Life insurance investment and stock market participation in Europe.

Science.gov (United States)

Cavapozzi, Danilo; Trevisan, Elisabetta; Weber, Guglielmo

2013-03-01

In most European countries life insurance has played a key role in household portfolios, to the extent that it has often been the first asset ever purchased. In this paper we use life history data from a host of European countries to investigate the role of life insurance investment in shaping individuals' attitudes towards participation in stocks and mutual funds. We show that individuals who purchased a life insurance policy are more likely to invest in stocks and mutual funds later. On the one hand, these findings support the notion that life insurance policies play an educational role in financial investment. On the other hand, they are also consistent with behavioural models where economic agents are first concerned with avoiding unacceptable adverse scenarios by purchasing low risk investments, such as life insurance policies, and then invest in riskier assets, such as stocks and mutual funds, to obtain higher economic returns. Copyright © 2012 Elsevier Ltd. All rights reserved.

26 CFR 1.821-4 - Tax on mutual insurance companies other than life insurance companies and other than fire, flood...

Science.gov (United States)

2010-04-01

... life insurance companies and other than fire, flood, or marine insurance companies, subject to tax... Life and Certain Marine Insurance Companies and Other Than Fire Or Flood Insurance Companies Which... other than life insurance companies and other than fire, flood, or marine insurance companies, subject...

Analysis of the life insurance market in the Republic of Macedonia

Directory of Open Access Journals (Sweden)

Andreeski Cvetko

2012-01-01

Full Text Available Life insurance in the Republic of Macedonia has a short history, if we do not count the experience of ZOIL Makedonija before the independence of Republic of Macedonia. The recent history of life insurance covers the last seven years and the segment of life insurance comprises about 6% of the total insurance market in the Republic of Macedonia. In this paper we analyse the development of life insurance in the Republic of Macedonia in recent history, taking the gross premiums of two of the best companies that are working in the segment of life insurance. Besides analysing the influence of the basic determinants of the development of life insurance (GDP, monetary stability, social insurance, etc. we analyse the model of time series, with the purpose of making a model and forecasting future values of the series.

The Intra-Industry Effects of Life Insurance Company Demutualizaton

Directory of Open Access Journals (Sweden)

Joseph W. Meador

2008-12-01

Full Text Available We examine the impact of demutualization announcements by 13 life insurance companies during 1996-2000 on the value of existing stock-owned life insurance companies and companies in other segments of the insurance industry. Demutualization announcements are associated with negative stock price reactions in the days around the announcement, and with larger and positive stock price reactions in the days following announcement. Overall, the results support the contention that life insurance company demutualizations signal favorable future industry conditions and/or increased likelihood of future acquisitions for all segments of the insurance industry. Active-minded investors may use these results to develop alpha-generating investment strategies.

Good Faith in Life Insurance Contract by Indonesian Court

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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.

26 CFR 1.802(b)-1 - Tax on life insurance companies.

Science.gov (United States)

2010-04-01

.... For the definition of the term “1954 life insurance company taxable income”, see § 1.805-1. (b) The... 26 Internal Revenue 8 2010-04-01 2010-04-01 false Tax on life insurance companies. 1.802(b)-1...) INCOME TAX (CONTINUED) INCOME TAXES Life Insurance Companies § 1.802(b)-1 Tax on life insurance companies...

Insuring Life : Value, Security and Risk

NARCIS (Netherlands)

Lobo-Guerrero, Luis

2016-01-01

This book is a contribution to the scholarly engagement with the wider problem of governing through risk and the politics of uncertainty. It takes life insurance as an empirical site from which to ask: what is the kind of governance created through insurance an instance of, and how does it

Deflation Risk and Implications for Life Insurers

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Jean-François Bégin

2016-12-01

Full Text Available Life insurers are exposed to deflation risk: falling prices could lead to insufficient investment returns, and inflation-indexed protections could make insurers vulnerable to deflation. In this spirit, this paper proposes a market-based methodology for measuring deflation risk based on a discrete framework: the latter accounts for the real interest rate, the inflation index level, its conditional variance, and the expected inflation rate. US inflation data are then used to estimate the model and show the importance of deflation risk. Specifically, the distribution of a fictitious life insurer’s future payments is investigated. We find that the proposed inflation model yields higher risk measures than the ones obtained using competing models, stressing the need for dynamic and market-consistent inflation modelling in the life insurance industry.

Life and health insurance industry investments in fast food.

Science.gov (United States)

Mohan, Arun V; McCormick, Danny; Woolhandler, Steffie; Himmelstein, David U; Boyd, J Wesley

2010-06-01

Previous research on health and life insurers' financial investments has highlighted the tension between profit maximization and the public good. We ascertained health and life insurance firms' holdings in the fast food industry, an industry that is increasingly understood to negatively impact public health. Insurers own $1.88 billion of stock in the 5 leading fast food companies. We argue that insurers ought to be held to a higher standard of corporate responsibility, and we offer potential solutions.

Financial Planning and the Life Insurance Agency

OpenAIRE

Robert Puelz

1992-01-01

In this article, the effects of fee-for-service personal financial planning on the decision making of a profit-maximizing life insurance general agent are examined. Three refutable propositions are developed which implicate the movements of the general agent who must adjust to a new optimal profit-maximizing allocation of financial planning, personal insurance sales, and agent insurance sales when there is a change in one of the fee or commission rate parameters. It is demonstrated that insur...

Improvement of life insurance-related accounting opera-tions within the New Economy

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Marinică DOBRIN

2010-06-01

Full Text Available This paper outlines the life insurance-related accounting operations, in consideration to the harmonization of the Romanian legislation with the International Financial Reporting Standards. The main accounting operations specific to the life insurance sector include: accounting of revenues and expenses derived from life insurance operations (recording the premiums written, recording the payment of insurance premiums, termination of insurance policy, recording the compensation expenses, accounting of operations related to the setting up and using the technical reserves for life insurance (general principles, accounting of premium reserves, accounting of loss reserve, accounting of the reserve for benefits and discounts, accounting of mathematical reserve, accounting of other life insurance-related technical reserves.

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...

Life insurance, financial development and economic growth in South Africa

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Athenia Bongani Sibindi

2014-09-01

Full Text Available The life insurance sector may contribute to economic growth by its very mechanism of savings mobilisation and thereby performing an intermediation role in the economy. This ensures that capital is provided to deficient units who are in need of capital to finance their working capital requirements and invest in technology thereby resulting in an increase in output. In this way, it could be argued that life insurance development spurs financial development. In this article we investigate the causal relationship between the life insurance sector, financial development and economic growth in South Africa for the period 1990 to 2012. We make use of life insurance density as the proxy for life insurance development, real per capita growth domestic product as the proxy for economic growth and real broad money per capita as the proxy for financial development. We test for cointegration amongst the variables by applying the Johansen procedure and then proceed to test for Granger causality based on the vector error correction model (VECM. Our results confirm the existence of at least one cointegrating relationship amongst the variables. The results indicate that the direction of causality runs from the economy to the life insurance sector which is consistent with the “demand-following” insurance-growth hypothesis. There is also evidence of causality running from the economy to financial development which is consistent with the “demand following” finance-growth hypothesis. The results also reveal that life insurance complements economic growth in bringing about financial development further lending credence to the “complementarity” hypothesis

An application of Fuzzy DEMATEL electronic life-insurance development

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Seyed Vali Tabatabaei

2013-02-01

Full Text Available For years, e-commerce has generated competitive advantage for many industries especially in insurance industry where people could apply for any sort of insurance, very easily. In fact, insurance industry has become one of the most important sectors in the world. E-commerce, on the other hand, has absorbed various people in insurance industry to develop economic growth. However, applying e-commerce for insurance firms may encounter serious obstacles and it is important to know them properly and setup appropriate actions to remove them. In this paper, we present a multi-criteria decision making (MCDM technique based on DEMATEL with an adaptation of fuzzy logic to find important factors impacting implementation of e-commerce for life insurance industry. The proposed study of this paper designs a questionnaire and distributes it among some insurance experts and then we analyze them using fuzzy DEMATEL technique. Findings indicate that “lack of designing death table based on the existing statistics of population death in Iran”, “lack of variety in protections of life insurance in proportionate to society individual’s requirements by means of low level income of society individuals” and “lack of extensive advertisements for developing the culture of life insurance in country” are the most important factors influencing insurance industry for enhancing e-business.

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...

5 CFR 352.309 - Retirement, health benefits, and group life insurance.

Science.gov (United States)

2010-01-01

... Organizations § 352.309 Retirement, health benefits, and group life insurance. (a) Agency action. An employee... entitled to retain coverage for retirement, health benefits, and group life insurance purposes if he or she... he or she wishes to retain coverage under the retirement, health benefits, and group life insurance...

26 CFR 1.1402(a)-18 - Split-dollar life insurance arrangements.

Science.gov (United States)

2010-04-01

... life insurance arrangements. See §§ 1.61-22 and 1.7872-15 for rules relating to the treatment of split-dollar life insurance arrangements. [T.D. 9092, 68 FR 54352, Sept. 17, 2003] ... 26 Internal Revenue 12 2010-04-01 2010-04-01 false Split-dollar life insurance arrangements. 1...

What new policies should South Africa's life insurance industry adopt?

Science.gov (United States)

Solomon, G

1996-12-01

By February 1996, the South African life insurance industry had paid out more than R75 million in AIDS-related claims. This situation requires imposition of controls that will make economic sense while reflecting the social responsibility of the insurance companies. AIDS mortality rates suggest that for each 10% of the infected insured population, the risk premium rates should increase 400%. Thus, without controls, the life insurance sector may collapse. While it has been charged that HIV testing associated with the provision of life insurance discriminates against infected individuals, failure to test compromises the rights of uninfected individuals in the individual assurance market. HIV test protocols can be used that protect applicants from false positive results, prevent fraud, and preserve confidentiality. Proposals to require five-year retesting have also been criticized but would protect the interests of uninfected individuals who want life insurance to remain affordable. In an innovative move, South Africa now includes "full-blown AIDS" among the list of "dreaded diseases" that trigger an immediate pay-out. While purchasing life insurance may fall low on the list of priorities of an infected person, demand continues, and two companies offer expensive products to those with Stage I and II disease. Medical insurance is also threatened by the increased costs associated with HIV/AIDS, and treatment protocols may be the only way to control medical expenses and assure the future of medical insurance. At this stage of the epidemic, no one seems prepared to meet their share of the costs associated with HIV/AIDS.

DEVELOPMENTS AND TRENDS IN THE LIFE INSURANCE MARKET IN ROMANIA

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Florina Oana Virlanuta

2013-12-01

Full Text Available An essential aspect in the life and evolution of man since ancient times was the concern for the future, fear combined with care and wisdom certainly accomplished something. The events of our lives fast moving and often they occur unpredictably. We need to make sure that our family is safe and receiving all the financial support it needs. Evolving from simple function of protection in case of death, life insurance became more complex, and at the moment we can choose one of the following forms of insurance. Life insurance is a form of financial protection of human in case of an accident, illness, disability or death. In this regard we propose an analysis of the life insurance market in Romania.

Investment Guarantees in the South African Life Insurance Industry ...

African Journals Online (AJOL)

This paper explores the risks faced by South African life insurance companies arising from the provision of investment guarantees in products sold. The current thinking and practice of the larger South African life insurance companies regarding investment guarantees is set out following their responses to a survey.

Life Insurance and Individual Pension System

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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.

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...

Should Australia Ban the Use of Genetic Test Results in Life Insurance?

Science.gov (United States)

Tiller, Jane; Otlowski, Margaret; Lacaze, Paul

2017-01-01

Under current Australian regulation, life insurance companies can require applicants to disclose all genetic test results, including results from research or direct-to-consumer tests. Life insurers can then use this genetic information in underwriting and policy decisions for mutually rated products, including life, permanent disability, and total income protection insurance. Over the past decade, many countries have implemented moratoria or legislative bans on the use of genetic information by life insurers. The Australian government, by contrast, has not reviewed regulation since 2005 when it failed to ensure implementation of recommendations made by the Australian Law Reform Commission. In that time, the Australian life insurance industry has been left to self-regulate its use of genetic information. As a result, insurance fears in Australia now are leading to deterred uptake of genetic testing by at-risk individuals and deterred participation in medical research, both of which have been documented. As the potential for genomic medicine grows, public trust and engagement are critical for successful implementation. Concerns around life insurance may become a barrier to the development of genomic health care, research, and public health initiatives in Australia, and the issue should be publicly addressed. We argue a moratorium on the use of genetic information by life insurers should be enacted while appropriate longer term policy is determined and implemented.

Should Australia Ban the Use of Genetic Test Results in Life Insurance?

Directory of Open Access Journals (Sweden)

Jane Tiller

2017-12-01

Full Text Available Under current Australian regulation, life insurance companies can require applicants to disclose all genetic test results, including results from research or direct-to-consumer tests. Life insurers can then use this genetic information in underwriting and policy decisions for mutually rated products, including life, permanent disability, and total income protection insurance. Over the past decade, many countries have implemented moratoria or legislative bans on the use of genetic information by life insurers. The Australian government, by contrast, has not reviewed regulation since 2005 when it failed to ensure implementation of recommendations made by the Australian Law Reform Commission. In that time, the Australian life insurance industry has been left to self-regulate its use of genetic information. As a result, insurance fears in Australia now are leading to deterred uptake of genetic testing by at-risk individuals and deterred participation in medical research, both of which have been documented. As the potential for genomic medicine grows, public trust and engagement are critical for successful implementation. Concerns around life insurance may become a barrier to the development of genomic health care, research, and public health initiatives in Australia, and the issue should be publicly addressed. We argue a moratorium on the use of genetic information by life insurers should be enacted while appropriate longer term policy is determined and implemented.

26 CFR 1.61-22 - Taxation of split-dollar life insurance arrangements.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 2 2010-04-01 2010-04-01 false Taxation of split-dollar life insurance..., and Taxable Income § 1.61-22 Taxation of split-dollar life insurance arrangements. (a) Scope—(1) In general. This section provides rules for the taxation of a split-dollar life insurance arrangement for...

26 CFR 1.821-3 - Tax on mutual insurance companies other than life or marine or fire insurance companies subject...

Science.gov (United States)

2010-04-01

... life or marine or fire insurance companies subject to the tax imposed by section 831. 1.821-3 Section 1... and Other Than Fire Or Flood Insurance Companies Which Operate on Basis of Perpetual Policies Or Premium Deposits) § 1.821-3 Tax on mutual insurance companies other than life or marine or fire insurance...

26 CFR 1.821-1 - Tax on mutual insurance companies other than life or marine or fire insurance companies subject...

Science.gov (United States)

2010-04-01

... life or marine or fire insurance companies subject to the tax imposed by section 831. 1.821-1 Section 1... and Other Than Fire Or Flood Insurance Companies Which Operate on Basis of Perpetual Policies Or Premium Deposits) § 1.821-1 Tax on mutual insurance companies other than life or marine or fire insurance...

Market valuation in the framework of modern life insurance mathematics

Directory of Open Access Journals (Sweden)

Maja Petrač

2013-12-01

Full Text Available In the traditional actuarial life insurance mathematics, liabilities to beneficiaries (technical reserves are calculated based on conservative assumptions of mortality and interest rates. However, this approach was found to be incomplete since it does not contain the market component which has become essential due to the development of the financial market. Since about 80% of total liabilities of life insurance companies are made up of technical reserves, this issue has a major impact on the overall performance of insuran - ce companies. The introduction of financial components into the actuarial valuation resulted in actuarial mathematics using more and more the elements of financial mathematics thus creating new, modern life insurance mathematics. Using a simple example, this paper compares the traditional and market approaches to valuation. For this purpose, one of the principles of modern life insurance mathematics, the principle of equivalence, was observed. The above market approach to valuation, together with operational risk management, forms the basis of Solvency II Directive, the new legislative and regulatory framework for insurance and reinsurance companies in the European Union.

