions: tropical, temperate and cold during 2003-2004 crop years. The procedures used for determining farmers' technical efficiency was Corrected Ordinary Least Square (COLS). Findings revealed that crop insurance has positive effect on temperate and tropical regions. However, the production difference between insured and uninsured farmers in cold region was non-significant. It is therefore concluded that technical efficiency of agricultural production in Kermanshah province is a function of crop insurance as well as other variables such as crop management practices, personal characteristics and fair distribution of agricultural inputs.

  1. Acceptance of selective contracting: the role of trust in the health insurer.

    NARCIS (Netherlands)

    Bes, R.E.; Wendel, S.; Curfs, E.C.; Groenewegen, P.P.; Jong, J.D. de

    2013-01-01

    Background: In a demand oriented health care system based on managed competition, health insurers have incentives to become prudent buyers of care on behalf of their enrolees. They are allowed to selectively contract care providers. This is supposed to stimulate competition between care providers

  2. About Sanctions and the Hybrid Nature of Modern Insurance Contract Law

    NARCIS (Netherlands)

    H. Cousy (Herman)

    2013-01-01

    markdownabstract__Abstract__ Traditionally, insurance contract law was characterised by radical punitive sanctions, governed by an 'all-or-nothing' logic. This logic has changed as a result of an incorporation of a consumerist approach: more and more, punitive sanctions, have been replaced by

  3. Acceptance of selective contracting : The role of trust in the health insurer

    NARCIS (Netherlands)

    Bes, R.E.; Wendel, S.; Curfs, E.C.; Groenewegen, P.P.; de Jong, J.D

    2013-01-01

    Background In a demand oriented health care system based on managed competition, health insurers have incentives to become prudent buyers of care on behalf of their enrolees. They are allowed to selectively contract care providers. This is supposed to stimulate competition between care providers and

  4. Modelling and Forecasting of Rice Yield in support of Crop Insurance

    Science.gov (United States)

    Weerts, A.; van Verseveld, W.; Trambauer, P.; de Vries, S.; Conijn, S.; van Valkengoed, E.; Hoekman, D.; Hengsdijk, H.; Schrevel, A.

    2016-12-01

    The Government of Indonesia has embarked on a policy to bring crop insurance to all of Indonesia's farmers. To support the Indonesian government, the G4INDO project (www.g4indo.org) is developing/constructing an integrated platform for judging and handling insurance claims. The platform consists of bringing together remote sensed data (both visible and radar) and hydrologic and crop modelling and forecasting to improve predictions in one forecasting platform (i.e. Delft-FEWS, Werner et al., 2013). The hydrological model and crop model (LINTUL) are coupled on time stepping basis in the OpenStreams framework (see https://github.com/openstreams/wflow) and deployed in a Delft-FEWS forecasting platform to support seasonal forecasting of water availability and crop yield. First we will show the general idea about the project, the integrated platform (including Sentinel 1 & 2 data) followed by first (reforecast) results of the coupled models for predicting water availability and crop yield in the Brantas catchment in Java, Indonesia. Werner, M., Schellekens, J., Gijsbers, P., Van Dijk, M., Van den Akker, O. and Heynert K, 2013. The Delft-FEWS flow forecasting system, Environmental Modelling & Software; 40:65-77. DOI: 10.1016/j.envsoft.2012.07.010 .

  5. 76 FR 71271 - Common Crop Insurance Regulations; Fresh Market Tomato (Dollar Plan) Crop Provisions

    Science.gov (United States)

    2011-11-17

    ... to add ``strawberries'' in section 9(b)(3) to the list of crops that require soil fumigation before planting fresh market tomatoes. Strawberries are susceptible to nematode damage and pose the same risk of... sections 9(b)(1) and (2)), peppers, eggplants, strawberries or tobacco have been grown and the soil was not...

  6. 78 FR 53370 - Common Crop Insurance Regulations; Forage Seed Crop Provisions

    Science.gov (United States)

    2013-08-29

    ... appeal provisions published at 7 CFR part 11 and 7 CFR part 400, subpart J, for the informal review...) through (6). 10. Settlement of Claim. (a) We will determine your loss on a unit basis. In the event you... total production was of poor quality; 10,000 pounds of seed failed to achieve the contract minimum...

  7. Optimal Hedging and Pricing of Equity-Linked Life Insurance Contracts in a Discrete-Time Incomplete Market

    Directory of Open Access Journals (Sweden)

    Norman Josephy

    2011-01-01

    Full Text Available We present a method of optimal hedging and pricing of equity-linked life insurance products in an incomplete discrete-time financial market. A pure endowment life insurance contract with guarantee is used as an example. The financial market incompleteness is caused by the assumption that the underlying risky asset price ratios are distributed in a compact interval, generalizing the assumptions of multinomial incomplete market models. For a range of initial hedging capitals for the embedded financial option, we numerically solve an optimal hedging problem and determine a risk-return profile of each optimal non-self-financing hedging strategy. The fair price of the insurance contract is determined according to the insurer's risk-return preferences. Illustrative numerical results of testing our algorithm on hypothetical insurance contracts are documented. A discussion and a test of a hedging strategy recalibration technique for long-term contracts are presented.

  8. Modeling & Analysisng of Economic Behaviour of Insurance Acceptance of Wheat crop by using of Thinking System Approach

    Directory of Open Access Journals (Sweden)

    hamid balali

    2014-10-01

    Full Text Available Unsustainability and precarious conditions of agricultural production have caused this sector be associated with risk . Crops insurance is efficient tool for controlling and reducing production and market risk and stabilizing farmers' income. In this study, the thinking system approach by using of I Think software is used for analyzing and modeling of the effects of different alternatives of policies on wheat insurance acceptance. The results show that the decision making process of insurance acceptance is function of some variables including of probability of brooz khesarat, amount of brooz khesarat, share of farmer’s insurance payment, gross return of fermers and maximum tahood of bimegar payments. Also, by increasing of the probability of brooz khesarat the number of insurance acceptance will increaseal production have caused this sector be associated with risk . Crops insurance is efficient tool for controlling and reducing production and market risk and stabilizing farmers' income. In .

  9. Assessing Climate Risk on Agricultural Production: Insights Using Retrospective Analysis of Crop Insurance and Climatic Trends

    Science.gov (United States)

    Reyes, J. J.; Elias, E.; Eischens, A.; Shilts, M.; Rango, A.; Steele, R.

    2017-12-01

    The collaborative synthesis of existing datasets, such as long-term climate observations and farmers' crop insurance payments, can increase their overall collective value and societal application. The U.S. Department of Agriculture (USDA) Climate Hubs were created to develop and deliver science-based information and technologies to agricultural and natural resource managers to enable climate-informed decision-making. As part of this mission, Hubs work across USDA and other climate service agencies to synthesize existing information. The USDA Risk Management Agency (RMA) is responsible for overseeing the Federal crop insurance program which currently insures over $100 billion in crops annually. RMA hosts data describing the cause for loss (e.g. drought, wind, irrigation failure) and indemnity amount (i.e. total cost of loss) at multiple spatio-temporal scales (i.e. state, county, year, month). The objective of this paper is to link climate information with indemnities, and their associated cause of loss, to assess climate risk on agricultural production and provide regionally-relevant information to stakeholders to promote resilient working landscapes. We performed a retrospective trend analysis at the state-level for the American Southwest (SW). First, we assessed indemnity-only trends by cause of loss and crop type at varying temporal scales. Historical monthly weather data (i.e. precipitation and temperature) and long-term drought indices (e.g. Palmer Drought Severity Index) were then linked with indemnities and grouped by different causes of loss. Climatological ranks were used to integrate historical comparative intensity of acute and long-term climatic events. Heat and drought as causes of loss were most correlated with temperature and drought indicators, respectively. Across all SW states increasing indemnities were correlated with warmer conditions. Multiple statistical trend analyses suggest a framework is necessary to appropriately measure the biophysical

  10. Managing water utility financial risks through third-party index insurance contracts

    Science.gov (United States)

    Zeff, Harrison B.; Characklis, Gregory W.

    2013-08-01

    As developing new supply capacity has become increasingly expensive and difficult to permit (i.e., regulatory approval), utilities have become more reliant on temporary demand management programs, such as outdoor water use restrictions, for ensuring reliability during drought. However, a significant fraction of water utility income is often derived from the volumetric sale of water, and such restrictions can lead to substantial revenue losses. Given that many utilities set prices at levels commensurate with recovering costs, these revenue losses can leave them financially vulnerable to budgetary shortfalls. This work explores approaches for mitigating drought-related revenue losses through the use of third-party financial insurance contracts based on streamflow indices. Two different types of contracts are developed, and their efficacy is compared against two more traditional forms of financial hedging used by water utilities: Drought surcharges and contingency funds (i.e., self-insurance). Strategies involving each of these approaches, as well as their use in combination, are applied under conditions facing the water utility serving Durham, North Carolina. A multireservoir model provides information on the scale and timing of droughts, and the financial effects of these events are simulated using detailed data derived from utility billing records. Results suggest that third-party index insurance contracts, either independently or in combination with more traditional hedging tools, can provide an effective means of reducing a utility's financial vulnerability to drought.

  11. Supporting Crop Loss Insurance Policy of Indonesia through Rice Yield Modelling and Forecasting

    Science.gov (United States)

    van Verseveld, Willem; Weerts, Albrecht; Trambauer, Patricia; de Vries, Sander; Conijn, Sjaak; van Valkengoed, Eric; Hoekman, Dirk; Grondard, Nicolas; Hengsdijk, Huib; Schrevel, Aart; Vlasbloem, Pieter; Klauser, Dominik

    2017-04-01

    The Government of Indonesia has decided on a crop insurance policy to assist Indonesia's farmers and to boost food security. To support the Indonesian government, the G4INDO project (www.g4indo.org) is developing/constructing an integrated platform implemented in the Delft-FEWS forecasting system (Werner et al., 2013). The integrated platform brings together remote sensed data (both visible and radar) and hydrologic, crop and reservoir modelling and forecasting to improve the modelling and forecasting of rice yield. The hydrological model (wflow_sbm), crop model (wflow_lintul) and reservoir models (RTC-Tools) are coupled on time stepping basis in the OpenStreams framework (see https://github.com/openstreams/wflow) and deployed in the integrated platform to support seasonal forecasting of water availability and crop yield. First we will show the general idea about the G4INDO project, the integrated platform (including Sentinel 1 & 2 data) followed by first (reforecast) results of the coupled models for predicting water availability and crop yield in the Brantas catchment in Java, Indonesia. Werner, M., Schellekens, J., Gijsbers, P., Van Dijk, M., Van den Akker, O. and Heynert K, 2013. The Delft-FEWS flow forecasting system, Environmental Modelling & Software; 40:65-77. DOI: 10.1016/j.envsoft.2012.07.010.

  12. CONSIDERATIONS SUR LA CESSATION DU CONTRAT D'ASSURANCE PAR DENONCIATION (CONSIDERATIONS ON THE TERMINATION OF THE INSURANCE CONTRACT BY DENUNCIATION

    Directory of Open Access Journals (Sweden)

    Veronica Stoica

    2016-11-01

    Full Text Available This study addresses the issue of termination of insurance contracts by unilateral denunciation in accordance with Article 2209 of the Civil Code. Distinguishing features of this unusual or specific type of insurance contract are highlighted, together with its differences from the unilateral denunciation of the co ntract provided in the common law. Simultaneously, we aim at analyzing the prerequisites for making unilateral denunciation of an insurance contract, the legal effect of the denunciation throughout the notice period, as well as the effects of the insurance contract termination as a result of its denunciation.

  13. Subverting Risk Attachment as Consideration for Insurance Contracts: Kansas City College of Osteopathic Medicine v. Employers' Surplus Lines Insurance Co.

    Science.gov (United States)

    Sweeney, Patricia J.

    1980-01-01

    Legal implications and court rulings are reviewed for a case in which a medical college requested a premium refund and cancellation of the bond. It is concluded that the court decision in favor of the insurance company was inappropriate and tends to undermine insurance law. (Journal availibility: Boston U. School of Law, Boston, MA 02215) (MSE)

  14. 7 CFR 1901.509 - Loss, theft, destruction, mutilation, or defacement of insured notes, insurance contracts, and...

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 12 2010-01-01 2010-01-01 false Loss, theft, destruction, mutilation, or defacement... Notes § 1901.509 Loss, theft, destruction, mutilation, or defacement of insured notes, insurance... writing. (iv) A full statement of circumstances of the loss, theft, or destruction of the note. (2) An...

  15. 26 CFR 1.264-4 - Other life insurance, endowment, or annuity contracts.

    Science.gov (United States)

    2010-04-01

    ... (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Items Not Deductible § 1.264-4 Other life insurance... insurer, insured, or any other person (other than by gift, bequest, or inheritance, or in a transaction to...

  16. Use of crops and livestock futures contracts in portfolios: an analysis of feasibility

    Directory of Open Access Journals (Sweden)

    Mattos Fabio L.

    2003-01-01

    Full Text Available According to Portfolio Theory, by combining assets that show a correlation inferior to one (1 among their individual returns, it becomes possible to create portfolios that reduce risk without damaging expected return. Crop and livestock futures contracts and company stocks show such a characteristic, which signals potential benefits when forming portfolios combining these two types of assets. This investment strategy is not often utilized in Brazil. The purpose of our research was to assess whether such an asset combination is actually advantageous to those creating investment portfolios in the Brazilian market. Our evaluation used instruments of analysis developed by Markowitz in Portfolio Theory and data about the return from crop and livestock futures contracts and stocks. The data was gathered from the Brazilian Futures and Commodities Exchange (BM&F and Brazil?s National Association of Open Market Institutions (ANDIMA between July 1994 and December 1998. The results of this work showed that the combination of these two types of assets in investment portfolios can be an interesting portfolio management alternative.

  17. CHARACTERISTICS OF THE CARGO INSURANCE CONTRACT IN CASE OF INTERNATIONAL LAND TRANSPORT

    Directory of Open Access Journals (Sweden)

    Dănilă Ștefan MATEI

    2017-05-01

    Full Text Available Cargo international transport is an engine for the development of the economic relations between states involving cross-border movement of goods through the crossing of at least one border of a state (international transport or by crossing at least two border crossing points, in which case we are in the presence of an international cargo transit. During the transit the goods transported may be subject to an insurance. The object of the cargo insurance is, thus, represented by the goods, the items expressly listed in the insurance policy, within the territorial limits specified in the insurance policy, both during the transport and during the storage, in the latter case, at the express request of the insured and with the acceptance of the insurer. This paper analyzes the characteristics of the cargo insurance aiming to present the theoretical and practical aspects of interest with regard to the cargo insurance concluded in case of an international land freight transport.

  18. Trends in family labour, hired labour and contract work on French and Swiss crop farms: The role of agricultural policies

    OpenAIRE

    Dupraz, Pierre; Latruffe, Laure; Mann, Stefan

    2010-01-01

    The objective of this article is to analyse the trends in on-farm labour use, including own family labour, hired labour and contract work, and to assess the factors driving their evolution in France and in Switzerland during 1990-2007. A particular attention is given to agricultural policies, namely the level and type of support. Results indicate that crop area payments discourage the different labour demands in both countries, while environment and investment payments favour contract and hir...

  19. Index-based Crop Insurance for Climate Adaptation in the Developing World

    Science.gov (United States)

    Brown, M. E.; Osgood, D. E.; Carriquiry, M. A.

    2011-12-01

    Weather has always presented a challenge to small-scale farmers, particularly in regions where poverty and lack of infrastructure has restricted the development of financial instruments to limit risk. New 'index' insurance innovations in agriculture are beginning to enable even the poorest farmers to unlock major productivity gains (e.g. insuring loans for improved seeds). Although index insurance has the potential to greatly improve productivity in developing country agriculture, the principal technical challenge to up-scaling this product is "data poverty," the absence of weather data in low-income areas needed to design robust and affordable insurance products. Earth science, particularly remote sensing, has the potential to ameliorate data poverty. However, raw use of earth science model output leads to non-optimal indexes and many obstacles remain to transform earth science products into insurance solutions. Estimation uncertainty, limited availability of consistent time series, and difficulties of predicting loses based on remote observations are reviewed in this article. The importance of multidisciplinary approaches addressing the needs of stakeholders in simple to understand indexes is highlighted. The successful use of Earth science data to support the index insurance industry in currently poor and isolated communities in the developing world would transform the ability of small farmers to increase yields, household incomes and regional economies, if the growing gap between earth science and index insurance can be closed.

  20. Health Insurance

    Science.gov (United States)

    Health insurance helps protect you from high medical care costs. It is a contract between you and your ... Many people in the United States get a health insurance policy through their employers. In most cases, the ...

  1. Attracting Health Insurance Buyers through Selective Contracting: Results of a Discrete-Choice Experiment among Users of Hospital Services in the Netherlands

    Directory of Open Access Journals (Sweden)

    Evelien Bergrath

    2014-04-01

    Full Text Available In 2006, the Netherlands commenced market based reforms in its health care system. The reforms included selective contracting of health care providers by health insurers. This paper focuses on how health insurers may increase their market share on the health insurance market through selective contracting of health care providers. Selective contracting is studied by eliciting the preferences of health care consumers for attributes of health care services that an insurer could negotiate on behalf of its clients with health care providers. Selective contracting may provide incentives for health care providers to deliver the quality that consumers need and demand. Selective contracting also enables health insurers to steer individual patients towards selected health care providers. We used a stated preference technique known as a discrete choice experiment to collect and analyze the data. Results indicate that consumers care about both costs and quality of care, with healthy consumers placing greater emphasis on costs and consumers with poorer health placing greater emphasis on quality of care. It is possible for an insurer to satisfy both of these criteria by selective contracting health care providers who consequently purchase health care that is both efficient and of good quality.

  2. 7 CFR 457.170 - Cultivated wild rice crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... reinsured policies: Cultivated Wild Rice Crop Provisions. 1. Definitions Approved laboratory. A testing.... Cultivated Wild Rice. A member of the grass family Zizania Palustris L., adapted for growing in man-made... for the crop year. Planted acreage. In addition to the definition contained in the Basic Provisions...

  3. 26 CFR 1.101-1 - Exclusion from gross income of proceeds of life insurance contracts payable by reason of death.

    Science.gov (United States)

    2010-04-01

    ... the son of A and B. C receives the proceeds of $1,000 upon the death of A. The amount which C can... insurance contracts payable by reason of death. 1.101-1 Section 1.101-1 Internal Revenue INTERNAL REVENUE... contracts payable by reason of death. (a)(1) In general. Section 101(a)(1) states the general rule that the...

  4. 7 CFR 457.112 - Hybrid sorghum seed crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... test. A warm germination test performed on clean seed according to specifications of the “Rules for.... Germination of less than 80 percent of the commercial hybrid sorghum seed as determined by using a certified seed test. Insurable interest. Your share of the financial loss that occurs in the event seed...

  5. Trends in family, hired and contract labour use on French and Swiss crop farms: The role of agricultural policies

    OpenAIRE

    Dupraz, Pierre; Latruffe, Laure; Mann, Stefan

    2010-01-01

    The objective of this article is to analyse the trends in on-farm labour use, including own family labour, hired labour and contract work, and to assess the factors driving their evolution in France and in Switzerland during 1990-2007. A particular attention is given to agricultural policies, namely the level and type of support. Results indicate that crop area payments discourage the different labour demands in both countries. No other subsidies have a significant influence on labour use in ...

  6. Index-Based Insurance Contracts to FOSTER Cooperation Between Agents Exposed to Uncorrelated Drought and Flooding Risks

    Science.gov (United States)

    Denaro, S.; Giuliani, M.; Castelletti, A.; Characklis, G. W.

    2017-12-01

    Worldwide, conflict over shared water resources is exacerbated by population growth, economic development and climate change. In multi-purpose water systems, stakeholders can face higher financial risks as a consequence of increased hydrological uncertainty and recurrent extreme events. In this context, a financial hedging tool able to bundle together the uncorrelated risks faced by different stakeholders may be an efficient solution to both foster cooperation and manage the financial losses associated with extreme events. In this work we explore the potential of risk diversification strategies involving index-based insurance joint contract solutions, to manage financial risk in a multi-purpose water system prone to both drought and flood risk. Risk diversification can allow for reduced insurance premiums in situations in which the bundled risks are entirely, or mostly, uncorrelated. Jointly covering flood and drought related risks from competing users in the same geographic area represents a novel application. The approach is demonstrated using a case study on Lake Maggiore, a regulated lake whose management is highly controversial due to numerous and competing human activities. In particular we focus on the ongoing conflict among the lakeshore population, affected by flood risk, and the downstream farmers' districts, facing drought related losses. Results are promising and indicate that bundling uncorrelated risks from competing users is beneficial to both promoting insurance premium affordability and facilitating collaboration schemes at the catchment scale.

  7. Integrating interannual climate variability forecasts into weather-indexed crop insurance. The case of Malawi, Kenya and Tanzania

    Science.gov (United States)

    Vicarelli, M.; Giannini, A.; Osgood, D.

    2009-12-01

    In this study we explore the potential for re-insurance schemes built on regional climatic forecasts. We focus on micro-insurance contracts indexed on precipitation in 9 villages in Kenya, Tanzania (Eastern Africa) and Malawi (Southern Africa), and analyze the precipitation patterns and payouts resulting from El Niño Southern Oscillation (ENSO). The inability to manage future climate risk represents a “poverty trap” for several African regions. Weather shocks can potentially destabilize not only household, but also entire countries. Governments in drought-prone countries, donors and relief agencies are becoming aware of the importance to develop an ex-ante risk management framework for weather risk. Joint efforts to develop innovative mechanisms to spread and pool risk such as microinsurance and microcredit are currently being designed in several developing countries. While ENSO is an important component in modulating the rainfall regime in tropical Africa, the micro-insurance experiments currently under development to address drought risk among smallholder farmers in this region do not take into account ENSO monitoring or forecasting yet. ENSO forecasts could be integrated in the contracts and reinsurance schemes could be designed at the continental scale taking advantage of the different impact of ENSO on different regions. ENSO is associated to a bipolar precipitation pattern in Southern and Eastern Africa. La Niña years (i.e. Cold ENSO Episodes) are characterized by dry climate in Eastern Africa and wet climate in Southern Africa. During El Niño (or Warm Episode) the precipitation dipole is inverted, and Eastern Africa experiences increased probability for above normal rainfall (Halpert and Ropelewski, 1992, Journal of Climate). Our study represents the first exercise in trying to include ENSO forecasts in micro weather index insurance contract design. We analyzed the contracts payouts with respect to climate variability. In particular (i) we simulated

  8. 7 CFR 457.154 - Processing sweet corn crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... policies: Processing Sweet Corn Crop Provisions If a conflict exists among the policy provisions, the order.... Processor. Any business enterprise regularly engaged in canning or freezing processing sweet corn for human... disease control measures or as otherwise limited by the Special Provisions; (5) Wildlife; (6) Earthquake...

  9. 7 CFR 457.161 - Canola and rapeseed crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ...: Canola and Rapeseed Crop Provisions If a conflict exists among the policy provisions, the order of... application of disease control measures; (e) Wildlife; (f) Earthquake; (g) Volcanic eruption; or (h) Failure... injurious to human or animal health. (3) Quality will be a factor in determining your loss in canola...

  10. 7 CFR 457.106 - Texas citrus tree crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... proper times. Root stock—A root or a piece of a root of one tree variety onto which a bud from another... will be increased by 46 percent as a result of the additional six months of coverage for that crop year...

  11. 24 CFR 266.634 - Reinstatement of the contract of insurance.

    Science.gov (United States)

    2010-04-01

    ... insurance. (c) Payment. Within 30 days of the date of the notice under paragraph (b) of this section, the HFA shall pay HUD an amount equal to the initial claim amount, as determined under § 266.628(a)(1), plus an amount equal to the accrued and unpaid interest on the HFA Debenture through the reinstatement...

  12. State Run Crop Insurance as a PPublic Policy in Accelerating Agricultural Growth in Developing Countries

    OpenAIRE

    Ahsan, Syed M.; Rashid, Salim

    1983-01-01

    Modern varieties of agricultural crops, commonly referred to as high yielding varieties (HYVs), are being increasingly looked upon as a major source of the additional foodgrain required to attain self-sufficiency in a number of Third World countries. In spite of the demonstrated productivity gains with HYVs, the adoption rate has been rather disappointing in many of those countries. Part of the reason behind the farmer's reluctance must arise from the unfamiliarity and high costs of the new t...

  13. Blockchain and Smart Contracts for Insurance: Is the Technology Mature Enough?

    OpenAIRE

    Valentina Gatteschi; Fabrizio Lamberti; Claudio Demartini; Chiara Pranteda; Víctor Santamaría

    2018-01-01

    Blockchain is receiving increasing attention from academy and industry, since it is considered a breakthrough technology that could bring huge benefits to many different sectors. In 2017, Gartner positioned blockchain close to the peak of inflated expectations, acknowledging the enthusiasm for this technology that is now largely discussed by media. In this scenario, the risk to adopt it in the wake of enthusiasm, without objectively judging its actual added value is rather high. Insurance is ...

  14. Blockchain and Smart Contracts for Insurance: Is the Technology Mature Enough?

    Directory of Open Access Journals (Sweden)

    Valentina Gatteschi

    2018-02-01

    Full Text Available Blockchain is receiving increasing attention from academy and industry, since it is considered a breakthrough technology that could bring huge benefits to many different sectors. In 2017, Gartner positioned blockchain close to the peak of inflated expectations, acknowledging the enthusiasm for this technology that is now largely discussed by media. In this scenario, the risk to adopt it in the wake of enthusiasm, without objectively judging its actual added value is rather high. Insurance is one the sectors that, among others, started to carefully investigate the possibilities of blockchain. For this specific sector, however, the hype cycle shows that the technology is still in the innovation trigger phase, meaning that the spectrum of possible applications has not been fully explored yet. Insurers, as with many other companies not necessarily active only in the financial sector, are currently requested to make a hard decision, that is, whether to adopt blockchain or not, and they will only know if they were right in 3–5 years. The objective of this paper is to support actors involved in this decision process by illustrating what a blockchain is, analyzing its advantages and disadvantages, as well as discussing several use cases taken from the insurance sector, which could easily be extended to other domains.

  15. 26 CFR 1.817-5 - Diversification requirements for variable annuity, endowment, and life insurance contracts.

    Science.gov (United States)

    2010-04-01

    ... issuer or holder of the variable contract must agree to make such adjustments or pay such amounts as may... quarter because of a discrepancy between the value of its assets and the diversification requirements unless such discrepancy exists immediately after the acquisition of any asset and such discrepancy is...

  16. Competitive bidding for health insurance contracts: lessons from the online HMO auctions.

    Science.gov (United States)

    Gupta, Alok; Parente, Stephen T; Sanyal, Pallab

    2012-12-01

    Healthcare is an important social and economic component of modern society, and the effective use of information technology in this industry is critical to its success. As health insurance premiums continue to rise, competitive bidding may be useful in generating stronger price competition and lower premium costs for employers and possibly, government agencies. In this paper, we assess an endeavor by several Fortune 500 companies to reduce healthcare procurement costs for their employees by having HMOs compete in open electronic auctions. Although the auctions were successful in generating significant cost savings for the companies in the first year, i.e., 1999, they failed to replicate the success and were eventually discontinued after two more years. Over the past decade since the failed auction experiment, effective utilization of information technologies have led to significant advances in the design of complex electronic markets. Using this knowledge, and data from the auctions, we point out several shortcomings of the auction design that, we believe, led to the discontinuation of the market after three years. Based on our analysis, we propose several actionable recommendations that policy makers can use to design a sustainable electronic market for procuring health insurance.

  17. 26 CFR 25.2512-6 - Valuation of certain life insurance and annuity contracts; valuation of shares in an open-end...

    Science.gov (United States)

    2010-04-01

    ... annuity. The value of the gift is the cost of the contract. Example (2). An annuitant purchased from a... Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) ESTATE AND GIFT TAXES GIFT TAX; GIFTS MADE AFTER DECEMBER 31, 1954 Transfers § 25.2512-6 Valuation of certain life insurance and annuity...

  18. Publication Of Administrative Circulars: No. 4 (Rev. 4) – Unemployment Insurance Scheme No. 30 (Rev. 2) – Financial Benefits on Taking Up Appointment and on Termination of Contract

    CERN Multimedia

    HR Department

    2008-01-01

    Administrative Circular No. 4 (Rev. 4) – Unemployment insurance scheme Administrative Circular No. 4 (Rev. 4) – "Unemployment insurance scheme", approved following discussion in the Standing Concertation Committee meetings of 28 August 2007 and 27 February 2008, is now available on the intranet site of the Human Resources Department. It cancels and replaces Administrative Circular No. 4 (Rev. 3) – "Unemployment insurance" of October 1993. Copies will shortly be available in Departmental secretariats. Human Resources Department Tel. 78003 Administrative Circular No. 30 (Rev. 2) – Financial benefits on taking up appointment and termination of contract Administrative Circular No. 30 (Rev. 2) – "Financial benefits on taking up appointment and termination of contract", approved following discussion in the Standing Concertation Committee meetings of 28 August 2007 and 27 February 2008, is now available on the intranet site of the Human Resources De...

  19. Publication Of Administrative Circulars: No. 4 (Rev. 4) – Unemployment Insurance Scheme No. 30 (Rev. 2) – Financial Benefits on Taking Up Appointment and on Termination of Contract

    CERN Document Server

    HR Department

    2008-01-01

    Administrative Circular No. 4 (Rev. 4) – Unemployment insurance scheme Administrative Circular No. 4 (Rev. 4) – "Unemployment insurance scheme", approved following discussion at the Standing Concertation Committee meetings of 28 August 2007 and 27 February 2008, is now available on the intranet site of the Human Resources Department. It cancels and replaces Administrative Circular No. 4 (Rev. 3) – "Unemployment insurance" of October 1993. Copies will shortly be available in Departmental secretariats. Human Resources Department Tel. 78003 Administrative Circular No. 30 (Rev. 2) – Financial benefits on taking up appointment and termination of contract Administrative Circular No. 30 (Rev. 2) – "Financial benefits on taking up appointment and termination of contract", approved following discussion at the Standing Concertation Committee meetings of 28 August 2007 and 27 February 2008, is now available on the intranet site of the Human Resources De...

  20. Nuclear Liability and Insurance Protection for Nuclear Transport Accidents Involving Non-Contracting EU States: An assessment

    International Nuclear Information System (INIS)

    Horbach, N. L. J. T.

    2006-01-01

    This paper provides an analysis of the possible complications and consequences with respect to nuclear liability and insurance protection applicable in respect of transport activities resulting in damage suffered and/or accidents occurring in EU States that are not party to the Paris Convention. It looks at the different legal aspects (jurisdiction, applicable law, liability amounts, reciprocity) should the revised Vienna and Paris Convention become applicable in comparison with the unrevised Conventions. Within Europe, a large number of States are party to the 1960 Paris Convention and the 1963 Brussels Supplementary Convention, providing liability and insurance protection, in general, up to a limit of 300 million SDRs (or even higher). In principle, such protection is confined to nuclear incidents occurring and nuclear damage suffered in the territory of Contracting Parties, including, as recommended, the high seas, unless the legislation of the Installation State determines otherwise (Article 2). The geographical scope of application of the Paris Convention would thus vary according to the law of the Installation State. However, some EU States never became party to the Paris Convention, and are not bound by its the liability principles (notably, channelling of liability), such as Austria, Luxembourg and Ireland. Transport accidents involving these countries might therefore result in liability claims outside the treaty liability regime against operators, suppliers, carriers or persons involved and for types of damages different from those currently covered by the Paris Convention (e.g., environmental damage). It is uncertain to what extent liability insurance of the installation operators would provide adequate protection and whether related damage claims can be enforceable. In addition, a number of newly entered EU States are party to the Vienna Convention, which, although bound by liability principles basically similar to those of the Paris Convention, will

  1. INSURANCE INTERMEDIARIES

    Directory of Open Access Journals (Sweden)

    Andreea Stoican

    2013-11-01

    Full Text Available The actual Civil code regulates for the first time in the Romanian legislation the intermediation contract, until its entering into force existing multiple situations that lent themselves to this legal operation, but did not benefit of such particular legal rules. Yet, the case law has shown that the situations that arise in the activity of the legal or natural persons are much more complex, this leading, in time, to the reglementation of such particular rules. Such a case is that found in the matter of insurance contracts, the position of the insurance intermediaries being regulated especially by Law no. 32/2000, according to which they represent the natural or legal persons authorized in the conditions of the above mentioned legal document, that perform intermediation activities in the insurance field, in exchange of a remuneration, as well as the intermediaries from the EU member states that perform such an activity on the Romanian territory, in accordance with the freedom in performing services. Therefore, the present paper aims to analyze the conclusion of such insurance contracts and to underline the particular position of the insurance brokers, having the following structure: 1 Introduction; 2 The reglementation of the intermediation contract/brokerage agreement in the Romanian Law; 3 The importance of the intermediaries in the insurance contracts; 4 The conclusion of the insurance contracts; 5 Conclusions.