COMPARATIVE ANALYSIS OF THE LIFE INSURANCE IN REPUBLIC OF MACEDONIA AND REPUBLIC OF SERBIA

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GORDANA VITANOVA

2015-12-01

Full Text Available The insurance companies are important participants in the capital market. They have significant contributions in providing financial stability and encouraging competitiveness on the financial market. The insurance companies mobilize huge financial resources, investing them into different financial instruments, and so it is real to expect that they will take a role of leading institutional mediators in future. The insurance companies offer life and common insurance. Policies for life insurance offer possibility to invest into own safety and easier tackling with life challenges and uncertainties. They are especially important for the individual , because he/she is constantly exposed to risks during his/her life and work, that are manifested into decreasing of working ability and lack of resources for life in some defined period. In the developed countries, there is a tradition for possessing policies for life insurance, but it is not a case in R.Macedonia. Therefore, in this study, we shall carry out comparative analysis of life insurance in R. Macedonia and R. Serbia, the politics of insurance companies and supervision of the insurance sector, and we shall give proposals for encouraging development of insurance market in these two countries, and for increasing individual’s awareness of the benefits of having policies for life insurance.

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.

77 FR 4734 - Servicemembers' Group Life Insurance-Stillborn Child Coverage

Science.gov (United States)

2012-01-31

... DEPARTMENT OF VETERANS AFFAIRS 38 CFR Part 9 RIN 2900-AO30 Servicemembers' Group Life Insurance--Stillborn Child Coverage AGENCY: Department of Veterans Affairs. ACTION: Proposed rule. SUMMARY: The Department of Veterans Affairs (VA) proposes to amend its Servicemembers' Group Life Insurance (SGLI...

How life insurance can benefit the business owner

International Nuclear Information System (INIS)

Byles, B.

1993-01-01

There are many situations when life insurance can fill the financial needs of business owners. Three of the most common needs are business continuation/value conservation (buy-sell agreement), asset conservation upon death or disability of a key employee (replace the value of a key employee upon death or disability), and the reward and retention of selected employees (bonus or deferred compensation). Let's take a closer look to see why life insurance makes sense in these three areas

Statistical methods with applications to demography and life insurance

CERN Document Server

Khmaladze, Estáte V

2013-01-01

Suitable for statisticians, mathematicians, actuaries, and students interested in the problems of insurance and analysis of lifetimes, Statistical Methods with Applications to Demography and Life Insurance presents contemporary statistical techniques for analyzing life distributions and life insurance problems. It not only contains traditional material but also incorporates new problems and techniques not discussed in existing actuarial literature. The book mainly focuses on the analysis of an individual life and describes statistical methods based on empirical and related processes. Coverage ranges from analyzing the tails of distributions of lifetimes to modeling population dynamics with migrations. To help readers understand the technical points, the text covers topics such as the Stieltjes, Wiener, and Itô integrals. It also introduces other themes of interest in demography, including mixtures of distributions, analysis of longevity and extreme value theory, and the age structure of a population. In addi...

Performance of the life insurance industry under pressure: efficiency, competition and consolidation

NARCIS (Netherlands)

Bikker, J.A.

2012-01-01

A well-performing life insurance industry benefits consumers, producers and insurance firm stockholders alike. Unfavourable market conditions stress the need for life insurers to perform well in order to remain solvent. Using a unique supervisory data set, this paper investigates competition and

POLICY, PROTECTION OF POLICYHOLDER, AND LIFE INSURANCE EDUCATION TO THE SOCIETY

Directory of Open Access Journals (Sweden)

Hana Sri Juni Kartika

2014-03-01

Full Text Available Changes towards betterment of policyholder protection is not proportional to the growth of life insurance company. Policyholders encounter difficulties in asserting their rights when their life insurance companyis in financial straits and served with bankruptcy petition. Life insurance company and regulator have tore-regulate in detail every possible provision contained in a life insurance and ensure that each clausehas been incorporated in the policy, to protect policyholder. The society must be educated to the rightsand responsibility of the policyholder and the insurer, including the protection accorded to policyholders when the life insurance company is on the edge of financial distress or bankruptcy. Peningkatan perlindungan bagi pemegang polis belumlah memadai jika dibandingkan dengan pertumbuhan industri perasuransian. Pemegang polis menghadapi kesulitan untuk mendapatkan haknya ketika perusahaan asuransi menghadapi kondisi keuangan yang tidak sehat dan kebangkrutan. Perusahaan asuransi dan pembuat undang-undang harus mengatur kembali secara rinci semua klausul yang diperlukan dan memastikan bahwa klausul tersebut sudah termuat dalam polis asuransi, khususnyahal-hal yang mengatur mengenai perlindungan bagi pemegang polis asuransi jiwa. Masyarakat perlu diedukasi tentang hak dan tanggungjawab dari pemegang polis dan perusahaan asuransi selaku penjamin, termasuk mengenai perlindungan pemegang polis ketika perusahaan asuransi jiwa menghadapi masalah keuangan atau kebangkrutan.

Life Insurance and Annuity Demand under Hyperbolic Discounting

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Siqi Tang

2018-04-01

Full Text Available In this paper, we analyse and construct a lifetime utility maximisation model with hyperbolic discounting. Within the model, a number of assumptions are made: complete markets, actuarially fair life insurance/annuity is available, and investors have time-dependent preferences. Time dependent preferences are in contrast to the usual case of constant preferences (exponential discounting. We find: (1 investors (realistically demand more life insurance after retirement (in contrast to the standard model, which showed strong demand for life annuities, and annuities are rarely purchased; (2 optimal consumption paths exhibit a humped shape (which is usually only found in incomplete markets under the assumptions of the standard model.

Some Aspects Regarding the Analysis of the Life Insurance Market

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Constantin Anghelache

2009-03-01

Full Text Available This paper aims to draw-up an analysis of the life insurance market in Romania. This survey is drawn up for the period 2003-2006 and the data used for this analysis were taken over from the Annual Reports published by the Insurance Supervision Commission. Life insurance market in Romania is a steady growing market as a result of the economic growth and the purchase power but is still far away from the development stage of the European markets.

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...

Should Australia Ban the Use of Genetic Test Results in Life Insurance?

OpenAIRE

Tiller, Jane; Otlowski, Margaret; Lacaze, Paul

2017-01-01

Under current Australian regulation, life insurance companies can require applicants to disclose all genetic test results, including results from research or direct-to-consumer tests. Life insurers can then use this genetic information in underwriting and policy decisions for mutually rated products, including life, permanent disability, and total income protection insurance. Over the past decade, many countries have implemented moratoria or legislative bans on the use of genetic information ...

The Antecedents of Customer Loyalty: An Empirical Investigation in Life Insurance Context

Directory of Open Access Journals (Sweden)

Srivastava Medha

2013-06-01

Full Text Available The present paper seeks to offer the most decipherable and widely applicable antecedents of customer loyalty. It explores the extant literature on customer loyalty and brings out seven variableswhich are responsible for formation of customer loyalty. Further, the relative importance of these variables has been ascertained through Multiple Regression Analysis which revealed that service quality and commitment are the strongest predictors of customer loyalty in theIndian life insurance industry. The paper also attempts to assess the loyalty status of life insurance customers in India and draw a comparison between public and private sector life insurancecompanies in order to provide significant insights to the life insurance companies that may assist them in devising better loyalty practices. The findings suggest that Indian customers do care about the public sector status of a financial service provider as it entails a sense of security and stability and thus creates a difference between customer loyalty of public sector life insurerand that of private sector life insurer. The paper holds significant implications for academicians interested in dynamics of customer loyalty as well as the marketers of life insurance services whoare concerned with customer relationships.

Much Lower Launch Costs Make Resupply Cheaper than Recycling for Space Life Support

Science.gov (United States)

Jones, Harry W.

2017-01-01

The development of commercial launch vehicles by SpaceX has greatly reduced the cost of launching mass to Low Earth Orbit (LEO). Reusable launch vehicles may further reduce the launch cost per kilogram. The new low launch cost makes open loop life support much cheaper than before. Open loop systems resupply water and oxygen in tanks for crew use and provide disposable lithium hydroxide (LiOH) in canisters to remove carbon dioxide. Short human space missions such as Apollo and shuttle have used open loop life support, but the long duration International Space Station (ISS) recycles water and oxygen and removes carbon dioxide with a regenerative molecular sieve. These ISS regenerative and recycling life support systems have significantly reduced the total launch mass needed for life support. But, since the development cost of recycling systems is much higher than the cost of tanks and canisters, the relative cost savings have been much less than the launch mass savings. The Life Cycle Cost (LCC) includes development, launch, and operations. If another space station was built in LEO, resupply life support would be much cheaper than the current recycling systems. The mission most favorable to recycling would be a long term lunar base, since the resupply mass would be large, the proximity to Earth would reduce the need for recycling reliability and spares, and the launch cost would be much higher than for LEO due to the need for lunar transit and descent propulsion systems. For a ten-year lunar base, the new low launch costs make resupply cheaper than recycling systems similar to ISS life support.

Influencers of Life Insurance Investments: Empirical Evidence from Europe

Directory of Open Access Journals (Sweden)

Aditi Mitra

2017-09-01

Full Text Available This study analyzes the impact of economic, demographic and cultural factors on life insurance consumption in 28 European countries. The period of study is post financial crisis from 2009-2014, and the study considers many of the emerging Eastern European economies where there have been significant insurance sector reforms recently. Europe is the world’s largest insurance market with 35% of the overall insurance premium contribution, but ranks third in insurance per capita, hence Europe is an interesting region in which to study insurance demand. The study observed four economic parameters: GDP per capita, gross savings, competitiveness of the nation, and inflation, as significant impacts on the insurance consumption in the region. Two demographic factors, population and education, and two cultural factors, individualism and long term orientation, appear to impact insurance consumption in the selected countries.

Life insurance, living benefits, and physician-assisted death.

Science.gov (United States)

Parker, Frederick R; Rubin, Harvey W; Winslade, William J

2004-01-01

One of the most significant concerns about the legalization of physician-assisted death in the United States relates to the possibility that a chronically or terminally ill person would choose to end her or his life for financial reasons. Because we believe that the life insurance industry is uniquely poised to help minimize any such incentive, we submit that it has a moral obligation to do so. In particular, we propose that the industry encourage greater flexibility in the payout of policy benefits in the event an insured should be diagnosed with a terminal illness or suffer from intractable pain.

Life Cycle Analysis of Dedicated Nano-Launch Technologies

Science.gov (United States)

Zapata, Edgar; McCleskey, Carey (Editor); Martin, John; Lepsch, Roger; Ternani, Tosoc

2014-01-01

Recent technology advancements have enabled the development of small cheap satellites that can perform useful functions in the space environment. Currently, the only low cost option for getting these payloads into orbit is through ride share programs - small satellites awaiting the launch of a larger satellite, and then riding along on the same launcher. As a result, these small satellite customers await primary payload launches and a backlog exists. An alternative option would be dedicated nano-launch systems built and operated to provide more flexible launch services, higher availability, and affordable prices. The potential customer base that would drive requirements or support a business case includes commercial, academia, civil government and defense. Further, NASA technology investments could enable these alternative game changing options. With this context, in 2013 the Game Changing Development (GCD) program funded a NASA team to investigate the feasibility of dedicated nano-satellite launch systems with a recurring cost of less than $2 million per launch for a 5 kg payload to low Earth orbit. The team products would include potential concepts, technologies and factors for enabling the ambitious cost goal, exploring the nature of the goal itself, and informing the GCD program technology investment decision making process. This paper provides an overview of the life cycle analysis effort that was conducted in 2013 by an inter-center NASA team. This effort included the development of reference nano-launch system concepts, developing analysis processes and models, establishing a basis for cost estimates (development, manufacturing and launch) suitable to the scale of the systems, and especially, understanding the relationship of potential game changing technologies to life cycle costs, as well as other factors, such as flights per year.

ECONOMIC & DEMOGRAPHIC CHARACTERICTICS, SOCIAL CAPITAL AND DEMAND FOR LIFE INSURANCE: EVIDENCE FROM CENTRAL REGION OF SRI LANKA

Directory of Open Access Journals (Sweden)

Sisira Kumara NARADDA GAMAGE

2016-08-01

Full Text Available This paper presents findings of the determinants of demand for life insurance in the central region of Sri Lanka.  It is a novel study in the sense that it incorporated social capital as a determinant of demand for life insurance. Primary data has been collected through random sampling and the logistic model was used to examine the determinants of the demand for life insurance. Results confirmed that gender, income, trust and social capital has significant effect on demand for life insurance in the study area. Income and trust came out positive contributors of life insurance demand. However, it is worthy to note that although income has a positive effect on life insurance demand but its odds ratio makes it less important factor to influence demand for life insurance. Gender has deteriorated effect on demand for life insurance indicating that male household head less likely to purchase life insurance. Similarly, social capital also has a negative impact on demand for life insurance. Other determinants like age, religious status, working status, and education, has not significant effect on life insurance demand. Policies are recommended on research findings.

COMPARING OF DEPOSIT MODEL AND LIFE INSURANCE MODEL IN MACEDONIA

Directory of Open Access Journals (Sweden)

TATJANA ATANASOVA-PACHEMSKA

2016-02-01

Full Text Available In conditions of the continuous decline of the interest rates for bank deposits, and at a time when uncertainty about the future is increasing, physical and legal persons have doubts how to secure their future or how and where to invest their funds and thus to “fertilize” and increase their savings. Individuals usually choose to put their savings in the bank for a certain period, and for that period to receive certain interest, or decide to invest their savings in different types of life insurance and thus to "take care" of their life, their future and the future of their families. In mathematics are developed many models that relate to the compounding and the insurance. This paper is a comparison of the deposit model and the model of life insurance

Non-Life Insurance Pricing: Multi Agents Model

OpenAIRE

Amir H. Darooneh

2004-01-01

We use the maximum entropy principle for pricing the non-life insurance and recover the B\\"{u}hlmann results for the economic premium principle. The concept of economic equilibrium is revised in this respect.

Performance of the Life Insurance Industry Under Pressure : Efficiency, Competition, and Consolidation

NARCIS (Netherlands)

Bikker, Jacob A.

2016-01-01

This article investigates efficiency and competition in the Dutch life insurance market by estimating unused scale economies and measuring efficiency-market share dynamics during 1995-2010. Large unused scale economies exist for small- and medium-sized life insurers, indicating that further

Personality Traits and Sales Effectiveness: The Life Insurance Market in Poland

Directory of Open Access Journals (Sweden)

Andrzej Janowski

2018-01-01

Full Text Available Within organizatons in industrialized countries, the quality of human resources tends to become a major issue on the path to achieving a compettve advantage. According to the author’s research, the implementaton of the fve-factor model of Costa and McCrae provides the soluton for the abovementoned problem. This artcle demonstrates the crucial utlity of the fve-factor model of Costa and McCrae in the context of life insurance industry effectveness from both the theoretcal and practcal perspectves based on a case study of the four largest life insurance companies 796 most effectve agents. Results imply the existence of a positve correlaton between the level of the selected personality traits intensites and the life insurance agent’s sales efciency. Moreover, as levels of the personality traits of “openness to experience,” “consciousness,” “agreeableness” and “neurotcism” are the predictors of life insurance company effectveness, there are fundamentals for inducton to be appropriate for the whole retail fnancial sector human resources management system.

76 FR 24572 - Proposed Information Collection (Application for Ordinary Life Insurance) Activity: Comment Request

Science.gov (United States)

2011-05-02

... insurance. Modified Life insurance coverage is reduced automatically by one-half from its present face value... (Application for Ordinary Life Insurance) Activity: Comment Request AGENCY: Veterans Benefits Administration, Department of Veterans Affairs. ACTION: Notice. SUMMARY: The Veterans Benefits Administration (VBA...

26 CFR 20.2042-1 - Proceeds of life insurance.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 14 2010-04-01 2010-04-01 false Proceeds of life insurance. 20.2042-1 Section 20.2042-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) ESTATE... speaking, the term has reference to the right of the insured or his estate to the economic benefits of the...

26 CFR 31.3401(a)(14)-1 - Group-term life insurance.

Science.gov (United States)

2010-04-01

...) EMPLOYMENT TAXES AND COLLECTION OF INCOME TAX AT SOURCE EMPLOYMENT TAXES AND COLLECTION OF INCOME TAX AT SOURCE Collection of Income Tax at Source § 31.3401(a)(14)-1 Group-term life insurance. (a) The cost of... 26 Internal Revenue 15 2010-04-01 2010-04-01 false Group-term life insurance. 31.3401(a)(14)-1...

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...

Market valuation in the framework of modern life insurance mathematics

OpenAIRE

Petrač, Maja

2013-01-01

In the traditional actuarial life insurance mathematics, liabilities to beneficiaries (technical reserves) are calculated based on conservative assumptions of mortality and interest rates. However, this approach was found to be incomplete since it does not contain the market component which has become essential due to the development of the financial market. Since about 80% of total liabilities of life insurance companies are made up of technical reserves, this issue has a major i...

Interest rate risk of life insurers: Evidence from accounting data

OpenAIRE

Möhlmann, Axel

2017-01-01

Life insurers are exposed to interest rate risk, and their liability side is typically more sensitive to interest rate changes than their asset side. This paper develops an accounting-based measure of interest rate sensitivity. My approach uses the coexistence of historical cost and market value accounting, which permits the observation of valuations for different discount rates. Using microdata, I show that German life insurers have a significant exposure to interest rate risk. However, ther...

A diagnosis of eosinophilic esophagitis is associated with increased life insurance premiums.

Science.gov (United States)

Leiman, D A; Kochar, B; Posner, S; Fan, C; Patel, A; Shaheen, O; Keller, C Y; Koutlas, N T; Eluri, S; Dellon, E S

2018-05-24

Eosinophilic esophagitis (EoE) is a chronic disease that can be diagnosed at any age, but is not associated with malignancy and does not shorten lifespan. It remains unknown whether an EoE diagnosis affects insurability or insurance premium costs. We therefore aimed to determine whether a diagnosis of EoE affects the costs of life insurance. Our investigation was a secret shopper audit study whereby we contacted national insurance companies in the United States to evaluate the effect of a diagnosis of EoE on life insurance premiums. We constructed standardized case scenarios for males and females, including a 25-year-old and a 48-year-old without other comorbid conditions, who either had or did not have a diagnosis of EoE. Companies were asked for their best estimate for a $100,000 whole life insurance policy. Comparisons between median premiums were made using the Mann-Whitney U test. There were 20 national life insurance companies contacted and a total of 73 quotes were obtained. The median premium rate was similar for EoE and non-EoE cases at the younger age ($828 [IQR $576-1,020] vs. $756 [IQR $504-$804]; P = 0.10). However, the premium for the older case without EoE was 19% less expensive compared to a case with EoE ($1990 [IQR $1,248-2,350] vs. $2,375 [IQR $2,100-2568; P = 0.02]. This finding was not explained by sex or state of residence. Based on these findings, we conclude that life insurance premiums are significantly more expensive in the older patient case with EoE when compared to the same case without EoE. Patients with EoE and their providers should be aware of the additional cost associated with this diagnosis.

26 CFR 1.803-1 - Life insurance reserves.

Science.gov (United States)

2010-04-01

... reserves” is defined in section 803(b). Generally, such reserves, as in the case of level premium life... covered by the premiums are not included in life insurance reserves. Unpaid loss reserves for... do they include the net value of risks reinsured in other solvent companies; liability for premiums...

The Added Value of Medical Testing in Underwriting Life Insurance

NARCIS (Netherlands)

Bronsema, J.; Brouwer, S.; de Boer, M.R.; Groothoff, J.W.

2015-01-01

Background In present-day life-insurance medical underwriting practice the risk assessment starts with a standard health declaration (SHD). Indication for additional medical screening depends predominantly on age and amount of insured capital. From a medical perspective it is questionable whether

Employee Satisfaction Survey on the Life Insurance Industry

Directory of Open Access Journals (Sweden)

Benţe Corneliu Cristian

2014-08-01

Full Text Available This paper has proposed to explore the satisfaction of employees that sell insurance policies. Several authors had examined customer satisfaction, service quality and its implications on customer attitude towards different fields, but our concern was to address this relatively unexplored field which is employees` satisfaction. By using an exploratory approach, we collected data from a sample of 332 employees that sell insurance policies within north-Western Romanian. By analyzing data it was possible to determine the GAP between the expectations of employees that sell insurance policies and their perceptions regarding the service quality in life insurance industry. In addition it was tested whether there is relationship between the frequency of contact with the back office employees and level of income earned from this activity. It was revealed that from the analyzed population the most of those surveyed were employees of insurance intermediaries and not employees of a single company insurance. Considering that the number of researches that analyze the front office employees` satisfaction is rather low we consider that this paper brings a significant contribution to the literature review.

The Added Value of Medical Testing in Underwriting Life Insurance.

Directory of Open Access Journals (Sweden)

Jan Bronsema

Full Text Available In present-day life-insurance medical underwriting practice the risk assessment starts with a standard health declaration (SHD. Indication for additional medical screening depends predominantly on age and amount of insured capital. From a medical perspective it is questionable whether there is an association between the level of insured capital and medical risk in terms of mortality. The aim of the study is to examine the prognostic value of parameters from the health declaration and application form on extra mortality based on results from additional medical testing.A history register-based cohort study was conducted including about 15.000 application files accepted between 2007 and 2010. Blood pressure, lipids, cotinine and glucose levels were used as dependent variables in logistic regression models. Resampling validation was applied using 250 bootstrap samples to calculate area under the curves (AUC's. The AUC was used to discriminate between persons with and without at least 25% extra mortality.BMI and the overall assessment of the health declaration by an insurance physician or medical underwriter showed the strongest discrimination in multivariable analysis. Including all variables at minimum cut-off levels resulted in an AUC of 0.710 while by using a model with BMI, the assessment of the health declaration and gender, the AUC was 0.708. Including all variables at maximum cut-off levels lead to an AUC of 0.743 while a model with BMI, the assessment of the health declaration and age resulted in an AUC of 0.741.The outcome of this study shows that BMI and the overall assessment of the health declaration were the dominant variables to discriminate between applicants for life-insurance with and without at least 25 percent extra mortality. The variable insured capital set by insurers as factor for additional medical testing could not be established in this study population. The indication for additional medical testing at underwriting life-insurance

Sources of New Life Insurance Product Ideas in LIC of India

Directory of Open Access Journals (Sweden)

Furquan Uddin

2018-06-01

Full Text Available The present complex nature of market has created sturdy challenges before the business world in the form of designing right product, right price, right placement and right promotion. In order to survive and thrive, a marketer has to focus on these challenges. Amongst, right product is most crucial which requires good and feasible ideas in all industries including life insurance. In fact, life insurance is perceived as an unsought and complicated financial product in India. The present paper is a humble attempt to examine the sources of new life insurance product ideas in LIC of India. The findings of the present study include the sources into six groups such as key stakeholders, workforce, organizational documents and other sources, research unit, competitors, and national and international source. It may be noticed the key stakeholders like Insurance Regulatory and Development Authority of India, actuary, top management, and policyholders play vital role in providing ideas in the new product development process of LIC of India.

FY11_EOM_August_Number of Life Insurance Policies by Program by State

Data.gov (United States)

Department of Veterans Affairs — Number of life insurance policies for each administered life insurance program listed by state. Data is current as of 08/31/11. All programs are closed to new issues...

Life insurance density and penetration: panel data analysis across countries

OpenAIRE

Urbanavičiūtė, Greta

2016-01-01

Life Insurance Density and Penetration: Panel Data Analysis Across Countries This bachelor thesis examines two key indicators in the life insurance market: density and penetration. The main purpose is to analyse which factors have the biggest impact on these two indicators in 39 countries around the world. Panel data models, which represent the collected data best, were created. This paper examines the latest public data available in 39 countries, including the Baltic States, and new signific...

77 FR 37839 - Veterans' Group Life Insurance (VGLI) No-Health Period Extension

Science.gov (United States)

2012-06-25

... DEPARTMENT OF VETERANS AFFAIRS 38 CFR Part 9 RIN 2900-AO24 Veterans' Group Life Insurance (VGLI) No-Health Period Extension AGENCY: Department of Veterans Affairs. ACTION: Proposed rule. SUMMARY... Veterans' Group Life Insurance (VGLI) to extend to 240 days the current 120-day ``no-health'' period during...

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

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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.

Default risk, bankruptcy procedures and the market value of life insurance liabilities

NARCIS (Netherlands)

Chen, A.; Suchanecki, M.

2007-01-01

The topic of insolvency risk in connection with life insurance companies has recently attracted a great deal of attention. In this paper, the question is investigated of how the values of the equity and of the liability of a life insurance company are affected by the default risk and the choice of

Dependent interest and transition rates in life insurance

DEFF Research Database (Denmark)

Buchardt, Kristian

2014-01-01

For market consistent life insurance liabilities modelled with a multi-state Markov chain, it is of importance to consider the interest and transition rates as stochastic processes, for example in order to consider hedging possibilities of the risks, and for risk measurement. In the literature......, this is usually done with an assumption of independence between the interest and transition rates. In this paper, it is shown how to valuate life insurance liabilities using affine processes for modelling dependent interest and transition rates. This approach leads to the introduction of so-called dependent...... forward rates. We propose a specific model for surrender modelling, and within this model the dependent forward rates are calculated, and the market value and the Solvency II capital requirement are examined for a simple savings contract....

The Capitalisation of ‘Excess Life’ through Life Insurance

NARCIS (Netherlands)

Lobo-Guerrero, Luis

2014-01-01

The role of life insurance, as portrayed by the industry, is to get individuals and heirs back in financial circulation after accidents and catastrophic events. This role, however, is not innocent. It involves a complex problematisation of what it means to render life as valuable, commodifiable and

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.

Industry Wage Surveys: Banking and Life Insurance, December 1976. Part I--Banking. Part II--Life Insurance. Bulletin 1988.

Science.gov (United States)

Barsky, Carl

This report presents the results of a survey conducted by the Bureau of Labor Statistics to determine wages and related benefits in (1) the banking industry and (2) for employees in home offices and regional head offices of life insurance carriers. Part 1 discusses banking industry characteristics and presents data for tellers and selected…

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...

NEWS : A model for the evaluation of non-life insurance companies

NARCIS (Netherlands)

1997-01-01

This paper describes a model which can be used by the Dutch insurance supervisor to determine the priority a nan-life insurer should have for further examination. This model combines a traditional statistical technique (an ordered legit model) with artificial intelligence techniques (a neural

Determinants of Customer Satisfaction and Loyalty in Vietnamese Life-Insurance Setting

Directory of Open Access Journals (Sweden)

Ha Thu Nguyen

2018-04-01

Full Text Available Sustainable services are often regarded as sustainable strategies and operations producing goods and services that satisfy customer needs and significantly improve social and environmental performance. To be sustainable, service providers must satisfy consumers’ needs or otherwise they will become redundant and economically irrelevant. This paper presents the results of an empirical study on the determinants of customer satisfaction and loyalty in life-insurance services in Vietnam based on a database collected through a questionnaire survey of 1476 customers during 2017. A path analysis technique is applied to test the proposed framework on the direct and indirect relationship between variables. The results of statistical analysis indicate that customer satisfaction in life-insurance services is significantly explained by such factors as corporate image, service quality and perceived value. Our findings suggest that a life-insurance service provider should focus on enhancing service quality and corporate image in order to obtain customer satisfaction that leads to customer loyalty.

77 FR 20886 - Agency Information Collection (Conversion From Servicemembers' Group Life Insurance to Veterans...

Science.gov (United States)

2012-04-06

... (Conversion From Servicemembers' Group Life Insurance to Veterans' Group Life Insurance); Activity Under OMB... No. 2900-0731.'' SUPPLEMENTARY INFORMATION: Title: Independent Evaluation of the Conversion Privilege... collection. Abstract: The data collected will be used to determine the appropriate target rate to convert...

Life Insurance Take-Up Rate Influencing Factors Comparison between Malaysia and Japan

Directory of Open Access Journals (Sweden)

Silvana Kardinar Wijayanti

2016-08-01

Full Text Available This study will investigate the factors that influence take-up rates within the Malaysian Life Insurance industry to discover potential opportunities and limitations. For comparative purposes, the study is modelled on Power (2013 who examined four factors affecting customer satisfaction in life insurance in Japan (product, price, customer services and procedures and documentation. This study is exploratory in nature using both secondary research and primary data from questionnaires. The main finding was “Product offerings” being the most significant variation, both an opportunity and limitation, due to the relative maturity, experience and changing trends within the insurance market of Japan, conversely growth, infancy and different dynamics in Malaysia.

An Exploratory Study of Advancing Mobilization in the Life Insurance Industry: The Case of Taiwan's Nan Shan Life Insurance Corporation.

Science.gov (United States)

Luarn, Pin; Lin, Tom M. Y.; Lo, Peter K. Y.

2003-01-01

Employs a case study method, using in-depth interviews of 29 corporate managers and experts, to understand the current state of mobilization in the life insurance industry. Suggests a conceptual framework and formulates possible research propositions incorporating several variables. Suggests 10 key success factors for implementing mobilization in…

Performance of the Dutch non-life insurance industry: competition, efficiency and focus

NARCIS (Netherlands)

Bikker, J.A.; Gorter, J.

This paper investigates competition in the Dutch non-life insurance industry indirectly by measuring scale economies and X-inefficiency, assuming that strong competition would force insurance firms to exploit unused scale economies and to push down inefficiencies. We observe substantial economies of

26 CFR 1.79-3 - Determination of amount equal to cost of group-term life insurance.

Science.gov (United States)

2010-04-01

... section prescribes the rules for determining the amount equal to the cost of group-term life insurance on an employee's life which is to be included in his gross income pursuant to the rule of inclusion set..., of group-term life insurance on such employee's life to which the rule of inclusion set forth in...

Individual Savings Accounts and the Life-Cycle Approach to Social Insurance

DEFF Research Database (Denmark)

Sørensen, Peter Birch; Hansen, Martin Ino; Bovenberg, A. Lans

Using Danish data, we find that about three fourths of the taxes levied to finance public transfers actually finance benefits that do not redistribute between people but redistribute income over the life cycle of individual taxpayers. This provides a rationale for financing part of social insurance...... via mandatory individual savings accounts. An account system that offers liquidity insurance and a lifetime income guarantee helps to alleviate the dilemma between insurance and incentives. To illustrate this, we analyse a specific proposal for reform of the Danish system of social insurance......, involving the use of individual accounts. We estimate how the reform would affect the distribution of lifetime incomes, the public budget, and economic efficiency...

Efficiency and competition in the Dutch non-life insurance industry: Effects of the 2006 health care reform

NARCIS (Netherlands)

Bikker, Jaap; Popescu, Adelina

This paper investigates the cost efficiency and competitive behaviour of the non-life – or property and casualty – insurance market in the Netherlands over the period 1995-2012. We focus on the 2006 health care reform, where public health care insurance has been included in the non-life insurance

Risk adjustment model of credit life insurance using a genetic algorithm

Science.gov (United States)

Saputra, A.; Sukono; Rusyaman, E.

2018-03-01

In managing the risk of credit life insurance, insurance company should acknowledge the character of the risks to predict future losses. Risk characteristics can be learned in a claim distribution model. There are two standard approaches in designing the distribution model of claims over the insurance period i.e, collective risk model and individual risk model. In the collective risk model, the claim arises when risk occurs is called individual claim, accumulation of individual claim during a period of insurance is called an aggregate claim. The aggregate claim model may be formed by large model and a number of individual claims. How the measurement of insurance risk with the premium model approach and whether this approach is appropriate for estimating the potential losses occur in the future. In order to solve the problem Genetic Algorithm with Roulette Wheel Selection is used.

The Investment Strategy of With-Profits Life Insurance Firms

OpenAIRE

Jaafar, Karim Chawki

2008-01-01

Abstract Within the context of an increasingly fragile life insurance industry, this paper conducts a quantitative investigation on the determinants of investment strategy within with profit life assurers in the UK, a dominant segment within the global industry. Examining a range of possible defining characteristics on investment strategy of such firms including size, financial strength (solvency), proprietary/mutual status, open/closed status and the level of guaranteed liabilities, th...

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...