  2. 24 CFR 266.602 - Mortgage insurance premium: Insured advances.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Mortgage insurance premium: Insured... Contract Rights and Obligations Mortgage Insurance Premiums § 266.602 Mortgage insurance premium: Insured.... On each anniversary of the initial closing, the HFA shall pay an interim mortgage insurance premium...

  3. Inflation Insurance

    OpenAIRE

    Zvi Bodie

    1989-01-01

    A contract to insure $1 against inflation is equivalent to a European call option on the consumer price index. When there is no deductible this call option is equivalent to a forward contract on the CPI. Its price is the difference between the prices of a zero coupon real bond and a zero coupon nominal bond, both free of default risk. Provided that the risk-free real rate of interest is positive, the price of such an inflation insurance policy first rises and then falls with time to maturity....

  4. Export insurance

    International Nuclear Information System (INIS)

    1981-01-01

    These notes are intended as a general guide for the use of members of the Canadian Nuclear Association who are, or may become, involved in supplying goods or services or contracting/ erecting as part of a contract to supply a nuclear facility to an overseas country. They give information to the type of insurances needed and available, the parties normally responsible for providing the coverages, the intent and operation of the various policies, general methods of charging premiums, and main exclusions

  5. Hydrological drought index insurance for irrigation districts in Spain

    Energy Technology Data Exchange (ETDEWEB)

    Maestro, T.; Bielza, M.; Garrido, A.

    2016-11-01

    Hydrological droughts are a major risk for irrigated agriculture in many regions of the world. The aim of this article is to propose an insurance tool to help irrigators manage the risk of water scarcity in the framework of the Spanish Crop Insurance System (SCIS). Only the United States Insurance System provides this type of coverage, but has very restrictive conditions. To determine the type of insurance scheme that better fits with the SCIS and to the Spanish irrigated agriculture, an expert panel was held with the participation of all stakeholders involved in crop insurance. Following the expert panel conclusions, an hydrological drought index insurance (HDII) addressed to irrigation districts (ID) is proposed. It would compensate water deficits suffered in the whole ID. We detail the conditions that the ID should fulfill to be eligible for HDII. HDII is applied to the Bardenas Irrigation District V (ID-V) in Spain, and the hedging effectiveness of the instrument is analyzed comparing ID-V’s gross margins with and without the insurance contract. Results suggest that the proposed insurance scheme could provide an effective means of reducing farmers’ vulnerability to water shortages and there is no major impediment for it to be included as a new line in the SCIS. This type of insurance can be generalized to any ID fulfilling the conditions mentioned in this paper. (Author)

  6. A Transaction Cost Analysis of Dutch Hospital Care Contracting between hospitals and health insurance companies in a deregulated environment

    NARCIS (Netherlands)

    C.A. Brandenburg (Claudia)

    2008-01-01

    textabstractThe Dutch government has started a process of reformation in the Dutch healthcare. The goal of this reformation is cost efficient healthcare in the Netherlands. Hospitals and health insurance companies in the Netherlands experience changes in regulations and funding. They are expected

  7. 41 CFR 60-741.25 - Health insurance, life insurance and other benefit plans.

    Science.gov (United States)

    2010-07-01

    ... 41 Public Contracts and Property Management 1 2010-07-01 2010-07-01 true Health insurance, life insurance and other benefit plans. 60-741.25 Section 60-741.25 Public Contracts and Property Management... Health insurance, life insurance and other benefit plans. (a) An insurer, hospital, or medical service...

  8. A utility theory approach for insurance pricing

    Directory of Open Access Journals (Sweden)

    Mohsen Gharakhani

    2015-11-01

    Full Text Available Providing insurance contract with “deductible” is beneficial for both insurer and insured. In this paper, we provide a utility modeling approach to handle insurance pricing and evaluate the tradeoff between discount benefit and deductible level. We analyze four different pricing problems of no insurance, full insurance coverage, insurance with β% deductible and insurance with D-dollar deductible based on a given utility function. A numerical example is also used to illustrate some interesting results.

  9. Nuclear insurance

    International Nuclear Information System (INIS)

    Anon.

    1993-01-01

    The German Nuclear Power Plant Insurance (DKVG) Association was able to increase its net capacity in property insurance to 637 million marks in 1993 (1992: 589 million). The reinsurance capacity of the other pools included, the total amount covered now amounts to 2 billion marks in property incurance and 200 million marks in liability incurance. As in the year before the pool can reckon with a stable gross premium yield around 175 million marks. The revival of the US dollar has played a decisive role in this development. In 1993 in the domestic market, the DKVG offered policies for 22 types of property risk and 43 types to third-party risk, operating with a gross target premium of 65 million marks and 16 million marks, respectively. The DKVG also participated in 540 foreign insurance contracts. (orig./HSCH) [de

  10. Transparency, trust and security: An evaluation of the insurer's ...

    African Journals Online (AJOL)

    Transparency in insurance law attaches to the rights and duties of the parties, the ... protection principles as envisaged by South African insurance legislation. ... an insurance contract, the insurer's duty to speak is not based on a general ...

  11. HEALTH INSURANCE

    CERN Multimedia

    2000-01-01

    The CERN-AUSTRIA Agreement, which implemented CERN's health insurance scheme, expired on 31 December 1999.In accordance with CERN's rules, a call for tenders for the management of the health insurance scheme was issued and the contract was once again awarded to AUSTRIA. In June 1999, the Finance Committee thus authorised the Management to conclude a new contract with AUSTRIA, which came into force on 1st January 2000.Continuity is thus assured on favourable conditions and the transition from one contract to the other will entail no substantial changes in the system for those insured at CERN except for a few minor and purely formal amendmentsWHAT REMAINS UNCHANGEDThe list of benefits, i.e. the 'cover' provided by the system, is not changed;Neither is the reimbursement procedure.AUSTRIA's office at CERN and its opening hours as well as its city headquarters remain the same. The envelopes containing requests for reimbursement have had to be sent (since the end of 1998) to :Rue des Eaux-Vives 94Case postale 64021...

  12. Dealing with drought in irrigated agriculture through insurance schemes: an application to an irrigation district in Southern Spain

    Energy Technology Data Exchange (ETDEWEB)

    Ruiz, M.; Bielza, J.; Garrido, A.; Iglesias, A.

    2015-07-01

    Hydrological drought is expected to have an increasing impact on both crop and fruit yields in arid and semi-arid regions. Some existing crop insurance schemes provide coverage against water deficits in rain-fed agriculture. The Prevented Planting Program in the USA covers against drought for irrigated agriculture. However, drought insurance for irrigated agriculture is still a challenge for companies and institutions because of the complexity of the design and implementation of this type of insurance. Few studies have attempted to evaluate the risk of loss due to irrigation water scarcity using both stand-alone production functions and crop simulation models. This paper’s contributions are that it evaluates the suitability of AquaCrop for calculating drought insurance premiums for irrigated agriculture and that it discusses contract conditions and insurance design for hydrological drought risk coverage as part of a traditional insurance product, with on-field loss assessment in combination with a trigger index. This method was applied to an irrigation district in southern Spain. Our insurance premium calculation showed that it is feasible to apply this method provided that its data requirements are met, such as a large enough set of reliable small-scale yield and irrigation time series data, especially soil data, to calibrate AquaCrop. The choice of a trigger index should not be underestimated because it proved to have a decisive influence on insurance premiums and indemnities. Our discussion of the contract conditions shows that hydrological drought insurance must comply with a series of constraints in order to avoid moral hazard and basis risk. (Author)

  13. Dealing with drought in irrigated agriculture through insurance schemes: an application to an irrigation district in Southern Spain

    Directory of Open Access Journals (Sweden)

    Jorge Ruiz

    2015-12-01

    Full Text Available Hydrological drought is expected to have an increasing impact on both crop and fruit yields in arid and semi-arid regions. Some existing crop insurance schemes provide coverage against water deficits in rain-fed agriculture. The Prevented Planting Program in the USA covers against drought for irrigated agriculture. However, drought insurance for irrigated agriculture is still a challenge for companies and institutions because of the complexity of the design and implementation of this type of insurance. Few studies have attempted to evaluate the risk of loss due to irrigation water scarcity using both stand-alone production functions and crop simulation models. This paper’s contributions are that it evaluates the suitability of AquaCrop for calculating drought insurance premiums for irrigated agriculture and that it discusses contract conditions and insurance design for hydrological drought risk coverage as part of a traditional insurance product, with on-field loss assessment in combination with a trigger index. This method was applied to an irrigation district in southern Spain. Our insurance premium calculation showed that it is feasible to apply this method provided that its data requirements are met, such as a large enough set of reliable small-scale yield and irrigation time series data, especially soil data, to calibrate AquaCrop. The choice of a trigger index should not be underestimated because it proved to have a decisive influence on insurance premiums and indemnities. Our discussion of the contract conditions shows that hydrological drought insurance must comply with a series of constraints in order to avoid moral hazard and basis risk.

  14. 24 CFR 203.257 - Creation of the contract.

    Science.gov (United States)

    2010-04-01

    ... issuance of a Mortgage Insurance Certificate, from the date of the endorsement of the credit instrument, or... SINGLE FAMILY MORTGAGE INSURANCE Contract Rights and Obligations Endorsement and Contract of Insurance...

  15. 46 CFR Sec. 13 - Insurance.

    Science.gov (United States)

    2010-10-01

    ... REPAIRS UNDER NATIONAL SHIPPING AUTHORITY MASTER LUMP SUM REPAIR CONTRACT-NSA-LUMPSUMREP Sec. 13 Insurance. Article 9 of the NSA-LUMPSUMREP Contract sets forth the Contractor's liabilities and obligations with... 46 Shipping 8 2010-10-01 2010-10-01 false Insurance. Sec. 13 Section 13 Shipping MARITIME...

  16. HEALTH INSURANCE

    CERN Multimedia

    Division HR

    2000-01-01

    Change of name for AUSTRIA As of October 1, the AUSTRIA Assurances S.A. company will change its name to: UNIQA Assurances S.A. It inherits the same name as its parent Austrian company, which adopted it towards the end of 1999. This change has no effect on the contract which binds it to CERN for the administration of our Health Insurance Scheme. New insurance cards will be sent to you by UNIQA and the printed forms and envelopes will gradually be updated with the new name. Postal and phone addresses remain unaffected by the change. You should address your postal mail to: UNIQA Assurances rue des Eaux Vives 94 case postale 6402 1211 Genève 6 You may telephone your usual contact persons at the same numbers as before and send e-mails to the UNIQA office at CERN at: UNIQA.Assurances@cern.ch

  17. 24 CFR 266.600 - Mortgage insurance premium: Insurance upon completion.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Mortgage insurance premium... MULTIFAMILY PROJECT LOANS Contract Rights and Obligations Mortgage Insurance Premiums § 266.600 Mortgage insurance premium: Insurance upon completion. (a) Initial premium. For projects insured upon completion, on...

  18. 24 CFR 207.259 - Insurance benefits.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Insurance benefits. 207.259 Section... Contract of Insurance § 207.259 Insurance benefits. (a) Method of payment. Upon either an assignment of the... of mortgage. If the mortgage is assigned to the Commissioner, the insurance benefits shall be paid in...

  19. Prevention in insurance markets

    OpenAIRE

    Marie-Cécile FAGART; Bidénam KAMBIA-CHOPIN

    2006-01-01

    This paper considers a competitive insurance market under moral hazard and adverse selection, in which preventive efforts and self-protection costs are unobservable by insurance companies. Under reasonable assumptions, the conclusions of Rothschild and Stiglitz (1976) are preserved in our context even if it involves moral hazard. The riskier agents in equilibrium, who would also be the riskier agents under perfect information, receive their moral hazard contract. For other agents, adverse sel...

  20. Weather based risks and insurances for agricultural production

    Science.gov (United States)

    Gobin, Anne

    2015-04-01

    Extreme weather events such as frost, drought, heat waves and rain storms can have devastating effects on cropping systems. According to both the agriculture and finance sectors, a risk assessment of extreme weather events and their impact on cropping systems is needed. The principle of return periods or frequencies of natural hazards is adopted in many countries as the basis of eligibility for the compensation of associated losses. For adequate risk management and eligibility, hazard maps for events with a 20-year return period are often used. Damages due to extreme events are strongly dependent on crop type, crop stage, soil type and soil conditions. The impact of extreme weather events particularly during the sensitive periods of the farming calendar therefore requires a modelling approach to capture the mixture of non-linear interactions between the crop, its environment and the occurrence of the meteorological event in the farming calendar. Physically based crop models such as REGCROP (Gobin, 2010) assist in understanding the links between different factors causing crop damage. Subsequent examination of the frequency, magnitude and impacts of frost, drought, heat stress and soil moisture stress in relation to the cropping season and crop sensitive stages allows for risk profiles to be confronted with yields, yield losses and insurance claims. The methodology is demonstrated for arable food crops, bio-energy crops and fruit. The perspective of rising risk-exposure is exacerbated further by limited aid received for agricultural damage, an overall reduction of direct income support to farmers and projected intensification of weather extremes with climate change. Though average yields have risen continuously due to technological advances, there is no evidence that relative tolerance to adverse weather events has improved. The research is funded by the Belgian Science Policy Organisation (Belspo) under contract nr SD/RI/03A.

  1. THE ROLE OF REINSURANCE IN INSURANCE

    Directory of Open Access Journals (Sweden)

    VĂDUVA MARIA

    2018-02-01

    Full Text Available Insurance companies carry out risk spreading through the co-insurance and reinsurance mechanism, consisting of the participation of more companies in the provision of high-value assets. Reinsurance is a form of insurance whereby an insurance organization can transfer to another reinsurer, partly or fully, its payment obligations arising from the insurance contracts that it has concluded. In the reinsurance ratios, the insurance companies appear in a double position - giving other insurance companies some of the risks assumed under direct insurance, being reinsured, but receiving different risks to reinsurance, acquiring the quality of reinsurers. Reinsurance intends to satisfy some multiple needs of the direct insurer and can provide means to counteract the risks associated with the fluctuations in compensation costs, the reinsurer will contribute to the payment of compensations on behalf of the reinsurer. Life insurance has characteristics that influence reinsurance: the average life of the insurance, the insurance is concluded for a fixed amount insured, the capital accumulation. In life reinsurance, almost all reinsurance arrangements are proportional agreements, and the largest share have the "surplus" agreements. Reinsurance plays an important role because it fulfills the following functions: it confers capacity, creates stability, helps to consolidate financial strength. The adjustment of the client portfolio in terms of the changes of reinsurance agreement, required by the reinsurer, can only be done by concluding the insurance contracts. In life insurance, reinsurance contracts contain provisions that meet the need of the insurer to have long-term protection.

  2. 24 CFR 206.131 - Contract rights and obligations for mortgages on individual dwelling units in a condominium.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Contract rights and obligations for... MORTGAGE INSURANCE Contract Rights and Obligations Condominiums § 206.131 Contract rights and obligations...] Termination of Insurance Contract ...

  3. 41 CFR 60-300.25 - Health insurance, life insurance and other benefit plans.

    Science.gov (United States)

    2010-07-01

    ... 41 Public Contracts and Property Management 1 2010-07-01 2010-07-01 true Health insurance, life... VETERANS, AND ARMED FORCES SERVICE MEDAL VETERANS Discrimination Prohibited § 60-300.25 Health insurance, life insurance and other benefit plans. (a) An insurer, hospital, or medical service company, health...

  4. 41 CFR 60-250.25 - Health insurance, life insurance and other benefit plans.

    Science.gov (United States)

    2010-07-01

    ... 41 Public Contracts and Property Management 1 2010-07-01 2010-07-01 true Health insurance, life... SEPARATED VETERANS, AND OTHER PROTECTED VETERANS Discrimination Prohibited § 60-250.25 Health insurance, life insurance and other benefit plans. (a) An insurer, hospital, or medical service company, health...

  5. CURRENT CHANGES ON INSURANCE MARKET

    Directory of Open Access Journals (Sweden)

    Madalina Giorgiana MANGRA

    2016-12-01

    Full Text Available The offer of insurance products is about the requirements and needs of the consumer who must always have information regarding: the type of insurance risk covered and the excluded risks, the sum insured, the payment of premiums and their duration. The accurate information of customer requires, from the commencement of contract and throughout its duration, that he or she is aware of the obligations throughout the contractual period. Most of the Romanians are turning their attention to one of the insurance companies found in the top 10 in 2016, supervised by F.S.A. (Financial Supervision Authority, preferring to have a policy of mandatory household and goods insurance, auto liability or life insurance, but are also interested in travel health insurance when going abroad, private health insurance or private pension insurance. Romanians' reluctance regarding the conclusion of an insurance comes from their distrust in insurance companies (see the situations of companies like Astra Insurance, Carpatica Insurance etc., their personal financial situation and the fear that they will not receive protection if the risk is covered but the insured sum is insufficient

  6. Applying weather index insurance to agricultural pest and disease risks

    NARCIS (Netherlands)

    Norton, Michael; Sprundel, van Gert Jan; Turvey, Calum G.; Meuwissen, Miranda P.M.

    2016-01-01

    In this paper, we explore the application of weather index insurance to plant pest and disease management strategies using two distinct models: (1) insuring crop loss due to disease incidence (“Crop Insurance”) and (2) insuring the use of pesticides (“Pesticide Insurance”). We find that despite

  7. 7 CFR 762.123 - Insurance and farm inspection requirements.

    Science.gov (United States)

    2010-01-01

    ... requirements. (a) Insurance. (1) Lenders must require borrowers to maintain adequate property, public liability, and crop insurance to protect the lender and Government's interests. (2) By loan closing, applicants must either: (i) Obtain at least the catastrophic risk protection (CAT) level of crop insurance...

  8. 24 CFR 232.605 - Contract requirements.

    Science.gov (United States)

    2010-04-01

    ... URBAN DEVELOPMENT MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT AND OTHER AUTHORITIES MORTGAGE INSURANCE FOR NURSING HOMES, INTERMEDIATE CARE FACILITIES, BOARD AND CARE HOMES, AND ASSISTED... Fire Safety Equipment Form of Contract § 232.605 Contract requirements. (a) The contract between the...

  9. Mitigation Index Insurance for Developing Countries: Insure the Loss or Insure the Signal?

    OpenAIRE

    Li, Yiting; Miranda, Mario J.

    2015-01-01

    Conventional agricultural index insurance indemnifies based on the observed value of a specified variable, such as rainfall, that is correlated with agricultural production losses. Typically, indemnities are paid to the policyholder after the losses have been experienced. This paper explores alternate timing for index insurance payouts. In particular, we explore the potential benefits of what we call “mitigation index insurance” in which the payouts of the insurance contract arrive before los...

  10. 48 CFR 837.403 - Contract clause.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Contract clause. 837.403... OF CONTRACTING SERVICE CONTRACTING Nonpersonal Health Care Services 837.403 Contract clause. The contracting officer shall insert the clause at 852.237-7, Indemnification and medical liability insurance, in...

  11. Entrepreneurial Moral Hazard in Income Insurance

    NARCIS (Netherlands)

    Ejrnaes, Mette; Hochguertel, Stefan

    2008-01-01

    We study risk behavior of Danish self-employed entrepreneurs, whose income risk may be driven by both exogenous factors and effort choice (moral hazard). Partial insurance is available through voluntary unemployment insurance (UI). Additional incentives to sign insurance contracts stem from a

  12. 24 CFR 232.805 - Insurance premiums.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Insurance premiums. 232.805 Section... FACILITIES Contract Rights and Obligations Premiums § 232.805 Insurance premiums. (a) First premium. The... insurance premium equal to one percent of the original face amount of the note. (b) Second premium. The...

  13. Risk Management and Insurance Decisions under Ambiguity

    DEFF Research Database (Denmark)

    Martínez-Correa, Jimmy

    I study the impact of ambiguity on insurance decisions and the optimality of insurance contracts. My tractable approach allows me to study the interaction between risk and ambiguity attitudes. When insurance decisions are made independently of other assets, for a given increase in wealth, both risk...... portfolio theory that assumes Subjective Expected Utility theory; however, it provides hints to a possible solution of the under-diversification puzzle of households. I also identify conditions under which more risk or ambiguity aversion decreases the demand for coinsurance. Additionally, I show...... a counterexample to a classical result in insurance economics where an insurance contract with straight deductible is dominated by a coinsurance contract. Finally, I find that a modified Borch rule characterizes the optimal insurance contract with bilateral risk and ambiguity attitudes and heterogeneity in beliefs....

  14. Group life insurance

    CERN Multimedia

    2013-01-01

    The CERN Administration wishes to inform staff members and fellows having taken out optional life insurance under the group contract signed by CERN that the following changes to the rules and regulations entered into force on 1 January 2013:   The maximum age for an active member has been extended from 65 to 67 years. The beneficiary clause now allows insured persons to designate one or more persons of their choice to be their beneficiary(-ies), either at the time of taking out the insurance or at a later date, in which case the membership/modification form must be updated accordingly. Beneficiaries must be clearly identified (name, first name, date of birth, address).   The membership/modification form is available on the FP website: http://fp.web.cern.ch/helvetia-life-insurance For further information, please contact: Valentina Clavel (Tel. 73904) Peggy Pithioud (Tel. 72736)

  15. Pricing of temperature index insurance

    Directory of Open Access Journals (Sweden)

    Che Mohd Imran Che Taib

    2012-01-01

    Full Text Available The aim of this paper is to study pricing of weather insurance contracts based on temperature indices. Three different pricing methods are analysed: the classical burn approach, index modelling and temperature modelling. We take the data from Malaysia as our empirical case. Our results show that there is a significant difference between the burn and index pricing approaches on one hand, and the temperature modelling method on the other. The latter approach is pricing the insurance contract using a seasonal autoregressive time series model for daily temperature variations, and thus provides a precise probabilistic model for the fine structure of temperature evolution. We complement our pricing analysis by an investigation of the profit/loss distribution from the contract, in the perspective of both the insured and the insurer.

  16. Sum Insured Determination for Cereal, Citrus and Vineyards in the Spanish Agricultural Insurance System

    Science.gov (United States)

    Lozano, C.; Tarquis, A. M.; Gómez-Barona, J. A.

    2012-04-01

    In general, insurance is a form of risk management used to hedge against a contingent loss. The conventional definition is the equitable transfer of a risk of loss from one entity to another in exchange for a premium or a guaranteed and quantifiable small loss to prevent a large and possibly devastating loss being agricultural insurance a special line of property insurance. Agriculture insurance, as actually are designed in the Spanish scenario, were established in 1978. At the macroeconomic insurance studies scale, it is necessary to know a basic element for the insurance actuarial components: sum insured. When a new risk assessment has to be evaluated in the insurance framework, it is essential to determinate venture capital in the total Spanish agriculture. In this study, three different crops (cereal, citrus and vineyards) cases are showed to determinate sum insured as they are representative of the cases found in the Spanish agriculture. Crop sum insured is calculated by the product of crop surface, unit surface production and crop price insured. In the cereal case, winter as spring cereal sowing, represents the highest Spanish crop surface, above to 6 millions of hectares (ha). Meanwhile, the four citrus species (oranges, mandarins, lemons and grapefruits) occupied an extension just over 275.000 ha. On the other hand, vineyard target to wine process shows almost one million of ha in Spain. A new method has been applied to estimate crop sum insured in these three cases. Under the maximum economic impact assumption, the maximum market price has been used to insurance each species. Depending on crop and reliability of the data base available, the insured area or insured production has been used in this estimation. When for a certain crop varieties or type of varieties show different insurance prices a geometric average was used as average insurance price for that particular crop. One extreme difficult case was vineyards, where differentiate prices based on

  17. Group Life Insurance

    CERN Multimedia

    2013-01-01

    The CERN Administration would like to remind you that staff members and fellows have the possibility to take out a life insurance contract on favourable terms through a Group Life Insurance.   This insurance is provided by the company Helvetia and is available to you on a voluntary basis. The premium, which varies depending on the age and gender of the person insured, is calculated on the basis of the amount of the death benefit chosen by the staff member/fellow and can be purchased in slices of 10,000 CHF.    The contract normally ends at the retirement age (65/67 years) or when the staff member/fellow leaves the Organization. The premium is deducted monthly from the payroll.   Upon retirement, the staff member can opt to maintain his membership under certain conditions.   More information about Group Life Insurance can be found at: Regulations (in French) Table of premiums The Pension Fund Benefit Service &...

  18. Risk management in crop production based on the regional index

    Directory of Open Access Journals (Sweden)

    Kokot Željko

    2017-01-01

    Full Text Available Regional index insurance is one of the newer instruments for reducing losses in crop production. The regional index indicates the average yield or average production value in a region, representing the basis for the premium calculation and insurance benefits. The main advantage of this insurance model is that it does not require the damage assessment, which is one of major problems in the relationship between the insured and insurer. In the case of corn, wheat and sunflower production as the most important crops in the region of Ada municipality, the authors describe the methodology of application of the analysed insurance system. Implementation of this contemporary form of insurance in Serbia would reduce the negative financial consequences in agricultural production. The abovementioned model of insurance can be seen as a significant alternative to conventional insurance, which can increase insured area and number of insured, and trust and confidence in insurance companies would also be restored.

  19. Insurance crisis

    International Nuclear Information System (INIS)

    Williams, P.L.

    1996-01-01

    The article discusses the effects of financing and technology advances on the availability of insurance for independent power producers operating gas turbines. Combined cycle units which require new materials and processes make it difficult to assess risk. Insurers are denying coverage, or raising prices and deductibles. Many lenders, however, are requiring insurance prior to financing. Some solutions proposed include information sharing by industry participants and insurers and increased risk acceptance by plant owners/operators

  20. 24 CFR 266.604 - Mortgage insurance premium: Other requirements.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Mortgage insurance premium: Other... Contract Rights and Obligations Mortgage Insurance Premiums § 266.604 Mortgage insurance premium: Other..., based upon the respective share of risk, that is to be used in calculating mortgage insurance premiums...

  1. Probabilistic Insurance

    NARCIS (Netherlands)

    Wakker, P.P.; Thaler, R.H.; Tversky, A.

    1997-01-01

    Probabilistic insurance is an insurance policy involving a small probability that the consumer will not be reimbursed. Survey data suggest that people dislike probabilistic insurance and demand more than a 20% reduction in premium to compensate for a 1% default risk. These observations cannot be

  2. Probabilistic Insurance

    NARCIS (Netherlands)

    P.P. Wakker (Peter); R.H. Thaler (Richard); A. Tversky (Amos)

    1997-01-01

    textabstractProbabilistic insurance is an insurance policy involving a small probability that the consumer will not be reimbursed. Survey data suggest that people dislike probabilistic insurance and demand more than a 20% reduction in the premium to compensate for a 1% default risk. While these

  3. Consumer in insurance law

    Directory of Open Access Journals (Sweden)

    Čorkalo Milena

    2016-01-01

    Full Text Available The paper analyses the notion of consumer in the European Union law, and, in particular, the notion of consumer in insurance law. The author highligts the differences between the notion of consumer is in aquis communautaire and in insurance law, discussing whether the consumer can be defined in both field in the same way, concerning that insurance services differ a lot from other kind of services. Having regarded unequal position of contracting parties and information and technical disadvantages of a weaker party, author pleads for broad definition of consumer in insurance law. In Serbian law, the consumer is not defined in consistent way. That applies on Serbian insurance law as well. Therefore, the necessity of precise and broad definition of consumes is underlined, in order to delimit the circle of subject who are in need for protection. The author holds that the issue of determination of the circle of persons entitled to extended protection as consumers is of vital importance for further development of insurance market in Serbia.

  4. 24 CFR 242.52 - Construction contracts.

    Science.gov (United States)

    2010-04-01

    ...; a construction management contract with a guaranteed maximum price, the final costs of which are... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Construction contracts. 242.52... MORTGAGE INSURANCE FOR HOSPITALS Construction § 242.52 Construction contracts. (a) Awarding of contract. A...

  5. 14 CFR 440.13 - Standard conditions of insurance coverage.

    Science.gov (United States)

    2010-01-01

    ... against that licensee, permittee or additional insured). (5) Each exclusion from coverage must be...; or (ii) Includes in each of its policies or insurance obtained under this part a contract clause in...

  6. 48 CFR 28.307-1 - Group insurance plans.

    Science.gov (United States)

    2010-10-01

    ... requirement. Under cost-reimbursement contracts, before buying insurance under a group insurance plan, the... other refunds to which the contractor may be entitled in the future shall be taken into account. ...

  7. 24 CFR 266.608 - Mortgage insurance premium: Pro rata refund.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Mortgage insurance premium: Pro... PROJECT LOANS Contract Rights and Obligations Mortgage Insurance Premiums § 266.608 Mortgage insurance premium: Pro rata refund. If the Contract of Insurance is terminated by payment in full or is terminated...

  8. 48 CFR 2132.770 - Insurance premium payments and special contingency reserve.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Insurance premium payments... GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Contract Funding 2132.770 Insurance premium payments and special contingency reserve. Insurance premium payments and a special contingency reserve are made...

  9. 48 CFR 1631.205-74 - FEHBP losses on other contracts.

    Science.gov (United States)

    2010-10-01

    ... carry forward” principle that is fundamental to continuing insurance contracts that are based on... MANAGEMENT FEDERAL EMPLOYEES HEALTH BENEFITS ACQUISITION REGULATION GENERAL CONTRACTING REQUIREMENTS CONTRACT COST PRINCIPLES AND PROCEDURES Contracts With Commercial Organizations 1631.205-74 FEHBP losses on...

  10. Nuclear insurance

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    The yearbook contains among others the figures of the nuclear insurance line. According to these these the DKVG (German nuclear power plant insurance association) has 102 member insurance companies all registered in the Federal Republic of Germany. By using reinsurance capacities of the other pools at present property insurance amounts to 1.5 billion DM and liability insurance to 200 million DM. In 1991 the damage charges on account of DKV amounted to 3.1 (1990 : 4.3) million DM. From these 0.6 million DM are apportioned to payments and 2.5 million DM to reserves. One large damage would cost a maximum gross sum of 2.2 billion DM property and liability insurance; on account of DKVG 750 million DM. (orig./HSCH) [de

  11. Probabilistic insurance

    OpenAIRE

    Wakker, P.P.; Thaler, R.H.; Tversky, A.

    1997-01-01

    textabstractProbabilistic insurance is an insurance policy involving a small probability that the consumer will not be reimbursed. Survey data suggest that people dislike probabilistic insurance and demand more than a 20% reduction in the premium to compensate for a 1% default risk. While these preferences are intuitively appealing they are difficult to reconcile with expected utility theory. Under highly plausible assumptions about the utility function, willingness to pay for probabilistic i...

  12. Basic characteristics of livestock insurance in Serbia: With reference to the some elements of this type of insurance in some non-European and European countries

    Directory of Open Access Journals (Sweden)

    Čolović Vladimir

    2016-01-01

    Full Text Available The livestock insurance is a part of agricultural insurance. This type of insurance is also part of a non-life insurance. The livestock insurance is undeveloped in Serbia. In general, a very small number of farms (5% of total decided for the conclusion of livestock insurance contracts. This paper analyzes the basic characteristics of this type of insurance, and the authors pay attention to the implementation of this type of insurance in other countries. Special attention is paid to the livestock insurance in Mongolia, India, Mexico and Ireland who are defined livestock insurance programs that have contributed to a greater number of contracts concluded in this field. Also, the authors speaking about livestock insurance in some European countries. Finally, the authors criticize the way in which is regulated livestock insurance in Serbia, by proposing a series of measures that should be implemented by the insurance companies and state.