77 FR 54621 - Pruco Life Insurance Company, et al;

Science.gov (United States)

2012-09-05

... SECURITIES AND EXCHANGE COMMISSION [Release No. IC-30186; File No. 812-13990] Pruco Life Insurance Company, et al; Notice of Application August 29, 2012. AGENCY: Securities and Exchange Commission (``SEC'' or ``Commission''). ACTION: Notice of application for an order approving the substitution of certain...

Pricing of premiums for equity-linked life insurance based on joint mortality models

Science.gov (United States)

Riaman; Parmikanti, K.; Irianingsih, I.; Supian, S.

2018-03-01

Life insurance equity - linked is a financial product that not only offers protection, but also investment. The calculation of equity-linked life insurance premiums generally uses mortality tables. Because of advances in medical technology and reduced birth rates, it appears that the use of mortality tables is less relevant in the calculation of premiums. To overcome this problem, we use a combination mortality model which in this study is determined based on Indonesian Mortality table 2011 to determine the chances of death and survival. In this research, we use the Combined Mortality Model of the Weibull, Inverse-Weibull, and Gompertz Mortality Model. After determining the Combined Mortality Model, simulators calculate the value of the claim to be given and the premium price numerically. By calculating equity-linked life insurance premiums well, it is expected that no party will be disadvantaged due to the inaccuracy of the calculation result

FY11_EOM_Oct_Face Amount of Life Insurance Coverage by Program by State

Data.gov (United States)

Department of Veterans Affairs — Face value of insurance for each administered life insurance program listed by state. Data is current as of 10-31-11. All programs are closed to new issues except...

Life Insurance Liabilities with Policyholder Behaviour and Stochastic Rates

DEFF Research Database (Denmark)

Buchardt, Kristian

rate, disability rate, and other transition rates are assumed to be deterministic. Broadly speaking this PhD thesis consists of various extensions of this model to address the modern needs of life insurance companies. These extensions can be categorised into two types: the inclusion of policyholder...

FY11_EOM_August_Face Amount of Life Insurance Coverage by Program by State

Data.gov (United States)

Department of Veterans Affairs — Face value of insurance for each administered life insurance program listed by state. Data is current as of 8-31-11. All programs are closed to new issues except for...

EOM July FY2011 - Face Amount of Life Insurance Coverage by Program by State

Data.gov (United States)

Department of Veterans Affairs — Face value of insurance for each administered life insurance program listed by state. Data is current as of 7-31-11. All programs are closed to new issues except for...

Life insurance, financial development and economic growth in South Africa: An application of the autoregressive distributed lag model

Directory of Open Access Journals (Sweden)

Athenia Bongani Sibindi

2014-12-01

Full Text Available The life insurance sector may contribute to economic growth by its very mechanism of savings mobilisation and thereby performing an intermediation role in the economy. This ensures that capital is provided to deficient units who are in need of capital to finance their working capital requirements and invest in technology thereby resulting in an increase in output. In this way, it could be argued that life insurance development spurs financial development. In this article we investigate the causal relationship between the life insurance sector, financial development and economic growth in South Africa for the period 1990 to 2012 by applying the ARDL bounds testing procedure. We make use of life insurance density as the proxy for life insurance development, real per capita growth domestic product as the proxy for economic growth and real broad money per capita as the proxy for financial development. We test for cointegration amongst the variables by applying the bounds test and then proceed to test for Granger causality based on the error correction model. Our results confirm that the variables are cointegrated and move in tandem to each other in the long-run. The results also indicate that the direction of causality runs from the economy to the life insurance sector in the short-run which is consistent with the “demand-following” insurance-growth hypothesis. There is also evidence of bidirectional Granger causality running from the economy to financial development and vice versa, both in the long-run and short-run. The results also reveal that life insurance complements financial development in bringing about economic growth further lending credence to the “complementarity” hypothesis

Experience Studies on Determining Life Premium Insurance Ratings: Practical Approaches

Directory of Open Access Journals (Sweden)

Mirela CRISTEA

2008-01-01

Full Text Available The focus of this article is to present the modelling tehcniques used on international practice in the evaluation of right life premiums based. The knowledge and models obtained have a common element of mortality risk indicators but these are varied in different parts of the world. The common elements of these studies and models are generally based on a series of indicators which mainly point out their probability of survival and they are named the mortality indicators. These indicators represent the basis for the calculation of the premiums quotes and for the elaboration by the insurers of premium tables. The benefit for the policyholder is to obtain insurance at a fair and competitive price and for the insurer, to maintain the experience of its portfolio in line with mortality assumptions.

Analysis of Life Insurance Premium in Regard to Net Income as an Influencing Factor– the Case of the Republic of Serbia

Directory of Open Access Journals (Sweden)

Olja Munitlak Ivanović

2013-12-01

Full Text Available In current business conditions, insurance market in the Republic of Serbia notes positive but relatively slow growing trend. During the last few years, life insurance market in Serbia has an upward trend, however, it still significantly falls back in comparison to developed European countries. Insufficient development of life insurance sector is in direct relation to insufficient economic development, weak financial market, high unemployment rate and poor implementation of economic reforms. Additionally there is a problem due to the lack of both quality and quantity of education with insufficient basic knowledge of potentials that this type of insurance offers. The aim of this paper is to present the projection of life insurance premium on the basis of linear trend parameters and correlation degree between average net income and the amount of life insurance premium and to emphasize the necessity of intense development of life insurance market. Normal 0 false false false EN-US X-NONE X-NONE

75 FR 60833 - Jackson National Life Insurance Company, et al.;

Science.gov (United States)

2010-10-01

... SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 29442; File No. 812-13765] Jackson National Life Insurance Company, et al.; Notice of Application September 27, 2010. AGENCY: Securities and Exchange Commission (``Commission''). ACTION: Notice of application for an order under section...

Game prototype for understanding safety issues of life boat launching process.

OpenAIRE

Jiang, Min; Chang, Jian; Dodwell, M.; Jekins, J.; Yang, H.J.; Zhang, Jian J.

2016-01-01

Novel advanced game techniques provide us with new possibilities to mimic a complicated training process, with the benefit of safety enhancement. In this paper, we design and implement a 3D game which imitates the lifeboat launching process. Lifeboat launching is such a complex but vital process which can on one side saving people's life on sea and on the other side associating many potential hazards. It involves both the tractor manoeuvres and boat operations. The primary objective of the ga...

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

Aspects of Valuation and Optimization in Life Insurance

DEFF Research Database (Denmark)

Henriksen, Lars Frederik Brandt

liabilities or decrease assets. The increase of liabilities could be used in the modelling of non-for-prot mutual funds or pension funds. On the other hand, the decrease in assets could be used for modelling of for-prot companies. We impose a simple solvency constraint and prove optimality of barrier......-case scenarios and reserves in a life insurance model in the case where the interest rate and the various transition intensities are mutually dependent. The calculations are based on deterministic optimal control theory. The results of a single insurance contract are extended to inhomogeneous portfolios......, multistate Markov chains. The ane setup makes the calculations computationally tractable because we only need to solve systems of ordinary dierential equations and not partial dierential equations. The setup allows for mutual dependence between interest rate and transition intensities which makes it possible...

Benefits to a life insurance company from providing radon tests for clients

International Nuclear Information System (INIS)

Cohen, B.L.

1993-01-01

If a life insurance company provided free radon tests to clients, clients' life expectancies would be extended and profits would thereby be increased. This effect is quantified and it is found that the direct monetary benefits to the company could be substantial. Several subsidiary advantages are also discussed

75 FR 18908 - Jackson National Life Insurance Company, et al.

Science.gov (United States)

2010-04-13

... SECURITIES AND EXCHANGE COMMISSION [Release No. IC-29205; File No. 812-13703] Jackson National Life Insurance Company, et al. April 7, 2010. AGENCY: The Securities and Exchange Commission (``Commission''). ACTION: Notice of application for an order under Section 6(c) of the Investment Company Act of...

76 FR 19150 - Jackson National Life Insurance Company, et al.

Science.gov (United States)

2011-04-06

... SECURITIES AND EXCHANGE COMMISSION [Release No. IC-29621; File No. 812-13841] Jackson National Life Insurance Company, et al. March 31, 2011. AGENCY: The Securities and Exchange Commission (``Commission'') ACTION: Notice of application for an order under Section 6(c) of the Investment Company Act of...

78 FR 54691 - American General Life Insurance Company, et al.

Science.gov (United States)

2013-09-05

... SECURITIES AND EXCHANGE COMMISSION [Release No. IC-30681; File No. 812-13973] American General Life Insurance Company, et al. August 29, 2013, AGENCY: The Securities and Exchange Commission (``Commission''). ACTION: Notice of application for an order under Section 6(c) of the Investment Company Act of...

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.

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...

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...

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.

20 CFR 404.1008 - Agent-driver or commission-driver, full-time life insurance salesman, home worker, or traveling...

Science.gov (United States)

2010-04-01

... commission-driver, full-time life insurance salesman, home worker, or traveling or city salesman. (a) General... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false Agent-driver or commission-driver, full-time life insurance salesman, home worker, or traveling or city salesman. 404.1008 Section 404.1008...

Statistical tools for non-life insurance

NARCIS (Netherlands)

Antonio, K.

2008-01-01

Within the actuarial profession a major challenge can be found in the construction of a fair tariff structure. In light of the heterogeneity within, for instance, a car insurance portfolio, an insurance company should not apply the same premium for all insured risks. Otherwise the so-called concept

The Effects of Firm-Specific Factors on the Profitability of Non-Life Insurance Companies in Turkey

OpenAIRE

Kaya, Emine Öner

2015-01-01

This study investigates the firm-specific factors affecting the profitability of non-life insurance companies operating in Turkey. For this purpose, data of 24 non-life insurance companies operating in Turkey from the period 2006–2013 were brought together to obtain 192 observed panel data sets. In this study, profitability is measured by two different variables: technical profitability ratio and sales profitability ratio. According to the empirical results, the firm-specific factors affecti...

The Financial Market of the Cross and Up-Selling Insurers from Romania

Directory of Open Access Journals (Sweden)

Luminita-Maria Filip

2012-05-01

Full Text Available The biggest threat for the worldwide financial system is the recession at global level, which wouldhave a major impact on the insurance industry. The differences between the results of European companiesduring the crisis, had a close connection with the aggressive or defensive investment strategies. Although thebank assurance agreements exist and they are developing further, the partnerships of this type didn’t have theexpected success in Romania, so far. Once with the market penetration from Romania of some insurers ofEuropean size, more specialized companies have launched bank assurance partnerships with banks, especiallyin the view of distribution of life insurances, and more recently, of the promoting the package of currentaccount, products of savings – credit in the housing domain, pension funds, credits for small companies,mortgages and the one of personal needs. The success of this type of sale is still to come and put in doubt, atthis point, the efficiency of promoting the banking products by insurers.

26 CFR 1.804-3 - Gross investment income of a life insurance company.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 8 2010-04-01 2010-04-01 false Gross investment income of a life insurance company. 1.804-3 Section 1.804-3 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Investment Income § 1.804-3 Gross investment income of a life...

Modeling Flood Insurance Penetration in the European Non-Life Market: An Overview

Science.gov (United States)

Mohan, P.; Thomson, M.-K.; Das, A.

2012-04-01

Non-life property insurance plays a significant role in assessing and managing economic risk. Understanding the exposure, or property at risk, helps insurers and reinsurers to better categorize and manage their portfolios. However, the nature of the flood peril, in particular adverse selection, has led to a complex system of different insurance covers and policies across Europe owing to its public and private distinctions based on premiums provided as ex ante or ex post, socio-economic characterization and various compensation schemes. To model this significant level of complexity within the European flood insurance market requires not only extensive data research, close understanding of insurance companies and associations as well as historic flood events, but also careful evaluation of the flood hazard in terms of return periods and flood extents, and the economic/ financial background of the geographies involved. This abstract explores different approaches for modeling the flood insurance penetration rates in Europe depending on the information available and complexity involved. For countries which have either a regulated market with mandatory or high penetration rate, as for example found in the UK, France and Switzerland, or indeed countries with negligible insurance cover such as Luxembourg, assumptions about the penetration rates can be made at country level. However, in countries with a private insurance market, the picture becomes inherently more complex. For example in both Austria and Germany, flood insurance is generally restricted, associated with high costs to the insured or not available at all in high risk areas. In order to better manage flood risk, the Austria and German government agencies produced the risk classification systems HORA and ZÜRS, respectively, which categorize risk into four risk zones based on the exceedance probability of a flood occurrence. Except for regions that have preserved mandatory flood inclusion from past policies

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.

Modelling home equity conversion loans with life insurance models

Directory of Open Access Journals (Sweden)

Baškot Bojan

2013-01-01

Full Text Available Home equity represents a reserve that can be used for providing additional money for its owners during their retirement. Life insurance models can be successfully applied to model home equity conversion loans. The home equity conversion loan is a financial product that provides a certain flexibility by using home equity as a resource for a quality life during retirement. Home equity conversion loans do not have a predetermined maturity date, as do conventional loans. But, like every loan, it must be repaid. One potential advantage of using a home equity conversion loan during tough financial times instead of some types of need-based assistance is that eligibility is straightforward. Home equity conversion loans can be useful tools in the process of pension system reform.

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...

The Social Life of Health Insurance in Low- to Middle-income Countries: An Anthropological Research Agenda.

Science.gov (United States)

Dao, Amy; Nichter, Mark

2016-03-01

The following article identifies new areas for engaged medical anthropological research on health insurance in low- and middle-income countries (LMICs). Based on a review of the literature and pilot research, we identify gaps in how insurance is understood, administered, used, and abused. We provide a historical overview of insurance as an emerging global health panacea and then offer brief assessments of three high-profile attempts to provide universal health coverage. Considerable research on health insurance in LMICs has been quantitative and focused on a limited set of outcomes. To advance the field, we identify eight productive areas for future ethnographic research that will add depth to our understanding of the social life and impact of health insurance in LMICs. Anthropologists can provide unique insights into shifting health and financial practices that accompany insurance coverage, while documenting insurance programs as they evolve and respond to contingencies. © 2015 by the American Anthropological Association.

Choice--Chance--Control. That's Life. Learning about Insurance through Secondary School Courses. Insurance Basics for Everyone; Social Sciences; Mathematics; Consumer Economics.

Science.gov (United States)

Insurance Education Foundation, Indianapolis, IN.

This guide, which is designed for use with secondary school students, contains four units of activities that teach the fundamentals of insurance within the context of a broad range of subjects, including social sciences, history, civics, government, mathematics, consumer economics, business, economics, life skills, family management, home…

Environmental Pollution Liability Insurance in China: In Need of Strong Government Backing

NARCIS (Netherlands)

Feng, Y.; Mol, A.P.J.; Lu, Y.; He, G.; Koppen, van C.S.A.

2014-01-01

Environmental pollution liability insurance was officially introduced in China only in 2006, as part of new market-based approaches for managing environmental risks. By 2012, trial applications of pollution insurance had been launched in 14 provinces and cities. More than ten insurance companies

The Application Law of Large Numbers That Predicts The Amount of Actual Loss in Insurance of Life

Science.gov (United States)

Tinungki, Georgina Maria

2018-03-01

The law of large numbers is a statistical concept that calculates the average number of events or risks in a sample or population to predict something. The larger the population is calculated, the more accurate predictions. In the field of insurance, the Law of Large Numbers is used to predict the risk of loss or claims of some participants so that the premium can be calculated appropriately. For example there is an average that of every 100 insurance participants, there is one participant who filed an accident claim, then the premium of 100 participants should be able to provide Sum Assured to at least 1 accident claim. The larger the insurance participant is calculated, the more precise the prediction of the calendar and the calculation of the premium. Life insurance, as a tool for risk spread, can only work if a life insurance company is able to bear the same risk in large numbers. Here apply what is called the law of large number. The law of large numbers states that if the amount of exposure to losses increases, then the predicted loss will be closer to the actual loss. The use of the law of large numbers allows the number of losses to be predicted better.

17 CFR 274.303 - Form N-27I-2, notice of withdrawal right and statement of charges for variable life insurance...

Science.gov (United States)

2010-04-01

... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Form N-27I-2, notice of withdrawal right and statement of charges for variable life insurance contractholders required pursuant to... variable life insurance contractholders required pursuant to Rule 6e-2 (§ 270.6e-2 of this chapter). [41 FR...

Reinsurance and the Cost of Equity in the United Kingdom’s Non-Life Insurance Market

OpenAIRE

Upreti, Vineet

2014-01-01

The link between the cost of equity and reinsurance purchased by insurers is examined in this study. This work extends the research on the economic value implications of corporate risk management practices. Utilising a framework based on the theory of optimal capital structure, this study puts forward two hypotheses to test empirically the cost of equity – reinsurance relation in the United Kingdom’s non-life insurance market. The first hypothesis tests the effect of the decision to reinsure ...

Analysis of the Servicemembers' Group Life Insurance (SGLI) program: history, current issues and future implications

OpenAIRE

Callan, Patrick M.; Voogd, Michael; Schmid, Christopher M.

2011-01-01

MBA Professional Report The SGLI program is the military life insurance program overseen by the Veterans' Affairs (VA) but managed and administered by The Prudential Insurance Company of America. Recently, a series of news stories by Bloomberg News reported that the program might not be following the law, and that Prudential was profiting from the deaths of servicemen and women. The primary purpose of this paper was to analyze the news articles for factual content and determine whethe...

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...

The Impact of Corporate Governance on the Efficiency Performance of the Thai Non-Life Insurance Industry

OpenAIRE

Wen-Yen Hsu; Pongpitch Petchsakulwong

2010-01-01

This paper examines the relation between corporate governance and efficiency performance of public non-life insurance companies in Thailand over the period 2000–2007. Data envelopment analysis is used to compute an insurer's efficiency performance including technical, allocative, cost, and revenue efficiency. We then employ truncated bootstrapped regression to test the relation between efficiency performance and corporate governance. The results show that the characteristics of corporate gove...

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.

Health insurance reform: labor versus health perspectives.

Science.gov (United States)

Ammar, Walid; Awar, May

2012-01-01

The Ministry of Labor (MOL) has submitted to the Council of Ministers a social security reform plan. The Ministry of Public Health (MOPH) considers that health financing should be dealt with as part of a more comprehensive health reform plan that falls under its prerogatives. While a virulent political discussion is taking place, major stakeholders' inputs are very limited and civil society is totally put away from the whole policy making process. The role of the media is restricted to reproducing political disputes, without meaningful substantive debate. This paper discusses health insurance reform from labor market as well as public health perspectives, and aims at launching a serious public debate on this crucial issue that touches the life of every citizen.

Stochastic Cooperative Games in Insurance and Reinsurance

NARCIS (Netherlands)

Suijs, J.P.M.; De Waegenaere, A.M.B.; Borm, P.E.M.

1996-01-01

This paper shows how problems in `non life'-insurance and `non life'-reinsurance can be modelled simultaneously as cooperative games with stochastic payoffs.Pareto optimal allocations of the risks faced by the insurers and the insureds are determined.It is shown that the core of the corresponding

Longevity Risk and Natural Hedge Potential in Portfolios Of Life Insurance Products : The Effect of Investment Risk

NARCIS (Netherlands)

Stevens, R.S.P.; De Waegenaere, A.M.B.; Melenberg, B.

2011-01-01

Payments of life insurance products depend on the uncertain future evolution of survival probabilities. This uncertainty is referred to as longevity risk. Existing literature shows that the effect of longevity risk on single life annuities can be substantial, and that there exists a (natural) hedge

76 FR 40451 - Agency Information Collection (Application for Ordinary Life Insurance) Activity Under OMB Review

Science.gov (United States)

2011-07-08

... reduced automatically by one-half from its present face value on the day before a policyholder's 65th and... (Application for Ordinary Life Insurance) Activity Under OMB Review AGENCY: Veterans Benefits Administration...) of 1995 [[Page 40452

The Lexis plot for run-off non-life insurance companies in United Kingdom

Science.gov (United States)

Samsudin, Humaida Banu

2014-06-01

This study is intended to look at the company's age to be one of the predictor for financially distressed non-life insurance companies in United Kingdom. Financial distress is a condition where a company has difficulty paying off its obligations to its creditors. For this study, Lexis plot is used to identify either younger companies or older companies are in run-off. Run-off is a process where many insurance companies stop underwriting policies long before they reach financial crisis or financial distress. The study utilises financial data of 22 years from year 1985 to year 2006 for 397 companies. From the study, it is identified that younger companies are more in financial distress than older companies.

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...

Hierarchical Markov Model in Life Insurance and Social Benefit Schemes

Directory of Open Access Journals (Sweden)

Jiwook Jang

2018-06-01

Full Text Available We explored the effect of the jump-diffusion process on a social benefit scheme consisting of life insurance, unemployment/disability benefits, and retirement benefits. To do so, we used a four-state Markov chain with multiple decrements. Assuming independent state-wise intensities taking the form of a jump-diffusion process and deterministic interest rates, we evaluated the prospective reserves for this scheme in which the individual is employed at inception. We then numerically demonstrated the state of the reserves for the scheme under jump-diffusion and non-jump-diffusion settings. By decomposing the reserve equation into five components, our numerical illustration indicated that an extension of the retirement age has a spillover effect that would increase government expenses for other social insurance programs. We also conducted sensitivity analyses and examined the total-reserves components by changing the relevant parameters of the transition intensities, which are the average jump-size parameter, average jump frequency, and diffusion parameters of the chosen states, with figures provided. Our computation revealed that the total reserve is most sensitive to changes in average jump frequency.

Return Smoothing Mechanisms in Life and Pension Insurance

DEFF Research Database (Denmark)

Montserrat, Guillén; Jørgensen, Peter Løchte; Nielsen, Jens Perch

2006-01-01

pricing theory. We explore the properties of this pension scheme in detail and find that in terms of market value, smoothing is an illusion, but also that the return smoothing mechanism implies a dynamic asset allocation strategy which corresponds with traditional pension saving advice......Traditional with-profits pension saving schemes have been criticized for their opacity, plagued by embedded options and guarantees, and have recently created enormous problems for the solvency of the life insurance and pension industry. This has fueled creativity in the industry's product...... development departments, and this paper analyzes a representative member of a family of new pension schemes that have been introduced in the new millennium to alleviate these problems. The complete transparency of the new scheme's smoothing mechanism means that it can be analyzed using contingent claims...

Should catastrophic risks be included in a regulated competitive health insurance market?

NARCIS (Netherlands)

W.P.M.M. van de Ven (Wynand); F.T. Schut (Erik)

1994-01-01

textabstractIn 1988 the Dutch government launched a proposal for a national health insurance based on regulated competition. The mandatory benefits package should be offered by competing insurers and should cover both non-catastrophic risks (like hospital care, physician services and drugs) and

17 CFR 270.6e-2 - Exemptions for certain variable life insurance separate accounts.

Science.gov (United States)

2010-04-01

...) solely with respect to variable life insurance contracts, means the gross premium payment made less any portion of such gross premium charged for or attributable to the items specified in paragraphs (c)(4)(vi... that portion of its assets having a value equal to, or approximately equal to, the reserves and other...

Experiences obtaining insurance after live kidney donation.

Science.gov (United States)

Boyarsky, B J; Massie, A B; Alejo, J L; Van Arendonk, K J; Wildonger, S; Garonzik-Wang, J M; Montgomery, R A; Deshpande, N A; Muzaale, A D; Segev, D L

2014-09-01

The impact of kidney donation on the ability to change or initiate health or life insurance following donation is unknown. To quantify this risk, we surveyed 1046 individuals who donated a kidney at our center between 1970 and 2011. Participants were asked whether they changed or initiated health or life insurance after donation, and if they had any difficulty doing so. Among 395 donors who changed or initiated health insurance after donation, 27 (7%) reported difficulty; among those who reported difficulty, 15 were denied altogether, 12 were charged a higher premium and 8 were told they had a preexisting condition because they were kidney donors. Among 186 donors who changed or initiated life insurance after donation, 46 (25%) reported difficulty; among those who reported difficulty, 23 were denied altogether, 27 were charged a higher premium and 17 were told they had a preexisting condition because they were kidney donors. In this single-center study, a high proportion of kidney donors reported difficulty changing or initiating insurance, particularly life insurance. These practices by insurers create unnecessary burden and stress for those choosing to donate and could negatively impact the likelihood of live kidney donation among those considering donation. © Copyright 2014 The American Society of Transplantation and the American Society of Transplant Surgeons.

On the management of life insurance company risk by strategic choice of product mix, investment strategy and surplus appropriation schemes

DEFF Research Database (Denmark)

Bohnert, Alexander; Gatzert, Nadine; Jørgensen, Peter Løchte

2015-01-01

The aim of this paper is to analyze the impact of management’s strategic choice of asset and liability composition in life insurance on shortfall risk and the shareholders’ fair risk charge. In contrast to previous work, we focus on the effectiveness of management decisions regarding the product...... mix and the riskiness of the asset side under different surplus appropriation schemes. We propose a model setting that comprises temporary life annuities and endowment insurance contracts. Our numerical results show that the effectiveness of management decisions in regard to risk reduction strongly...

The efficiency of life insurance and family Takaful in Malaysia: Relative efficiency using the stochastic cost frontier analysis

Science.gov (United States)

Baharin, Roziana; Isa, Zaidi

2013-04-01

This paper focuses on the Stochastic cost Frontier Analysis (SFA) approach, in an attempt to measure the relationship between efficiency and organizational structure for Takaful and insurance operators in Malaysia's dual financial system. This study applied a flexible cost functional form i.e., Fourier Flexible Functional Form, for a sample consisting of 19 firms, chosen between 2002 and 2010, by employing the Battese and Coelli invariant efficiency model. The findings show that on average, there is a significant difference in cost efficiency between the Takaful industry and the insurance industry. It was found that Takaful has lower cost efficiency than conventional insurance, which shows that the organization form has an influence on efficiency. Overall, it was observed that the level of efficiency scores for both life insurance and family Takaful do not vary across time.

Culture, state and varieties of capitalism: a comparative study of life insurance markets in Hong Kong and Taiwan.

Science.gov (United States)

Chan, Cheris Shun-Ching

2012-03-01

This article examines the interplay between local culture, the state, and economic actors' agency in producing variation across markets. I adopt a political-cultural approach to examining why life insurance has been far more popular in Taiwan than Hong Kong, despite the presence of a cultural taboo on the topic of premature death in both societies. Based on interview data and documentary references, the findings reveal that as an independent state, the Taiwanese government heavily protected domestic insurance firms during their emergence. These domestic firms adopted a market-share approach by re-defining the concept of life insurance to accommodate the local cultural taboo. The colonial Hong Kong government, on the other hand, adopted laissez-faire policies that essentially favoured foreign insurance firms. When faced with the tension between local adaptation and the profitability of the business, these foreign firms chose the latter. Their reluctance to accommodate local cultures, however, resulted in a smaller market. I argue that state actions mediate who the dominant economic players are and that the nature of the dominant players affects the extent of localization. Specifically, the presence of competitive domestic players alongside transnational corporations is more likely to produce varieties of capitalism. © London School of Economics and Political Science 2012.

All-Cause Mortality for Life Insurance Applicants with a History of Prostate Cancer.

Science.gov (United States)

Freitas, Stephen A; MacKenzie, Ross; Wylde, David N; Roudebush, Bradley T; Bergstrom, Richard L; Holowaty, J Carl; Beckman, Margaret; Rigatti, Steven J; Gill, Stacy

2017-01-01

- To determine the all-cause mortality of life insurance applicants diagnosed with prostate cancer currently or at some time in the past. - Prostate cancer is common and a frequent cause of cancer death. Both the frequency of prostate cancer in men and its propensity for causing premature mortality require insurance company medical directors and underwriters to have a good understanding of prostate cancer-related mortality trends, patterns, and outcomes in the insured population. - Life insurance applicants with reported prostate cancer were extracted from data covering United States residents between November 2007 and November 2014. Information about these applicants was matched to the Social Security Death Master (SSDMF) file for deaths occurring from 2007 to 2011 and to another commercially available death source file (Other Death Source, ODS) for deaths occurring from 2007 to 2014 to determine vital status. Actual to Expected (A/E) mortality ratios were calculated using the Society of Actuaries 2015 Valuation Basic Table (2015VBT), select and ultimate table (age last birthday) and the 2013 US population as expected mortality ratios. All expected bases were not smoker distinct. - The study covered applicants between the ages of 45 and 75 and had approximately 405,000 person-years of exposure. Older aged applicants had a lower mortality ratio than those who were younger. Applicants 45 to 54 had the highest mortality ratios in the first year after diagnosis which steadily decreased in years 6 to 10 with an increase in the mortality ratio for those over 10 years from diagnosis. Relative mortality rate was close to unity for those with localized cancer across all age groups. The mortality ratio was 2 to 4 times greater for those with cancer in 1 positive node, and much greater with 3 positive nodes. For each time-from-diagnosis category, the relative mortality ratios compared to age were highest in the 45-54 age group. The A/E mortality ratios based on the 2015VBT

Life insurance securitisation in Europe : An overview on the effects of alternative capital resources and its relation to regulator and IFRS guidelines

NARCIS (Netherlands)

Walhof, P.; Dorsman, A.B.; Thibeault, A.

2005-01-01

Recently Life Insurance Securitisation practices have been probed in dedicated areas to access the wider capital markets. These developments have shown a rising interest among leading insurers and reinsurers to start building experience with securitisation practices, either for risk transfer,

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

26 CFR 1.831-3 - Tax on insurance companies (other than life or mutual), mutual marine insurance companies, mutual...

Science.gov (United States)

2010-04-01

... mutual), mutual marine insurance companies, mutual fire insurance companies issuing perpetual policies, and mutual fire or flood insurance companies operating on the basis of premium deposits; taxable years... fire insurance companies issuing perpetual policies, and mutual fire or flood insurance companies...

PARAMETRIC DISTRIBUTION FAMILIES USEFUL FOR MODELLING NON - LIFE INSURANCE PAYMENTS DATA. TAIL BEHAVIOUR

Directory of Open Access Journals (Sweden)

Sandra Teodorescu

2013-11-01

Full Text Available The present paper describes a series of parametric distributions used for modeling non-life insurance payments data.Of those listed, special attention is paid to the transformed Beta distribution family.This distribution as well as those which are obtained from it(special cases of four-parameter transformed Beta distribution are used in the modeling of high costs, or even extreme ones.In the literature it follows the tail behaviour of distributions depending on the parameters, because the insurance payments data are tipically highly positively skewed and distributed with large upper tails.In the paper is described the tail behavior of the distribution in the left and right side respectively, and deduced from it, a general case.There are also some graphs of probability density function for one of the transformed Beta family members, which comes to reinforce the comments made.

A current life table and causes of death for insured dogs in Japan.

Science.gov (United States)

Inoue, Mai; Hasegawa, A; Hosoi, Y; Sugiura, K

2015-06-15

The life expectancies and causes of death were evaluated in 299,555 dogs insured in Japan between 1 April 2010 and 31 March 2011, of which 4169 dogs died during this period. The overall life expectancy of dogs was 13.7 years. The probability of death was high in the first year of life, lowest in the second and third years, and increased exponentially after 3 years of age. The life expectancy was 13.8 years in the death increased as dogs got older for most potential causes of death. Neoplasia resulted in the highest probability of death, especially in the large and giant breed groups. Cardiovascular system disorders were the second major cause of death and the toy group had a probability of death significantly higher than the other breed groups at age 12+. Copyright © 2015 Elsevier B.V. All rights reserved.

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

equivalent,' and 'gamble tradeoff' methods were used. We then synthesized a Tobit and an OLS regression analysis to identify and examine the determinants of insurers' decisions on insurability and pricing for flood risk. Furthermore, the data were collected through a questionnaire survey, which was conducted with the assistance from the Non-life Underwriters Society, Taiwan and the Actuarial Institute, Taiwan. After pretesting, questionnaires were mailed to 410 randomly chosen commercial property-and-casualty insurance firms' actuaries and underwriters. The final sample consisted of 179 questionnaires for a 43.8% response rate. 3. Results Results of the questionnaire survey reveal that flood risk tends to be more uninsurable when there is ambiguity regarding the probability of a particular flood event loss. The presence of insurers' risk aversion appears to be robust. Insurers would charge a significantly higher price for a flood insurance policy than normal property insurance. The findings also show that the insurers who perceived higher levels of flood risk, or/and had a company with smaller size or higher financial leverage, would trigger a higher premium for flood insurance. Governmental risk management strategies, such as land-use planning, building codes, flood-hazard zone regulations, also played a prominent role in enhancing insurability and decreasing insurance premium. Therefore, appropriate incentives should be combined with better public risk communication and mitigation strategies to stimulate insurance coverage in reducing flood loss.