  13. School Insurance.

    Science.gov (United States)

    1964

    The importance of insurance in the school budget is the theme of this comprehensive bulletin on the practices and policies for Texas school districts. Also considered is the development of desirable school board policies in purchasing insurance and operating the program. Areas of discussion are: risks to be covered, amount of coverage, values,…

  14. Forest insurance

    Science.gov (United States)

    Ellis T. Williams

    1949-01-01

    Standing timber is one of the few important kinds of property that are not generally covered by insurance. Studies made by the Forest Service and other agencies have indicated that the risks involved in the insurance of timber are not unduly great, provided they can be properly distributed. Such studies, however, have thus far failed to induce any notable development...

  15. INSURANCE MARKET. GENERAL CONSIDERATIONS OF INSURANCES IN ROMANIA

    Directory of Open Access Journals (Sweden)

    MARINEL NEDELUŢ

    2013-10-01

    Full Text Available Insurance is a contract made by a company or society, or by the state, to provide a guarantee for loss, damage, illness, death etc in return for regular payments. In other words it is a means by which one pays a relatively small known cost for protection against an uncertain and much larger cost. Still, this contract (insurance policy makes it possible for the insured to cover only losses that are measurable in terms of money and caused strictly by hazardous events, independent from own doing. If no such events should happen, the benefits won’t exist in a tangible, material form, but will take the shape of security against ruin. Since the insurance industry has developed more during the last decade due to the powerful players that have entered the market, the services provided by the insurance companies, and not only their products have evolved a lot in order to meet the requirements of the consumers, and to make them familiar with this type of investments. Therefore all the means of advertising became essential in this process of implementation and familiarization with this area of activity: mass-media advertising, insurance brokerage companies, the internet are all parts of this process.

  16. Nuclear power plant insurance - experience and loss statistics

    International Nuclear Information System (INIS)

    Feldmann, J.; Dangelmaier, P.

    1982-01-01

    Nuclear power plants are treated separately when concluding insurance contracts. National insurance pools have been established in industrial countries, co-operating on an international basis, for insuring a nuclear power plant. In combined property insurance, the nuclear risk is combined with the fire risk. In addition, there are the engineering insurances. Of these, the one of significance for nuclear power plants is the machinery insurance, which can be covered on the free insurance market. Nuclear power plants have had fewer instances of damage than other, conventional installations. (orig.) [de

  17. Competitive Cyber-Insurance and Internet Security

    Science.gov (United States)

    Shetty, Nikhil; Schwartz, Galina; Felegyhazi, Mark; Walrand, Jean

    This paper investigates how competitive cyber-insurers affect network security and welfare of the networked society. In our model, a user's probability to incur damage (from being attacked) depends on both his security and the network security, with the latter taken by individual users as given. First, we consider cyberinsurers who cannot observe (and thus, affect) individual user security. This asymmetric information causes moral hazard. Then, for most parameters, no equilibrium exists: the insurance market is missing. Even if an equilibrium exists, the insurance contract covers only a minor fraction of the damage; network security worsens relative to the no-insurance equilibrium. Second, we consider insurers with perfect information about their users' security. Here, user security is perfectly enforceable (zero cost); each insurance contract stipulates the required user security. The unique equilibrium contract covers the entire user damage. Still, for most parameters, network security worsens relative to the no-insurance equilibrium. Although cyber-insurance improves user welfare, in general, competitive cyber-insurers fail to improve network security.

  18. Insurance dictionary

    International Nuclear Information System (INIS)

    Mueller-Lutz, H.L.

    1984-01-01

    Special technical terms used in the world of insurance can hardly be found in general dictionaries. This is a gap which the 'Insurance dictionary' now presented is designed to fill. In view of its supplementary function, the number of terms covered is limited to 1200. To make this dictionary especially convenient for ready reference, only the most commonly used translations are given for each key word in any of the four languages. This dictionary is subdivided into four parts, each containing the translation of the selected terms in the three other languages. To further facilitate the use of the booklet, paper of different colours was used for the printing of the German, English, French and Greek sections. The present volume was developed from a Swedish insurance dictionary (Fickordbok Foersaekring), published in 1967, which - with Swedish as the key language- offers English, French and German translations of the basic insurance terms. (orig./HP) [de

  19. Insurance requirements and practices of Ethiopia's construction sector

    African Journals Online (AJOL)

    The principles of insurance and types of insurance policies in construCtion industry in general is discussed. The status of consultants and contractors in Ethiopian construction sector is briefly reviewed. Questionnaires were designed to preliminary assess whether relevant insurance policies are bought by contracting and ...

  20. 24 CFR 213.256 - Premiums; insurance upon completion.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Premiums; insurance upon completion... HOUSING AND URBAN DEVELOPMENT MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT AND OTHER AUTHORITIES COOPERATIVE HOUSING MORTGAGE INSURANCE Contract Rights and Obligations-Projects § 213.256 Premiums...

  1. Nuclear insurance problems in Spain

    International Nuclear Information System (INIS)

    Gomez del Campo, Julian.

    1977-01-01

    The purpose of this paper is to study the problems raised in Spain by third party liability insurance for nuclear damage. National law in this field is based on the Paris Convention on nuclear third party liability and defines the conditions of liability of operators of nuclear installations. The insurance contract requirements must comply with the regulations on cover for nuclear risks, under the control of the Finance Ministry's competent services. Certain exceptional nuclear risks which cannot be covered entirely by ordinary insurance policies, are taken over by the Consorcio de Compensacion de Seguros which belongs to this Ministry. From the insurance viewpoint, the regulations make a distinction between nuclear and radioactive installations and nuclear transport. (NEA) [fr

  2. Constant Proportion Portfolio Insurance

    DEFF Research Database (Denmark)

    Jessen, Cathrine

    2014-01-01

    on the theme, originally proposed by Fischer Black. In CPPI, a financial institution guarantees a floor value for the “insured” portfolio and adjusts the stock/bond mix to produce a leveraged exposure to the risky assets, which depends on how far the portfolio value is above the floor. Plain-vanilla portfolio...... insurance largely died with the crash of 1987, but CPPI is still going strong. In the frictionless markets of finance theory, the issuer’s strategy to hedge its liability under the contract is clear, but in the real world with transactions costs and stochastic jump risk, the optimal strategy is less obvious...

  3. Banking contracts

    OpenAIRE

    Durčáková, Klára

    2010-01-01

    Resumé - Bank Contracts Bank Contracts are an integral part of our everyday lives. Citizen and bussines entities used bank contracts very often. Despite this fact we can't find legal definition in the Czech law. Banking contracts understand contracts that are signed by banks in their business activities and obligations under these contracts arise. While the banking contracts have been widely used, in Czech law there is not too much literature and judgements abou this issue. Lack of legislatio...

  4. Entrepreneurial Moral Hazard in Income Insurance

    DEFF Research Database (Denmark)

    Ejrnæs, Mette; Hochguertel, Stefan

    We study risk behavior of Danish self-employed entrepreneurs, whose income risk may be driven by both exogenous factors and effort choice (moral hazard). Partial insurance is available through voluntary unemployment insurance (UI). Additional incentives to sign insurance contracts stem from a UI......-embedded, government-subsidized early retirement (ER) program, giving benefits that are unrelated to business risk. Indeed, we argue that the self-employeds' incentives to insure themselves stem from the ER plan rather than from the UI cover. We show how to use a policy reform to identify moral hazard in observed...

  5. 24 CFR 232.825 - Pro rata refund of insurance premium.

    Science.gov (United States)

    2010-04-01

    ... ASSISTED LIVING FACILITIES Contract Rights and Obligations Premiums § 232.825 Pro rata refund of insurance premium. Upon termination of a loan insurance contract by a payment in full or by a voluntary termination... rata portion of the current annual loan insurance premium theretofore paid which is applicable to the...

  6. The Choice of Law Issues in Resolution of Marine Insurance Disputes in Indonesia

    Directory of Open Access Journals (Sweden)

    Marnia Rani

    2018-01-01

    Full Text Available Marine insurance business in Indonesia such as marine hull and machinery insurance and cargo insurance are subject to applicable laws and practices in the United Kingdom. Although Indonesia already has marine insurance law which is regulated in Wetboek van Koophandel, in fact, this busisness subject to English Law and Practice. The choice of law are listed in the insurance policy. Submission of the law and practice in UK raises the issue for the parties in the insurance contract, between Insurer and Insured. Although the principle of contract is a law for those who make it, but in practice there is a problem. The problem is especially when there is a dispute between Insurer and Insured. When disputes occur, each party has a different opinion regarding which country's laws may be applied to resolve disputes between Insurance Companies and Policyholders (the proper law of the contract, the applicable law. When referring to the provisions contained in the marine insurance policy which is a contract of the parties, it should be settled under the legal system and practice of law which is in force in the United Kingdom, because the choice of law is written in the contract. However, the problem arises again, whether the choice of law in the insurance contract can be applied, if the insurance company as a legal entity is established under Indonesian law and domiciled in Indonesia, as well as the policy holders who are Indonesian. On the basis of such matters, this paper intended to elaborate the principles of international civil law in Indonesia regarding the choice of law in the contract and is also associated with the personal status of the insurance company, the personal status of the policyholder who are Indonesian, as well as the consequences of the choice of law listed in marine hull and machinery insurance or cargo insurance and national laws which can be applied to marine insurance disputes occurring in Indonesia.  Keywords : Marine Insurance

  7. 24 CFR 266.606 - Mortgage insurance premium: Duration and method of paying.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Mortgage insurance premium... AFFORDABLE MULTIFAMILY PROJECT LOANS Contract Rights and Obligations Mortgage Insurance Premiums § 266.606 Mortgage insurance premium: Duration and method of paying. (a) Duration of payments. Mortgage insurance...

  8. 24 CFR 220.806 - Pro rata refund of insurance premium.

    Science.gov (United States)

    2010-04-01

    ... refund of insurance premium. Upon termination of loan insurance contract by a payment in full or by a... equal to the pro rata portion of the current annual loan insurance premium theretofore paid which is... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Pro rata refund of insurance...

  9. 78 FR 41339 - Federal Housing Administration (FHA) Multifamily Mortgage Insurance; Capturing Excess Claim Proceeds

    Science.gov (United States)

    2013-07-10

    ... mortgage insurance eligibility requirements and contract rights and obligations can be found at 24 CFR part... contract rights and obligations of mortgagees participating in FHA multifamily insurance programs and using...: Proposed rule. SUMMARY: This proposed rule would amend HUD's regulations covering the contract rights and...

  10. METHODICAL BASES OF MANAGEMENT OF INSURANCE PORTFOLIO

    Directory of Open Access Journals (Sweden)

    Serdechna Yulia

    2018-01-01

    balanced insurance portfolio. A balanced insurance portfolio is when it satisfies the insurer’s need for a spatial layout of risk and provides a balance between the contracts that expire and those that are concluded; when the risk is balanced between the types of insurance; when the optimal ratio between income and portfolio risk is provided.

  11. NEW VECTORS OF THE MOTOR INSURANCE DEVELOPMENT IN UKRAINE

    Directory of Open Access Journals (Sweden)

    N. Prikazyuk

    2015-04-01

    Full Text Available The essence and features of different forms of motor insurance are studied. As investigated, the motor insurance is one of the most popular types of insurance in many countries, and continues its further quality development. It is stated that the following new vectors of development has been recently observed in developed countries: Internet sales are getting significantly prevalent along with the traditional channels of insurance distribution; insurers’ websites provide a wide range of online features in motor insurance; innovations in motor insurance based on the use of telematics, particularly the usage-based insurance, are widely spread. Basic types of motor insurance, which represent the domestic market, are analyzed. It was found that the share of motor insurance in the insurance market of Ukraine is significant. As established, the proportion of net premiums of motor insurance is decreasing, because its development is significantly influenced by economic factors. Measures, applied by insurance companies in the domestic market of motor insurance to attract new customers and retain the existing ones, are defined. In particular, insurers are trying to develop the implementation of insurance services online, and use possibilities offered by mobile technologies. It was found that the domestic market of motor insurance is characterized by a high level of fraud, that is why some innovative measures in the domestic and international motor insurance agreements are taken to decrease it, such as the introduction of mandatory registration of insurance agents, who have the right to perform mediatory activity in compulsory civil liability insurance of owners of motor vehicles (CCLIOMV, and procedures for contracting the international insurance “Green Card” agreements with simultaneous entering the information on concluded agreement into a unified centralized database of Motor (transport insurance bureau of Ukraine using the “Green Card online

  12. The IASB Discussion Paper on Insurance: A CFO Forum Perspective*

    OpenAIRE

    Denis Duverne; Jacques Le Douit

    2008-01-01

    The IASB has issued a Discussion Paper on accounting for insurance and reinsurance contracts. This project is based on a prospective measurement of the insurance liabilities, the current exit value, which corresponds to a “market consistent” transfer value of insurance contracts to another market participant. This project is similar to the Elaborated Principles (the EPs) proposed by the CFO Forum in June 2006: a single model for measuring the insurance liabilities based on a three building bl...

  13. A model to decompose the performance of supplementary private health insurance markets.

    Science.gov (United States)

    Leidl, Reiner

    2008-09-01

    For an individual insurance firm offering supplementary private health insurance, a model is developed to decompose market performance in terms of insurer profits. For the individual contract, the model specifies the conditions under which adverse selection, cream skimming, and moral hazard occur, shows the impact of information on contracting, and the profit contribution. Contracts are determined by comparing willingness to pay for insurance with the individual's risk position, and information on both sides of the market. Finally, performance is aggregated up to the total market. The model provides a framework to explain the attractiveness of supplementary markets to insurers.

  14. Alternative crops

    International Nuclear Information System (INIS)

    Andreasen, L.M.; Boon, A.D.

    1992-01-01

    Surplus cereal production in the EEC and decreasing product prices, mainly for cereals, has prompted considerable interest for new earnings in arable farming. The objective was to examine whether suggested new crops (fibre, oil, medicinal and alternative grains crops) could be considered as real alternatives. Whether a specific crop can compete economically with cereals and whether there is a market demand for the crop is analyzed. The described possibilities will result in ca. 50,000 hectares of new crops. It is expected that they would not immediately provide increased earnings, but in the long run expected price developments are more positive than for cereals. The area for new crops will not solve the current surplus cereal problem as the area used for new crops is only 3% of that used for cereals. Preconditions for many new crops is further research activities and development work as well as the establishment of processing units and organizational initiatives. Presumably, it is stated, there will then be a basis for a profitable production of new crops for some farmers. (AB) (47 refs.)

  15. [Occupational health services as the insurance product and insurance economic instruments].

    Science.gov (United States)

    Rydlewska-Liszkowska, Izabela

    2014-01-01

    One of the most controversial issues in restructuring the Polish health insurance system is the implementation of private voluntary insurance and creation within it a new insurance product known as occupational health services (OHS). In this article some opportunities and dilemmas likely to be faced by providers and employers/employees, when contracting with insurance institutions, are considered as a contribution to the discussion on private insurance in Poland. The basic question is how private insurance institutions could influence the promotion of different preventive activities at the company level by motivating both OHS providers and employers. The descriptive qualitative method has been applied in the analysis of legal acts, scientific publications selected according to keywords (Pubmed), documents and expert evaluations and research project results. Taking into account the experiences of European countries, described in publications, international experts' opinions and results of research projects the solution proposed in Poland could be possible under the following several prerequisites: inclusion of a full scope of occupational health services into the insurance product, constant supervision of occupational medicine professionals, monitoring of the health care quality and the relations between private insurers and OHS provider and implementation of the economic incentives scheme to ensure an adequate position of OHS providers on the market. The proposed reconstruction of the health insurance system, comprising undoubtedly positive elements, may entail some threats in the area of health, organization and economy. Private voluntary health insurance implementation requires precisely defined solutions concerning the scope of insurance product, motivation scheme and information system.

  16. 75 FR 52218 - Common Crop Insurance Regulations; Apple Crop Insurance Provisions

    Science.gov (United States)

    2010-08-25

    .... Section 1--Definitions Comment: A few commenters stated the definition of ``damaged apple production... Grade, marketing orders, etc.). Response: The definition of ``grade standards'' has language referencing... definition of ``fresh apple production'' stating policyholders must ``follow the recommended cultural...

  17. 77 FR 75509 - Common Crop Insurance Regulations; Florida Citrus Fruit Crop Insurance Provisions

    Science.gov (United States)

    2012-12-21

    ... production sold, and the price. Acceptable fresh fruit sales records may include: Trip tickets, pack-out... acceptable fresh fruit sales records must be provided upon request from at least one of the previous three... provision in section 3(c) changes the deadline from sales closing date to acreage reporting date and would...

  18. 77 FR 13961 - Common Crop Insurance Regulations; Onion Crop Insurance Provisions

    Science.gov (United States)

    2012-03-08

    ... regarding the definition of ``onion production.'' The commenters stated FCIC proposed removing the phrase... it will mean that onions that are too small to recover could be considered ``onion production.'' The definition of ``damaged onion production'' includes onions that do not meet certain grade standards. The...

  19. 77 FR 3400 - Common Crop Insurance Regulations; Peach Crop Insurance Provisions

    Science.gov (United States)

    2012-01-24

    ...: Director, Product Administration and Standards Division, Risk Management Agency, United States Department... Administration and Standards Division, Risk Management Agency, United States Department of Agriculture, Beacon... required to submit a notice of loss and production information to determine the amount of an indemnity...

  20. 78 FR 46249 - Common Crop Insurance Regulations; Arizona-California Citrus Crop Insurance Provisions

    Science.gov (United States)

    2013-07-31

    ... citrus fruit group for Valencia oranges, you may choose seventy-five percent (75%) of the maximum price... lemons (Imperial, Orange, Riverside, San Bernardino, San Diego, and Ventura Counties).'' The commenters... Coastal counties produce lemons that bloom up to three times per year due to their moderate growing...

  1. 77 FR 59045 - Common Crop Insurance Regulations; Prune Crop Insurance Provisions

    Science.gov (United States)

    2012-09-26

    ... resource farmers. FCIC believes this waiver helps to ensure that small entities are given the same... for the producer to carry out recommended orchard management practices and to determine the number of... in the Special Provisions); (4) Are grown in an orchard that, if inspected, is considered acceptable...

  2. 76 FR 75805 - Common Crop Insurance Regulations; Prune Crop Insurance Provisions

    Science.gov (United States)

    2011-12-05

    ... administrative fees from limited resource farmers. FCIC believes this waiver helps to ensure that small entities...) Are grown on rootstock that is adapted to the area; (3) Are grown in an orchard that, if inspected, is...

  3. The insurance refund request: a legal analysis.

    Science.gov (United States)

    Rollman, S O

    1998-12-01

    When an insurance payment is made erroneously to a healthcare provider and no contract between the insurer and provider addresses the issue of refunding such payments, the law relating to restitution generally applies. Restitution does not apply, however, to three exceptions that the courts have used to refuse claims by insurers for refunds of overpayments: the innocent third-party creditor exception, whereby the healthcare provider cannot be unjustly enriched by the overpayment, cannot have induced the mistaken payment, and cannot have known beforehand that the insurer was not obligated to pay; the material change in position exception, whereby the healthcare provider in good faith accepts an overpayment and so does not pursue other means of payment; and the assumption of the risk exception, which occurs when the insurer pays a claim without having complete information about it.

  4. 17 CFR 270.6e-3(T) - Temporary exemptions for flexible premium variable life insurance separate accounts.

    Science.gov (United States)

    2010-04-01

    ... for issuance, increases in or additions of insurance benefits, transfer and redemption of flexible... deducted from amounts transferred to a flexible contract from another plan of insurance; (iii) Sections 27... guaranteed death benefit risks assumed by the life insurer under the flexible contracts (collectively, a...

  5. FEATURES OF PROFESSIONAL LIABILITY INSURANCE REALIZATION IN UKRAINE

    Directory of Open Access Journals (Sweden)

    О. Lobova

    2015-04-01

    Full Text Available The signs of professional liability insurance are generalized in the article. It is the presence of losses, additional costs that require mechanisms and sources of compensation. The essence of the professional responsibility concept is determined and it is characterized like specialists material liability of different professions, lack of qualifications, errors and omissions are due to carelessness or negligence may cause harm to the client The main elements of the professional liability insurance contract, such as insurance objects, insurance compensation, insurance risks are described. The types of professional liability insurance are characterized. There are such types of the professional liability insurance: professional liability insurance of architect, lawyer, auditor (accountant, appraiser, notary, customs broker and doctor. It is determined, that the most widespread in Ukraine is the professional liability insurance of lawyer and customs broker because the policy is purchased for the sole purpose to obtain a license. The size of insurance rates in the provision of professional liability insurance in different insurance companies of Ukraine are analyzed. It is established that insurance rate depends on the type of professional activity, scope of service, qualifications and the other factors. The development impulse can only provide judicial and legal definition of professions wide list that are subject under mandatory professional liability insurance.

  6. Optimal Rules of Negligent Misrepresentation in Insurance Law

    DEFF Research Database (Denmark)

    Lando, Henrik

    This article analyzes rules for negligent misrepresentation in insurance contract law. Before contract signature, the applicant can be asked by the insurer to fill in a questionnaire concerning the risk, and may then omit or make untrue statements about facts. Such misrepresentation is considered...... negligent by the court when it is unclear the misrepresentation was due to a mistake or intentional. Rules of negligent misrepresentation differ significantly across jurisdictions. For example, the rule of common law allows the insurer to rescind the contract, whereas the German rule does not allow...... of these rules through an analysis of the degree to which the insured should be allowed to lower coverage in case of negligent misrepresentation. On the one hand, a strict rule renders it easier for an insurer to separate different types of risk without having to use other costly means of separation...

  7. 48 CFR 3052.217-95 - Liability and insurance (USCG).

    Science.gov (United States)

    2010-10-01

    ... inclusion of any premium expense or charge for any reserve made on account of self-insurance for coverage... of and shall not affect the pricing structure of the contract, and are additional to the compensation...

  8. Federal Deposit Insurance Corporation (FDIC) Insured Banks

    Data.gov (United States)

    Department of Homeland Security — The Summary of Deposits (SOD) is the annual survey of branch office deposits for all FDIC-insured institutions including insured U.S. branches of foreign banks. Data...

  9. 75 FR 70159 - Group Health Plans and Health Insurance Coverage Rules Relating to Status as a Grandfathered...

    Science.gov (United States)

    2010-11-17

    ... Group Health Plans and Health Insurance Coverage Rules Relating to Status as a Grandfathered Health Plan... contracts of insurance. The temporary regulations provide guidance to employers, group health plans, and health insurance issuers providing group health insurance coverage. The IRS is issuing the temporary...

  10. Unemployment Insurance Query (UIQ)

    Data.gov (United States)

    Social Security Administration — The Unemployment Insurance Query (UIQ) provides State Unemployment Insurance agencies real-time online access to SSA data. This includes SSN verification and Title...

  11. Health Care Analysis for the MCRMC Insurance Cost Model

    Science.gov (United States)

    2015-06-01

    incentive to reduce utilization  Subsidy to leave TRICARE and use other private health insurance  Increases in TRICARE premiums and co-pays  This...analysis develops the estimated cost of providing health care through a premium -based insurance model consistent with an employer-sponsored benefit...State  Income  Plan premium data  Contract cost data 22 May 2015 9 Agenda  Overview  Background  Data  Insurance Cost Estimate Methodology

  12. 26 CFR 1.801-4 - Life insurance reserves.

    Science.gov (United States)

    2010-04-01

    ... is claimed. However, reserves held by the company with respect to the net value of risks reinsured in..., life insurance reserves, as in the case of level premium life insurance, are held to supplement the... amount (if any) by which: (i) The present value of the future net premiums required for such contract...

  13. 24 CFR 220.801 - Initial insurance endorsement.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Initial insurance endorsement. 220.801 Section 220.801 Housing and Urban Development Regulations Relating to Housing and Urban... AREAS Contract Rights and Obligations-Projects Insured Project Improvement Loans § 220.801 Initial...

  14. 48 CFR 828.106-72 - Contract provision.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Contract provision. 828... GENERAL CONTRACTING REQUIREMENTS BONDS AND INSURANCE Bonds and Other Financial Protections 828.106-72 Contract provision. Insert 852.228-72, Assisting Service-Disabled Veteran-Owned and Veteran-Owned Small...

  15. Polymorphic Contracts

    Science.gov (United States)

    Belo, João Filipe; Greenberg, Michael; Igarashi, Atsushi; Pierce, Benjamin C.

    Manifest contracts track precise properties by refining types with predicates - e.g., {x : Int |x > 0 } denotes the positive integers. Contracts and polymorphism make a natural combination: programmers can give strong contracts to abstract types, precisely stating pre- and post-conditions while hiding implementation details - for example, an abstract type of stacks might specify that the pop operation has input type {x :α Stack |not ( empty x )} . We formalize this combination by defining FH, a polymorphic calculus with manifest contracts, and establishing fundamental properties including type soundness and relational parametricity. Our development relies on a significant technical improvement over earlier presentations of contracts: instead of introducing a denotational model to break a problematic circularity between typing, subtyping, and evaluation, we develop the metatheory of contracts in a completely syntactic fashion, omitting subtyping from the core system and recovering it post facto as a derived property.

  16. Premium indexing in lifelong health insurance

    NARCIS (Netherlands)

    Vercruysse, W.; Dhaene, J.; Denuit, M.; Pitacco, E.; Antonio, K.

    2013-01-01

    For lifelong health insurance covers, medical inflation not incorporated in the level premiums determined at policy issue requires an appropriate increase of these premiums and/or the corresponding reserves during the term of the contract. In this paper, we investigate appropriate premium indexing

  17. Administrative contracts

    Directory of Open Access Journals (Sweden)

    Vukićević-Petković Milica

    2015-01-01

    Full Text Available Administrative contracts are a special type of contract where usually one of the contracting parties is a public law body and which is concluded for the performance of public service and the realization of a public interest. They go a long way since its inception to its eventual final acceptance of all the legal systems. One of the enduring characteristics of this type of contract is their disquised or unnoticed existence. This is why only monitoring their development may lead to a complete understanding of the importance and essence of this institution as well as the need for its complete legal regulation.

  18. Electrical contracting

    CERN Document Server

    Neidle, Michael

    2013-01-01

    Electrical Contracting, Second Edition is a nine-chapter text guide for the greater efficiency in planning and completing installations for the design, installation and control of electrical contracts. This book starts with a general overview of the efficient cabling and techniques that must be employed for safe wiring design, as well as the cost estimation of the complete electrical contract. The subsequent chapters are devoted to other electrical contracting requirements, including electronic motor control, lighting, and electricity tariffs. A chapter focuses on the IEE Wiring Regulations an

  19. Administrative contracts

    OpenAIRE

    Vukićević-Petković Milica

    2015-01-01

    Administrative contracts are a special type of contract where usually one of the contracting parties is a public law body and which is concluded for the performance of public service and the realization of a public interest. They go a long way since its inception to its eventual final acceptance of all the legal systems. One of the enduring characteristics of this type of contract is their disquised or unnoticed existence. This is why only monitoring their development may lead to a complete u...

  20. Women's Health Insurance Coverage

    Science.gov (United States)

    ... Women's Health Policy Women’s Health Insurance Coverage Women’s Health Insurance Coverage Published: Oct 31, 2017 Facebook Twitter LinkedIn ... that many women continue to face. Sources of Health Insurance Coverage Employer-Sponsored Insurance: Approximately 57.9 million ...

  1. Alternative health insurance schemes

    DEFF Research Database (Denmark)

    Keiding, Hans; Hansen, Bodil O.

    2002-01-01

    In this paper, we present a simple model of health insurance with asymmetric information, where we compare two alternative ways of organizing the insurance market. Either as a competitive insurance market, where some risks remain uninsured, or as a compulsory scheme, where however, the level...... competitive insurance; this situation turns out to be at least as good as either of the alternatives...

  2. Health Insurance Basics

    Science.gov (United States)

    ... Staying Safe Videos for Educators Search English Español Health Insurance Basics KidsHealth / For Teens / Health Insurance Basics What's ... thought advanced calculus was confusing. What Exactly Is Health Insurance? Health insurance is a plan that people buy ...

  3. Canaryseed Crop

    Directory of Open Access Journals (Sweden)

    Maximiliano Cogliatti

    2012-03-01

    Full Text Available Canaryseed (Phalaris canariensis L. is a graminaceous crop species with production practices and cycle similar to those of other winter cereal crops such as spring wheat (Triticum aestivum L. and oat (Avena sativa L.. Currently its grains are used almost exclusively as feed for birds, alone or mixed with other grains like millet, sunflower seed, and flaxseed. Canaryseed is a genuine cereal with a unique composition that suggests its potential for food use. P. canariensis is cultivated in many areas of temperate climates. Currently, its production is concentrated in the southwestern provinces of Canada (Alberta, Saskatchewan and Manitoba and on a smaller scale in Argentina, Thailand and Australia. Globally it is considered to be a minor crop with regional relevance, with a production about of 250000 tonnes per year, which restricts private investment and public research on its genetic and technological improvement. For this reason, the type of crop management that is applied to this species largely depends on innovations made in other similar crops. This work provides an updated summary of the available information on the species: its requirements, distribution, genetic resources, cultivation practices, potential uses, marketing and other topics of interest to researchers and producers.

  4. “If It’s Easy to Read, It’s Easy to Claim”—The Effect of the Readability of Insurance Contracts on Consumer Expectations and Conflict Behaviour

    NARCIS (Netherlands)

    W.H. van Boom (Willem); P.T.M. Desmet (Pieter); Van Dam, M. (Mark)

    2016-01-01

    textabstractIn the area of financial services, lawmakers and regulators increasingly promote the use of plain language in business-to-consumer contracts. Although such efforts are undoubtedly welcomed by consumers, as they promote better comprehension, not much is known about the actual effects of

  5. “If It’s Easy to Read, It’s Easy to Claim”—The Effect of the Readability of Insurance Contracts on Consumer Expectations and Conflict Behaviour

    NARCIS (Netherlands)

    Boom, van W.H.; Desmet, P.; Dam, van M.

    2016-01-01

    In the area of financial services, lawmakers and regulators increasingly promote the use of plain language in business-to-consumer contracts. Although such efforts are undoubtedly welcomed by consumers, as they promote better comprehension, not much is known about the actual effects of improved

  6. 41 CFR 101-4.440 - Health and insurance benefits and services.

    Science.gov (United States)

    2010-07-01

    ... 41 Public Contracts and Property Management 2 2010-07-01 2010-07-01 true Health and insurance... insurance benefits and services. Subject to § 101-4.235(d), in providing a medical, hospital, accident, or life insurance benefit, service, policy, or plan to any of its students, a recipient shall not...

  7. 48 CFR 752.228-3 - Worker's compensation insurance (Defense Base Act).

    Science.gov (United States)

    2010-10-01

    ... insurance (Defense Base Act). 752.228-3 Section 752.228-3 Federal Acquisition Regulations System AGENCY FOR... Clauses 752.228-3 Worker's compensation insurance (Defense Base Act). As prescribed in 728.309, the... contracting officer. (a) The Contractor agrees to procure Defense Base Act (DBA) insurance pursuant to the...

  8. Students Left behind: The Limitations of University-Based Health Insurance for Students with Mental Illnesses

    Science.gov (United States)

    McIntosh, Belinda J.; Compton, Michael T.; Druss, Benjamin G.

    2012-01-01

    A growing trend in college and university health care is the requirement that students demonstrate proof of health insurance prior to enrollment. An increasing number of schools are contracting with insurance companies to provide students with school-based options for health insurance. Although this is advantageous to students in some ways, tying…

  9. 24 CFR 4001.203 - Calculation of upfront and annual mortgage insurance premiums for Program mortgages.

    Science.gov (United States)

    2010-04-01

    ... mortgage insurance premiums for Program mortgages. 4001.203 Section 4001.203 Housing and Urban Development... HOMEOWNERS PROGRAM HOPE FOR HOMEOWNERS PROGRAM Rights and Obligations Under the Contract of Insurance § 4001.203 Calculation of upfront and annual mortgage insurance premiums for Program mortgages. (a...

  10. 24 CFR 266.610 - Method of payment of mortgage insurance premiums.

    Science.gov (United States)

    2010-04-01

    ... insurance premiums. 266.610 Section 266.610 Housing and Urban Development Regulations Relating to Housing... MULTIFAMILY PROJECT LOANS Contract Rights and Obligations Mortgage Insurance Premiums § 266.610 Method of payment of mortgage insurance premiums. In the cases that the Commissioner deems appropriate, the...

  11. Optimal health insurance: the case of observable, severe illness.

    Science.gov (United States)

    Chernew, M E; Encinosa, W E; Hirth, R A

    2000-09-01

    We explore optimal cost-sharing provisions for insurance contracts when individuals have observable, severe diseases with a discrete number of medically appropriate treatment options. Variation in preferences for alternative treatments is unobserved by the insurer and non-contractible. Interest in such situations is increasingly common, exemplified by disease carve-out programs and shared decision-making (SDM) tools. We demonstrate that optimal insurance charges a copay to patients choosing the high-cost treatment and provides consumers of the low-cost treatment a cash payment. A simulation of the effect of such a policy, based on prostate cancer, indicates a substantial reduction in moral hazard.

  12. ANALYSIS OF THE CURRENT STATE OF INSURANCE MARKET IN UKRAINE

    Directory of Open Access Journals (Sweden)

    Melnyk Olga

    2018-03-01

    Full Text Available Introduction. Modern insurance companies provide the formation of effective market mechanisms for attracting investment resources to the national economy through the effective functioning of the insurance market with the use of modern market infrastructure and financial instruments. In Ukraine, the insurance market has a significant development potential, which requires, first of all, a detailed assessment of all available opportunities for balanced development in the context of European integration processes. Therefore, the identification and analysis of modern trends in the development of the insurance market are relevant today from theoretical and practical points of view. The purpose of the study is to analyze the current state of the insurance market in Ukraine and determine the factors affecting the effectiveness of its activities. Results. It was defined that the insurance market is the second largest in terms of capitalization among other non-bank financial markets in Ukraine. The tendencies of changes in the main indicators of the insurance market activity, in particular regarding the number of concluded insurance contracts, insurance premiums and insurance payments, reinsurance, insurance reserves, insurers’ assets and authorized capital, were investigated. It was found that the increase in gross insurance premiums was made for almost all types of insurance, and the increase of gross insurance premiums was mainly due to auto insurance, medical insurance and financial risk insurance. Nowadays, the level of insurance penetration in Ukraine is still low. However, according to the Comprehensive Program for the Development of the Financial Sector of Ukraine, a gradual increase of this indicator is planned. Conclusions. The conducted studies indicate that the insurance market of Ukraine is at the stage of formation, gradually adapting to the requirements of European and world markets. In order to improve the situation, domestic insurers

  13. Insuring unit failures in electricity markets

    International Nuclear Information System (INIS)

    Pineda, S.; Conejo, A.J.; Carrion, M.

    2010-01-01

    An electric energy producer participates in futures markets in the hope of hedging the risk of trading in the pool. However, this producer is required to supply the energy associated with all its signed forward contracts even if some of its units are forced out due to unexpected failures. In this case, the producer must purchase some of the energy needed to meet its futures market commitments in the pool, which may result in high losses if the pool prices happen to be higher than the forward contract prices. To mitigate these losses, the producer can take out insurance against the forced outages of its units. Using a stochastic programming model, this paper analyzes the convenience of signing an insurance against unit failure by an electric energy producer and its impact on forward contracting decisions. Results from a realistic case study are provided and analyzed.

  14. Aggravation of Risk and Precautionary Measures in Non-Life Insurance: A Tricky Scope for the Insurer?

    Directory of Open Access Journals (Sweden)

    Olavi-Jüri Luik

    2015-12-01

    Full Text Available Aggravation of risk and failure to take precautionary measures are focal issues in non-life insurance in terms of potential partial or full release of the insurer from the duty to perform. Not infrequently, it is difficult to draw a line between the aggravation of risk on the one hand, and non-compliance with precautionary measures on the other, since a particular action by a policyholder may present both situations. At the same time, the legal remedies available to the insurer regarding these two situations are different in scope. The aggravation of risk and non-compliance with precautionary measures are precisely the bases on which insurers actually reduce indemnity or refuse to compensate for damages. This article explores the differences between insurance laws in the Baltic states—specifically, the Estonian Law of Obligations Act, the Latvian Insurance Contract Law and Lithuanian rules contained in the Civil Code and Insurance Law. The article explores the differences between the Baltic states’ insurance laws and the Principles of European Insurance Contract Law (PEICL with regard to a policyholder’s duty in relation to aggravation of risk and precautionary measures, as the rights and obligations of policyholders do change where the optional instrument is applied. The article also includes comparisons to German, Finnish and Russian insurance law.

  15. 78 FR 38413 - American Family Life Insurance Company, et al.

    Science.gov (United States)

    2013-06-26

    ... conditions. 9. The Contracts are flexible premium variable annuity and variable life insurance contracts. The..., the Company reserves the right to substitute shares of one fund for shares of another, or of another... December 31, 2012, expressed as an annual percentage of average daily net assets, of the Replaced Portfolio...

  16. Federal Environmental Remediation Contractual and Insurance-Based Risk Allocation Schemes: Are They Getting the Job Done?

    National Research Council Canada - National Science Library

    Momber, Amy L

    2005-01-01

    .... Recognizing they cannot specifically account for such unknown contingencies via contract, the Government and remediation contractors employ contractual and insurance-based methods to shift or reduce...

  17. Insurance of nuclear risk

    International Nuclear Information System (INIS)

    Lacroix, M.

    1976-01-01

    Insurance for large nuclear installations covers mainly four types of risk: third party liability which in accordance with the nuclear conventions, is borne by a nuclear operator following an incident occurring in his installation or during transport of nuclear substances; material damage to the installation itself, which precisely is not covered by third party liability insurance; machinery breakdown, i.e. accidental damage or interruption of operation. Only the first category must be insured. In view of the magnitude of the risk, nuclear insurance resorts to co-insurance and reinsurance techniques which results in a special organisation of the nuclear insurance market, based on national nuclear insurance pools and on the Standing Committee on Atomic Risk of the European Insurance Committee. Conferences of the chairmen of nuclear insurance pools are convened regularly at a worldwide level. (NEA) [fr

  18. Contract farming and the development of smallholder agricultural businesses

    DEFF Research Database (Denmark)

    Contract farming has received renewed attention recently as developing economies try to grapple with how to transform the agricultural sector and its associated value chains. This book examines different contract arrangements for selected crops, applying both qualitative and quantitative approaches...... in order to examine how contract farming affects smallholders and value chain dynamics in Tanzania....

  19. Legal Effect of Breach of Warranty in Construction Insurance in Malaysia

    OpenAIRE

    Arazi Idrus; Mahmoud Sodangi; Jamaluddin Yaakob

    2011-01-01

    This study is aimed at analyzing the legal effect of breach of warranty in construction insurance contracts in Malaysia in light of the current developments in The English insurance law. The required data and information were collected from Malaysian and English court decisions dealing with breach of warranties in English marine insurance law from the online Malayan Law Journal published on the LexisNexis online database and from published textbooks related to insurance warranties. This study...

  20. Attitudes towards insurance: the role of propensity to hold liquid asset

    OpenAIRE

    Antonino Iero; Giorgio Tassinari

    2011-01-01

    There’s a lack of research on the relationship between families’ attitudes toward insurance and their financial behavior. The Italian insurance market appears weak with regard to non life and non motor insurance: Italy ranks only 18th in Europe in terms of the ratio between non life and non motor premiums and GDP. The propensity to subscribe to an insurance contract appears largely to depend on geographical area, qualification and job activity. Regardless of their wealth, families subscribing...

  1. ORGANIZATION OF INSURANCE DEFENCE IN AGRARIAN ENTERPRISE – FOREIGN EXPERIENCE

    Directory of Open Access Journals (Sweden)

    M. Malik

    2015-08-01

    Full Text Available Financial stability of agricultural producers the most effective method to stimulate the development of agricultural insurance, which is part of the insurance premium compensation to agricultural producers for insurance contracts and regulation of insurance state. Government support of agricultural producers with their property insurance provides in a many developed countries (USA, Canada, Spain, etc., through which achieved a high level of insurance in the agricultural sector of the economy. In Ukraine agricultural insurance also carried out with government support, but its development is characterized by slow pace. Problems of development of agricultural insurance and solutions determine the relevance of the study of this problem. Agriculture is the key to food security. Insurance system should provide financial support to rural producers. That damage the agricultural sector affect not only the interests of the producers and the state in general, there is a need to create a basis for substantial government support for agriculture. Considerable support can be carried out through government subsidies producers or insurers in insurance operations.

  2. Chinese nuclear insurance and Chinese nuclear insurance pool

    International Nuclear Information System (INIS)

    Gong Zhiqi

    2000-01-01

    Chinese Nuclear Insurance Started with Daya Bay Nuclear Power Station, PICC issued the insurance policy. Nuclear insurance cooperation between Chinese and international pool's organizations was set up in 1989. In 1996, the Chinese Nuclear Insurance Pool was prepared. The Chinese Nuclear Insurance Pool was approved by The Chinese Insurance Regulatory Committee in May of 1999. The principal aim is to centralize maximum the insurance capacity for nuclear insurance from local individual insurers and to strengthen the reinsurance relations with international insurance pools so as to provide the high quality insurance service for Chinese nuclear industry. The Member Company of Chinese Nuclear Pool and its roles are introduced in this article

  3. Disability Income Insurance

    OpenAIRE

    Hayhoe, Celia Ray; Smith, Mike, CPF

    2009-01-01

    The purpose of disability income insurance is to partially replace your income if you are unable to work because of sickness or an accident. This guide reviews the types of disability insurance, important terms and concepts and employer provided benefits.

  4. Understanding health insurance plans

    Science.gov (United States)

    ... page: //medlineplus.gov/ency/patientinstructions/000879.htm Understanding health insurance plans To use the sharing features on this ... plan for you and your family. Types of Health Insurance Plans Depending on how you get your health ...

  5. Contract Renewal Information - all Contracts

    Data.gov (United States)

    Department of Housing and Urban Development — Multifamily Portfolio datasets (section 8 contracts) - The information has been compiled from multiple data sources within FHA or its contractors. HUD oversees more...

  6. Contract theory and EU Contract Law

    OpenAIRE

    Hesselink, M.W.; Twigg-Flesner, C.

    2016-01-01

    This paper explores the relationship between contract theory and European contract law. In particular, it confronts the leading contract law theories with the main characteristics of EU contract law. The conclusion is that the two do not match well. In particular, monist normative contract theories are largely irreconcilable with the contract law of the EU. The paper further addresses the main implications of this mismatch, both for contract theory and for EU contract law. It suggests that in...

  7. Farmers Insures Success

    Science.gov (United States)

    Freifeld, Lorri

    2012-01-01

    Farmers Insurance claims the No. 2 spot on the Training Top 125 with a forward-thinking training strategy linked to its primary mission: FarmersFuture 2020. It's not surprising an insurance company would have an insurance policy for the future. But Farmers takes that strategy one step further, setting its sights on 2020 with a far-reaching plan to…

  8. The Potential and Uptake of Remote Sensing in Insurance: A Review

    Directory of Open Access Journals (Sweden)

    Jan de Leeuw

    2014-11-01

    Full Text Available Global insurance markets are vast and diverse, and may offer many opportunities for remote sensing. To date, however, few operational applications of remote sensing for insurance exist. Papers claiming potential application of remote sensing typically stress the technical possibilities, without considering its contribution to customer value for the insured or to the profitability of the insurance industry. Based on a systematic search of available literature, this review investigates the potential and actual support of remote sensing to the insurance industry. The review reveals that research on remote sensing in classical claim-based insurance described in the literature revolve around crop damage and flood and fire risk assessment. Surprisingly, the use of remote sensing in claim-based insurance appears to be instigated by government rather than the insurance industry. In contrast, insurance companies are offering various index insurance products that are based on remote sensing. For example, remotely sensed index insurance for rangelands and livestock are operational, while various applications in crop index insurance are being considered or under development. The paper discusses these differences and concludes that there is particular scope for application of remote sensing by the insurance industry in index insurance because (1 indices can be constructed that correlate well with what is insured; (2 these indices can be delivered at low cost; and (3 it opens up new markets that are not served by claim-based insurance. The paper finally suggests that limited adoption of remote sensing in insurance results from a lack of mutual understanding and calls for greater cooperation between the insurance industry and the remote sensing community.

  9. Agile Contracts

    DEFF Research Database (Denmark)

    Pries-Heje, Jan; Pries-Heje, Lene

    2014-01-01

    with “endless” re-negotiation of the requirements; you need a more flexible way to develop IS. A new way of coping with many changes is to use an agile development approach and a fixed budget and resources contract. This paper presents an example case. We analyse the case and design a guideline for how......When you have stable and non-ambiguous requirements then a classic contract for IS between a supplier and a public sector institution based on a requirements specification may be well suited. However, if you have to accept many changes or have ambiguous requirements then you may end up...... to implement a fixed budget and resources contract in the public sector. The guideline includes elements to cope with challenges in a tender process such as transparency, criteria for supplier selection, and live assessment of resource skills and capabilities, as well as achieving the flexibility for change...

  10. Turnkey contracts

    International Nuclear Information System (INIS)

    Langetepe, G.

    1977-01-01

    To make energy available economically and in sufficient quantity is a main point for the future of an industrial and more for a developing country. The investment costs and the availability of a power plant and in particular for a nuclear power plant are the most significant factors in the economic operation of the plant. In the phase before signing the contract the essential decisions are made with high influence in the economic operation and the availability of the plant. A turn-key contract offers good possibilities to minimize the risks referring a) the plant quality and functionality, b) the plant investment cost, c) the plant completion date, d) the handling of the licensing procedures, e) the availability of the operation. The lecture mentions the points which are of high influence for a successful erection and operation period and which must be clarified before signing the contract between the buyer and supplier of the plant. (orig./HP) [de

  11. Risks and nuclear insurance

    International Nuclear Information System (INIS)

    Debaets, M.; Springett, G.D.; Luotonen, K.; Virole, J.

    1988-01-01

    When analysing the nuclear insurance market, three elements must be taken into account: the nuclear operator's liability is regulated by national laws and/or international Conventions, such operators pay large premiums to insure their nuclear installations against property damage and finally, the nuclear insurance market is made up of pools and is mainly a monopoly. This report describes the different types of insurance coverage, the system governing nuclear third party liability under the Paris Convention and the Brussels Supplementary Convention and several national laws in that field. The last part of the report deals with liability and insurance aspects of international transport of nuclear materials [fr

  12. 48 CFR 952.231-71 - Insurance-litigation and claims.

    Science.gov (United States)

    2010-10-01

    ... agencies, in connection with this contract. The Contractor shall proceed with such litigation in good faith... litigation in good faith and as directed from time to time by the Contracting Officer. (c)(1) Except as... insurance as required by law or approved in writing by the Contracting Officer. (2) The Contractor may, with...

  13. 48 CFR 970.5228-1 - Insurance-litigation and claims.

    Science.gov (United States)

    2010-10-01

    ... agencies, in connection with this contract. The Contractor shall proceed with such litigation in good faith... litigation in good faith and as directed from time to time by the Contracting Officer. (c)(1) Except as... insurance as required by law or approved in writing by the Contracting Officer. (2) The Contractor may, with...

  14. A Two-Account Life Insurance Model for Scenario-Based Valuation Including Event Risk

    DEFF Research Database (Denmark)

    Jensen, Ninna Reitzel; Schomacker, Kristian Juul

    2015-01-01

    Using a two-account model with event risk, we model life insurance contracts taking into account both guaranteed and non-guaranteed payments in participating life insurance as well as in unit-linked insurance. Here, event risk is used as a generic term for life insurance events, such as death......, disability, etc. In our treatment of participating life insurance, we have special focus on the bonus schemes “consolidation” and “additional benefits”, and one goal is to formalize how these work and interact. Another goal is to describe similarities and differences between participating life insurance...... product types. This enables comparison of participating life insurance products and unit-linked insurance products, thus building a bridge between the two different ways of formalizing life insurance products. Finally, our model distinguishes itself from the existing literature by taking into account...

  15. BETTERMENT OF THE STATE SUPPORT FOR AGRICULTURAL INSURANCE IN RUSSIA

    Directory of Open Access Journals (Sweden)

    Ludmila Yurievna Piterskaya

    2013-11-01

    Full Text Available The authors have developed some proposals on improving the procedure of determining conditions for providing a state support to insurance of agricultural crops. The author's approach has the following differential characteristics: when determining the period of investigation it is takes into account the factor of the yield cyclical; the main calculated indicator when the occurrence of an insured event is been proved is the average in agro-climatic zones coefficient of variation of the crop.DOI: http://dx.doi.org/10.12731/2218-7405-2013-7-41

  16. Public Insurance and Equality

    DEFF Research Database (Denmark)

    Landes, Xavier; Néron, Pierre-Yves

    2015-01-01

    Heath (among other political theorists) considers that the principle of efficiency provides a better normative explanation and justification of public insurance than the egalitarian account. According to this view, the fact that the state is involved in the provision of specific insurance (primarily......Public insurance is commonly assimilated with redistributive tools mobilized by the welfare state in the pursuit of an egalitarian ideal. This view contains some truth, since the result of insurance, at a given moment, is the redistribution of resources from the lucky to unlucky. However, Joseph...... surrounding public insurance as a redistributive tool, advancing the idea that public insurance may be a relational egalitarian tool. It then presents a number of relational arguments in favor of the involvement of the state in the provision of specific forms of insurance, arguments that have been overlooked...

  17. Competition between health maintenance organizations and nonintegrated health insurance companies in health insurance markets.

    Science.gov (United States)

    Baranes, Edmond; Bardey, David

    2015-12-01

    This article examines a model of competition between two types of health insurer: Health Maintenance Organizations (HMOs) and nonintegrated insurers. HMOs vertically integrate health care providers and pay them at a competitive price, while nonintegrated health insurers work as indemnity plans and pay the health care providers freely chosen by policyholders at a wholesale price. Such difference is referred to as an input price effect which, at first glance, favors HMOs. Moreover, we assume that policyholders place a positive value on the provider diversity supplied by their health insurance plan and that this value increases with the probability of disease. Due to the restricted choice of health care providers in HMOs a risk segmentation occurs: policyholders who choose nonintegrated health insurers are characterized by higher risk, which also tends to favor HMOs. Our equilibrium analysis reveals that the equilibrium allocation only depends on the number of HMOs in the case of exclusivity contracts between HMOs and providers. Surprisingly, our model shows that the interplay between risk segmentation and input price effects may generate ambiguous results. More precisely, we reveal that vertical integration in health insurance markets may decrease health insurers' premiums.

  18. Monopolistic Insurance and the Value of Information

    Directory of Open Access Journals (Sweden)

    Arthur Snow

    2015-07-01

    Full Text Available The value of information regarding risk class for a monopoly insurer and its customers is examined in both symmetric and asymmetric information environments. A monopolist always prefers contracting with uninformed customers as this maximizes the rent extracted under symmetric information while also avoiding the cost of adverse selection when information is held asymmetrically. Although customers are indifferent to symmetric information when they are initially uninformed, they prefer contracting with hidden knowledge rather than symmetric information since the monopoly responds to adverse selection by sharing gains from trade with high-risk customers when low risks are predominant in the insurance pool. However, utilitarian social welfare is highest when customers are uninformed, and is higher when information is symmetric rather than asymmetric.

  19. Incomplete contracting theory in empirical accounting research

    NARCIS (Netherlands)

    van Lent, L.A.G.M.

    1999-01-01

    In three essays, the implications of the costly contracting approach in accounting are investigated. First, the consequences of changing the set of acceptable accounting techniques in the banking and insurance industry are examined. The regulations imposed by a government agency alter the

  20. Researching the potentials and limitations of contract farming in sub-Saharan Africa

    DEFF Research Database (Denmark)

    Kuzilwa, Joseph A.; Fold, Niels; Henningsen, Arne

    2017-01-01

    Contract farming has received renewed attention recently as developing economies try to grapple with how to transform the agricultural sector and its associated value chains. This book examines different contract arrangements for selected crops, applying both qualitative and quantitative approach...

  1. [Reimbursement of health apps by the German statutory health insurance].

    Science.gov (United States)

    Gregor-Haack, Johanna

    2018-03-01

    A reimbursement category for "apps" does not exist in German statutory health insurance. Nevertheless different ways for reimbursement of digital health care products or processes exist. This article provides an overview and a description of the most relevant finance and reimbursement categories for apps in German statutory health insurance. The legal qualifications and preconditions of reimbursement in the context of single contracts with one health insurance fund will be discussed as well as collective contracts with national statutory health insurance funds. The benefit of a general outline appeals especially in respect to the numerous new players and products in the health care market. The article will highlight that health apps can challenge existing legal market access and reimbursement criteria and paths. At the same time, these criteria and paths exist. In terms of a learning system, they need to be met and followed.

  2. Illness Mapping: A time and cost effective method to estimate healthcare data needed to establish community-based health insurance

    NARCIS (Netherlands)

    E. Binnendijk (Erica); M. Gautham (Meenakshi); R. Koren (Ruth); D.M. Dror (David)

    2012-01-01

    textabstractBackground: Most healthcare spending in developing countries is private out-of-pocket. One explanation for low penetration of health insurance is that poorer individuals doubt their ability to enforce insurance contracts. Community-based health insurance schemes (CBHI) are a solution,

  3. Juxtaposing BTE and ATE – on the role of the European insurance industry in funding civil litigation

    NARCIS (Netherlands)

    W.H. van Boom (Willem)

    2010-01-01

    textabstractOne of the ways in which legal services are financed, and indeed shaped, is through private insurance arrangement. Two contrasting types of legal expenses insurance contracts (LEI) seem to dominate in Europe: before the event (BTE) and after the event (ATE) legal expenses insurance.

  4. 12 CFR 1408.13 - Contracting for collection services.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Contracting for collection services. 1408.13 Section 1408.13 Banks and Banking FARM CREDIT SYSTEM INSURANCE CORPORATION COLLECTION OF CLAIMS OWED THE UNITED STATES Administrative Collection of Claims § 1408.13 Contracting for collection services. The...

  5. Rice crop risk map in Babahoyo canton (Ecuador)

    Science.gov (United States)

    Valverde Arias, Omar; Tarquis, Ana; Garrido, Alberto

    2016-04-01

    It is widely known that extreme climatic phenomena occur with more intensity and frequency. This fact has put more pressure over farming, making agricultural and livestock production riskier. In order to reduce hazards and economic loses that could jeopardize farmer's incomes and even its business continuity, it is very important to implement agriculture risk management plans by governments and institutions. One of the main strategies is transfer risk by agriculture insurance. Agriculture insurance based in indexes has a significant growth in the last decade. And consist in a comparison between measured index values with a defined threshold that triggers damage losses. However, based index insurance could not be based on an isolated measurement. It is necessary to be integrated in a complete monitoring system that uses many sources of information and tools. For example, index influence areas, crop production risk maps, crop yields, claim statistics, and so on. Crop production risk is related with yield variation of crops and livestock, due to weather, pests, diseases, and other factors that affect both the quantity and quality of commodities produced. This is the risk which farmers invest more time managing, and it is completely under their control. The aim of this study is generate a crop risk map of rice that can provide risk manager important information about the status of crop facing production risks. Then, based on this information, it will be possible to make best decisions to deal with production risk. The rice crop risk map was generated qualifying a 1:25000 scale soil and climatic map of Babahoyo canton, which is located in coast region of Ecuador, where rice is one of the main crops. The methodology to obtain crop risk map starts by establishing rice crop requirements and indentifying the risks associated with this crop. A second step is to evaluate soil and climatic conditions of the study area related to optimal crop requirements. Based on it, we can

  6. Contract theory and EU Contract Law

    NARCIS (Netherlands)

    Hesselink, M.W.; Twigg-Flesner, C.

    2016-01-01

    This paper explores the relationship between contract theory and European contract law. In particular, it confronts the leading contract law theories with the main characteristics of EU contract law. The conclusion is that the two do not match well. In particular, monist normative contract theories

  7. Data analytics for insurance loss modelling, telematics pricing and claims reserving.:Data analytics for insurance loss modelling, telematics pricing and claims reserving.

    OpenAIRE

    Verbelen, Roel

    2017-01-01

    Today's society generates data more rapidly than ever before, creating many opportunities as well as challenges for statisticians. Many industries become increasingly dependent on high-quality data, and the demand for sound statistical analysis of these data is rising accordingly. In the insurance sector, data have always played a major role. When selling a contract to a client, the insurance company is liable for the claims arising from this contract and will hold capital aside to meet th...

  8. Muscle Contraction.

    Science.gov (United States)

    Sweeney, H Lee; Hammers, David W

    2018-02-01

    SUMMARYMuscle cells are designed to generate force and movement. There are three types of mammalian muscles-skeletal, cardiac, and smooth. Skeletal muscles are attached to bones and move them relative to each other. Cardiac muscle comprises the heart, which pumps blood through the vasculature. Skeletal and cardiac muscles are known as striated muscles, because the filaments of actin and myosin that power their contraction are organized into repeating arrays, called sarcomeres, that have a striated microscopic appearance. Smooth muscle does not contain sarcomeres but uses the contraction of filaments of actin and myosin to constrict blood vessels and move the contents of hollow organs in the body. Here, we review the principal molecular organization of the three types of muscle and their contractile regulation through signaling mechanisms and discuss their major structural and functional similarities that hint at the possible evolutionary relationships between the cell types. Copyright © 2018 Cold Spring Harbor Laboratory Press; all rights reserved.

  9. Contract design

    International Nuclear Information System (INIS)

    Bradley, P.

    2006-01-01

    The current state of the electric power industry in Ontario was discussed with particular reference to the procurement of contracts and why the Ontario Power Authority (OPA) must be contracting to resolve many of Ontario's electricity issues. As Ontario increasingly relies on imports and natural gas-fired generation, the price of electricity continues to rise given that supply is at a low level. In addition to the generation gap, there are also several transmission constrained areas in Ontario, particularly in the Greater Toronto Area (GTA). The OPA announced 2 projects totalling 1900 MW to relieve congestion. According to the Independent Electricity System Operator (IESO), the total potential opportunity for new generation by 2015 is about 5,000 to 7,000 megawatts. OPA is expected to launch procurement processes for up to 1000 MW of cogeneration, 250 MW of province-wide conservation initiatives, 1900 MW of generation in the western part of the GTA, and 600 MW of generation in downtown Toronto. New nuclear capacity is also anticipated in addition to renewables and conservation/demand management (CDM) initiatives. The OPA's competitive procurement processes will include requests for expressions of interest, requests for qualifications and requests for proposals. The challenge of balancing the technical complexities and realities of procuring generation assets with the need for a fair procurement process was discussed. Contracts will be designed to react to market signals and will include 3 styles: tariff style, tolling style and standard offer contract. OPA will make every effort to balance generator and ratepayer interests. 6 figs

  10. Nuclear insurance fire risk

    International Nuclear Information System (INIS)

    Dressler, E.G.

    2001-01-01

    Nuclear facilities operate under the constant risk that radioactive materials could be accidentally released off-site and cause injuries to people or damages to the property of others. Management of this nuclear risk, therefore, is very important to nuclear operators, financial stakeholders and the general public. Operators of these facilities normally retain a portion of this risk and transfer the remainder to others through an insurance mechanism. Since the nuclear loss exposure could be very high, insurers usually assess their risk first-hand by sending insurance engineers to conduct a nuclear insurance inspection. Because a serious fire can greatly increase the probability of an off-site release of radiation, fire safety should be included in the nuclear insurance inspection. This paper reviews essential elements of a facility's fire safety program as a key factor in underwriting nuclear third-party liability insurance. (author)

  11. Adverse weather impacts on arable cropping systems

    Science.gov (United States)

    Gobin, Anne

    2016-04-01

    meteorological risks and subsequently relating the risk to the cropping calendar will be demonstrated for major arable crops in Belgium. Physically based crop models assist in understanding the links between adverse weather events, sensitive crop stages and crop damage. Financial support was obtained from Belspo under research contract SD/RI/03A.

  12. Contract Farming: Conceptual Framework and Indian Panorama

    Directory of Open Access Journals (Sweden)

    Amit Kumar Chakrabarty

    2015-01-01

    Full Text Available This paper deals with conceptual framework of contract farming and portrays Indian scenario especially after announcement of National Agricultural Policy (2000 which encouraged private participation through contract farming. The conception of contract farming is not new in India, but it gets momentum in the era of agricultural globalization, as an alternative method of farming. The study reveals that while contract farming can be effective in introducing new technologies and providing external inputs to farmers, danger lies in firms extending technologies that bring financial benefits in the short-term but result in negative long-term health and environmental impacts. Contract farming is not appropriate for all types of crops. To have a significant poverty impact, crops produced under contract farming should be labour-intensive rather than input-intensive and should be appropriate for production on small plots of land. Since the contracting company is financially stronger than individual farmers, the terms of the contract may go against the farmers. Herein the government will have to come forward.

  13. Nonlife Insurance Pricing:

    Science.gov (United States)

    Darooneh, Amir H.

    We consider the insurance company as a physical system which is immersed in its environment (the financial market). The insurer company interacts with the market by exchanging the money through the payments for loss claims and receiving the premium. Here, in the equilibrium state, we obtain the premium by using the canonical ensemble theory, and compare it with the Esscher principle, the well-known formula in actuary for premium calculation. We simulate the case of car insurance for quantitative comparison.

  14. Transparency, Trust and Security: An Evaluation of the Insurer's Precontractual Duties

    Directory of Open Access Journals (Sweden)

    Daleen Millard

    2014-12-01

    Full Text Available Transparency in insurance law attaches to the rights and duties of the parties, the relationships between insurers, insurance intermediaries such as agents and brokers, insurance supervisory law and insurance dispute resolution procedures. Regarding the rights and duties of the insurer and the prospective policyholder, it requires insurers to disclose precontractual information in a timely manner that is clear, understandable, legible and unambiguous. Transparency as a value is incredibly important in insurance contracts. This contribution focuses exclusively on the insurer's duty of disclosure during precontractual negotiations. Although the insured's duty of disclosure has enjoyed more attention in the past, the duty clearly applies to the insurance proposer as well as the insurer. The purpose of this contribution is to evaluate the nature and extent of the insurer's transparency duties as informed by both common and statutory laws. The insurer's duty is derived primarily from the statutory rights of access to information in accordance with the provisions of the Constitution of the Republic of South Africa and the Promotion of Access to Information Act. It is furthermore supported by specific insurance consumer protection law found in the detailed provisions on mandatory disclosures in the Financial Advisory and Intermediary Services Act, the Long-term Insurance Act, the Short-term Insurance Act and, finally, the Policyholder Protection Rules issued in accordance with these acts. Strict rules on advertising can be found in the General Code of Conduct issued under the FAIS Act. The Act furthermore specifically targets the activities of insurance intermediaries in precontractual disclosures. The fact that insurance products and services have been exempted from the scope of the Consumer Protection Act from 28 February 2014 should not diminish the insured's right to rely on universal consumer protection principles as envisaged by South African

  15. Characteristics of nuclear contracts. Pt. 2

    International Nuclear Information System (INIS)

    Blanchard, R.

    1976-01-01

    When nuclear contracts are concluded account should be taken of their conditions of validity: the capacity of parties to undertake such commitment, freedom of consent, accuracy and observance of formalities. Once concluded, the contract is binding for the parties, subject to certain restrictions such as the theory of the unforeseeable. The party which fails to execute the contract is subject to sanctions. In an agreement covering the supply of a nuclear installation or equipment, various documents are attached to the contract proper, i.e. the technical instructions, the invoice and the estimate. The special clauses in nuclear contracts, include inter alia the special obligations imposed on the staff of the undertakings, the requirements to take out third party liability insurance, the very stringent conditions regarding taking over the installations and the guarantee (NEA) [fr

  16. Catastrophic risks and insurance

    International Nuclear Information System (INIS)

    Deprimoz, J.

    1988-01-01

    This short communication deals with compensation for nuclear damage and compensation for environmental pollution through industrial activities and compress both systems and their insurance coverage [fr

  17. Prescriptions and Insurance Plans

    Science.gov (United States)

    ... contributed by: familydoctor.org editorial staff Categories: Healthcare Management, Insurance & Bills, Your Health ResourcesTags: brand name, co-pay, drug, formulary, generic, isurance, medicine, ...