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...

Sub-Ethnic and Geographic Variations in Out-of-Pocket Private Health Insurance Premiums Among Mid-Life Asians.

Science.gov (United States)

Choi, Sunha

2017-03-01

This study examined out-of-pocket premium burden of mid-life Asian Americans by comparing six sub-groups of Asians after controlling for geographic clustering at the county and state levels. The 2007-2011 National Health Interview Survey was linked to community-level data and analyzed for 4,628 Asians (ages 50-64), including 697 Asian Indians, 1,125 Chinese, 1,393 Filipinos, 434 Japanese, 524 Koreans, and 455 Vietnamese. Non-Hispanic Whites were included as a comparison group ( n = 48,135). Three-level multilevel modeling (state > county > individual) was conducted. Koreans and Vietnamese were found as vulnerable sub-groups considering their lower private health insurance rates and higher uninsured rates. Among those with private insurance, Asians, specifically Filipinos, paid significantly less than non-Hispanic Whites. Moderate but significant variations in the county- and state-level variance in out-of-pocket premiums were found, especially among mid-life Asians. This study demonstrates the importance of examining within-group heterogeneity and geographic variations in understanding premium burden among mid-life Asians.

Performance Measurement Of Public Sector Insurance Units After De-Tariffication

OpenAIRE

Sharma, Seema; Sikidar, Dr. Sujit

2014-01-01

Insurance sector in India was privatised to publicise insurance products. After privatisation of this industry in India in the year 2000, the next important step taken in the general insurance industry was the removal of tariffs on the non-life insurance products with effect from January1, 2007. The introduction of the free price regime has provided an impetus to the non-life sector. Before the introduction of de-tariffication almost 70% of the business of the non-life sector was driven by va...

China's Insurance Regulatory Reform, Corporate Governance Behavior and Insurers' Governance Effectiveness.

Science.gov (United States)

Li, Huicong; Zhang, Hongliang; Tsai, Sang-Bing; Qiu, Aichao

2017-10-17

External regulation is an important mechanism to improve corporate behavior in emerging markets. China's insurance governance regulation, which began to supervise and guide insurance corporate governance behavior in 2006, has experienced a complex process of reform. This study tested our hypotheses with a sample of 85 firms during 2010-2011, which was obtained by providing a questionnaire to all of China's shareholding insurance companies. The empirical study results generally show that China's insurance governance effectiveness has significantly improved through strict regulation. Insurance corporate governance can improve business acumen and risk-control ability, but no significant evidence was found to prove its influence on profitability, as a result of focusing less attention on governance than on management. State ownership is associated with higher corporate governance effectiveness than non-state ownership. Listed companies tend to outperform non-listed firms, and life insurance corporate governance is more effective than that of property insurers. This study not only contributes to the comprehensive understanding of corporate governance effectiveness but also to the literature by highlighting the effect of corporate governance regulation in China's insurance industry and other emerging economies of the financial sector.

Mechanisms of Protection from Interest Rate Risk with Reference to the Life Insurance Market in Montenegro

Directory of Open Access Journals (Sweden)

Burić Milijana Novović

2018-01-01

Full Text Available Insurance companies are facing major challenges that point to the need for control process and risk management. Risk management in insurance has a direct impact on solvency, economic security, and overall financial stability of insurance companies. It is very important for insurance companies to adequately calculate risks to which they are exposed. Asset liability management (ALM, as an integrated approach to financial management, requires simultaneous decision-making about categories and values of assets and liabilities in order to establish the optimum volume and the ratio of assets and liabilities, with the understanding of complexity of the financial market in which financial institutions operate. ALM focuses on a significant number of risks, whereby the emphasis in this paper will be on interest rate risk which indicates potential losses that may reflect in a lower interest margin, a lower value of assets or both, in terms of changes in interest rates. In the above context, the aim of this paper is to show how to protect from interest rate changes and how these changes influence the insurance market in Montenegro, both from the theoretical and the practical point of view. The authors consider this to be an interesting and very important topic, especially because the life insurance market in Montenegro is underdeveloped and subject to fluctuations. Also, taking into account the fact that Montenegro is a country that has been making serious efforts to join the EU, it is expected that insurance companies in Montenegro will strengthen their financial position in the market even using the ALM traditional techniques, which is shown in this paper.

Providing Universal Health Insurance Coverage in Nigeria.

Science.gov (United States)

Okebukola, Peter O; Brieger, William R

2016-07-07

Despite a stated goal of achieving universal coverage, the National Health Insurance Scheme of Nigeria had achieved only 4% coverage 12 years after it was launched. This study assessed the plans of the National Health Insurance Scheme to achieve universal health insurance coverage in Nigeria by 2015 and discusses the challenges facing the scheme in achieving insurance coverage. In-depth interviews from various levels of the health-care system in the country, including providers, were conducted. The results of the analysis suggest that challenges to extending coverage include the difficulty in convincing autonomous state governments to buy into the scheme and an inadequate health workforce that might not be able to meet increased demand. Recommendations for increasing the scheme's coverage include increasing decentralization and strengthening human resources for health in the service delivery systems. Strong political will is needed as a catalyst to achieving these goals. © The Author(s) 2016.

Insurance market development: An empirical study of African countries

Directory of Open Access Journals (Sweden)

Athenia Bongani Sibindi

2015-12-01

Full Text Available The insurance industry plays a very crucial role in an economy by fostering intermediation and by its mechanism of risk bearing. As such it could be argued that the insurance industry fosters economic growth. In this article we analyse the global insurance market development trends, particularly focusing on Africa. Our sample comprise of the 10 African countries namely—South Africa, Angola, Nigeria, Kenya, Mauritius, Namibia, Algeria, Tunisia, Morocco and Egypt. We employ three insurance market development metrics namely; premium volumes, insurance density and insurance penetrations ratios to establish trends in the level of development of global insurance markets. Our results document that the African countries (excluding South Africa have the least developed insurance markets. For most of the countries in our sample, the non-life insurance industry dominates the life-insurance industry. As such, it is imperative that their respective governments put in place measures that will grow their economies inorder to stimulate the development of insurance markets in Africa.

Optimal dynamic premium control in non-life insurance. Maximizing dividend pay-outs

DEFF Research Database (Denmark)

Højgaard, Bjarne

2002-01-01

In this paper we consider the problem of finding optimal dynamic premium policies in non-life insurance. The reserve of a company is modeled using the classical Cramér-Lundberg model with premium rates calculated via the expected value principle. The company controls dynamically the relative safety...... loading with the possibility of gaining or loosing customers. It distributes dividends according to a 'barrier strategy' and the objective of the company is to find an optimal premium policy and dividend barrier maximizing the expected total, discounted pay-out of dividends. In the case of exponential...

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

Constructing an Urban Population Model for Medical Insurance Scheme Using Microsimulation Techniques

Directory of Open Access Journals (Sweden)

Linping Xiong

2012-01-01

Full Text Available China launched a pilot project of medical insurance reform in 79 cities in 2007 to cover urban nonworking residents. An urban population model was created in this paper for China’s medical insurance scheme using microsimulation model techniques. The model made it clear for the policy makers the population distributions of different groups of people, the potential urban residents entering the medical insurance scheme. The income trends of units of individuals and families were also obtained. These factors are essential in making the challenging policy decisions when considering to balance the long-term financial sustainability of the medical insurance scheme.

National Launch System comparative economic analysis

Science.gov (United States)

Prince, A.

1992-01-01

Results are presented from an analysis of economic benefits (or losses), in the form of the life cycle cost savings, resulting from the development of the National Launch System (NLS) family of launch vehicles. The analysis was carried out by comparing various NLS-based architectures with the current Shuttle/Titan IV fleet. The basic methodology behind this NLS analysis was to develop a set of annual payload requirements for the Space Station Freedom and LEO, to design launch vehicle architectures around these requirements, and to perform life-cycle cost analyses on all of the architectures. A SEI requirement was included. Launch failure costs were estimated and combined with the relative reliability assumptions to measure the effects of losses. Based on the analysis, a Shuttle/NLS architecture evolving into a pressurized-logistics-carrier/NLS architecture appears to offer the best long-term cost benefit.

How Do Board Characteristics Influence Business Performance? Evidence from Non-life Insurance Firms in Zimbabwe

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Maxwell Sandada

2015-08-01

Full Text Available The purpose of this study was to contribute to the corporate governance literature by establishing the relationship between board characteristics and corporate performance within the nonlife insurance firms in Zimbabwe. The study sought to provide some insights on corporate governance since the phenomenon is relatively an emerging discipline in Zimbabwe. The paper sought to complement other corporate governance studies that were conducted in other environments by producing evidence on the phenomenon from a developing country context. A quantitative research approach was adopted and respondents were selected through a stratified random sampling. The results of the study confirm that board characteristics (board composition, diversity, and size exhibit a statistically significant positive predictive relationship with the performance of non-life insurance firms measured by gross premium written and customer retention. However, CEO/Chairman duality showed a negative relationship with business performance. Non-life insurance companies need to be cognizant of board characteristics in order to improve their performance. Moreover , the findings in this research has practical relevance for the selection process of directors as it highlights the importance of having a sizeable number of board members as well as an appropriate mix of competences and qualifications on the board. Although corporate governance is has been extensively researched, there is limited study in this area from a developing country like Zimbabwe with relatively less developed capital markets. It would be wrong to assume that the findings found in other countries can apply here because the conditions are different.

MARKETING STRATEGY OF COMMERCIAL HEALTH INSURANCE COMPANY

Directory of Open Access Journals (Sweden)

Cut Zaraswati

2017-01-01

Full Text Available The objectives of this research are to: 1 compare the effect of premium earnings products of health insurances after the launching of national social health insurance (JKN-BPJS (Badan Penyelenggara Jaminan Sosial for health; 2 analyze the internal and external factors of private/commercial health insurance companies; 3 formulate a marketing strategyy for health insurance product after the operation of JKN-BPJS for health.  It is a challenge for commercial health insurance to survive and thrive with the existence of JKN-BPJS for health which is compulsory to Indonesia’s citizens to be a member. The research begins by analyzing premium earnings of the commercial health insurance company one year before and after the implementation of JKN-BPJS for health, the intensive interviews and questionnaires to the chosen resource person (purposive samplings, the analysis on Internal Factor Evaluation (IFE, External Factor Evaluation (EFE, Matrix IE and SWOT are used in the research. Then it is continued by arranging a strategic priority using Analytical Hierarchy Process (AHP.  The result from the research is there is totally no decreasing premium earnings for the commercial health insurance company although the growth trend shows a slight drop.  The appropriate strategy for the health insurance company in the commercial sector is the differentiation where the implication is involving customer service quality improvement, product innovation, and technology and infrastructure development.      Keywords:  commercial health insurance company, Marketing Strategy, AHP Analysis, national social health insurance

Should Governments engage health insurance intermediaries? A comparison of benefits with and without insurance intermediary in a large tax funded community health insurance scheme in the Indian state of Andhra Pradesh.

Science.gov (United States)

Nagulapalli, Srikant; Rokkam, Sudarsana Rao

2015-09-10

A peculiar phenomenon of engaging insurance intermediaries for government funded health insurance schemes for the poor, not usually found globally, is gaining ground in India. Rajiv Aarogyasri Scheme launched in the Indian state of Andhra Pradesh, is first largest tax funded community health insurance scheme in the country covering more than 20 million poor families. Aarogyasri Health Care Trust (trust), the scheme administrator, transfers funds to hospitals through two routes one, directly and the other through an insurance intermediary. The objective of this paper is to find out if engaging an insurance intermediary has any effect on cost efficiency of the insurance scheme. We used payment data of RAS for the period 2007-12, to find out the influence of insurance intermediary on the two variables, benefit cost ratio defined as benefit payment divided by premium payment, and claim denial ratio defined as benefit payment divided by treatment cost. Relationship between scheme expenditure and number of beds empanelled under the scheme is examined. OLS regression is used to perform all analyses. We found that adding an additional layer of insurance intermediary between the trust and hospitals reduced the benefit cost ratio under the scheme by 12.2% (p-value = 0.06). Every addition of 100 beds under the scheme increases the scheme payments by US$ 0.75 million (p-value insurance and trust modes narrowed down from 2.84% in government hospitals to 0.41% in private hospitals (p-value insurance intermediary has the twin effects of reduction in benefit payments to beneficiaries, and chocking fund flow to government hospitals. The idea of engaging insurance intermediary should be abandoned.

Nuclear insurance and third-party liability. An overview

Energy Technology Data Exchange (ETDEWEB)

Rashid, Nahrul Khair

1986-04-01

As for any other insurance policy, nuclear insurance involves two parties, the insurer and the insured. The coverage provided for can be against any misfortune or peril; material or physical losses, financial losses, third party liability or even the insured himself as in the case of life or personal insurance. In property and liability insurance, the element of certainty does not exist. Accidents cannot be predicted, the insured will only be able to financially recover the present worth of the property insured as evaluated at the time of the accident and to the extent of the damage arising from the event insured against, which in most cases will be lower than the full value of the property.

Russian Federation Financial Sector Assessment Program : Insurance Core Principles Assessment

OpenAIRE

World Bank; International Monetary Fund

2016-01-01

With about RUB 988bn (USD 26bn) in gross premium written, in 2014, the Russian insurance industry ranked 27th in the world. Non-life insurance premium accounted for 89 percent of GPW while life insurance for only 11 percent. In 2015, the industry also faced with the consequences of the Western economic sanctions which effectively closed access to the high quality Western reinsurance capaci...

AREAS FOR INNOVATIVE PRODUCTS IMPLEMENTATION IN THE INSURANCE MARKET OF UKRAINE

Directory of Open Access Journals (Sweden)

Diana Tretiak

2017-11-01

Full Text Available The aim of the article is to assess the prospects for the implementation of the investment life insurance in Ukraine. The study analysed the experience of foreign countries in the investment life insurance market development. Also, an analysis of existing definitions for the "unit-linked" term is carried out; the result is the conclusion that they are limited to only a descriptive characteristic that relates to a particular aspect of the product. Upon that, a comprehensive definition is absent at all now. Methods. The study is based on a comparison of "unitlinked" products with the traditional life insurance, which exist in the world practice. Practical importance. Increase in the inflow of long-term resources in the Ukrainian economy through the implementation of an innovative unitlinked product. Transformation of the life insurance industry into the high-margin business sphere in Ukraine. Importance/originality. A technique of constructing an innovative unit-linked product depending on the specifics of the domestic insurance market performance is developed. Results. The article considers in depth the specific features of unit-linked products, which distinguish this life insurance type from the classic accumulative insurance. In addition, it highlights other important characteristics such as a high level of flexibility and transparency of all the components. Also, the advantages and disadvantages of unit-linked products are considered as compared to alternative products, its classification is held for the selected parameter group. The estimations of the unit-linked product development prospects, as well as its influence on the growth of the insurance market, are made. The study justifies the legislative consolidation of the investment life insurance along with a number of expansionary measures successfully implemented in Eastern European countries, which are similar to Ukraine. The result within the framework of this direction is the

38 CFR 8.4 - Deduction of insurance premiums from compensation, retirement pay, or pension.

Science.gov (United States)

2010-07-01

...' Relief DEPARTMENT OF VETERANS AFFAIRS NATIONAL SERVICE LIFE INSURANCE Premiums § 8.4 Deduction of insurance premiums from compensation, retirement pay, or pension. The insured under a National Service life insurance policy which is not lapsed may authorize the monthly deduction of premiums from disability...

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...

Directions of improving information system of insurance company

Science.gov (United States)

Kaigorodova, G. N.; Mustafina, A. A.; Alyakina, D. P.