  18. Uninsured vs. insured population

    DEFF Research Database (Denmark)

    Andersen, Z. J.; Lin, Chyongchiou J; Chang, Chung-Chou H

    2003-01-01

    analyzed. Approximately 74 percent of uninsured Americans are nonelderly Americans. Among the nonelderly Americans, about 17 percent are uninsured. Our findings show that insurance status varies significantly by region, age, race, gender, marital status, income, education, employment status, and health......This study identified the underlying demographic and socioeconomic factors associated with insurance status among nonelderly Americans (age 19-64), as well as compared health care utilization between insured and uninsured. Data from the Community Tracking Study 1996-1997 Household Survey were...... status. Also, the insured nonelderly Americans were found to have better access to health care than the uninsured nonelderly....

  19. Life Insurance and Individual Pension System

    Directory of Open Access Journals (Sweden)

    İbrahim PAÇACI

    2017-12-01

    Full Text Available There is no explanation in the source about the insurance and the private pension system, which are not known at the time of the formation of the fiqh and the period of the support. Upon the spread of the insurance, The provision of insurance in the geography of Islam has also begun to be discussed. There are contracts that have the elements and conditions that must be found in itself and that are not contradictory to the basic principles of Islam. In this respect, without accumulating life insurance that protects the person against sudden risks is permissible. The provision of cumulative life insurance and the individual pension system depends on the area where the premiums are deposited and the type of payment. Provided that the premiums are assessed in halal areas; a at the end of the period premiums and interests are paid back in full or on a specific plan, or b all or part of the premiums and interests are left in the company and the income share is paid as salary, these are permissible. However, it is not permissible if all or part of the premiums and duties are left in the company and a fixed salary is attached. It is permissible for the State to contribute to the entry into the private pension system in order to incentivize the savings, and it is permissible for them to receive this contribution.

  20. Insurances in the petroleum industry; Seguros na industria do petroleo

    Energy Technology Data Exchange (ETDEWEB)

    Lima, Juliana S.F. [IRB-Brasil Resseguros, Rio de Janeiro, RJ (Brazil)

    2004-07-01

    This work shows an overview, focused mainly Brazil, of the insurance branch that deals with the upstream activities. The oil industry represents a substantial exposition for insurance international market because of the catastrophic nature of its risks, that entails a capacity dependency. The most of Insurance split into several insurers and reinsurer and are distributed into several markets and several regions of the world. The oil and gas branch of insurance covers: physical damage to equipment (platforms, vessels, drill ship etc), build, operation and liability in consequence of claims. The contract of insurance is complex because it is specific and demands much negotiation of rates and conditions. Moreover it is needed to find reliable insurers which want to accept the risk. There are alternatives to insurance market created by oil companies such as Captive and Mutual companies. The insurance international market built a complex and customized structure in order to be able to offer coverage to upstream risks and to participate in the amounts related to oil and gas production. (author)

  1. FEATURES OF ACCOUNTING AND AUDIT OF INSURANCE ORGANIZATIONS IN UKRAINE

    Directory of Open Access Journals (Sweden)

    А. Sholoiko

    2015-04-01

    Full Text Available Features of accounting and audit of insurance organizations in Ukraine that are based on the specific characteristics of the insurance activity and legislation are considered. The main of them are the next: the proper organization of accounting is a necessary condition of the activity of the financial institution; there are three groups of requirements to accounting of insurer, including: accounting of contracts; accounting of insurance reserves, formation financial reports in the Ukrainian insurance legislation; the use of IFRS instead of national accounting standards in preparing financial reports of insurance organizations in Ukraine is obligatory and despite of this compilation of primary documents and application of National Chart of Accounts by insurance organizations of Ukraine remains mandatory; it is necessary to follow the frequency of reporting according to national legislation; insurance companies are classified as institutions that must necessarily publish annual financial statements together with the auditor’s report about its accuracy, and this category of institutions are prohibited from using such form of organization of accounting and reporting as directly by the owner or the head of organization; audit of the annual financial statements and consolidated financial statements of insurance companies is mandatory and conducted in accordance with International quality control, auditing, review, other assurance, and related services pronouncements which adopted as national auditing standards by the Audit Chamber of Ukraine. These generalizations are done to make possible the further investigations of developing and improving in this field.

  2. Innovative insurance plan promises to leverage green power

    International Nuclear Information System (INIS)

    Edge, Gordon

    1999-01-01

    This article explains the gap between customers of green power signing short term (1-2 year) contracts and the banks wanting power purchase agreements for ten or more years before lending on new projects. Details are given of a new initiative from the US green power industry for a green premium for green power marketeers with the idea of an insurance product to take some of the risk and bridge the gap. Examples of coverage under the green power insurance proposal are discussed, and the funding and implementation of the scheme, and the effect of the insurance are considered

  3. Contract Design: Financial Options and Risk.

    Science.gov (United States)

    Mühlbacher, Axel C; Amelung, Volker E; Juhnke, Christin

    2018-01-12

    Integrated care systems as well as accountable care organisations (ACOs) in the US and similar concepts in other countries are advocated as an effective method of improving the performance of healthcare systems. These systems outline a payment and care delivery model that intends to tie provider reimbursements to predefined quality metrics. By this the total costs of care shall be reduced. When designing healthcare options contractors are faced with a variety of financial options. The costs of market utilisation are highly relevant for the conception of healthcare contracts; furthermore contract-specific investments are an obstacle to the efficient operation of ACOs. A comprehensive literature review on methods of designing contracts in Integrated Care was conducted. This article is the second in a row of three that are all published in this issue and contribute to a specific issue in designing healthcare contracts. The first dealt with the organisation of contracts and information asymmetries, while part 3 concludes with the question of risk management and evaluation. The specific research question of this second article focusses on the financial options and reimbursement schemes that are available to define healthcare contracts. A healthcare contract is a relational contract, which determines the level of reimbursement, the scope of services and the quality between service providers and payers, taking account of the risks relating to population and performance. A relational contract is an agreement based upon assumption of a longer timeframe. A major obstacle to the practical implementation of healthcare contracts is the prognosis of the inflows and outflows due to the actuarial risks of the insured population. Financing conditions and reimbursement arrangements that are based on a prospectively determined fixed price, have a significant drawback: it is very difficult to take the differences in health status and the utilisation of distinct insured clientele

  4. The insurance of nuclear installations

    International Nuclear Information System (INIS)

    Francis, H.W.

    1977-01-01

    A brief account is given of the development of nuclear insurance. The subject is dealt with under the following headings: the need for nuclear insurance, nuclear insurance pools, international co-operation, nuclear installations which may be insured, international conventions relating to the liability of operators of nuclear installations, classes of nuclear insurance, nuclear reactor hazards and their assessment, future developments. (U.K.)

  5. CIVIL LIABILITY OF DOCTORS AND THEIR INSURANCE (MALPRACTICE

    Directory of Open Access Journals (Sweden)

    Gârbo Viorica Irina

    2013-07-01

    Full Text Available Malpractice insurance of medical staff is probably the oldest professional liability insurance underwritten in the insurance market in Romania. The aim of our research is to theoretically examine in a qualitative inquiry the usefulness of insurance completion by the practitioners from the Romanian health system at both state and private, in order to improve a best practice medical insurance. The medical profession is practiced in Romania under the Code of Medical Ethics 30 March 2012 prepared in code that complies with international standards contained in the Geneva Declaration of 1948, as amended by the World Medical Association and the International Code of Medical Ethics. The forms of medical liability are: disciplinary, administrative, civil and criminal and only the civil liability can be taken into insurance because only it meets the conditions of insurability. Once we explain in general and the insurance liability in particular we show articles of the Romanian Civil Code which establishes the obligation the one that caused an injury to a third person for the repair or indemnify and conditions provided by the Civil Code as an act to be considered liability. Then we refer to situations where the patient may be damaged through the fault of the doctor or the doctor unit operates. The object of malpractice insurance is loss of money that the insured would have to pay a patient whom he caused injury as a result of acts or deeds of negligence committed to, during and in relation to professional activity. Risks taken in the insurance are personal injury, illness or death of the patient and / or moral damages. Regarding the excluded risks we have presented an overview of the more common contracts underwritten by Romanian insurance companies. We show the way of underwriting, the insured sums of the standard insurance and the additional one which subscribes moral damages, to companies in Romania agreed by bodies which organize and supervise the

  6. Retractable Contracts

    Directory of Open Access Journals (Sweden)

    Franco Barbanera

    2016-02-01

    Full Text Available In calculi for modelling communication protocols, internal and external choices play dual roles. Two external choices can be viewed naturally as dual too, as they represent an agreement between the communicating parties. If the interaction fails, the past agreements are good candidates as points where to roll back, in order to take a different agreement. We propose a variant of contracts with synchronous rollbacks to agreement points in case of deadlock. The new calculus is equipped with a compliance relation which is shown to be decidable.

  7. Insuring against Health Shocks: Health Insurance and Household Choices

    OpenAIRE

    Liu, Kai

    2015-01-01

    This paper provides empirical evidence on the role of public health insurance in mitigating adverse outcomes associated with health shocks. Exploiting the rollout of a universal health insurance program in rural China, I find that total household income and consumption are fully insured against health shocks even without access to health insurance. Household labor supply is an important insurance mechanism against health shocks. Access to health insurance helps households to maintain investme...

  8. Nuclear energy and insurance

    International Nuclear Information System (INIS)

    Dow, J.C.

    1989-01-01

    It was the risk of contamination of ships from the Pacific atmospheric atomic bomb tests in the 1940's that seems first to have set insurers thinking that a limited amount of cover would be a practical possibility if not a commercially-attractive proposition. One Chapter of this book traces the early, hesitant steps towards the evolution of ''nuclear insurance'', as it is usually called; a term of convenience rather than exactitude because it seems to suggest an entirely new branch of insurance with a status of its own like that of Marine, Life or Motor insurance. Insurance in the field of nuclear energy is more correctly regarded as the application of the usual, well-established forms of cover to unusual kinds of industrial plant, materials and liabilities, characterised by the peculiar dangers of radioactivity which have no parallel among the common hazards of industry and commerce. It had, and still has, the feature that individual insurance underwriters are none too keen to look upon nuclear risks as a potential source of good business and profit. Only by joining together in Syndicates or Pools have the members of the national insurance markets been able to make proper provision for nuclear risks; only by close international collaboration among the national Pools have the insurers of the world been able to assemble adequate capacity - though still, even after thirty years, not sufficient to provide complete coverage for a large nuclear installation. (author)

  9. Social health insurance

    CERN Document Server

    International Labour Office. Geneva

    1997-01-01

    This manual provides an overview of social health insurance schemes and looks at the development of health care policies and feasibility issues. It also examines the design of health insurance schemes, health care benefits, financing and costs and considers the operational and strategic information requirements.

  10. Insurance industry guide

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    This is an insurance industry guide for the independent power industry. The directory includes the insurance company's name, address, telephone and FAX numbers and a description of the company's area of expertise, products and services, and limitations. The directory is international in scope. Some of the companies specialize in independent power projects

  11. Marketing in life insurance

    Directory of Open Access Journals (Sweden)

    Njegomir Vladimir

    2006-01-01

    Full Text Available Insurance industry has traditionally been oriented on sale of its products i.e. at the stage which from the aspect of marketing theory can be characterized as sales phase, phase which proceeds the marketing orientation. However, faced with numerous challenges of modern business environment such as globalization, deregulation and sophisticated information technology insurance companies must change their way of doing business. Competition is becoming fierce as insurance companies are faced with competition not only from insurance industry but also from other competitors, such as banks, that are in position to offer product substitutes for life insurance products. In this new environment information about customers and their education are becoming critical factors. Insurance companies must know their customers what influences their demand for life insurance, what is the amount of their income, what is inflation rate, their expenditures on other goods i.e. opportunity costs, etc. Those are factors that force insurance companies to concentrate more on present and potential buyers and their needs and force them to give their best to satisfy those needs in a way that will produce delighted customers.

  12. Unemployment Insurance and Inequality

    DEFF Research Database (Denmark)

    Larsen, Birthe; Waisman, Gisela

    This paper examines the impact of higher unemployment insurance on the fraction of the work force paying into an unemployment insurance fond, wage differences and therefore inquality and education letting worker initial wealth being important for the decisions and implied values. As usually higher...... educated workers receive a lower fraction of their wages as unemployment insurance, we consider how the impact on labour market performance and wage differences and thereby inequality differ dependent on whether educated or uneducated workers receive higher benefits. The model can help shed light...... on the the puzzle why only some workers, for given educational level, pay into an unemployment insurance fond, the lower wealth mobility than income mobility as well as the relative compressed wage structure in countries with generous social assistance as well as unemployment insurance for low income workers...

  13. Health insurance for "frontaliers"

    CERN Multimedia

    2013-01-01

    The French government has decided that, with effect from 1 June 2014, persons resident in France but working in Switzerland (hereinafter referred to as “frontaliers”) will no longer be entitled to opt for private French health insurance provision as their sole and principal health insurance.   The right of choice, which was granted by the Bilateral Agreement on the Free Movement of Persons between Switzerland and the European Union and which came into force on 1 June 2002, exempts “frontaliers” from the obligation to become a member of Switzerland’s compulsory health insurance scheme (LAMal) if they can prove that they have equivalent coverage in France, provided by either the French social security system (CMU) or a private French insurance provider. As the latter option of private health insurance as an alternative to membership of LAMal will be revoked under the new French legislation that will come into force on 1 June 2014, current “...

  14. Terrorism Risk Insurance: An Overview

    National Research Council Canada - National Science Library

    Webel, Baird

    2005-01-01

    .... Addressing this problem, Congress enacted the Terrorism Risk Insurance Act of 2002 (TRIA) to create a temporary program to share future insured terrorism losses with the property-casualty insurance industry and policyholders...

  15. Disposition of Insurance Allotment Payments

    National Research Council Canada - National Science Library

    Young, Shelton

    2001-01-01

    .... The request was prompted by action taken by the Florida Department of Insurance against two life insurance companies that had received large numbers of insurance allotments from Service members...

  16. 12 CFR 361.4 - What contracts are eligible for this outreach program?

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 4 2010-01-01 2010-01-01 false What contracts are eligible for this outreach program? 361.4 Section 361.4 Banks and Banking FEDERAL DEPOSIT INSURANCE CORPORATION REGULATIONS AND STATEMENTS OF GENERAL POLICY MINORITY AND WOMEN OUTREACH PROGRAM CONTRACTING § 361.4 What contracts are...

  17. Insurance: Accounting, Regulation, Actuarial Science

    OpenAIRE

    Alain Tosetti; Thomas Behar; Michel Fromenteau; Stéphane Ménart

    2001-01-01

    We shall be examining the following topics: (i) basic frameworks for accounting and for statutory insurance rules; and (ii) actuarial principles of insurance; for both life and nonlife (i.e. casualty and property) insurance.Section 1 introduces insurance terminology, regarding what an operation must include in order to be an insurance operation (the legal, statistical, financial or economic aspects), and introduces the accounting and regulation frameworks and the two actuarial models of insur...

  18. Risk Management in Insurance Companies

    OpenAIRE

    Yang, Xufeng

    2006-01-01

    Insurance is the uncertain business in uncertain society. Today, insures face more complex and difficult risks. Efficient risk management mechanisms are essential for the insurers. The paper is set out initially to explore UK insurance companies risk management and risk disclosure by examining companies annual report after all the listed insurance companies are required to disclose risk information in their annual report, which seeks to reflect the recent development in UK insurance companies...

  19. 7 CFR 760.818 - Marketing contracts.

    Science.gov (United States)

    2010-01-01

    ... believe the participant lacks the capacity or history to fulfill the quality provisions of the marketing... 7 Agriculture 7 2010-01-01 2010-01-01 false Marketing contracts. 760.818 Section 760.818... AGRICULTURE SPECIAL PROGRAMS INDEMNITY PAYMENT PROGRAMS 2005-2007 Crop Disaster Program § 760.818 Marketing...

  20. The high cost of fine print. Antitrust case against a major Blue Cross plan may redefine terms of contract negotiations.

    Science.gov (United States)

    Evans, Melanie; Blesch, Gregg

    2010-10-25

    With its challenge to Michigan Blues contracts with some hospitals, the Justice Department is doing something it hasn't in more than 10 years. The move means insurers need to carefully vet contracts for similar issues. "This signals they're still in the enforcement business as it relates to healthcare insurance," says lawyer David Marx Jr.

  1. 17 CFR 230.151 - Safe harbor definition of certain “annuity contracts or optional annuity contracts” within the...

    Science.gov (United States)

    2010-04-01

    ... the contract does not vary according to the investment experience of a separate account; (2) The insurer for the life of the contract (i) Guarantees the principal amount of purchase payments and interest... section to net purchase payments and interest credited thereto; and (3) The insurer guarantees that the...

  2. Rational and mechanics of a peak risk variance swap for a property insurance portfolio

    OpenAIRE

    Zvezdov, Ivelin

    2012-01-01

    In this technical report we explore the motivation, structuring and detailed mechanics of a variance swap contract adapted for a property insurance portfolio. We structure, price and test sensitivities of the swap contract using real event historical and modeled natural catastrophe loss data. Our key motivation is to propose an element of financial engineering innovation to insurance portfolio risk management to allow for constructing hedging strategies that may not be possible to achieve w...

  3. Actuarial modeling of cost of voluntary pension insurance of the population of the region

    Directory of Open Access Journals (Sweden)

    Mikhailova Svetlana Sergeevna

    2013-06-01

    Full Text Available In article approach to determination of net value of the contract of pension insurance for the man's and female population, considering regional demographic features is offered. Results of actuarial calculation of the size pure net - rates of individual pension insurance are presented, "sensitivity" of cost of insurance is defined by methods of statistical modeling to key parameters of a pension product for the region population.

  4. The case for risk-based premiums in public health insurance.

    Science.gov (United States)

    Zweifel, Peter; Breuer, Michael

    2006-04-01

    Uniform, risk-independent insurance premiums are accepted as part of 'managed competition' in health care. However, they are not compatible with optimality of health insurance contracts in the presence of both ex ante and ex post moral hazard. They have adverse effects on insurer behaviour even if risk adjustment is taken into account. Risk-based premiums combined with means-tested, tax-financed transfers are advocated as an alternative.

  5. CJEU rules on use of standards in imposing information duties on life insurance companies

    NARCIS (Netherlands)

    Mańko, R.

    2015-01-01

    The EU Directive applicable to life insurance sets out what kind of information insurance companies must give to policyholders. It also allows Member States to impose broader information duties, provided that the information is necessary for the policyholder to understand the contract. In its ruling

  6. Climate Change Impacts on pricing Long-Term Flood Insurance: A Comprehensive Study for the Netherlands

    NARCIS (Netherlands)

    Aerts, J.C.J.H.; Botzen, W.J.W.

    2011-01-01

    Recently long-term flood insurance contracts with a duration of 5, 10 or 15 years have been proposed as a solution for covering flood risk and mitigating increasing flood losses. Establishing a long-term relation between the policyholder and the insurer can provide better incentives to reduce risk

  7. Types of contracts and contracting procedures

    International Nuclear Information System (INIS)

    Zijl, N.A. van

    1977-01-01

    Contracting for a nuclear power plant can be carried out in many different ways, from a bilateral agreement between two countries to an international open bidding competition. Also the kind of contracts (turnkey, split-package or multi-contract type) are discussed with their pros and cons as well as the contracting procedures which can be followed to come to the conclusion of a contract. (orig.) [de

  8. Health insurance basic actuarial models

    CERN Document Server

    Pitacco, Ermanno

    2014-01-01

    Health Insurance aims at filling a gap in actuarial literature, attempting to solve the frequent misunderstanding in regards to both the purpose and the contents of health insurance products (and ‘protection products’, more generally) on the one hand, and the relevant actuarial structures on the other. In order to cover the basic principles regarding health insurance techniques, the first few chapters in this book are mainly devoted to the need for health insurance and a description of insurance products in this area (sickness insurance, accident insurance, critical illness covers, income protection, long-term care insurance, health-related benefits as riders to life insurance policies). An introduction to general actuarial and risk-management issues follows. Basic actuarial models are presented for sickness insurance and income protection (i.e. disability annuities). Several numerical examples help the reader understand the main features of pricing and reserving in the health insurance area. A short int...

  9. Insurability of Terrorism Risks

    International Nuclear Information System (INIS)

    Harbruecker, D.

    2006-01-01

    Until 2001 losses caused by terrorist attacks have been covered under fire policies worldwide with two exceptions: Spain and UK where major and multiple losses caused by ETA and IRA had led to specific insurance solutions. The September 11, 2001 attacks on the World Trade Centre have changed the world in many aspects. This includes the insurance industry, which was compelled to exclude terrorism from coverage and to offer special solutions for extra premium. Nuclear power plants have been repeatedly called targets for terrorists as their destruction could cause a large catastrophe and more victims than the September 2001 attacks. How does the insurance industry respond? (author)

  10. A survey on critical factors influencing agricultural insurance

    Directory of Open Access Journals (Sweden)

    Ali Valipour

    2013-01-01

    Full Text Available Agricultural business is a very high-risk job and an increase demand for agricultural products from one side and steady increase in production cost and weather changes, on the other side, have motivated many to use insurance for agricultural products. Insurance plays an important role in influencing crop production and insured satisfaction or farmers. The purpose of this research is to find critical components in agricultural insurance. Based on an exploration of the literature review and interviews, the proposed study of this paper extracts 24 variables and using factor analysis, we select the most important factors, which are grouped in seven categories. The implementation of our factor analysis has revealed uncertainty, moderator, market equilibrium, risky environment, empowering factor, education, training, structural hazards and natural ecosystems as the most important factors influencing agricultural industry.

  11. 7 CFR 457.101 - Small grains crop insurance.

    Science.gov (United States)

    2010-01-01

    ..., Archuleta, Conejos, Costilla, Custer, Delta, Dolores, Eagle, Garfield, Grand, La Plata, Mesa, Moffat... counties except Plymouth, Cherokee, Buena Vista, Pocahontas, Humbolt, Wright, Franklin, Butler, Black Hawk..., Grand, La Plata, Mesa, Moffat, Montezuma, Montrose, Ouray, Pitkin, Rio Blanco, Routt and San Miguel...

  12. Crop Insurance Inaccurate FCIC Price Forecasts Increase Program Costs

    National Research Council Canada - National Science Library

    1991-01-01

    ...) how FCIC can improve its forecast accuracy. We found that FCIC's corn, wheat, and soybeans price forecasts exhibit large bias errors that exceed those of other available alternative forecasts and that FCIC would have spent...

  13. 7 CFR 457.141 - Rice crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ...) Substances or conditions are present that are identified by the Food and Drug Administration or other public... United States Agricultural Marketing Act or the United States Warehouse Act; (B) A grader licensed under... (3) Drying, handling, processing, or any other costs associated with normal harvesting, handling, and...

  14. 7 CFR 457.165 - Millet crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... costs associated with normal harvesting, handling, and marketing of the millet; except, if the value of... pounds per bushel; or (ii) Substances or conditions are present that are identified by the Food and Drug... after it has been conditioned by the cost of conditioning but not lower than the value of the production...

  15. 7 CFR 457.149 - Table grape crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... grown for commercial sale for human consumption as fresh fruit on acreage where the cultural practices... determine the minimum quality grade will be: (i) The United States Standards for Grades of Table Grapes...; (6) Earthquake; (7) Volcanic eruption; or (8) Failure of irrigation water supply, if caused by an...

  16. 7 CFR 457.150 - Dry bean crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... Food and Drug Administration or other public health organizations of the United States as being... area to the extent feasible. We may obtain prices from any buyer of our choice. If we obtain prices... additional costs required to deliver the dry beans to those buyers. Discounts used to establish the net price...

  17. 7 CFR 457.125 - Safflower crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... substances or conditions that are identified by the Food and Drug Administration or other public health... to uninsured causes; or (3) Drying, handling, processing, or any other costs associated with normal harvesting, handling, and marketing of safflower. We may obtain values per pound from any buyer of our choice...

  18. 7 CFR 457.140 - Dry pea crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... of the Basic Provisions that limit the amount of a replant payment to the actual cost of replanting... present that are identified by the Food and Drug Administration or other public health organizations of... feasible. We may obtain prices from any buyer of our choice. If we obtain prices from one or more buyers...

  19. 7 CFR 457.104 - Cotton crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... conflict exists among the policy provisions, the order of priority is as follows: (1) The Catastrophic Risk... the previous fall; and (2) Qualifies as a skip-row planting pattern as defined by the Farm Service... harvested, until the earlier of our inspection or 15 days after harvest of the balance of the unit is...

  20. 7 CFR 457.113 - Coarse grains crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ..., including but not limited to protein and oil, will not be considered. Planted acreage—In addition to the..., Bosque, Johnson, Tarrant, Wise, Cooke Counties, Texas, and all Texas counties lying south and east..., Johnson, Tarrant, Wise, Cooke Counties, Texas, and all Texas counties lying south and east thereof to and...

  1. 7 CFR 457.151 - Forage seeding crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ..., as shown in the actuarial documents. Good farming practices—The cultural practices generally in use.... Replanting—Performing the cultural practices necessary to prepare the land for replacing of the forage seed... accordance with good farming practices on or before the late harvest date. (d) Final adjustment of a loss on...

  2. 7 CFR 457.124 - Raisin crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... fresh fruit on acreage where appropriate cultural practices were followed. Ton—Two thousand (2,000... delivered tons; or (2) For units damaged by rain—By adding the delivered tons to any verified loss of... unit; (e) Final adjustment of a loss on a unit; or (f) Abandonment of the raisins. 10. Causes of Loss...

  3. 7 CFR 457.135 - Onion crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... Basic Provisions with (1) controlling (2) etc. 1. Definitions Damaged onion production. Storage type... method and production practice. Harvest. Removal of the onions from the field after topping and lifting... production. Onions of recoverable size and condition, with excess dirt and foliage material removed and that...

  4. 7 CFR 457.110 - Fig crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... of quarantine, boycott, or refusal of any entity to accept production. 11. Settlement of Claim (a) We... to abandon and no longer care for if you and we agree on the appraised amount of production. Upon... the appraised amount of production is not reached: (A) We may require you to continue to care for the...

  5. 7 CFR 457.132 - Cranberry crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... if you are unable to market due to quarantine, boycott, or refusal of any person to accept production... abandon or no longer care for, if you and we agree on the appraised amount of production. Upon such... use the appraised amount of production or defer the claim if you agree to continue to care for the...

  6. 7 CFR 457.118 - Malting barley crop insurance.

    Science.gov (United States)

    2010-01-01

    ... kernels, thin kernels, germination, blight damage, mold injury or damage, sprout damage, frost injury or... damaged 0.4 maximum 0.4 maximum Sprout damaged 1.0 maximum 1.0 maximum Injured by frost 5.0 maximum 5.0 maximum Frost damaged 0.4 maximum 0.4 maximum (3) Harvested production that does not meet the quality...

  7. 7 CFR 457.158 - Apple crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... through an on-farm or roadside stand, or a farmer's market, and permitting the general public to enter the... B; or (3) 200 bushels of apples per acre in Area C; and (c) That are grown in an orchard that, if... from the orchard; (3) Insects, but not damage due to insufficient or improper application of pest...

  8. 7 CFR 457.133 - Prune crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... roadside stand, farmer's market, and permitting the general public to enter the field for the purpose of... (except where otherwise provided in the Special Provisions); (d) That are grown in an orchard that, if... not been controlled or pruning debris has not been removed from the orchard; (3) Wildlife; (4...

  9. 7 CFR 457.131 - Macadamia nut crop insurance provisions.

    Science.gov (United States)

    2010-01-01

    ... stand, farmer's market, and permitting the general public to enter the orchard for the purpose of... orchard with the nut meats in the shells after removal of the husk but prior to being dried. 2. Unit... orchard or trees require establishment of the yield by another method. In the event of such damage or...

  10. Insuring against health shocks: Health insurance and household choices.

    Science.gov (United States)

    Liu, Kai

    2016-03-01

    This paper provides empirical evidence on the role of public health insurance in mitigating adverse outcomes associated with health shocks. Exploiting the rollout of a universal health insurance program in rural China, I find that total household income and consumption are fully insured against health shocks even without access to health insurance. Household labor supply is an important insurance mechanism against health shocks. Access to health insurance helps households to maintain investment in children's human capital during negative health shocks, which suggests that one benefit of health insurance could arise from reducing the use of costly smoothing mechanisms. Copyright © 2016 Elsevier B.V. All rights reserved.

  11. Optimum amount of an insurance sum in life insurance

    Directory of Open Access Journals (Sweden)

    Janez Balkovec

    2001-01-01

    Full Text Available Personal insurance represents one of the sources of personal social security as a category of personal property. How to get a proper life insurance is a frequently asked question. When insuring material objects (car, house..., the problem is usually not in the amount of the taken insurance. With life insurance (abstract goods, problems as such occur. In this paper, we wish to present a model that, according to the financial situation and the anticipated future, makes it possible to calculate the optimum insurance sum in life insurance.

  12. Insurance of operators liability: the reality principle

    International Nuclear Information System (INIS)

    Allegre, J.

    2000-01-01

    The author's observations commence with -an overview of the principal amendments proposed in relation to the revision of the Paris Convention, in particular the inclusion of preventive measures, the definition of nuclear damage, the notion of reasonableness in respect of preventive measures and measures of reinstatement, increased liability amounts and extended prescription periods. He examines to what extent the insurance industry of today would be able to cover such risks, and the problems or doubts that it may encounter in doing so. This presentation also raises other questions which as yet remain unanswered, in particular the question of priorities and the role that complementary funding, namely the Brussels Supplementary Convention, will play in compensating victims. The author concludes by commenting on the current state of the insurance market. He suggests that before making irreversible political decisions in this field, Contracting Parties should, inter alia, carry out detailed analyses on the adequacy of the financial guarantees, in order to attain existing objectives and eliminate the obstacles which prevent the nuclear insurance market from being a competitive one. The author suggests that it might be in the interests of European nuclear operators to promote an insurance mechanism along the same lines as their American colleagues. (author)

  13. Vaccines as Epidemic Insurance.

    Science.gov (United States)

    Pauly, Mark V

    2017-10-27

    This paper explores the relationship between the research for and development of vaccines against global pandemics and insurance. It shows that development in advance of pandemics of a portfolio of effective and government-approved vaccines does have some insurance properties: it requires incurring costs that are certain (the costs of discovering, developing, and testing vaccines) in return for protection against large losses (if a pandemic treatable with one of the vaccines occurs) but also with the possibility of no benefit (from a vaccine against a disease that never reaches the pandemic stage). It then argues that insurance against the latter event might usefully be offered to organizations developing vaccines, and explores the benefits of insurance payments to or on behalf of countries who suffer from unpredictable pandemics. These ideas are then related to recent government, industry, and philanthropic efforts to develop better policies to make vaccines against pandemics available on a timely basis.

  14. Vaccines as Epidemic Insurance

    Directory of Open Access Journals (Sweden)

    Mark V. Pauly

    2017-10-01

    Full Text Available This paper explores the relationship between the research for and development of vaccines against global pandemics and insurance. It shows that development in advance of pandemics of a portfolio of effective and government-approved vaccines does have some insurance properties: it requires incurring costs that are certain (the costs of discovering, developing, and testing vaccines in return for protection against large losses (if a pandemic treatable with one of the vaccines occurs but also with the possibility of no benefit (from a vaccine against a disease that never reaches the pandemic stage. It then argues that insurance against the latter event might usefully be offered to organizations developing vaccines, and explores the benefits of insurance payments to or on behalf of countries who suffer from unpredictable pandemics. These ideas are then related to recent government, industry, and philanthropic efforts to develop better policies to make vaccines against pandemics available on a timely basis.

  15. M. Nuclear insurance

    International Nuclear Information System (INIS)

    1976-01-01

    Nuclear insurance and some of the features associated with it, such as the International Conventions and the operation of Atomic Risk Pools, are discussed both in general and with specific reference to the USA, Canada and the United Kingdom

  16. Building and Contents Insurance.

    Science.gov (United States)

    Freese, William C.

    Insurance coverage of school buildings and contents is becoming increasingly difficult to obtain, and increases of 50 percent or more in the premium are not uncommon. Methods of reducing premium increases are outlined in this speech. (MLF)

  17. HUD Insured Hospitals

    Data.gov (United States)

    Department of Housing and Urban Development — The Office of Healthcare Programs (OHP), previously known as the Office of Insured Health Care Facilities, is located within the Office of Housing and administers...