2018-05-01

The article presents a study of the information technologies impact on the insurance industry development. At present, any business, especially business in the field of financial intermediation, can count on maintaining its positions only as a technology company. For the insurance business it is now especially important. Other segments of the financial market - the stock and credit market - are actively developing and applying IT-technologies. The insurance business at present is getting opportunities for a technological breakthrough. There is a growing demand for traditional insurance products - property insurance, motor insurance, health insurance. There is a rapidly growing demand for life insurance and insurance against cyber risks. To implement insurance protection in new conditions, the insurance company should actively use information systems. The article presents a possible variant of systematization of the insurer's business processes within the information system of the insurance company.

THE ROLE OF RELATIONSHIP MARKETING ON INSURANCE MARKET DURING THE CRISIS PERIODS

Directory of Open Access Journals (Sweden)

Cristinel CONSTANTIN

2009-01-01

Full Text Available This paper is about a research regarding the implications of presenteconomic crisis on a market created to cover various risks that could affectboth individuals and companies. The main objective of the research was toestablish the coordinates of the insurance market at the EU countries level inorder to find solutions that insurance companies could use for avoiding thenegative impact of the crisis and to re-launch the local insurance market. Theoutcomes of our research have shown a low development of Romanianinsurance market, this one being among the lowest developed market in theEuropean Union. Taking into consideration the psychological impact of thecrashes recorded by the biggest worldwide insurers, the best solution forlocal companies is to use the tools of relationship marketing that coulddevelop the confidence of customers in insurance services.

Preferences and design in insurance and pensions

DEFF Research Database (Denmark)

Bruhn, Kenneth

is on the relation between household preferences and the related optimal product design. Optimal decisions of a household are considered in continuous-time stochastic control theory models. Within a standard expected utility framework we investigate the eects of dierences between household members as well as tax......Life insurance and pension decisions are of the more important fnancial settlements to be decided in a household. In this thesis we investigate dfferent aspects of relevance for decision making within a household, especially focusing on life insurance and pension decisions. The focus......-effects. The focus is on the consumption, investment and life insurance demands. In another modeling framework, we modify the utility measurement and propose a combination of forward and backward looking preferences. At last, a model with very explicit preferences for stability in consumption is investigated and we...

Visualization tools for insurance risk processes

OpenAIRE

Krzysztof Burnecki; Rafal Weron

2006-01-01

This chapter develops on risk processes which, perhaps, are most suitable for computer visualization of all insurance objects. At the same time, risk processes are basic instruments for any non-life actuary – they are vital for calculating the amount of loss that an insurance company may incur.

The Impact of the Macroeconomic Environment on Insurance Companies

OpenAIRE

Čepeláková, Lenka

2015-01-01

i Abstract: This thesis assesses the impact of economic, institutional and demographic factors on the life and non-life gross written premiums of insurance companies. A dynamic panel data regression using the system generalized method of mo- ments is applied on data of 29 European countries collected by EIOPA covering the period from 2005 to 2013. The results reveal that economic and institutio- nal factors drive both life and non-life insurance industry. On the other hand, we cannot confirm ...

77 FR 70374 - Servicemembers' Group Life Insurance-Stillborn Child Coverage

Science.gov (United States)

2012-11-26

... is the biological mother of a stillborn and if both the surrogate and the stillborn's biological... the coverage of the child's SGLI-insured biological mother. This final rule will provide consistency... proceeds would be paid to the child's SGLI- insured mother. We provided a 60-day public-comment period...

Insurance-growth nexus in Ghana: An autoregressive distributed lag bounds cointegration approach

Directory of Open Access Journals (Sweden)

Abdul Latif Alhassan

2014-12-01

Full Text Available This paper examines the long-run causal relationship between insurance penetration and economic growth in Ghana from 1990 to 2010. Using the autoregressive distributed lag (ARDL bounds approach to cointegration by Pesaran et al. (1996, 2001, the study finds a long-run positive relationship between insurance penetration and economic growth which implies that funds mobilized from insurance business have a long run impact on economic growth. A unidirectional causality was found to run from aggregate insurance penetration, life and non-life insurance penetration to economic growth to support the ‘supply-leading’ hypothesis. The findings have implications for insurance market development in Ghana.

The impact of community-based health insurance on health-related quality of life and associated factors in Ethiopia: a comparative cross-sectional study.

Science.gov (United States)

Gebru, Teklemichael; Lentiro, Kifle

2018-05-31

Quality of life can be used to measure the effect of intervention on health related conditions. Health insurance contributes positive effect on availability of medical supplies and empowerment of women and children on financial healthcare. Therefore, the study was aimed to measure the impact of Community-Based Health Insurance on HRQoL and associated socio-demographic factors. A comparative community based cross-sectional study was employed. Data was collected by trained enumerators using World Health Organization QoL-BREF tool from a sample of 1964 (982 CBHI insured and 982 un-insured) household heads selected by probability proportional to size. A descriptive summery, simple and multiple linear regression analysis was applied to describe the functional predictors of HRQoL. The study was ethically approved by IRB of Wolkite University. The HRQoL score among CBHI insured family heads was 63.02 and 58.92 for un-insured family heads. The overall variation in HRQoL was explained due to; separated marital condition which reduced the HRQoL by 4.30% than those living together [ β  = - 0.044, 95% CI (- 5.67, - 0.10)], daily laborer decreased HRQoL by 7.50% [ β  = - 0.078, 95% CI (- 12.91, - 4.10)], but employment increased by 5.65% than farmers [ β  = 0.055, 95% CI (2.58, 17.59)]. QoL increased by 6.4 and 6.93% among primary and secondary level educated household heads than those household heads who could not read and write [ β  = 0.062, 95% CI (0.75, 4.31)] and [ β  = 0.067, 95% CI (1.84, 7.99)], respectively. As family size increased by one households' head, HRQoL decreased by 18.21% [ β  = - 0.201, 95% CI (- 2.55, - 1.63)], as wealth index increased by one unit, HRQoL decreased by 32.90% [ β  = - 0.306, 95% CI (- 5.15, - 3.86)] and QoL among CBHI insured household heads increased by 12.41% than those un-insured family heads [ β  = 0.117, 95% CI (2.98, 6.16)]. The study revealed that significant difference in

Partnerships for disaster risk insurance in the EU

Science.gov (United States)

Mysiak, Jaroslav; Dionisio Pérez-Blanco, C.

2016-11-01

With increasing costs inflicted by natural hazard perils, and amidst state budget cuts, concerns are mounting about the capacity of governments to design sustainable, equitable and affordable risk management schemes. The participation of the private sector along with the public one through public-private partnerships (PPPs) has gained importance as a means of providing catastrophic natural hazard insurance to address these seemingly conflicting objectives. In 2013 the European Commission launched a wide-ranging consultation about what EU action could be appropriate to improve the performance of insurance markets. Simultaneously, the EU legislator instigated major reforms in the legislation and regulations that pertain to how PPPs are designed or operate. This paper has a dual objective: first, we review and summarize the manifold legal background that influences the provision of insurance against natural catastrophes. Second, we examine how PPPs designed for sharing and transferring risk operate within the European regulatory constraints, illustrated using the example of the UK Flood Reinsurance Scheme (Flood RE) between the state and the Association of British Insurers.

Evaluation of the harmonization process of the Czech insurance market with the single insurance market of the EU

Directory of Open Access Journals (Sweden)

Viktória Čejková

2004-01-01

Full Text Available For the Czech insurance industry, it has been 13 years since the passage of the Insurance Act in 1991, which did away with the monopoly and allowed competition in this business sector. In our evaluation, we can state that the positives outweigh the negatives. A relatively high pace of growth in total premiums written was achieved and the ratio of premiums written to GDP increased, up to 4,0% in 2002. In comparison with EU countries, the Czech insurance market is behind in 2 global indicators: the ratio of premiums written to GDP and the share of life insurance in total premiums written. The Czech insurance market must count on greater competition from foreign insurance companies, as the Czech Republic was May 1, 2004, accepted as a member of the European Union.

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)

Insurance risk with variable number of policies

NARCIS (Netherlands)

Adan, I.J.B.F.; Kulkarni, V.G.

2008-01-01

In this article we consider an insurance company selling life insurance policies. New policies are sold at random points in time, and each policy stays active for an exponential amount of time with rate µ, during which the policyholder pays premiums continuously at rate r. When the policy expires,

Pricing the property claim service (PCS) catastrophe insurance options using gamma distribution

Science.gov (United States)

Noviyanti, Lienda; Soleh, Achmad Zanbar; Setyanto, Gatot R.

2017-03-01

The catastrophic events like earthquakes, hurricanes or flooding are characteristics for some areas, a properly calculated annual premium would be closely as high as the loss insured. From an actuarial perspective, such events constitute the risk that are not insurable. On the other hand people living in such areas need protection. In order to securitize the catastrophe risk, futures or options based on a loss index could be considered. Chicago Board of Trade launched a new class of catastrophe insurance options based on new indices provided by Property Claim Services (PCS). The PCS-option is based on the Property Claim Service Index (PCS-Index). The index are used to determine and payout in writing index-based insurance derivatives. The objective of this paper is to price PCS Catastrophe Insurance Option based on PCS Catastrophe index. Gamma Distribution is used to estimate PCS Catastrophe index distribution.

Insurance market penetration and economic growth in Eurozone countries: Time series evidence on causality

Directory of Open Access Journals (Sweden)

Saurav Dash

2018-06-01

Full Text Available This paper examines the causal relationship between insurance market penetration and per capita economic growth in 19 Eurozone countries for the period 1980–2014. We use three different indicators of insurance market penetration (IMP, namely life insurance penetration, non-life insurance penetration, and total (both life and non-life insurance penetration. We particularly emphasize on whether Granger causality exists between these variables both ways, one way, or not at all. Our empirical results perceive both unidirectional and bidirectional causality between IMP and per capita economic growth. However, these results are mostly non-uniform across the Eurozone countries during this selected period. The policy implication is that the economic policies should recognize the differences in the insurance market and per capita economic growth in order to maintain sustainable growth in the Eurozone. Keywords: IMP, Per capita economic growth, Granger causality, Eurozone countries, JEL codes: L96, O32, O33, O43

HOW AFFECTED WAS WORLD INSURANCE MARKET BY GLOBAL CRISIS?

Directory of Open Access Journals (Sweden)

ANA PREDA

2013-12-01

Full Text Available Global economic and financial crisis triggered in 2008 had a significant impact with effects in economical life worldwide. Insurance industry wasn't spared but was less affected than other sectors of the world economy. The aim of the present paper is to underline the main crisis effects on global insurance market through a comparative study between different regions from the world, taking into consideration the main indicators which give us an insurance market dimension, such as: gross premium volume, insurance density and insurance penetration.

STRUCTURE AND TRENDS OF THE INSURANCE SECTOR IN ROMANIA

Directory of Open Access Journals (Sweden)

MIRELA MONEA

2015-12-01

Full Text Available The aim of the paper is to present the structure of the insurance sector from Romanian economy and the main trends in this sector in last years, based on the most important aspects such as share of foreign capital in this sector, gross written premiums, and indemnity payments, both from life and general insurance, density and penetration degree of the insurance activity, the results registered by the insurance companies

Multi-Objective Stochastic Optimization Programs for a Non-Life Insurance Company under Solvency Constraints

Directory of Open Access Journals (Sweden)

Massimiliano Kaucic

2015-09-01

Full Text Available In the paper, we introduce a multi-objective scenario-based optimization approach for chance-constrained portfolio selection problems. More specifically, a modified version of the normal constraint method is implemented with a global solver in order to generate a dotted approximation of the Pareto frontier for bi- and tri-objective programming problems. Numerical experiments are carried out on a set of portfolios to be optimized for an EU-based non-life insurance company. Both performance indicators and risk measures are managed as objectives. Results show that this procedure is effective and readily applicable to achieve suitable risk-reward tradeoff analysis.

Nonparametric Fine Tuning of Mixtures: Application to Non-Life Insurance Claims Distribution Estimation

Science.gov (United States)

Sardet, Laure; Patilea, Valentin

When pricing a specific insurance premium, actuary needs to evaluate the claims cost distribution for the warranty. Traditional actuarial methods use parametric specifications to model claims distribution, like lognormal, Weibull and Pareto laws. Mixtures of such distributions allow to improve the flexibility of the parametric approach and seem to be quite well-adapted to capture the skewness, the long tails as well as the unobserved heterogeneity among the claims. In this paper, instead of looking for a finely tuned mixture with many components, we choose a parsimonious mixture modeling, typically a two or three-component mixture. Next, we use the mixture cumulative distribution function (CDF) to transform data into the unit interval where we apply a beta-kernel smoothing procedure. A bandwidth rule adapted to our methodology is proposed. Finally, the beta-kernel density estimate is back-transformed to recover an estimate of the original claims density. The beta-kernel smoothing provides an automatic fine-tuning of the parsimonious mixture and thus avoids inference in more complex mixture models with many parameters. We investigate the empirical performance of the new method in the estimation of the quantiles with simulated nonnegative data and the quantiles of the individual claims distribution in a non-life insurance application.

All-Cause Mortality for Diabetics or Individuals with Hyperglycemia Applying for Life Insurance.

Science.gov (United States)

Freitas, Stephen A; MacKenzie, Ross; Wylde, David N; Roudebush, Bradley T; Bergstrom, Richard L; Holowaty, J Carl; Hart, Anna; Rigatti, Steven J; Gill, Stacy J

2016-01-01

Diabetics and individuals with lab results consistent with a diagnosis of diabetes or hyperglycemia were extracted from data covering US residents who applied for life insurance between January 2007 and January 2014. Information about these applicants was matched to the Social Security Death Master File (SSDMF) and another commercially available death source file to determine vital status. Due to the inconsistencies of reporting within the death files, there were two cohorts of death cases, one including the imputed year of birth (full cohort of deaths), and the second where the date of birth was known (reduced cohort of deaths). The study had approximately 8.5 million person-years of exposure. Actual to expected (A/E) mortality ratios were calculated using the Society of Actuaries 2008 Valuation Basic Table (2008VBT) select table, age last birthday and the 2010 US population as expected mortality rates. With the 2008VBT as an expected basis, the overall A/E mortality ratio was 3.15 for the full cohort of deaths and 2.56 for the reduced cohort of deaths. Using the US population as the expected basis, the overall A/E mortality ratio was 0.98 for the full cohort of deaths and 0.79 for the reduced cohort. Since there was no smoking status information in this study, all expected bases were not smoker distinct. A/E mortality ratios varied by disease treatment category and were considerably higher in individuals using insulin. A/E mortality ratios decreased with increasing age and took on a J-shaped distribution with increasing BMI (Body Mass Index). The lowest mortality ratios were observed for overweight and obese individuals. The A/E mortality ratio based on the 2008VBT decreased with the increase in applicant duration, which was defined as the time since initial life insurance application.

Markov chain modeling of policyholder behavior in life insurance and pension

DEFF Research Database (Denmark)

Henriksen, Lars Frederik Brandt; Nielsen, Jeppe Woetmann; Steffensen, Mogens

2014-01-01

We calculate reserves regarding expected policyholder behavior. The behavior is modeled to occur incidentally similarly to insurance risk. The focus is on multi-state modelling of insurance risk and behavioral risk in terms of free policy risk and surrender risk. We discuss valuation techniques i...

[Quantified self movement--the new mantra of life insurance companies].

Science.gov (United States)

Becher, St

2016-06-01

Wearables are small personal minicomputers that register biometric data. In such a way, the insurance industry hopes to create new sales opportunities and products, and simplify underwriting. Lower premiums will promote the use of wearables. The related possibilities and unanswered questions are discussed in this article. Utilisation of big data offers the insurance industry a range of new opportunities. The benefit must be proven in the future, however.

34 CFR 106.39 - Health and insurance benefits and services.

Science.gov (United States)

2010-07-01

... 34 Education 1 2010-07-01 2010-07-01 false Health and insurance benefits and services. 106.39... Prohibited § 106.39 Health and insurance benefits and services. In providing a medical, hospital, accident, or life insurance benefit, service, policy, or plan to any of its students, a recipient shall not...