  18. Deductibles in health insurance

    Science.gov (United States)

    Dimitriyadis, I.; Öney, Ü. N.

    2009-11-01

    This study is an extension to a simulation study that has been developed to determine ruin probabilities in health insurance. The study concentrates on inpatient and outpatient benefits for customers of varying age bands. Loss distributions are modelled through the Allianz tool pack for different classes of insureds. Premiums at different levels of deductibles are derived in the simulation and ruin probabilities are computed assuming a linear loading on the premium. The increase in the probability of ruin at high levels of the deductible clearly shows the insufficiency of proportional loading in deductible premiums. The PH-transform pricing rule developed by Wang is analyzed as an alternative pricing rule. A simple case, where an insured is assumed to be an exponential utility decision maker while the insurer's pricing rule is a PH-transform is also treated.

  19. School Building Projects: Managing Insurance and Contracts during Construction

    Science.gov (United States)

    Shands, Richard

    2011-01-01

    Managing the risks inherent in a building project presents a challenge and opportunities not often encountered in the ordinary affairs of a school district. A building project brings the district, its staff, and students, as well as the community, in close contact with architects and engineers and a number of contractors for a period of time often…

  20. Incentives for Ex Ante wildfire risk mitigation in the wildland-urban interface: The relationship between contingent wildfire insurance and fuel management subsidies

    OpenAIRE

    Lankoande, Mariam D.; Yoder, Jonathan K.; Wandschneider, Philip R.

    2006-01-01

    Contingent wildfire insurance and fuel management cost-sharing programs are becoming more prevalent in western states. This paper develops a model to examine the incentive effects of these two mechanisms for private investment in wildfire risk mitigation. The model shows that contingent insurance contracts strengthen incentives for risk mitigation relative to pooled contracts and subsidies induce more risk mitigation effort by reducing margin private costs of mitigation. With pooled insurance...

  1. RISK CORRIDORS AND REINSURANCE IN HEALTH INSURANCE MARKETPLACES: Insurance for Insurers

    OpenAIRE

    LAYTON, TIMOTHY J.; MCGUIRE, THOMAS G.; SINAIKO, ANNA D.

    2016-01-01

    In order to encourage entry and lower prices, most regulated markets for health insurance include policies that seek to reduce the uncertainty faced by insurers. In addition to risk adjustment of premiums paid to plans, the Health Insurance Marketplaces established by the Affordable Care Act implement reinsurance and risk corridors. Reinsurance limits insurer costs associated with specific individuals, while risk corridors protect against aggregate losses. Both tighten the insurer's distribut...

  2. ENDOWMENT LIFE INSURANCE

    Directory of Open Access Journals (Sweden)

    Zeljko Sain

    2013-06-01

    Full Text Available The aim of the paper that treats the actuarial model of insurance in case of survival or early death is to show the actuarial methods and methodology for creating a model and an appropriate number of sub-models of the most popular form of life insurance in the world. The paper applies the scientific methodology of the deductive character based on scientific, theoretical knowledge and practical realities. Following the basic theoretical model’s determinants, which are at the beginning of the paper, the basic difference between models further in this paper was carried out according to the character of the premium to be paid. Finally, the financial repercussions of some models are presented at examples in insurance companies. The result of this paper is to show the spectrum of possible forms of capital endowment insurance which can be, without major problems, depending on the financial policy of the company, applied in actual practice. The conclusion of this paper shows the theoretical and the practical reality of this model, life insurance, and its quantitative and qualitative guidelines.

  3. Applications of Decisions under Uncertainty in the Case of Omniasig-Life Insurance S.A.

    Directory of Open Access Journals (Sweden)

    Stelian STANCU

    2006-01-01

    Full Text Available Uncertainty is given because we don’t know the nature state event. The company can only estimate the demand of policies in order to estimate the received premiums. If the insurance company doesn’t choose correctly the alternative and the number and the damages will be greater then what it was estimated, then it will come to the point of not being able to pay all the damages. Because of the adverse selection, the insurer meets uncertainty in every day life. It is well known the fact that persons who have a higher risk of producing the insured event, they also have a higher inclination towards contracting insurance.

  4. Rainfed intensive crop systems

    DEFF Research Database (Denmark)

    Olesen, Jørgen E

    2014-01-01

    This chapter focuses on the importance of intensive cropping systems in contributing to the world supply of food and feed. The impact of climate change on intensive crop production systems is also discussed.......This chapter focuses on the importance of intensive cropping systems in contributing to the world supply of food and feed. The impact of climate change on intensive crop production systems is also discussed....

  5. Serbian insurance market: Select issues

    Directory of Open Access Journals (Sweden)

    Obadović Mirjana M.

    2010-01-01

    Full Text Available Every day insurance companies face a number of risks arising from the insurance industry itself, as well as risks arising from insurance company operations. In this constant fight against risks insurance companies use different models and methods that help them better understand, have a more comprehensive view of, and develop greater tolerance towards risks, in order to reduce their exposure to these risks. The model presented in this paper has been developed for implementation in insurance risk management directly related to insurance company risk, i.e. it is a model that can reliably determine the manner and intensity with which deviations in the initial insurance risk assessment affect insurance company operations, in the form of changes in operational risks and consequently in insurance companies’ business strategies. Additionally we present the implementation of the model in the Serbian market for the period 2005-2010.

  6. Dental insurance! Are we ready?

    Directory of Open Access Journals (Sweden)

    Ravi SS Toor

    2011-01-01

    Full Text Available Dental insurance is insurance designed to pay the costs associated with dental care. The Foreign Direct Investment (FDI bill which was put forward in the winter session of the Lok Sabha (2008 focused on increasing the foreign investment share from the existing 26% to 49% in the insurance companies of India. This will allow the multibillion dollar international insurance companies to enter the Indian market and subsequently cover all aspects of insurance in India. Dental insurance will be an integral a part of this system. Dental insurance is a new concept in Southeast Asia as very few countries in Southeast Asia cover this aspect of insurance. It is important that the dentists in India should be acquainted with the different types of plans these companies are going to offer and about a new relationship which is going to emerge in the coming years between dentist, patient and the insurance company.

  7. Redistribution by insurance market regulation: Analyzing a ban on gender-based retirement annuities.

    Science.gov (United States)

    Finkelstein, Amy; Poterba, James; Rothschild, Casey

    2009-01-01

    We illustrate how equilibrium screening models can be used to evaluate the economic consequences of insurance market regulation. We calibrate and solve a model of the United Kingdom's compulsory annuity market and examine the impact of gender-based pricing restrictions. We find that the endogenous adjustment of annuity contract menus in response to such restrictions can undo up to half of the redistribution from men to women that would occur with exogenous Social Security-like annuity contracts. Our findings indicate the importance of endogenous contract responses and illustrate the feasibility of employing theoretical insurance market equilibrium models for quantitative policy analysis.

  8. Insurance against nuclear risks

    International Nuclear Information System (INIS)

    Dow, J.C.

    1976-01-01

    Virtually any type of nuclear risk is insurable in principle, providing, of course, that the necessary standards of safety and control are met. Some of the risks are of a relatively minor character and no more hazardous than a simple conventional risk. But insurers would not consider as a minor risk anything which involves the use of nuclear fuel or other nuclear materials which are in a critical state or capable of releasing dangerous levels of radioactivity. These would include nuclear reactors or, indeed, any type of assembly which can not be regarded as subcritical. Most insurers would also regard installations involved in the manufacturing, processing and enriching of nuclear fuel, and certainly those concerned with the reprocessing of irradiated fuel and plutonium extraction, as major risks. (HP) [de

  9. Nuclear insurance and indemnity

    International Nuclear Information System (INIS)

    Kovan, D.

    1976-01-01

    A brief account is given of insurance protection in the nuclear industry, and the legislation involved. Aspects discussed are: third part liability and the role of government in setting the maximum amount of compensation; the development and concept of channelling the liability exclusively to the operator; the development of nuclear insurance facilities in Europe and the USA; and the emergence in Europe of international agreements on third party liability for protection of neighbouring countries in the event of a major accident. The development of liability law in the USA from the time of the Price Anderson Act of 1957 through subsequent legislation is described. (U.K.)

  10. American nuclear insurers

    International Nuclear Information System (INIS)

    Oliveira, R.A.

    1988-01-01

    Nuclear liability insurance covers liability for damages directly caused by the nuclear energy hazard. This coverage includes offsite bodily injury and property damage sustained by members of the general public, and bodily injury to onsite third party personnel. Recent nuclear liability claims allege bodily injury and property damage resulting from releases or radioactive materials to the environmental and occupational radiation worker exposures. Routine reactor operations involving radioactive waste have the potential to result in such claims. The nuclear insurance Pools believe that one way such claims can be minimized is through the implementation of an effective radioactive waste management program

  11. Lectures on insurance models

    CERN Document Server

    Ramasubramanian, S

    2009-01-01

    Insurance has become a necessary aspect of modern society. The mathematical basis of insurance modeling is best expressed in terms of continuous time stochastic processes. This introductory text on actuarial risk theory deals with the Cramer-Lundberg model and the renewal risk model. Their basic structure and properties, including the renewal theorems as well as the corresponding ruin problems, are studied. There is a detailed discussion of heavy tailed distributions, which have become increasingly relevant. The Lundberg risk process with investment in risky asset is also considered. This book will be useful to practitioners in the field and to graduate students interested in this important branch of applied probability.

  12. Fee-for-service, Capitation and Health Provider Choice with Private Contracts

    NARCIS (Netherlands)

    Boone, J.

    2014-01-01

    Contracts between health insurers and providers are private; i.e. not public. By modelling this explicitly, we find the following. Insurers with bigger provider networks,pay higher fee-for-service rates to providers. This makes it more likely that a patient is treated and hence health care costs

  13. Profiling Smart Contracts Interactions with Tensor Decomposition and Graph Mining

    OpenAIRE

    Charlier , Jérémy; Lagraa , Sofiane; State , Radu; Francois , Jerome

    2017-01-01

    International audience; Smart contracts, computer protocols designed for autonomous execution on predefined conditions, arise from the evolution of the Bit-coin's crypto-currency. They provide higher transaction security and allow economy of scale through the automated process. Smart contracts provides inherent benefits for financial institutions such as investment banking, retail banking, and insurance. This technology is widely used within Ethereum, an open source block-chain platform, from...

  14. Counseling as an Insured Benefit: Perspectives from the Insurance Industry

    Science.gov (United States)

    Fulton, Wallace C.

    1974-01-01

    Article discusses the feasibility of marriage counseling as an insurance benefit in the future. It is suggested that the physician be used as a marriage counselor in that insurance companies will pay for medical services. (EK)

  15. CHALLENGES AND STRATEGIC PRIORITIES FOR THE DEVELOPMENT OF INVESTMENT INSURANCE IN UKRAINE

    Directory of Open Access Journals (Sweden)

    Iryna Honcharenko

    2017-12-01

    Full Text Available The purpose of the paper is to substantiate the feasibility of expanding the scope of investment insurance in Ukraine, taking into account its advantages over other types of insurance services as well as the possibility of minimizing the possible disadvantages. Methodology. The list of the research methods of the subject under consideration includes the monographic method, analysis, techniques of the abstract-logical method, etc. Results. The urgency of the article is that the disclosure of the internal potential of the insurance market in Ukraine should take place with the introduction or activation of modern insurance products capable of meeting several financial needs at once, not only of their consumers but of the state as a whole. The development of voluntary life insurance plays an important investment role in the country’s economy, therefore, at the moment, the need to develop new financial products aimed at increasing voluntary insurance is urgent. The share of life insurance services in the insurance market of Ukraine in dynamic is analysed. The purpose and positive consequences of expanding the segment of investment insurance are substantiated. Investment insurance as a financial product has both advantages and disadvantages. The benefits include the transparent structure of the insurance product, the choice of investment strategy, the possibility of obtaining increased investment returns while preserving the benefits of the insurance contract, preferential taxation of investment income, the existence of a guaranteed amount of payment in the contract, etc.; to the drawbacks – the lack of the possibility of early termination of the contract with the receipt of all the insurance premiums paid, the absence of a guarantee fund, guaranteed income, long-term contracts, limited range of people who can be insured. To enhance the use of investment insurance in Ukraine and to minimize these shortcomings, the prospects for the development of

  16. Disability Insurance and Health Insurance Reform: Evidence from Massachusetts

    OpenAIRE

    Nicole Maestas; Kathleen J. Mullen; Alexander Strand

    2014-01-01

    As health insurance becomes available outside of the employment relationship as a result of the Affordable Care Act (ACA), the cost of applying for Social Security Disability Insurance (SSDI)–potentially going without health insurance coverage during a waiting period totaling 29 months from disability onset–will decline for many people with employer-sponsored health insurance. At the same time, the value of SSDI and Supplemental Security Income (SSI) participation will decline for individuals...

  17. BUSINESS PROCESS MANAGEMENT IN INSURANCE CASE OF JADRANSKO INSURANCE COMPANY

    OpenAIRE

    Sanja Coric; Danijel Bara

    2014-01-01

    Selling insurance products in conditions of today’s modern technological solutions is faced with numerous challenges. Business processes in insurance as well as the results of these business processes are the real interface to policyholders. Modeling and analysis of business process in insurance ensure organizations to focus on the customer and increase the efficiency and quality of work. Managing critical business processes in every single organization, likewise in insurance is a key factor ...

  18. A COMPARATIVE ANALYSIS BETWEEN UNIT-LINKED LIFE INSURANCE AND OTHER ALTERNATIVE INVESTMENTS

    Directory of Open Access Journals (Sweden)

    CRISTINA CIUMAS

    2015-07-01

    Full Text Available The unit-linked life insurance has two important components: protection and investment. The protection component refers to the insured sum in case of the occurrence of insured risks and the investment component refers to the policyholder’s account that represents the present value of the units from the chosen investment funds.These financial products invest most of the premium paid by the insured person in the funds managed by the insurance company or an external administrator and the lower part of the premium is intended to cover the insured risk (death, disability, etc. An important component of the activity carried out by the insurance companies is the investment of the premiums paid by policyholders in various types of assets, in order to obtain higher yields than those guaranteed by the insurance contracts, while providing the necessary liquidity for the payment of insurance claims in case of occurrence of the assumed risks. This research contributes to the existing literature regarding the study of investment alternatives, with an exclusive focus on the investment in unit-linked life insurance. A special place in this study is the presentation of investments in unit-linked insurance versus other types of financial investments: deposits, treasury bills, shares (BET, currency (EURO and gold.

  19. 78 FR 56583 - Deposit Insurance Regulations; Definition of Insured Deposit

    Science.gov (United States)

    2013-09-13

    ... as a potential global deposit insurer, preserve confidence in the FDIC deposit insurance system, and... the United States.\\2\\ The FDIC generally pays out deposit insurance on the next business day after a... since 2001 and total approximately $1 trillion today. In many cases, these branches do not engage in...

  20. Contract Design: Risk Management and Evaluation.

    Science.gov (United States)

    Mühlbacher, Axel C; Amelung, Volker E; Juhnke, Christin

    2018-01-12

    Effective risk adjustment is an aspect that is more and more given weight on the background of competitive health insurance systems and vital healthcare systems. The risk structure of the providers plays a vital role in Pay for Performance. A prerequisite for optimal incentive-based service models is a (partial) dependence of the agent's returns on the provider's gain level. Integrated care systems as well as accountable care organisations (ACOs) in the US and similar concepts in other countries are advocated as an effective method of improving the performance of healthcare systems. These systems outline a payment and care delivery model that intends to tie provider reimbursements to predefined quality metrics. By this the total costs of care shall be reduced. Little is known about the contractual design and the main challenges of delegating "accountability" to these new kinds of organisations and/or contracts. The costs of market utilisation are highly relevant for the conception of healthcare contracts; furthermore information asymmetries and contract-specific investments are an obstacle to the efficient operation of ACOs. A comprehensive literature review on methods of designing contracts in Integrated Care was conducted. The research question in this article focuses on how reimbursement strategies, evaluation of measures and methods of risk adjustment can best be integrated in healthcare contracting. Each integrated care contract includes challenges for both payers and providers without having sufficient empirical data on both sides. These challenges are clinical, administrative or financial nature. Risk adjusted contracts ensure that the reimbursement roughly matches the true costs resulting from the morbidity of a population. If reimbursement of care provider corresponds to the actual expenses for an individual/population the problem of risk selection is greatly reduced. The currently used methods of risk adjustment have widely differing model and forecast

  1. Contract Design: Risk Management and Evaluation

    Directory of Open Access Journals (Sweden)

    Axel C. Mühlbacher

    2018-01-01

    Full Text Available Introduction: Effective risk adjustment is an aspect that is more and more given weight on the background of competitive health insurance systems and vital healthcare systems. The risk structure of the providers plays a vital role in Pay for Performance. A prerequisite for optimal incentive-based service models is a (partial dependence of the agent’s returns on the provider’s gain level. Integrated care systems as well as accountable care organisations (ACOs in the US and similar concepts in other countries are advocated as an effective method of improving the performance of healthcare systems. These systems outline a payment and care delivery model that intends to tie provider reimbursements to predefined quality metrics. By this the total costs of care shall be reduced.  Methods: Little is known about the contractual design and the main challenges of delegating “accountability” to these new kinds of organisations and/or contracts. The costs of market utilisation are highly relevant for the conception of healthcare contracts; furthermore information asymmetries and contract-specific investments are an obstacle to the efficient operation of ACOs. A comprehensive literature review on methods of designing contracts in Integrated Care was conducted. The research question in this article focuses on how reimbursement strategies, evaluation of measures and methods of risk adjustment can best be integrated in healthcare contracting.  Results: Each integrated care contract includes challenges for both payers and providers without having sufficient empirical data on both sides. These challenges are clinical, administrative or financial nature. Risk adjusted contracts ensure that the reimbursement roughly matches the true costs resulting from the morbidity of a population. If reimbursement of care provider corresponds to the actual expenses for an individual/population the problem of risk selection is greatly reduced. The currently used methods

  2. Development of the agricultural insurance market in the Czech Republic

    Directory of Open Access Journals (Sweden)

    Eva Vávrová

    2010-01-01

    Full Text Available Proactive approach to risk management of agriculture companies is the way to ensure the efficiency of agricultural production even affected by natural disasters, to ensure the continuity of agricultural business and ultimately affect the level of development of rural regions. The instrument that solves the problem of reduction and elimination of risks associated with agricultural production is a systemic approach to the insurance of agricultural production, both crop insurance and livestock insurance, linked to a support program for SME in agriculture.This presented paper aims to identify and discuss the possibility of eliminating risks possibly threate­ning the agricultural production and to analyze forms of covering risks associated with agricultural production on the commercial insurance market in the Czech Republic. The paper analyzes the current situation and current development of the agricultural insurance on the insurance market in the Czech Republic.This paper was written as a part of the research project MSM 6215648904, carried out by the Faculty of Business and Economics, under the title „The Czech economics in the processes of integration and globalization, and the development of the agriculture and service sector in the new conditions of the integrated European market“, following the goals and methodology of the research project.

  3. Active and retired public employees' health insurance: potential data sources.

    Science.gov (United States)

    Morrill, Melinda Sandler

    2014-12-01

    Employer-provided health insurance for public sector workers is a significant public policy issue. Underfunding and the growing costs of benefits may hinder the fiscal solvency of state and local governments. Findings from the private sector may not be applicable because many public sector workers are covered by union contracts or salary schedules and often benefit modifications require changes in legislation. Research has been limited by the difficulty in obtaining sufficiently large and representative data on public sector employees. This article highlights data sources researchers might utilize to investigate topics concerning health insurance for active and retired public sector employees. Copyright © 2014 Elsevier B.V. All rights reserved.

  4. Voluntary Public Unemployment Insurance

    DEFF Research Database (Denmark)

    O. Parsons, Donald; Tranæs, Torben; Bie Lilleør, Helene

    Denmark has drawn much attention for its active labor market policies, but is almost unique in offering a voluntary public unemployment insurance program requiring a significant premium payment. A safety net program – a less generous, means-tested social assistance plan – completes the system...

  5. Insurance: Covering the bases

    International Nuclear Information System (INIS)

    Burr, M.T.

    1992-01-01

    This article addresses steps to take to improve the economics and risk profiles for independent power projects. The topics discussed in the article include the results of competition in the power industry, custom packages and the lack of competition among insurers in the power industry, mitigating risk through providing technical information, and developing programs

  6. Consumers’ Collision Insurance Decisions

    DEFF Research Database (Denmark)

    Austin, Laurel; Fischhoff, Baruch

    Using interviews with 74 drivers, we elicit and analyse how people think about collision coverage and, more generally, about insurance decisions. We compare the judgments and behaviours of these decision makers to the predictions of a range of theoretical models: (a) A model developed by Lee (200...

  7. Trends in pension insurance

    Directory of Open Access Journals (Sweden)

    D. Shterev

    2017-12-01

    Full Text Available This article deals with a topical for our country problem which is related to the State Social Insurance. It provides a review of the factors having an adverse effect onto the financial state of the Bulgarian pension system. Discussed are the basic parameters related to the economic incentives in connection with the optimal functioning of the pension system

  8. HOUSING INSURANCE IN ROMANIA

    Directory of Open Access Journals (Sweden)

    FLOREA IANC MARIA MIRABELA

    2014-12-01

    Full Text Available Last few years have shown that Romania is not protected from the consequences of climate change. It is clear that type flood events may cause social problems and losses is difficult financing from public resources, especially in the context of the existence of budget constraints. The only viable system to cope with such disasters is insurance system that has the ability to spread risks by reinsurance Natural disasters - earthquakes, floods, landslides - are just some of the risks that may threaten your home. And if natural disasters can seem distant danger, think as fires, floods caused by broken pipes or theft of household goods are trouble can happen anytime to anyone. To protect yourself in such unpleasant situations, whose frequency is unfortunately on the rise, it is necessary to be assured. Thus, you will be able to recover losses in the event that they occur. The house is undoubtedly one of the most important assets we own. Therefore, the Romans began to pay increasingly more attention to domestic insurance products. Since 2011, voluntary home insurance, life insurance with, were the most dynamic segments of the market.

  9. Business intelligence for insurance companies

    OpenAIRE

    IGNATIUK A.

    2016-01-01

    The current state and future trends for the world and domestic insurance markets are analyzed. The description of business intelligence methodology, tools and their practical implication for insurance companies are provided.

  10. BUSINESS INTELLIGENCE FOR INSURANCE COMPANIES

    Directory of Open Access Journals (Sweden)

    A. Ignatiuk

    2016-06-01

    Full Text Available The current state and future trends for the world and domestic insurance markets are analyzed. The description of business intelligence methodology, tools and their practical implication for insurance companies are provided.

  11. Climate Risk and Production Shocks: Using Index Insurance to Link Climate Science to Policy for Sustainable Development

    Science.gov (United States)

    McCarney, G. R.; Osgood, D. E.

    2011-12-01

    Smallholder farmers in developing countries are often severely impacted by droughts and other climate related events. However, agricultural insurance programs are largely unavailable in lower-income countries because of limitations in traditional loss-based indemnity insurance. As a result, it is often the case that farmers who are the most vulnerable to climate shocks lack access to the insurance tools that could help to reduce their production risk. Index insurance, a recent financial innovation, has the potential to increase access to insurance for smallholder farmers (Barrett et al. 2007). Index insurance allows farmers to insure their production risk based on a weather index (such as total seasonal rainfall) rather than on crop yields. The use of a weather index addresses many of the perverse incentive problems found in traditional crop insurance, and greatly reduces the costs of insuring smallholder farmers. The trade-off in index insurance, however, is limited accuracy in calibrating payouts to actual losses, a phenomenon commonly known as basis risk. While index insurance has promise as a risk-smoothing instrument, many argue it has greater promise as a mechanism for improving access to credit for smallholder farmers in developing countries (e.g. Barnett, Barrett & Skees 2008). In these areas, farmers are often fully exposed to climate shocks, which greatly affect their willingness to borrow. By smoothing the uncertainty in climate shocks, insurance may allow farmers to take credit for productive risks. There has been much discussion as to the optimal strategy for combining index insurance with credit, specifically if the financial institutions or the individual farmers themselves should hold the insurance policy. Many existing insurance implementations insure the farmer directly. However, since a weather index is a proxy for yield loss based on regional data, there is basis risk due to uninsured idiosyncratic differences between farmers. As a response to

  12. PREMIUMS CALCULATION FOR LIFE INSURANCE

    Directory of Open Access Journals (Sweden)

    ANA PREDA

    2012-10-01

    Full Text Available The paper presents the techniques and the formulas used on international practice for establishing the premiums for a life policy. The formulas are generally based on a series of indicators named mortality indicators which mainly point out the insured survival probability, the death probability and life expectancy at certain age. I determined, using a case study, the unique net premium, the annual net premium for a survival insurance, whole life insurance and mixed life insurance.

  13. 75 FR 70850 - Common Crop Insurance Regulations; Extra Long Staple Cotton Crop Provisions

    Science.gov (United States)

    2010-11-19

    ... dividing Price A by 85 percent of Price B. * * * * * (f) Any AUP cotton harvested or appraised from acreage... dividing the price per pound for AUP cotton by the price per pound for ELS cotton. The prices used for AUP...

  14. 76 FR 32067 - Common Crop Insurance Regulations; Extra Long Staple Cotton Crop Provisions

    Science.gov (United States)

    2011-06-03

    ... ``Any AUP cotton'' and replacing it with the phrase ``Mature AUP cotton'' to clarify the AUP cotton must be mature in order to calculate a conversion factor between AUP cotton and ELS cotton. List of... dividing Price A by 85 percent of Price B. * * * * * (f) Mature AUP cotton harvested or appraised from...

  15. Insurance - Piper Alpha ''et al''

    International Nuclear Information System (INIS)

    Hales, K.

    1995-01-01

    This paper opens with some brief information about the Piper Alpha loss, how the loss was handled and its final cost. More importantly, it discusses the effect of the Piper Alpha loss on the world insurance market including the oil insurance captives such as O.I.L Limited. Finally, the insurance market current status and prognosis for the future are considered. (Author)

  16. Premium Forecasting of an Insurance Company: Automobile Insurance

    OpenAIRE

    Fouladvand, M. Ebrahim; Darooneh, Amir H.

    2002-01-01

    We present an analytical study of an insurance company. We model the company's performance on a statistical basis and evaluate the predicted annual income of the company in terms of insurance parameters namely the premium, total number of the insured, average loss claims etc. We restrict ourselves to a single insurance class the so-called automobile insurance. We show the existence a crossover premium p_c below which the company is loss-making. Above p_c, we also give detailed statistical ana...

  17. Age and choice in health insurance: evidence from a discrete choice experiment.

    Science.gov (United States)

    Becker, Karolin; Zweifel, Peter

    2008-01-01

    A uniform package of benefits and uniform cost sharing are elements of regulation inherent in most social health insurance systems. Both elements risk burdening the population with a welfare loss if preferences for risk and insurance attributes differ. This suggests the introduction of more choice in social health insurance packages may be advantageous; however, it is widely believed that this would not benefit the elderly.A representative telephone survey of 1000 people aged >24 years living in the German- and French-speaking parts of Switzerland was conducted. Participants were asked to compare the status quo (i.e. their current insurance contract) with ten hypothetical alternatives. In addition, participants were asked questions concerning utilization of healthcare services; overall satisfaction with the healthcare system, insurer and insurance policy; and a general preference for new elements in the insurance package. Socioeconomic variables surveyed were age, sex, total household income, education (seven categories ranging from primary school to university degree), place of residence, occupation, and marital status. To examine the relationship between age and willingness to pay (WTP) for additional options in Swiss social health insurance.A representative telephone survey of 1000 people aged >24 years living in the German- and French-speaking parts of Switzerland was conducted. Participants were asked to compare the status quo (i.e. their current insurance contract) with ten hypothetical alternatives. In addition, participants were asked questions concerning utilization of healthcare services; overall satisfaction with the healthcare system, insurer and insurance policy; and a general preference for new elements in the insurance package. Socioeconomic variables surveyed were age, sex, total household income, education (seven categories ranging from primary school to university degree), place of residence, occupation, and marital status. A discrete choice

  18. The need of the Nuclear Civil Liability Insurance; La necesidad del Seguro de Responsabilidad Civil Nuclear (SRCN)

    Energy Technology Data Exchange (ETDEWEB)

    Gomez del Campo, J.

    2011-07-01

    Nuclear Liability Insurance (NLI), emerged as a safety mechanism and product to respond to a great risk. because of the compulsory nature of international and national regulations, it has become a compulsory contract. Nuclear risk coverage pools are founded as groups of insurers and reinsures, without legal entity, which cooperate and pool their resources to deal with these great risks. In spain Atomic Pool has been renamed ESPANUCLEAR, administered by and Economic Interest Grouping called Nuclear risk Insurers. (Author)

  19. 26 CFR 1.101-4 - Payment of life insurance proceeds at a date later than death.

    Science.gov (United States)

    2010-04-01

    ... those to which section 101(c) applies) received under a life insurance contract and paid by reason of... separated, but not under a decree of absolute divorce (section 101(d)(3)). To the extent that the total... the insured's death) of amounts which may be paid by reason of the guarantee, in accordance with the...

  20. Impact of cash cropping and perennial crops on food crop ...

    African Journals Online (AJOL)

    significant effects on food crop production and productivity. ... 2 Department of Economics and Resource management, Norwegian University of Life Sciences, Norway ... food markets work well, the problem of imperfect markets does not allow ..... prices at the time of purchase with the remaining balance due at the end of the.

  1. 46 CFR 308.403 - Insured amounts.

    Science.gov (United States)

    2010-10-01

    ... total amount of war risk insurance obtainable from companies authorized to do an insurance business in a... MARITIME ADMINISTRATION, DEPARTMENT OF TRANSPORTATION EMERGENCY OPERATIONS WAR RISK INSURANCE War Risk Builder's Risk Insurance § 308.403 Insured amounts. (a) Prelaunching period. The amount insured during...

  2. Health Insurance without Single Crossing

    DEFF Research Database (Denmark)

    Boone, Jan; Schottmüller, Christoph

    2017-01-01

    Standard insurance models predict that people with high risks have high insurance coverage. It is empirically documented that people with high income have lower health risks and are better insured. We show that income differences between risk types lead to a violation of single crossing...... in an insurance model where people choose treatment intensity. We analyse different market structures and show the following: If insurers have market power, the violation of single crossing caused by income differences and endogenous treatment choice can explain the empirically observed outcome. Our results do...

  3. Gender in crop agriculture

    OpenAIRE

    Food and Agriculture Organization; The World Bank; IFAD

    2008-01-01

    Metadata only record This is a module in the "Gender in Agriculture Sourcebook" published by the World Bank, UN Food and Agriculture Organization, and International Fund for Agricultural Development. This module examines the role of gender in crop agriculture as an essential component of development and poverty reduction. Gender is an integral aspect of crop agriculture because women's roles in crop production and household subsistence, as well as their knowledge of complex production syst...

  4. Preferred providers and the credible commitment problem in health insurance: first experiences with the implementation of managed competition in the Dutch health care system.

    Science.gov (United States)

    Boonen, Lieke H H M; Schut, Frederik T

    2011-04-01

    We investigate the impact of the transition towards managed competition in the Dutch health care system on health insurers' contracting behaviour. Specifically, we examine whether insurers have been able to take up their role as prudent buyers of care and examine consumers' attitudes towards insurers' new role. Health insurers' contracting behaviour is investigated by an extensive analysis of available information on purchasing practices by health insurers and by interviews with directors of health care purchasing of the four major health insurers, accounting for 90% of the market. Consumer attitudes towards insurers' new role are investigated by surveys among a representative sample of enrollees over the period 2005-2009. During the first four years of the reform, health insurers were very reluctant to engage in selective contracting and preferred to use 'soft' positive incentives to encourage preferred provider choice rather than engaging in restrictive managed care activities. Consumer attitudes towards channelling vary considerably by type of provider but generally became more negative in the first two years after the reform. Insurers' reluctance to use selective contracting can be at least partly explained by the presence of a credible-commitment problem. Consumers do not trust that insurers with restrictive networks are committed to provide good quality care. The credible-commitment problem seems to be particularly relevant to the Netherlands, since Dutch enrollees are not used to restrictions on provider choice. Since consumers are quite sensitive to differences in provider quality, more reliable information about provider quality is required to reduce the credible-commitment problem.

  5. Reviving Ulysses contracts.

    Science.gov (United States)

    Spellecy, Ryan

    2003-12-01

    Ulysses contracts have faced paternalism objections since they first were proposed. Since the contracts are designed to override a present request from a legally competent patient in favor of a past request made by that patient, enforcement of these contracts was argued to be unjustifiable strong paternalism. Recent legal developments and new theories of practical reasoning suggest that the discussion of Ulysses contracts should be revived. This paper argues that with a proper understanding of the future-directed planning embodied in Ulysses contracts, the charge of strong paternalism can be answered, and the enforcement of some Ulysses contracts may be justified under the rubric of weak paternalism.

  6. ADMINISTRATIVE CONTRACTS. DELIMITATIONS

    Directory of Open Access Journals (Sweden)

    Liana Teodora PASCARIU

    2016-12-01

    Full Text Available Article examines whether all contracts of public persons are administrative contracts; in other words, if the administration may conclude contracts that, according to their legal nature, are not administrative. If we start from the definition of administrative contracts as it appears in Law no. 554/2004, these include contracts by public authorities which concern the enhancement of public property execution of works of public interest, public services, public procurement and other administrative contracts provided by special laws and subject to the jurisdiction of the administrative courts.

  7. Insurance against climate change and flood risk: Insurability and decision processes of insurers

    Science.gov (United States)

    Hung, Hung-Chih; Hung, Jia-Yi

    2016-04-01

    1. Background Major portions of the Asia-Pacific region is facing escalating exposure and vulnerability to climate change and flood-related extremes. This highlights an arduous challenge for public agencies to improve existing risk management strategies. Conventionally, governmental funding was majorly responsible and accountable for disaster loss compensation in the developing countries in Asia, such as Taiwan. This is often criticized as an ineffective and inefficient measure of dealing with flood risk. Flood insurance is one option within the toolkit of risk-sharing arrangement and adaptation strategy to flood risk. However, there are numerous potential barriers for insurance companies to cover flood damage, which would cause the flood risk is regarded as uninsurable. This study thus aims to examine attitudes within the insurers about the viability of flood insurance, the decision-making processes of pricing flood insurance and their determinants, as well as to examine potential solutions to encourage flood insurance. 2. Methods and data Using expected-utility theory, an insurance agent-based decision-making model was developed to examine the insurers' attitudes towards the insurability of flood risk, and to scrutinize the factors that influence their decisions on flood insurance premium-setting. This model particularly focuses on how insurers price insurance when they face either uncertainty or ambiguity about the probability and loss of a particular flood event occurring. This study considers the factors that are expected to affect insures' decisions on underwriting and pricing insurance are their risk perception, attitudes towards flood insurance, governmental measures (e.g., land-use planning, building codes, risk communication), expected probabilities and losses of devastating flooding events, as well as insurance companies' attributes. To elicit insurers' utilities about premium-setting for insurance coverage, the 'certainty equivalent,' 'probability

  8. Modern problems in insurance mathematics

    CERN Document Server

    Martin-Löf, Anders

    2014-01-01

    This book is a compilation of 21 papers presented at the International Cramér Symposium on Insurance Mathematics (ICSIM) held at Stockholm University in June, 2013. The book comprises selected contributions from several large research communities in modern insurance mathematics and its applications. The main topics represented in the book are modern risk theory and its applications, stochastic modelling of insurance business, new mathematical problems in life and non-life insurance, and related topics in applied and financial mathematics. The book is an original and useful source of inspiration and essential reference for a broad spectrum of theoretical and applied researchers, research students and experts from the insurance business. In this way, Modern Problems in Insurance Mathematics will contribute to the development of research and academy–industry co-operation in the area of insurance mathematics and its applications.

  9. Financing and insurance problems

    International Nuclear Information System (INIS)

    Laurenge, M.-T.

    1975-01-01

    The author analyses the papers presented at the Paris Conference on the maturity of nuclear energy. It is evident that financing possibilities will be a determinant factor in the rate of development of nuclear power during the years to come. After having evaluated the capital requirements necessitated for the development of nuclear programmes, the parties intervening have examined the means at the disposal of electricity manufacturers to meet these needs (self-financing, recourse to external financing, regrouping, on an international scale of the electricity manufacturers of the setting up of high capacity plants). As concerns the insurance problems, they are becoming more and more involved as nuclear applications, are further diversified and intensified. The parties intervening have discussed new tarification techniques likely to be applied and pointed out the possibilities offered by regrouping or pooling of insurers (Market Pool) which allow for a maximum of risks to be covered without exceeding the means proper to each company concerned [fr

  10. Nuclear energy and insurance

    International Nuclear Information System (INIS)

    Ekener, H.

    1997-01-01

    It examines the technical, scientific and legal issues relating to the peaceful use of atomic energy in Turkey. The first fifteen chapters give a general overview of the atom and radioactivity; the chapters which follow this section are more technical and deal with the causes of nuclear accidents in reactors.A number of chapters cover legal issues, for example the conditions and procedures involved in the insurance market and the risks linked to operation of a nuclear power plant.The following subjects are examined in relation to nuclear insurance: risks during construction; fire during operation of the plants and other causes of accidents; risks due to the transport of radioactive materials and waste etc. The final chapters reproduce the principle legislative texts in force in Turkey in the field of nuclear energy, and also certain regulations which establish competent regulatory bodies

  11. Life insurance mathematics

    CERN Document Server

    Gerber, Hans U

    1997-01-01

    This concise introduction to life contingencies, the theory behind the actuarial work around life insurance and pension funds, will appeal to the reader who likes applied mathematics. In addition to model of life contingencies, the theory of compound interest is explained and it is shown how mortality and other rates can be estimated from observations. The probabilistic model is used consistently throughout the book. Numerous exercises (with answers and solutions) have been added, and for this third edition several misprints have been corrected.

  12. The RAND Health Insurance Experiment, Three Decades Later*

    Science.gov (United States)

    Aron-Dine, Aviva; Einav, Liran; Finkelstein, Amy

    2013-01-01

    We re-present and re-examine the analysis from the famous RAND Health Insurance Experiment from the 1970s on the impact of consumer cost sharing in health insurance on medical spending. We begin by summarizing the experiment and its core findings in a manner that would be standard in the current age. We then examine potential threats to the validity of a causal interpretation of the experimental treatment effects stemming from different study participation and differential reporting of outcomes across treatment arms. Finally, we re-consider the famous RAND estimate that the elasticity of medical spending with respect to its out-of-pocket price is −0.2, emphasizing the challenges associated with summarizing the experimental treatment effects from non-linear health insurance contracts using a single price elasticity. PMID:24610973

  13. Hancocked: manulife and the limits of private health insurance.

    Science.gov (United States)

    Evans, Robert G

    2011-08-01

    Long-term care (LTC) insurance is a salesman's dream. Millions of well-heeled boomers, anxious to protect their estates from the random expropriation of institutional dependency - what a market! But for Manulife, bleeding $1.5 million a day in LTC claims through subsidiary John Hancock, LTC is a nightmare. Company spokesmen blame unexpected increases in life expectancy. But management's fundamental error was insuring correlated risks. Risk pooling works only when individual risks are uncorrelated. Increases in life expectancy affect all contracts together. Manulife made the same mistake selling equity-linked annuities with guaranteed floors - essentially insuring against stock market declines. Results for shareholders have been catastrophic. Top management, meanwhile, have been honoured and richly rewarded.

  14. Contractibility of curves

    Directory of Open Access Journals (Sweden)

    Janusz Charatonik

    1991-11-01

    Full Text Available Results concerning contractibility of curves (equivalently: of dendroids are collected and discussed in the paper. Interrelations tetween various conditions which are either sufficient or necessary for a curve to be contractible are studied.

  15. Adverse selection and moral hazard in health insurance

    OpenAIRE

    Bien, Franck; Alary, David

    2006-01-01

    In this paper, we want to characterize the optimal health insurance contract with adverse selection and moral hazard. We assume that policyholders differ by the permanent health status loss and choose an unobservable preventive effort in order to reduce the probability of illness which is ex-ante identical. The difference in illness'after-effect modifies policyholders' preventive actions. By the way, they differ in probabilities of illness leading to a situation close to Rothschild and Stigli...

  16. Retrospection. Uranium mining Wismut und the legal casualty insurance

    International Nuclear Information System (INIS)

    Breuer, Joachim

    2015-01-01

    Although the Wismut uranium mining company in the former DDR had 600.000 employees, the company was not mentioned in the contract on the German reunification. The expenses for the health consequences imposed manifold challenges to the legal casualty insurance. The question of responsibility, the conservation, digitalization and evaluation of data concerning the personnel and health information, partially handwritten is a tremendous amount of work.

  17. Concept of contracting authority

    OpenAIRE

    Kasiliauskaitė, Vitalija

    2016-01-01

    Concept of Contracting Authority Law on Public Procurement the procurement concept implies the conclusion that public procurement be declared only such purchases are carried out by the contracting authority. The contracting authorities can be a subject of state and municipal management institutes, whose assignment authority is determined by a functional approach. Also, contracting authorities may be public and legal entities, but that the public interest and operates non-commercial activities...

  18. Inflation Forecast Contracts

    OpenAIRE

    Gersbach, Hans; Hahn, Volker

    2012-01-01

    We introduce a new type of incentive contract for central bankers: inflation forecast contracts, which make central bankers’ remunerations contingent on the precision of their inflation forecasts. We show that such contracts enable central bankers to influence inflation expectations more effectively, thus facilitating more successful stabilization of current inflation. Inflation forecast contracts improve the accuracy of inflation forecasts, but have adverse consequences for output. On balanc...

  19. Risk Minimization for Insurance Products via F-Doubly Stochastic Markov Chains

    Directory of Open Access Journals (Sweden)

    Francesca Biagini

    2016-07-01

    Full Text Available We study risk-minimization for a large class of insurance contracts. Given that the individual progress in time of visiting an insurance policy’s states follows an F -doubly stochastic Markov chain, we describe different state-dependent types of insurance benefits. These cover single payments at maturity, annuity-type payments and payments at the time of a transition. Based on the intensity of the F -doubly stochastic Markov chain, we provide the Galtchouk-Kunita-Watanabe decomposition for a general insurance contract and specify risk-minimizing strategies in a Brownian financial market setting. The results are further illustrated explicitly within an affine structure for the intensity.

  20. Numerical simulation of cropping

    DEFF Research Database (Denmark)

    Tvergaard, Viggo; Hutchinson, John W.

    2014-01-01

    Cropping is a cutting process whereby opposing aligned blades create a shearing failure by exerting opposing forces normal to the surfaces of a metal sheet or plate. Building on recent efforts to quantify cropping, this paper formulates a plane strain elastic-plastic model of a plate subject to s...

  1. Applied Crop Protection 2017

    DEFF Research Database (Denmark)

    Jørgensen, Lise Nistrup; Nielsen, Bent Jørgen; Mathiassen, Solvejg Kopp

    Linket til højre henviser til rapporten i trykt format til download. This publication contains results from crop protection trials which were carried out at the Department of Agroecology within the area of gricultural crops. Most of the results come from field trials, but results from greenhouse...

  2. Applied Crop Protection 2017

    DEFF Research Database (Denmark)

    Jørgensen, Lise Nistrup; Nielsen, Bent Jørgen; Mathiassen, Solvejg Kopp

    Linket til højre henviser til rapporten i trykt format til download. This publication contains results from crop protection trials which were carried out at the Department of Agroecology within the area of gricultural crops. Most of the results come from field trials, but results from greenhouse ...

  3. Applied crop protection 2016

    DEFF Research Database (Denmark)

    Jørgensen, Lise Nistrup; Nielsen, Bent Jørgen; Jensen, Peter Kryger

    This publication contains results from crop protection trials which were carried out at the Department of Agroecology within the area of agricultural crops. Most of the results come from field trials, but results from greenhouse and semi-field trials are also included. The report contains results...

  4. Life Insurance Contribution, Insurance Development and Economic Growth in China

    Directory of Open Access Journals (Sweden)

    Wang Ying

    2017-07-01

    Full Text Available Under L-type economy, remodelling the growth power in the medium and long term is essential. The insurance industry during the 13th Five-year Plan period has been given a heavy expectation on promoting economic quality and upgrading economic efficiency, so it will try to accelerate its innovation and development process which serves national needs, market demand and people's requirements. Referring to the previous researches of Solow and Zhang and measuring Capital Stock and Total Factor Productivity independently, the paper analyses the inherent correlation between insurance (including life insurance and non-life insurance and economic growth, reveals the contribution law of the insurance development in economic growth in the short and long term from both economic scale and quality respectively. It also shows enlightenments on policy decision for insurance industry, thus helps economic stability under the downturn periods.

  5. Teaching about Contracts.

    Science.gov (United States)

    Froman, Michael; Kosnoff, Kathy

    1978-01-01

    Presents teaching strategies for introducing high school students to contract law. Offers as a case study a contract agreement between pro football players and team owners. Stresses basic elements of contracts (offer, acceptance, consideration, and understanding the bargaining process). Journal available from the American Bar Association, 1155…

  6. Contract law as fairness

    NARCIS (Netherlands)

    Klijnsma, J.

    2015-01-01

    This article examines the implications for contract law of Rawls' theory of justice as fairness. It argues that contract law as an institution is part of the basic structure of society and as such subject to the principles of justice. Discussing the basic structure in relation to contract law is

  7. 3 CFR - Government Contracting

    Science.gov (United States)

    2010-01-01

    ... contract oversight could reduce such sums significantly. Government outsourcing for services also raises... a risk that taxpayer funds will be spent on contracts that are wasteful, inefficient, subject to... mission. In such cases, the agency must ensure that the risks associated with noncompetitive contracts are...

  8. Contracting for nuclear fuels

    International Nuclear Information System (INIS)

    Schuessler, C.M.

    1981-10-01

    This paper deals with uranium sales contracts, i.e. with contractual arrangements in the first steps of the fuel cycle, which cover uranium production and conversion. The various types of contract are described and, where appropriate, their underlying business philosophy and their main terms and conditions. Finally, the specific common features of such contracts are reviewed. (NEA) [fr

  9. Other enrichment related contracts

    International Nuclear Information System (INIS)

    Hall, J.C.

    1978-01-01

    In addition to long-term enrichment contracts, DOE has other types of contracts: (1) short-term, fixed-commitment enrichment contract; (2) emergency sales agreement for enriched uranium; (3) feed material lease agreement; (4) enriched uranium storage agreement; and (5) feed material usage agreement

  10. Insurance of nuclear power stations

    International Nuclear Information System (INIS)

    Debaets, M.

    1992-01-01

    Electrical utility companies have invested large sums in the establishment of nuclear facilities. For this reason it is normal for these companies to attempt to protect their investments as much as possible. One of the methods of protection is recourse to insurance. For a variety of reasons traditional insurance markets are unable to function normally for a number of reasons including, the insufficient number of risks, an absence of meaningful accident statistics, the enormous sums involved and a lack of familiarity with nuclear risks on the part of insurers, resulting in a reluctance or even refusal to accept such risks. Insurers have, in response to requests for coverage from nuclear power station operators, established an alternative system of coverage - insurance through a system of insurance pools. Insurers in every country unite in a pool, providing a net capacity for every risk which is a capacity covered by their own funds, and consequently without reinsurance. All pools exchange capacity. The inconvenience of this system, for the operators in particular, is that it involves a monopolistic system in which there are consequently few possibilities for the negotiation of premiums and conditions of coverage. The system does not permit the establishment of reserves which could, over time, reduce the need for insurance on the part of nuclear power station operators. Thus the cost of nuclear insurance remains high. Alternatives to the poor system of insurance are explored in this article. (author)

  11. EFFECTS OF WEATHER-INDEX INSURANCE: THE CASE OF SMALLHOLDER MAIZE FARMERS IN NORTHERN GHANA

    Directory of Open Access Journals (Sweden)

    Bashiru Haruna

    2017-07-01

    Full Text Available The study investigates the effect of weather-index insurance on intensity of fertilizer use and yields among 230 smallholder maize farmers in Northern Region of Ghana. Out of the total sample of selected farmers, about 35% purchased the insurance. Using an endogenous treatment regression model, the study showed that weather-index insurance purchase increased the intensity of fertilizer use but did not have a significant effect on maize yield. Past experience of crop failure due to drought, livestock ownership as well as the total area of land owned explained weather-index insurance purchase in the study area. Based on the results of this study, the Government of Ghana can use weather-index insurance as a policy tool to increase the use of fertilizer by smallholder maize farmers.

  12. The Dynamics of Market Insurance, Insurable Assets, and Wealth Accumulation

    OpenAIRE

    Koeniger, Winfried

    2002-01-01

    We analyze dynamic interactions between market insurance, the stock of insurable assets and liquid wealth accumulation in a model with non-durable and durable consumption. The stock of the durable is exposed to risk against which households can insure. Since the model does not have a closed form solution we first provide an analytical approximation for the case in which households own abundant liquid wealth. It turns out that precautionary motives still matter because of fluctuations of the p...

  13. Switching benefits and costs in competitive health insurance markets: A conceptual framework and empirical evidence from the Netherlands.

    Science.gov (United States)

    Duijmelinck, Daniëlle M I D; Mosca, Ilaria; van de Ven, Wynand P M M

    2015-05-01

    Competitive health insurance markets will only enhance cost-containment, efficiency, quality, and consumer responsiveness if all consumers feel free to easily switch insurer. Consumers will switch insurer if their perceived switching benefits outweigh their perceived switching costs. We developed a conceptual framework with potential switching benefits and costs in competitive health insurance markets. Moreover, we used a questionnaire among Dutch consumers (1091 respondents) to empirically examine the relevance of the different switching benefits and costs in consumers' decision to (not) switch insurer. Price, insurers' service quality, insurers' contracted provider network, the benefits of supplementary insurance, and welcome gifts are potential switching benefits. Transaction costs, learning costs, 'benefit loss' costs, uncertainty costs, the costs of (not) switching provider, and sunk costs are potential switching costs. In 2013 most Dutch consumers switched insurer because of (1) price and (2) benefits of supplementary insurance. Nearly half of the non-switchers - and particularly unhealthy consumers - mentioned one of the switching costs as their main reason for not switching. Because unhealthy consumers feel not free to easily switch insurer, insurers have reduced incentives to invest in high-quality care for them. Therefore, policymakers should develop strategies to increase consumer choice. Copyright © 2014 Elsevier Ireland Ltd. All rights reserved.

  14. Duration in Production Contracts

    OpenAIRE

    MacDonald, James M.; Korb, Penelope J.

    2006-01-01

    We use 2003 and 2004 ARMS data to analyze variations in contract duration among growers of broilers who hold production contracts. Most contracts cover just a single flock, but many extend for 1-2 years, and a significant minority of broiler contracts specify lengths of 5, 10, and even 15 years. We find that grower debt and production volume are inversely related to the choice of a short term (a year or less) contract, while lengthy prior experience with the contractor promotes short term con...

  15. Professional dental and oral surgery liability in Italy: a comparative analysis of the insurance products offered to health workers.

    Science.gov (United States)

    Di Lorenzo, Pierpaolo; Paternoster, Mariano; Nugnes, Mariarosaria; Pantaleo, Giuseppe; Graziano, Vincenzo; Niola, Massimo

    2016-01-01

    In Italy there has been an increase in claims for damages for alleged medical malpractice. A study was therefore conducted that aimed at assessing the content of the coverage of insurance policy contracts offered to oral health professionals by the insurance market. The sample analysed composed of 11 insurance policy contracts for professional dental liability offered from 2010 to 2015 by leading insurance companies operating in the Italian market. The insurance products analysed are structured on the "claims made" clause. No policy contract examined covers the damage due to the failure to acquire consent for dental treatment and, in most cases, damage due to unsatisfactory outcomes of treatment of an aesthetic nature and the failure to respect regulatory obligations on privacy. On entering into a professional liability insurance policy contract, the dentist should pay particular attention to the period covered by the guarantee, the risks both covered and excluded, as well as the extent of the limit of liability and any possible fixed/percentage excess. When choosing a professional liability contract, a dentist should examine the risks in relation to the professional activity carried out before signing.

  16. Modelling farmer uptake of perennial energy crops in the UK

    International Nuclear Information System (INIS)

    Sherrington, Chris; Moran, Dominic

    2010-01-01

    The UK Biomass Strategy suggests that to reach the technical potential of perennial energy crops such as short rotation coppice (SRC) willow and miscanthus by 2020 requires 350,000 hectares of land. This represents a more than 20-fold increase on the current 15,546 hectares. Previous research has identified several barriers to adoption, including concerns over security of income from contracts. In addition, farmers perceive returns from these crops to be lower than for conventional crops. This paper uses a farm-level linear programming model to investigate theoretical uptake of energy crops at different gross margins under the assumption of a profit-maximising decision maker, and in the absence of known barriers to adoption. The findings suggest that while SRC willow, at current prices, remains less competitive, returns to miscanthus should have encouraged adoption on a wider scale than at present. This highlights the importance of the barriers to adoption. Recently announced contracts for miscanthus appear to offer a significant premium to farmers in order to encourage them to grow the crops. This raises the question of whether a more cost-effective approach would be for government to provide guarantees addressing farmers concerns including security of income from the contracts. Such an approach should encourage adoption at lower gross margins. (author)

  17. Negotiating Efficient PPP Contracts

    DEFF Research Database (Denmark)

    Tvarnø, Christina D.

    . An opportunity the member states should consider using when procuring a PPP. This paper looks at the negotiation and contracting of a PPP in an economic theoretical and EU public procurement perspective and discusses how to establish an efficient PPP contract under a strong public law doctrine. Governments......This paper concerns Public Private Partnership (PPP) contracts in concern to the coming new 2014/24IEU public procurement directive. The new EU public procurement directive gives the public authority the opportunity to negotiate PPPs much more when they are implemented in national law...... procurement law. Furthermore, the paper seeks to establish a connection between public law, private law and the efficient PPP contract by drawing upon economic theory and empirical contract data from UK, US and Danish partnering contracts from the construction industry and the aim of contracting joint utility...

  18. ETHICS IN THE INSURANCE INDUSTRY

    OpenAIRE

    Gavriletea Marius

    2008-01-01

    The present paper debates the main aspects related to ethics, into an industry that recorded exponential growth in Romania insurance field. A very important role for a good business is enhanced by the ethics. The specialists appreciate that ethics represent a key factor for business success. Obviously, the insurance field into a competition market must follow all the aspects related to ethics. The ethics should be an essential element of every insurance company management. If we talk about et...

  19. The economics of health insurance.

    Science.gov (United States)

    Jha, Saurabh; Baker, Tom

    2012-12-01

    Insurance plays an important role in the United States, most importantly in but not limited to medical care. The authors introduce basic economic concepts that make medical care and health insurance different from other goods and services traded in the market. They emphasize that competitive pricing in the marketplace for insurance leads, quite rationally, to risk classification, market segmentation, and market failure. The article serves as a springboard for understanding the basis of the reforms that regulate the health insurance market in the Patient Protection and Affordable Care Act. Copyright © 2012 American College of Radiology. Published by Elsevier Inc. All rights reserved.

  20. Implications of European Directives in the Assessment of Insurance Companies

    Directory of Open Access Journals (Sweden)

    Ionel BOSTAN

    2011-03-01

    Full Text Available The objective of this paper is to present a vision in the sphere of the problematic of assets and liabilities’ evaluation that are reflected in the balance sheet of the insurance companies, inside the theory of the contingent claims, and of the marginal theory inside the insurance sphere. Our references take into consideration all the principles and evaluation norms of a company’s liabilities, company operating in the life insurance domain, including the general request introduced by the IFRS. Also, we argument the fact that the making of the new IFRS standards’ frame must take into consideration the accelerated globalization of the trading and the internalization of the financial markets, factors that have made pass onto the first place the necessity of a standardized financial reporting system. Because for so long the evaluating inadequacy of the assets at their fair value and the liabilities at their fair cost has persisted for so long, we underline that we find even in this a vast debate subject between the insurance companies’ representatives and the IASB, especially in the second step of the IFRS4’s implementation in the life insurance contract.

  1. 26 CFR 1.831-1 - Tax on insurance companies (other than life or mutual), mutual marine insurance companies, and...

    Science.gov (United States)

    2010-04-01

    ... mutual), mutual marine insurance companies, and mutual fire insurance companies issuing perpetual... companies (other than life or mutual), mutual marine insurance companies, and mutual fire insurance... insurance companies and mutual fire insurance companies exclusively issuing either perpetual policies, or...

  2. Selection Behavior in the Market for Private Complementary Long-term Care Insurance in Germany

    DEFF Research Database (Denmark)

    Bauer, Jan; Schiller, Jörg; Schreckenberger, Christopher

    is dominating in this market, with respect to both the decision to buy a CompLTCI policy and the decision about the extent of CompLTCI coverage. We identify occupational status, residential location and the holding of further supplementary health insurance policies as unused observables contributing...... to selection effects in this market. Our results suggest that non-linearitiesin the relationship of potential sources of selection to insurance coverage and risk should be considered. A panel data analysis shows that an increase in health insurance payouts is positively correlated with the uptake of Comp......In this paper, we analyze selection effects in the German market for private complementary longterm care insurance contracts (CompLTCI) within a static and dynamic framework. Using data on more than 98,000 individuals from a German insurance company, we provide evidence that advantageous selection...

  3. The National Insurance Academy: Serving India's Insurance Professionals and Researchers

    Science.gov (United States)

    Sane, Bhagyashree

    2011-01-01

    This article discusses how a special library can meet the needs of a specific industry. The author focuses on India's National Insurance Academy (NIA) Library, which serves the insurance industry of India and some neighboring countries. It is where the author serves as the chief librarian.

  4. Insurance premiums and insurance coverage of near-poor children.

    Science.gov (United States)

    Hadley, Jack; Reschovsky, James D; Cunningham, Peter; Kenney, Genevieve; Dubay, Lisa

    States increasingly are using premiums for near-poor children in their public insurance programs (Medicaid/SCHIP) to limit private insurance crowd-out and constrain program costs. Using national data from four rounds of the Community Tracking Study Household Surveys spanning the seven years from 1996 to 2003, this study estimates a multinomial logistic regression model examining how public and private insurance premiums affect insurance coverage outcomes (Medicaid/SCHIP coverage, private coverage, and no coverage). Higher public premiums are significantly associated with a lower probability of public coverage and higher probabilities of private coverage and uninsurance; higher private premiums are significantly related to a lower probability of private coverage and higher probabilities of public coverage and uninsurance. The results imply that uninsurance rates will rise if both public and private premiums increase, and suggest that states that impose or increase public insurance premiums for near-poor children will succeed in discouraging crowd-out of private insurance, but at the expense of higher rates of uninsurance. Sustained increases in private insurance premiums will continue to create enrollment pressures on state insurance programs for children.

  5. 78 FR 52780 - National Flood Insurance Program (NFIP); Assistance to Private Sector Property Insurers...

    Science.gov (United States)

    2013-08-26

    ...] National Flood Insurance Program (NFIP); Assistance to Private Sector Property Insurers, Availability of FY... Assistance/Subsidy Arrangement (Arrangement), 85 (as of June 2013) private sector property insurers sell... Financial Assistance/ Subsidy Arrangement (Arrangement) to notify private insurance companies (Companies...

  6. 77 FR 36566 - National Flood Insurance Program (NFIP); Assistance to Private Sector Property Insurers...

    Science.gov (United States)

    2012-06-19

    ...] National Flood Insurance Program (NFIP); Assistance to Private Sector Property Insurers, Availability of FY... Assistance/Subsidy Arrangement (Arrangement), 82 (as of April, 2012) private sector property insurers sell... Financial Assistance/ Subsidy Arrangement (Arrangement) to notify private insurance companies (Companies...

  7. Health Insurance: Understanding Your Health Plan's Rules

    Science.gov (United States)

    ... to know what your insurance company is paying…Health Insurance: Understanding What It CoversRead Article >>Insurance & BillsHealth Insurance: Understanding What It CoversYour insurance policy lists a package of medical benefits such as tests, drugs, and treatment services. These ...

  8. HIAA's The Business of Insurance: An Introduction.

    Science.gov (United States)

    Rosen, Anita; Lynch, Margaret E.

    This booklet is intended to help students gain a broad understanding of the meaning, characteristics, organization, products, and functions of the insurance industry. The following topics are discussed: the concept of and need for insurance; basic principles of insurance (risk assessment, insurability and insurable interest, determination of…

  9. African Crop Science Journal

    African Journals Online (AJOL)

    AFRICAN JOURNALS ONLINE (AJOL) · Journals · Advanced Search · USING AJOL ... The African Crop Science Journal, a quarterly publication, publishes original ... interactions, information science, environmental science and soil science.

  10. African Crop Science Journal

    African Journals Online (AJOL)

    African Crop Science Journal. Journal Home · ABOUT THIS JOURNAL · Advanced Search · Current Issue · Archives · Journal Home > Vol 1, No 2 (1993) >. Log in or Register to get access to full text downloads.

  11. African Crop Science Journal

    African Journals Online (AJOL)

    African Crop Science Journal. Journal Home · ABOUT THIS JOURNAL · Advanced Search · Current Issue · Archives · Journal Home > Vol 22 (2014) >. Log in or Register to get access to full text downloads.

  12. Asymmetric Information in Iranian’s Health Insurance Market: Testing of Adverse Selection and Moral Hazard

    Science.gov (United States)

    Lotfi, Farhad; Gorji, Hassan Abolghasem; Mahdavi, Ghadir; Hadian, Mohammad

    2015-01-01

    Background: Asymmetric information is one of the most important issues in insurance market which occurred due to inherent characteristics of one of the agents involved in insurance contracts; hence its management requires designing appropriate policies. This phenomenon can lead to the failure of insurance market via its two consequences, namely, adverse selection and moral hazard. Objective: This study was aimed to evaluate the status of asymmetric information in Iran’s health insurance market with respect to the demand for outpatient services. Materials/sPatients and Methods: This research is a cross sectional study conducted on households living in Iran. The data of the research was extracted from the information on household’s budget survey collected by the Statistical Center of Iran in 2012. In this study, the Generalized Method of Moment model was used and the status of adverse selection and moral hazard was evaluated through calculating the latent health status of individuals in each insurance category. To analyze the data, Excel, Eviews and stata11 software were used. Results: The estimation of parameters of the utility function of the demand for outpatient services (visit, medicine, and Para-clinical services) showed that households were more risk averse in the use of outpatient care than other goods and services. After estimating the health status of households based on their health insurance categories, the results showed that rural-insured people had the best health status and people with supplementary insurance had the worst health status. In addition, the comparison of the conditional distribution of latent health status approved the phenomenon of adverse selection in all insurance groups, with the exception of rural insurance. Moreover, calculation of the elasticity of medical expenses to reimbursement rate confirmed the existence of moral hazard phenomenon. Conclusions: Due to the existence of the phenomena of adverse selection and moral hazard

  13. Radioactivity in food crops

    International Nuclear Information System (INIS)

    Drury, J.S.; Baldauf, M.F.; Daniel, E.W.; Fore, C.S.; Uziel, M.S.

    1983-05-01

    Published levels of radioactivity in food crops from 21 countries and 4 island chains of Oceania are listed. The tabulation includes more than 3000 examples of 100 different crops. Data are arranged alphabetically by food crop and geographical origin. The sampling date, nuclide measured, mean radioactivity, range of radioactivities, sample basis, number of samples analyzed, and bibliographic citation are given for each entry, when available. Analyses were reported most frequently for 137 Cs, 40 K, 90 Sr, 226 Ra, 228 Ra, plutonium, uranium, total alpha, and total beta, but a few authors also reported data for 241 Am, 7 Be, 60 Co, 55 Fe, 3 H, 131 I, 54 Mn, 95 Nb, 210 Pb, 210 Po, 106 Ru, 125 Sb, 228 Th, 232 Th, and 95 Zr. Based on the reported data it appears that radioactivity from alpha emitters in food crops is usually low, on the order of 0.1 Bq.g -1 (wet weight) or less. Reported values of beta radiation in a given crop generally appear to be several orders of magnitude greater than those of alpha emitters. The most striking aspect of the data is the great range of radioactivity reported for a given nuclide in similar food crops with different geographical origins

  14. Radioactivity in food crops

    Energy Technology Data Exchange (ETDEWEB)

    Drury, J.S.; Baldauf, M.F.; Daniel, E.W.; Fore, C.S.; Uziel, M.S.

    1983-05-01

    Published levels of radioactivity in food crops from 21 countries and 4 island chains of Oceania are listed. The tabulation includes more than 3000 examples of 100 different crops. Data are arranged alphabetically by food crop and geographical origin. The sampling date, nuclide measured, mean radioactivity, range of radioactivities, sample basis, number of samples analyzed, and bibliographic citation are given for each entry, when available. Analyses were reported most frequently for /sup 137/Cs, /sup 40/K, /sup 90/Sr, /sup 226/Ra, /sup 228/Ra, plutonium, uranium, total alpha, and total beta, but a few authors also reported data for /sup 241/Am, /sup 7/Be, /sup 60/Co, /sup 55/Fe, /sup 3/H, /sup 131/I, /sup 54/Mn, /sup 95/Nb, /sup 210/Pb, /sup 210/Po, /sup 106/Ru, /sup 125/Sb, /sup 228/Th, /sup 232/Th, and /sup 95/Zr. Based on the reported data it appears that radioactivity from alpha emitters in food crops is usually low, on the order of 0.1 Bq.g/sup -1/ (wet weight) or less. Reported values of beta radiation in a given crop generally appear to be several orders of magnitude greater than those of alpha emitters. The most striking aspect of the data is the great range of radioactivity reported for a given nuclide in similar food crops with different geographical origins.

  15. New staff contract policy

    CERN Document Server

    HR Department

    2006-01-01

    Following discussion at TREF and on the recommendation of the Finance Committee, Council approved a new staff contract policy, which became effective on 1 January 2006. Its application is covered by a new Administrative Circular No. 2 (Rev. 3) 'Recruitment, appointment and possible developments regarding the contractual position of staff members'. The revised circular replaces the previous Circulars No. 9 (Rev. 3) 'Staff contracts' and No. 2 (Rev. 2) 'Guidelines and procedures concerning recruitment and probation period for staff members'. The main features of the new contract policy are as follows: The new policy provides chances for long-term employment for all staff recruits staying for four years without distinguishing between those assigned to long-term or short-term activities when joining CERN. In addition, it presents a number of simplifications for the award of ICs. There are henceforth only 2 types of contract: Limited Duration (LD) contracts for all recruitment and Indefinite Contracts (IC) for...

  16. Financial management of insurance companies in the context of the new regime Solvency II

    Directory of Open Access Journals (Sweden)

    Istrate Costin

    2017-07-01

    Full Text Available The new solvency regime Solvency II represents a solid and harmonized prudential framework applicable by insurance companies in the European area. Solvency II was implemented in the European Union by adopting Directives 2009/138/EC respectively 2014/51/EU, replacing existing directives regulating solvency former regime, known as Solvency I. Thus, the new European legislation in insurance, applicable from 1 January 2016, was aimed at unifying the main European insurance market and ensuring consumer protection. The responsible authority at EU level with the implementation of the new solvency regime is EIOPA - European Insurance and Occupational Pensions Authority, which dealt in previous periods of testing the European market insurance through organizing quantitative impact studies (last exercise - QIS5, organized in 2011. The main standards derived from Solvency II and also the new IFRS accounting provisions, intended to increase the transparency of risk management and investment, in order to pricing insurance products and profitability of the different classes of insurance rates. Solvency II brings both challenges and opportunities for companies, changing the concept of building protection programs for insured and generating additional concerns about capital requirements in the determination of own funds (basic, auxiliary and surplus that can be used to meet this requirement. Also estimate realistic and prudent risk assumed by insurance contracts concluded transposed to the insurance companies by recording every technical reserves represent a very important element in order to establish an optimal balance of financial resources. Given the significant overlap between IFRS and Solvency II, insurers will have to improve disclosure requirements of additional information and adjust planning and forecasting. All these measures will increase the efficiency of financial management, a series of operational measures and by providing documented and tested

  17. 76 FR 77442 - Mutual Insurance Holding Company Treated as Insurance Company

    Science.gov (United States)

    2011-12-13

    ... insurance industry traces its roots back to England, where, in 1696, the first mutual fire insurer was... FEDERAL DEPOSIT INSURANCE CORPORATION 12 CFR Part 380 RIN 3064-AD89 Mutual Insurance Holding Company Treated as Insurance Company AGENCY: Federal Deposit Insurance Corporation (FDIC). ACTION: Notice...

  18. Performance measurement and insurance liabilities

    NARCIS (Netherlands)

    Plantinga, A; Huijgen, C

    2001-01-01

    In this article, the authors develop an attribution framework for evaluating the investment performance of institutional investors such as insurance companies. The model is useful in identifying the investment skills of insurance companies. This is accomplished by developing a dual benchmark for the

  19. Your Insurance Dollar. Money Management.

    Science.gov (United States)

    Baran, Nancy H., Ed.

    This booklet provides some practical guidelines for determining total insurance needs, examining options, and comparing costs. It discusses how to fit insurance costs into an overall financial plan, the necessity of adequate liability coverage, and the importance of keeping policies up to date. The next four sections highlight the basic types of…

  20. A RANGELAND GRASSHOPPER INSURANCE PROGRAM

    OpenAIRE

    Skold, Melvin D.; Davis, Robert M.

    1995-01-01

    The incidence of benefits and costs from controlling rangeland grasshoppers on public grazing lands poses problems of economic efficiency and distributional equity. Public grasshopper control programs operate like public disaster assistance. However, grasshopper infestations are an insurable risk. This article proposes a rangeland grasshopper insurance program which reduces the economic inefficiencies and distributional inequities of the existing program.

  1. Business Cycle Dependent Unemployment Insurance

    DEFF Research Database (Denmark)

    Andersen, Torben M.; Svarer, Michael

    The consequences of business cycle contingencies in unemployment insurance systems are considered in a search-matching model allowing for shifts between "good" and "bad" states of nature. We show that not only is there an insurance argument for such contingencies, but there may also be an incentive...

  2. Market Discipline and Deposit Insurance

    OpenAIRE

    Peresetsky, Anatoly

    2008-01-01

    The paper examines Russian banks’ household deposit interest rates for the transition period of setting up the deposit insurance system. Monthly observations of Russian banks’ interest rates and balance sheets are used in a fixed effects panel data model. It is shown market discipline has been significantly diminished after switching to the deposit insurance.

  3. Addressing crop interactions within cropping systems in LCA

    DEFF Research Database (Denmark)

    Goglio, Pietro; Brankatschk, Gerhard; Knudsen, Marie Trydeman

    2018-01-01

    objectives of this discussion article are as follows: (i) to discuss the characteristics of cropping systems which might affect the LCA methodology, (ii) to discuss the advantages and the disadvantages of the current available methods for the life-cycle assessment of cropping systems, and (iii) to offer...... management and emissions, and (3) functional unit issues. The LCA approaches presented are as follows: cropping system, allocation approaches, crop-by-crop approach, and combined approaches. The various approaches are described together with their advantages and disadvantages, applicability...... considers cropping system issues if they are related to multiproduct and nutrient cycling, while the crop-by-crop approach is highly affected by assumptions and considers cropping system issues only if they are related to the analyzed crop. Conclusions Each LCA approach presents advantages and disadvantages...

  4. Copyright Preemption of Contracts

    OpenAIRE

    Bohannan, Christina

    2008-01-01

    This Article argues that both courts and scholars are wrong in their categorical approaches to preemption of contracts under the Copyright Act, and proposes an intermediate approach that recognizes the importance of both contract rights and federal policy in preemption analysis. First, it argues that both courts and scholars have misapplied preemption law to breach of contract claims. Although the two sides tend to favor opposite results, they take equally categorical approaches. Categori...

  5. Contracting for Public Services

    DEFF Research Database (Denmark)

    Greve, Carsten

    strategic purchasing understanding markets communicating the contracting decision designing and drafting the contract the role of the consumer the regulation of service provision Illustrated throughout with practitioner case-studies from a range of OECD countries, this book presents an important new......Insightful and comprehensive and covering new subjects like globalization and IT, this text, international in its approach, provides a thorough introduction to the key phases of the contracting process and the skills required by managers in its implementation. These include: policy for contracting...

  6. Smart contracts sobre Bitcoin

    OpenAIRE

    Andreu Alemany, Josep Miquel

    2016-01-01

    El present treball final de màster realitza una introducció als smart contracts. El treball introdueix el concepte de contracte intel·ligent, els seus usos i alguns exemples existents. Seguidament proporciona les nocions necessàries de les transaccions del protocol Bitcoin per poder implementar un contracte intel·ligent, usant la blockchain que ofereix el protocol. Per últim, s'explica la implementació d'un contracte intel·ligent usant bitcoin: un canal de micropagaments. El presente traba...

  7. INSURANCE - A RISK COVERING STRATEGY

    Directory of Open Access Journals (Sweden)

    Marius Dan GAVRILETEA

    2014-12-01

    Full Text Available Insurance industry in Romania is facing for a few years a continuous decreasing in Gross Written Premium. The negative trend may be caused by the effects of financial crises for companies and also for individuals. In order to keep theirs market share, insurance companies must identify new opportunities to increase theirs’ GWP. Among these new market niches hospitality industry may represent an option to be followed. In this paper, we will analyze the types of insurance policies available for hospitality industry (except mandatory motors’ third party liability and motors’ own vehicle insurance. The conclusion represents solution both for insurance companies and for hotel as a part of theirs’ risk financing process.

  8. 7 CFR 3019.31 - Insurance coverage.

    Science.gov (United States)

    2010-01-01

    ... recipient. Federally-owned property need not be insured unless required by the terms and conditions of the... Standards § 3019.31 Insurance coverage. Recipients shall, at a minimum, provide the equivalent insurance...

  9. 29 CFR 95.31 - Insurance coverage.

    Science.gov (United States)

    2010-07-01

    ... recipient. Federally-owned property need not be insured unless required by the terms and conditions of the... § 95.31 Insurance coverage. Recipients shall, at a minimum, provide the equivalent insurance coverage...

  10. 76 FR 7767 - Student Health Insurance Coverage

    Science.gov (United States)

    2011-02-11

    ... Student Health Insurance Coverage AGENCY: Centers for Medicare & Medicaid Services (CMS), HHS. ACTION... health insurance coverage under the Public Health Service Act and the Affordable Care Act. The proposed rule would define ``student health insurance [[Page 7768

  11. Canadians' access to insurance for prescription medicines

    National Research Council Canada - National Science Library

    2000-01-01

    ...-economic circumstances and drug needs. Volume two presents an analysis of the un-insured and under-insured by measuring the extent to which Canadians have access to insurance for prescription drug expenses and the quality of that coverage...

  12. Insurance and nuclear power

    International Nuclear Information System (INIS)

    Whipple, C.

    1985-01-01

    The Price-Anderson Act is discussed, which establishes procedures for insuring nuclear facilities (including nuclear power plants). The act was enacted with the dual purpose of protecting the public and encouraging the development of a private nuclear energy industry. Criticisms that can generally be grouped into four categories regarding the Act are presented, the most controversial aspect being that should an accident occur, the aggregate liability of the reactor operator, the NRC, or any others who might be at fault is limited to $560 million. Lawsuits for amounts in excess of $560 million are prohibited. The 1975 renewal of the Price-Anderson Act does provide that damages in excess of the $560 million prompt Congress to review the particular incident and take action to protect the public from the consequences of a disaster of such magnitude

  13. Meteorological risks and impacts on crop production systems in Belgium

    Science.gov (United States)

    Gobin, Anne

    2013-04-01

    Extreme weather events such as droughts, heat stress, rain storms and floods can have devastating effects on cropping systems. The perspective of rising risk-exposure is exacerbated further by projected increases of extreme events with climate change. More limits to aid received for agricultural damage and an overall reduction of direct income support to farmers further impacts farmers' resilience. Based on insurance claims, potatoes and rapeseed are the most vulnerable crops, followed by cereals and sugar beets. Damages due to adverse meteorological events are strongly dependent on crop type, crop stage and soil type. Current knowledge gaps exist in the response of arable crops to the occurrence of extreme events. The degree of temporal overlap between extreme weather events and the sensitive periods of the farming calendar requires a modelling approach to capture the mixture of non-linear interactions between the crop and its environment. The regional crop model REGCROP (Gobin, 2010) enabled to examine the likely frequency and magnitude of drought, heat stress and waterlogging in relation to the cropping season and crop sensitive stages of six arable crops: winter wheat, winter barley, winter rapeseed, potato, sugar beet and maize. Since crop development is driven by thermal time, crops matured earlier during the warmer 1988-2008 period than during the 1947-1987 period. Drought and heat stress, in particular during the sensitive crop stages, occur at different times in the cropping season and significantly differ between two climatic periods, 1947-1987 and 1988-2008. Soil moisture deficit increases towards harvesting, such that earlier maturing winter crops may avoid drought stress that occurs in late spring and summer. This is reflected in a decrease both in magnitude and frequency of soil moisture deficit around the sensitive stages during the 1988-2008 period when atmospheric drought may be compensated for with soil moisture. The risk of drought spells during

  14. Grand challenges for crop science

    Science.gov (United States)

    Crop science is a highly integrative science using the disciplines of conventional plant breeding, transgenic crop improvement, plant physiology, and cropping system sciences to develop improved varieties of agronomic, turf, and forage crops to produce feed, food, fuel, and fiber for our world's gro...

  15. Biotechnology: herbicide-resistant crops

    Science.gov (United States)

    Transgenic, herbicide-resistant (HR) crops are planted on about 80% of the land covered by transgenic crops. More than 90% of HR crios are glyphosate-resistant (GR) crops, the others being resistant to glufosinate. The wide-scale adoption of HR crops, largely for economic reasons, has been the mos...

  16. Imperfect Tests and Natural Insurance Monopolies

    OpenAIRE

    Emons, Winand

    1997-01-01

    This paper considers a housing insurance market in which buildings have different damage probabilities. Insurers use imperfect tests to find out about buildings’ damage types. The insurance market is a natural monopoly. If more than one insurer is active, high risk house owners continue to apply to insurers until they are eventually assigned to a low-risk class. First we show that the natural insurance monopoly need not be sustainable. Then we show that in the equilibrium industry structure t...

  17. Macroprudential Insurance Regulation: A Swiss Case Study

    Directory of Open Access Journals (Sweden)

    Philippe Deprez

    2016-12-01

    Full Text Available This article provides a case study that analyzes national macroprudential insurance regulation in Switzerland. We consider an insurance market that is based on data from the Swiss private insurance industry. We stress this market with several scenarios related to financial and insurance risks, and we analyze the resulting risk capitals of the insurance companies. This stress-test analysis provides insights into the vulnerability of the Swiss private insurance sector to different risks and shocks.

  18. Macroprudential Insurance Regulation: A Swiss Case Study

    OpenAIRE

    Philippe Deprez; Mario V. Wüthrich

    2016-01-01

    This article provides a case study that analyzes national macroprudential insurance regulation in Switzerland. We consider an insurance market that is based on data from the Swiss private insurance industry. We stress this market with several scenarios related to financial and insurance risks, and we analyze the resulting risk capitals of the insurance companies. This stress-test analysis provides insights into the vulnerability of the Swiss private insurance sector to different risks and sho...

  19. Energy from field crops

    Energy Technology Data Exchange (ETDEWEB)

    Zubr, J.

    1990-04-15

    At the Research Station of Royal Veterinary and Agricultural University, Copenhagen, Denmark, investigation concerning cultivation and exploitation of field crops for production of fuels was carried out during the period 1986-1989. High yielding crops, such as sugar beet - BETA VULGARIS, jerusalem artichoke - HELIANTHUS TUBEROSUS, rhubarb - RHEUM RHAPONTICUM, and comfrey - SYMPHYTUM ASPERUM, were grown experimentally in the field. Different cultivation methods for the crops were used and evaluated. Simultaneously with the field experiment, laboratory investigation was carried out to determine the energy potential of different products and by-products from the crops processes, such as alcoholic and methanogenic fermantation. Production expenses for the crops were determined, and cost of the fuels was estimated. The experimental results show that beet is a superior crop for the climatic conditions of Northern Europe. In the season 1986, yields exceeded 20 t TS/ha in the form of roots and tops, where achieved. A combined exploitation of beet roots and tops via alcoholic and methanogenic fermantation gave a gross energy corresponding to 80 hl OE/ha/yr. Using methanogenic fermentation exclusively, from ensiled beet roots and tops, gross energy yield corresponding to 85 hl IE/ha/yr, was achieved. The cost of energy in the form of alcohol from beet roots was estimated to be 5.17 DKK/1 OE (0.64 ECU/l OE). The cost of energy in the form of methane from ensiled beet tops, was estimated to be 2.68 DKK/l OE (0.33 ECU/l OE). At the present time, methane produced on the basis of ensiled beet roots and tops appears to be competitive with fossil fuels. Irrespective of the cost, however, the possibility of producing clean energy from field crops remains of interest for the future. (author) 27 refs.

  20. An investigation into onshore captive insurance companies

    Directory of Open Access Journals (Sweden)

    ME Le Roux

    2015-01-01

    Full Text Available Insurance provided by captive insurers is one of various forms of risk financing.  The nature and main types of captive insurance companies are discussed.  This is followed by the results of an empirical study that focused on South African onshore captive insurance companies.  The objectives in establishing and operating a captive insurer, the factors which determine the decision of the parent company to establish and operate a captive insurer and the future and usefulness of insurance provided by captive insurers are some of the aspects that are addressed.

  1. Democratic contract law

    NARCIS (Netherlands)

    Hesselink, M.W.

    2015-01-01

    This article discusses the normative relationship between contract law and democracy. In particular, it argues that in order to be legitimate contract law needs to have a democratic basis. Private law is not different in this respect from public law. Thus, the first claim made in this article will

  2. Contract Teachers in India

    Science.gov (United States)

    Goyal, Sangeeta; Pandey, Priyanka

    2013-01-01

    In this paper, we use non-experimental data from government schools in Uttar Pradesh and Madhya Pradesh, two of the largest Indian states, to present average school outcomes by contract status of teachers. We find that contract teachers are associated with higher effort than civil service teachers with permanent tenures, before as well as after…

  3. Whither Performance Contracting?

    Science.gov (United States)

    Green, Norman S.

    This report describes briefly performance contracts; discusses their shortcomings, pitfalls, and advantages; and gives some insight into the future development of this new concept. Two shortcomings of performance contracting include (1) teaching to the test and (2) board abdication of its responsibility for making final decisions about educational…

  4. Comparing contracting performance

    DEFF Research Database (Denmark)

    Lindholst, Andrej Christian

    . Hypotheses are suggested for the role of culture, competition, contracts, capabilities and collaboration for contracting performance between and across the countries. Arguments are tested against data from on four comparable national surveys of private delivery of park and road maintenance services in local...

  5. BOT Outsourcing Contracts

    DEFF Research Database (Denmark)

    Ørberg Jensen, Peter D.; Petersen, Bent

    2012-01-01

    Build-operate-transfer (BOT) contracting has been widely usen in the engineering and construction industry, but has only recently been introduced in services industry domains. Notably, service provider firms from emerging markets have recently started offering BOT outsourcing contracts. In this p...

  6. The insurance of climatic risks

    International Nuclear Information System (INIS)

    Pauthier, Alice

    2015-06-01

    The United Nations Environment Programme assesses that the cost of adaptation to climate change could reach 150 billions dollars per year by 2025-2030 and 500 billions dollars by 2050. This raises the issues of financing of adaptation measures, and of compensations in case of natural disaster, and insurance companies here seem to have a major role to play. However, the modification of the climatic risk puts the viability of conventional insurance mechanisms into question again. While discussing these issues, the author outlines that a sustainable insurance against these evolving risks may threaten insurance companies to go to bankrupt, but also all their policyholders who are, for most of them, unable to cope by themselves with the consequences of an extreme climatic event. The author also discusses related aspects such as risk modelling, risk mutualization, a securing of insurance companies based on the financial market, the implementation of public-private partnership, and ways to insure climate anomalies. She also comments the commitment of the insurance sector in adaptation and mitigation policies

  7. Drilling contracts and incentives

    International Nuclear Information System (INIS)

    Osmundsen, Petter; Sorenes, Terje; Toft, Anders

    2008-01-01

    Shortages of rigs and personnel have encouraged discussion of designing incentive contracts in the drilling sector. However, for the drilling contracts, there are not a large variety of contract types in use. This article describes and analyses incentives for drilling contractors. These are directly represented by the compensation formats utilised in the present and in the consecutive drilling contracts. Indirectly, incentives are also provided by the evaluation criteria that oil companies use for awarding drilling assignments. Changes in contract format pose a number of relevant questions relating to resource management, and the article takes an in-depth look at some of these. Do evaluation criteria for awarding drilling assignments encourage the development of new technology and solutions? How will a stronger focus on drilling efficiency influence reservoir utilisation?

  8. Drilling contract issues

    International Nuclear Information System (INIS)

    Davison, G.B.; Worden, D.R.; Borbridge, G.K.D.

    1997-01-01

    Some selected issues which are facing both operators and contractors in drilling for oil and gas, such as the allocation of risk by contract and by statute and the implementation of new technologies, were discussed. There are three varieties of written drilling contracts used in Canada: (1) day work and meterage contracts, (2) master drilling agreements, and (3) contracts that are used in construction projects that do not specifically relate to drilling. Issues relevant to the contractual allocation of risk, to implementing new drilling technologies, to reconciling contract and statute liability, and the formation of strategic alliances for mutual benefit, and the factors contributing to the success of such alliances were explored. 12 refs

  9. THE PSYCHOLOGICAL CONTRACT

    Directory of Open Access Journals (Sweden)

    Blanca Giorgiana GRAMA

    2015-04-01

    Full Text Available The psychological contract became known as a research paradigm within corporate research, providing a broad framework which explains the employee-company relations. Despite all this, there are still many debates on the concept and a series of criticism were expressed that led to the necessity of some more rigorous theoretical and empirical analysis. The psychological contract refers to the unwritten, implicit expectations that employees have from the company and vice versa; it is that which defines the things the employee expects from the employer. Consequently, each of the parties involved in the contract may have different perceptions on these commitments and obligations. Thus the psychological contract may be regarded as an exchange relation between the employer and the employee. Breaking the psychological contract affects the performance, the morale, and the motivation of the staff in a negative manner. The information presented in this paper is intended to contribute to the theoretical and methodological development of the concept.

  10. Failure to pay for social health insurance premiums: Acts of protest or desperation?

    Science.gov (United States)

    von Wyl, Viktor; Beck, Konstantin

    2015-01-01

    In Switzerland, basic health insurance is mandatory for all inhabitants, but a rising number of insured have arrears in premium payments, potentially leading to coverage suspension. We aimed at characterizing insured with debt enforcement proceedings with respect to socio-demographic and health utilization aspects. Cross-sectional analysis of 508.000 insured with basic health insurance contracts in 2013, of whom 14,000 (2.8%) with debt enforcement proceedings, from 11 Swiss cantons. Groups were characterized using logistic regression and latent class analysis. Insured with debt enforcement proceedings were more likely to be young, male and without dependents (partner, kids). Having no supplementary insurance and receiving partial premium subsidies was associated with an increased debt enforcement proceedings risk. Within the debt enforcement proceedings group, three subgroups were identified: 60% were young and seemingly healthy, with a below-average fraction of premium subsidy recipients (18%) and low out-of-pocket payments in prior year (median Swiss Francs 0). Two groups consisted of relatively ill elderly persons (22%, 99% of whom with chronic illnesses) or families (18%), many of whom (29% and 51%) were recipients of premium subsidies. Median out-of-pocket payments in the prior year were high (Swiss Francs 625 and 688, respectively). Sixty percent of premium arrears derive from young insured without apparent financial problems; 40% are owed by elderly and families, which are potentially hurt by coverage loss.

  11. Optimal social insurance with linear income taxation

    DEFF Research Database (Denmark)

    Bovenberg, Lans; Sørensen, Peter Birch

    2009-01-01

    We study optimal social insurance aimed at insuring disability risk in the presence of linear income taxation. Optimal disability insurance benefits rise with previous earnings. Optimal insurance is incomplete even though disability risks are exogenous and verifiable so that moral hazard in disab...... in disability insurance is absent. Imperfect insurance is optimal because it encourages workers to insure themselves against disability by working and saving more, thereby alleviating the distortionary impact of the redistributive income tax on labor supply and savings.......We study optimal social insurance aimed at insuring disability risk in the presence of linear income taxation. Optimal disability insurance benefits rise with previous earnings. Optimal insurance is incomplete even though disability risks are exogenous and verifiable so that moral hazard...

  12. Identifying cost-minimizing strategies for guaranteeing target dairy income over feed cost via use of the Livestock Gross Margin dairy insurance program.

    Science.gov (United States)

    Valvekar, M; Cabrera, V E; Gould, B W

    2010-07-01

    Milk and feed price volatility are the major source of dairy farm risk. Since August 2008 a new federally reinsured insurance program has been available to many US dairy farmers to help minimize the negative effects of adverse price movements. This insurance program is referred to as Livestock Gross Margin Insurance for Dairy Cattle. Given the flexibility in contract design, the dairy farmer has to make 3 critical decisions when purchasing this insurance: 1) the percentage of monthly milk production to be covered, 3) declared feed equivalents used to produce this milk, and 3) the level of gross margin not covered by insurance (i.e., deductible). The objective of this analysis was to provide an optimal strategy of how a dairy farmer could incorporate this insurance program to help manage the variability in net farm income. In this analysis we assumed that a risk-neutral dairy farmer wants to design an insurance contract such that a target guaranteed income over feed cost is obtained at least cost. We undertook this analysis for a representative Wisconsin dairy farm (herd size: 120 cows) producing 8,873 kg (19,545 lb) of milk/cow per year. Wisconsin statistical data indicates that dairy farms of similar size must require an income over feed cost of at least $110/Mg ($5/cwt) of milk to be profitable during the coverage period. Therefore, using data for the July 2009 insurance contract to insure $110/Mg of milk, the least cost contract was found to have a premium of $1.22/Mg ($0.055/cwt) of milk produced insuring approximately 52% of the production with variable monthly production covered during the period of September 2009 to June 2010. This premium represented 1.10% of the desired IOFC. We compared the above optimal strategy with an alternative nonoptimal strategy, defined as a contract insuring the same proportion of milk as the optimal (52%) but with a constant amount insured across all contract months. The premium was found to be almost twice the level obtained

  13. Environmental pollution risk and insurance

    OpenAIRE

    Fragnelli, Vito; Marina, Maria Erminia

    2002-01-01

    We consider environmental risks that are evaluated too much heavy for a single insurance company, but they can be insured by n companies which a premium is assigned to.This is precisely the Italian scenario where a pool of companies co-insures these risks.Under a game theoretic approach we start by analyzing how they should split the risk and the premium in order to be better off. Under suitable hypotheses, there exists an optimal decomposition of the risk, that allow us to define a cooperati...

  14. Insurance and critical infrastructure protection : is there a connection in an environment of terrorism?

    International Nuclear Information System (INIS)

    Rowlands, D.; Devlin, R.A.

    2006-01-01

    This paper investigated the potential role of the insurance industry in enhancing the protection of critical energy infrastructure (CEI). This analysis was conducted in the context of increased concerns about deliberate acts of sabotage related to terrorist activities. A theoretical insurance market analysis was applied to a CEI scenario in order to examine the effects that insurance might have on the vulnerability of the system and subsequent remediation activities. Classical insurance market structures were examined, and problems associated with adverse selection, moral hazards and the role of government were identified. Issues concerning incentive effects induced by insurance were reviewed, as well as issues concerning the interdependence between different operators of the CEI system. An updated literature review was also provided. Results of the study suggested that corporate losses to CEI owners may be far less than the social cost of energy disruption, which in turn provides a reasonable rationale for government as opposed to private intervention. In terms of remediation, the immediate impact of a crippled CEI would overwhelm any private organization, and response would need to be coordinated through public structures. Terrorism insurance, while available, provides relatively large deductibles, as insurance companies are unwilling to accept the risks of moderate damage that may arise. There does not appear to be any evidence that private insurers will be able to provide significant relief from terrorist attacks, and it is unlikely that a private insurance market for terrorism will emerge. An absence of information regarding terrorist activities constrains both insurance purchasers from choosing the best mix of risk management tools, as well as insurance companies seeking to establish the appropriate pricing and conditions for different contracts. It was concluded that governments should support CEI firms in their own efforts to understand the threats; aid in

  15. A Two-Account Life Insurance Model for Scenario-Based Valuation Including Event Risk

    Directory of Open Access Journals (Sweden)

    Ninna Reitzel Jensen

    2015-06-01

    Full Text Available Using a two-account model with event risk, we model life insurance contracts taking into account both guaranteed and non-guaranteed payments in participating life insurance as well as in unit-linked insurance. Here, event risk is used as a generic term for life insurance events, such as death, disability, etc. In our treatment of participating life insurance, we have special focus on the bonus schemes “consolidation” and “additional benefits”, and one goal is to formalize how these work and interact. Another goal is to describe similarities and differences between participating life insurance and unit-linked insurance. By use of a two-account model, we are able to illustrate general concepts without making the model too abstract. To allow for complicated financial markets without dramatically increasing the mathematical complexity, we focus on economic scenarios. We illustrate the use of our model by conducting scenario analysis based on Monte Carlo simulation, but the model applies to scenarios in general and to worst-case and best-estimate scenarios in particular. In addition to easy computations, our model offers a common framework for the valuation of life insurance payments across product types. This enables comparison of participating life insurance products and unit-linked insurance products, thus building a bridge between the two different ways of formalizing life insurance products. Finally, our model distinguishes itself from the existing literature by taking into account the Markov model for the state of the policyholder and, hereby, facilitating event risk.

  16. Preferences, behaviour and the design of financial contracts

    DEFF Research Database (Denmark)

    Nordfang, Maj-Britt

    of insurance customers may lower the premiums of the high-risk customers without aecting the premium level of the low-risk customers when a solvency capital requirement is imposed. The papers highlight how the risk preferences of individual consumers relate to the design of nancial contracts and the regulation......Today's insurance and nancial markets are characterized by and ever increasing complexity and product choice. How do we assist individual household consumers in making informed choices about their nancial positions in these markets? This thesis consists of ve separate research papers that are all...... in some way concerned with the design and regulation of nancial contracts in relation to consumer preferences under uncertainty. First, the design of mortgage products in relation to consumer preferences in a market with a stochastic interest rate is examined. We derive the (extreme) characteristics...

  17. Plant biotechnology: transgenic crops.

    Science.gov (United States)

    Shewry, Peter R; Jones, Huw D; Halford, Nigel G

    2008-01-01

    Transgenesis is an important adjunct to classical plant breeding, in that it allows the targeted manipulation of specific characters using genes from a range of sources. The current status of crop transformation is reviewed, including methods of gene transfer, the selection of transformed plants and control of transgene expression. The application of genetic modification technology to specific traits is then discussed, including input traits relating to crop production (herbicide tolerance and resistance to insects, pathogens and abiotic stresses) and output traits relating to the composition and quality of the harvested organs. The latter include improving the nutritional quality for consumers as well as the improvement of functional properties for food processing.

  18. 78 FR 65393 - Ameritas Life Insurance Corp., et al; Notice of Application

    Science.gov (United States)

    2013-10-31

    ... benefit Contract owners by reducing the overall level of Portfolio expenses. Legal Analysis and Conditions... Portfolio, Initial Class (the ``Replacement Portfolio'') of the Variable Insurance Products Fund V (``VIPFV'') for shares of the Calvert VP Money Market Portfolio (the ``Current Portfolio'') of the Calvert...

  19. 24 CFR 266.626 - Notice of default and filing an insurance claim.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Notice of default and filing an... AND OTHER AUTHORITIES HOUSING FINANCE AGENCY RISK-SHARING PROGRAM FOR INSURED AFFORDABLE MULTIFAMILY PROJECT LOANS Contract Rights and Obligations Claim Procedures § 266.626 Notice of default and filing an...

  20. How to share our risks efficiently? Principles for optimal social insurance and pension provision

    NARCIS (Netherlands)

    Teulings, C.N.

    2010-01-01

    The efficient organisation of social insurance is an important problem for modern societies. The paper discusses evidence that shocks in labour income have largely persistent effects and analyses the implications of this observation for the optimal design of institutions for wage contracting, social