44 CFR 19.440 - Health and insurance benefits and services.

Science.gov (United States)

2010-10-01

... 44 Emergency Management and Assistance 1 2010-10-01 2010-10-01 false Health and insurance benefits... Education Programs or Activities Prohibited § 19.440 Health and insurance benefits and services. Subject to § 19.235(d), in providing a medical, hospital, accident, or life insurance benefit, service, policy, or...

10 CFR 1042.440 - Health and insurance benefits and services.

Science.gov (United States)

2010-01-01

... 10 Energy 4 2010-01-01 2010-01-01 false Health and insurance benefits and services. 1042.440... in Education Programs or Activities Prohibited § 1042.440 Health and insurance benefits and services. Subject to § 1042.235(d), in providing a medical, hospital, accident, or life insurance benefit, service...

45 CFR 86.39 - Health and insurance benefits and services.

Science.gov (United States)

2010-10-01

... 45 Public Welfare 1 2010-10-01 2010-10-01 false Health and insurance benefits and services. 86.39... Discrimination on the Basis of Sex in Education Programs or Activities Prohibited § 86.39 Health and insurance benefits and services. In providing a medical, hospital, accident, or life insurance benefit, service...

Partnerships for disaster risk insurance in the EU

Directory of Open Access Journals (Sweden)

J. Mysiak

2016-11-01

Full Text Available With increasing costs inflicted by natural hazard perils, and amidst state budget cuts, concerns are mounting about the capacity of governments to design sustainable, equitable and affordable risk management schemes. The participation of the private sector along with the public one through public–private partnerships (PPPs has gained importance as a means of providing catastrophic natural hazard insurance to address these seemingly conflicting objectives. In 2013 the European Commission launched a wide-ranging consultation about what EU action could be appropriate to improve the performance of insurance markets. Simultaneously, the EU legislator instigated major reforms in the legislation and regulations that pertain to how PPPs are designed or operate. This paper has a dual objective: first, we review and summarize the manifold legal background that influences the provision of insurance against natural catastrophes. Second, we examine how PPPs designed for sharing and transferring risk operate within the European regulatory constraints, illustrated using the example of the UK Flood Reinsurance Scheme (Flood RE between the state and the Association of British Insurers.

INFORMATION FROM THE CERN HEALTH INSURANCE SCHEME

CERN Document Server

Tel : 7-3635

2002-01-01

Please note that, from 1 July 2002, the tariff agreement between CERN and the Hôpital de la Tour will no longer be in force. As a result the members of the CERN Health Insurance Scheme will no longer obtain a 5% discount for quick payment of bills. More information on the termination of the agreement and the implications for our Health Insurance Scheme will be provided in the next issue of the CHIS Bull', due for publication in the first half of July. It will be sent to your home address, so, if you have moved recently, please check that your divisional secretariat has your current address. Tel.: 73635 The Organization's Health Insurance Scheme (CHIS) has launched its own Web pages, located on the Website of the Social & Statutory Conditions Group of HR Division (HR-SOC). The address is short and easy-to-remember www.cern.ch/chis The pages currently available concentrate on providing basic information. Over the coming months it is planned to fill out the details and introduce new topics. Please give us ...

Insurance--a dental viewpoint. Part III: Life assurance, pensions and annuities.

Science.gov (United States)

Green, A G

1994-09-10

The insurance market is complex and there can be serious taxation implications in many decisions. The tax aspect may be beneficial to the dentist or it can have serious consequences. The advice of independent experts in accountancy and insurance is often vital if catastrophic pitfalls are to be avoided.

45 CFR 618.440 - Health and insurance benefits and services.

Science.gov (United States)

2010-10-01

... 45 Public Welfare 3 2010-10-01 2010-10-01 false Health and insurance benefits and services. 618....440 Health and insurance benefits and services. Subject to § 618.235(d), in providing a medical, hospital, accident, or life insurance benefit, service, policy, or plan to any of its students, a recipient...

40 CFR 5.440 - Health and insurance benefits and services.

Science.gov (United States)

2010-07-01

... 40 Protection of Environment 1 2010-07-01 2010-07-01 false Health and insurance benefits and... Discrimination on the Basis of Sex in Education Programs or Activities Prohibited § 5.440 Health and insurance benefits and services. Subject to § 5.235(d), in providing a medical, hospital, accident, or life insurance...

38 CFR 23.440 - Health and insurance benefits and services.

Science.gov (United States)

2010-07-01

... Prohibited § 23.440 Health and insurance benefits and services. Subject to § 23.235(d), in providing a medical, hospital, accident, or life insurance benefit, service, policy, or plan to any of its students, a... 38 Pensions, Bonuses, and Veterans' Relief 2 2010-07-01 2010-07-01 false Health and insurance...

36 CFR 1211.440 - Health and insurance benefits and services.

Science.gov (United States)

2010-07-01

... 36 Parks, Forests, and Public Property 3 2010-07-01 2010-07-01 false Health and insurance benefits... Activities Prohibited § 1211.440 Health and insurance benefits and services. Subject to § 1211.235(d), in providing a medical, hospital, accident, or life insurance benefit, service, policy, or plan to any of its...

10 CFR 5.440 - Health and insurance benefits and services.

Science.gov (United States)

2010-01-01

... 10 Energy 1 2010-01-01 2010-01-01 false Health and insurance benefits and services. 5.440 Section... Education Programs or Activities Prohibited § 5.440 Health and insurance benefits and services. Subject to § 5.235(d), in providing a medical, hospital, accident, or life insurance benefit, service, policy, or...

24 CFR 3.440 - Health and insurance benefits and services.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 1 2010-04-01 2010-04-01 false Health and insurance benefits and... Activities Prohibited § 3.440 Health and insurance benefits and services. Subject to § 3.235(d), in providing a medical, hospital, accident, or life insurance benefit, service, policy, or plan to any of its...

49 CFR 25.440 - Health and insurance benefits and services.

Science.gov (United States)

2010-10-01

... 49 Transportation 1 2010-10-01 2010-10-01 false Health and insurance benefits and services. 25.440... Basis of Sex in Education Programs or Activities Prohibited § 25.440 Health and insurance benefits and services. Subject to § 25.235(d), in providing a medical, hospital, accident, or life insurance benefit...

32 CFR 196.440 - Health and insurance benefits and services.

Science.gov (United States)

2010-07-01

... 32 National Defense 2 2010-07-01 2010-07-01 false Health and insurance benefits and services. 196... Activities Prohibited § 196.440 Health and insurance benefits and services. Subject to § 196.235(d), in providing a medical, hospital, accident, or life insurance benefit, service, policy, or plan to any of its...

29 CFR 36.440 - Health and insurance benefits and services.

Science.gov (United States)

2010-07-01

... 29 Labor 1 2010-07-01 2010-07-01 true Health and insurance benefits and services. 36.440 Section... Education Programs or Activities Prohibited § 36.440 Health and insurance benefits and services. Subject to § 36.235(d), in providing a medical, hospital, accident, or life insurance benefit, service, policy, or...

13 CFR 113.440 - Health and insurance benefits and services.

Science.gov (United States)

2010-01-01

... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Health and insurance benefits and....440 Health and insurance benefits and services. Subject to § 113.235(d), in providing a medical, hospital, accident, or life insurance benefit, service, policy, or plan to any of its students, a recipient...

45 CFR 2555.440 - Health and insurance benefits and services.

Science.gov (United States)

2010-10-01

... 45 Public Welfare 4 2010-10-01 2010-10-01 false Health and insurance benefits and services. 2555... Activities Prohibited § 2555.440 Health and insurance benefits and services. Subject to § 2555.235(d), in providing a medical, hospital, accident, or life insurance benefit, service, policy, or plan to any of its...

18 CFR 1317.440 - Health and insurance benefits and services.

Science.gov (United States)

2010-04-01

... § 1317.440 Health and insurance benefits and services. Subject to § 1317.235(d), in providing a medical, hospital, accident, or life insurance benefit, service, policy, or plan to any of its students, a recipient... 18 Conservation of Power and Water Resources 2 2010-04-01 2010-04-01 false Health and insurance...

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.

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...

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...

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.

Risk Pricing and Profit Maximization of Insurance Companies ...

African Journals Online (AJOL)

The research investigates the impact of pricing of risk on the profitability of Nigeria insurance market and also the relationship between operation expenses and profitability of the non-life insurance market in Nigeria. Results show that economy, competition and government regulation have effect on pricing of risk. Also, it was ...

Asset and Liability Composition in Participating Life Insurance: The Impact on Shortfall Risk and Shareholder Value

DEFF Research Database (Denmark)

Gatzert, Nadine; Bohnert, Alexander; Jørgensen, Peter Løchte

surplus appropriation schemes on the company’s shortfall risk and the shareholders’ fair risk charge. The range of products comprises temporary life annuities and endowment insurance contracts with varying surplus appropriation schemes that are modeled actuarially. We thereby also account for mortality...... risk and ensure a fair situation for shareholders. Our findings emphasize that management decisions can have a substantial impact on the company’s shortfall risk, and that their effectiveness in risk reduction varies substantially depending on the surplus appropriation scheme offered to the customer...

The Space Shuttle and expendable launch systems - A U.S. commercial customer perspective

Science.gov (United States)

Savage, M.; Chagnon, R.

1985-10-01

The development of space transportation systems for commercial satellite launches is reviewed. A comparison of the Ariane system with the Space Shuttle is presented. The performance capability, reliability, and availability of the two systems are analyzed; the Ariane 4 is capable of launching payloads of 1900-4200 kg into transfer orbits and is better positioned than the Shuttle to handle commercial payloads greater than 1900 kg. The insurance costs, and spacecraft and launcher integration complexity for the two systems are discussed. The launch cost and postponement penalties are studied. NASA's launch cost is based on the length or mass of the payload multiplied by the fixed Shuttle cost, with Ariane attempting to keep prices $1-3 million lower, in order to be competitive with the Shuttle. NASA offers one free postponement and penalties as high as 55 percent; Ariane's penalties range from 6-18 percent of the launch price. The need for lower prices, an easier integration process, customer convience, and less severe postponement and reflight policies in order for the space transportation systems to be commercially useful, is discussed.

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...

Conceptualising the lack of health insurance coverage.

Science.gov (United States)

Davis, J B

2000-01-01

This paper examines the lack of health insurance coverage in the US as a public policy issue. It first compares the problem of health insurance coverage to the problem of unemployment to show that in terms of the numbers of individuals affected lack of health insurance is a problem comparable in importance to the problem of unemployment. Secondly, the paper discusses the methodology involved in measuring health insurance coverage, and argues that the current method of estimation of the uninsured underestimates the extent that individuals go without health insurance. Third, the paper briefly introduces Amartya Sen's functioning and capabilities framework to suggest a way of representing the extent to which individuals are uninsured. Fourth, the paper sketches a means of operationalizing the Sen representation of the uninsured in terms of the disability-adjusted life year (DALY) measure.

[100 years with certificates: Danish Society of Insurance Medicine 1902-2002].

Science.gov (United States)

Permin, Henrik

2002-01-01

Danish Society of Insurance Medicine was formed in 1902 as an association between the Danish Society of Accident Insurance and the Danish Society of Life Insurance Medicine, both founded a year before. The purpose of the society is to apply and to further the scientific basis of insurance medicine. The meetings also play a role as a forum for discussions. The members of the society are all working part-time in an insurance company in Denmark (in contrast to many other countries where it is a full-time job). The members are mainly specialists in medicine and surgery. During the first half life of the society nearly all members were high-qualified doctors, i.e. professors and consultants at a university hospital in Copenhagen usually with a doctoral degree. These prominent doctors had a significant influence on insurance medicine in Denmark. The managing directors of the Insurance Companies were invited to the meetings. Many scientific works and textbooks were written on the subject. The society arranges two meetings yearly - one concerning with life insurance and one with accident-insurance medicine. Previously, the question put to the medical adviser was always "Which impairments can still be insured?", but today the question is the opposite "Which impairments are not insurable?" The members have increased to currently 112, still only men, but today the members are younger, comprise fewer professors and fewer with a doctoral degree. During the last 6 years, all interested members in the insurance companies have been invited to the meetings, providing a broader input for the discussions. The topic of the meeting is of current interest: new laws or a new treatment of a disease (medication, surgery) which has been introduced. One to three speakers open the meeting, followed by a discussion. The meetings are always concluded with a light meal and a glass of wine, in earlier days also with cigars and Danish schnaps. 190 meetings have been held during the last 100 years

7 CFR 15a.39 - Health and insurance benefits and services.

Science.gov (United States)

2010-01-01

... 7 Agriculture 1 2010-01-01 2010-01-01 false Health and insurance benefits and services. 15a.39... Programs and Activities Prohibited § 15a.39 Health and insurance benefits and services. In providing a medical, hospital, accident, or life insurance benefit, service, policy, or plan to any of its students, a...

IoT enabled Insurance Ecosystem - Possibilities Challenges and Risks

OpenAIRE

Manral, Jai

2015-01-01

Internet of Thing (IoT) is looking over to overhaul the business processes of many industries including insurance domain. The current line of business such as Property and Casualty, Health, and Life Insurance can avail tremendous benefits from the contextual and relevant data being generated from billions of connected devices; Smartphone's, wearable gadget and other electronic smart sensors. For P&C insurer's the biggest challenges is not the rapidly changing environment but tackling these ch...

Implementing a participatory model of micro health insurance among rural poor with evidence from Nepal

NARCIS (Netherlands)

D.M. Dror (David); M. Majumdar (Manabi); P. Panda (Pradeep); D. John (Dominik); R. Koren (Ruth)

2014-01-01

textabstractThis paper reports on two voluntary, contributory, contextualised, community-based health insurance (CBHI) schemes, launched in Dhading and Banke (Nepal) in 2011. The implementation followed a four-stage process: initiating (baseline survey), involving (awareness generation and engaging

The Reallocation of Compensation in Response to Health Insurance Premium Increases

OpenAIRE

Dana P. Goldman; Neeraj Sood; Arleen Leibowitz

2003-01-01

This paper examines how compensation packages change when health insurance premiums rise. We use data on employee choices within a single large firm with a flexible benefits plan; an increasingly common arrangement among medium and large firms. In these companies, employees explicitly choose how to allocate compensation between cash and various benefits such as retirement, medical insurance, life insurance, and dental benefits. We find that a $1 increase in the price of health insurance leads...

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.

Gender and Extended Actuarial Functions in Pension Insurance

Directory of Open Access Journals (Sweden)

Jana Špirková

2012-12-01

Full Text Available This paper brings analysis of the impact of a ban on the use of gender in insurance, with special stress on pension annuity, according to the requirements of the European Court of Justice. The paper brings a state-of-theart overview of known and extended actuarial functions which relate to modeling of a premium of endowment, term life insurance and pension annuity. Moreover, the amounts of the pension annuities payable thly per year in a model of the third pillar pension are modeled and analyzed for different interest rates using life tables for both genders and unisex.

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

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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

Insurance problems among inflammatory bowel disease patients: results of a Dutch population based study.

Science.gov (United States)

Russel, M G V M; Ryan, B M; Dagnelie, P C; de Rooij, M; Sijbrandij, J; Feleus, A; Hesselink, M; Muris, J W; Stockbrugger, R

2003-03-01

The majority of patients with inflammatory bowel disease (IBD) have a normal life expectancy and therefore should not be weighted when applying for life assurance. There is scant literature on this topic. In this study our aim was to document and compare the incidence of difficulties in application for life and medical insurance in a population based cohort of IBD patients and matched population controls. A population based case control study of 1126 IBD patients and 1723 controls. Based on a detailed questionnaire, the frequency and type of difficulties encountered when applying for life and medical insurance in matched IBD and control populations were appraised. In comparison with controls, IBD patients had an 87-fold increased risk of encountering difficulties when applying for life assurance (odds ratio (OR) 87 (95% confidence interval (CI) 31-246)), with a heavily weighted premium being the most common problem. Patients of high educational status, with continuous disease activity, and who smoked had the highest odds of encountering such problems. Medical insurance difficulties were fivefold more common in IBD patients compared with controls (OR 5.4 (95% CI 2.3-13)) although no specific disease or patient characteristics were identified as associated with such difficulties. This is the first detailed case control study that has investigated insurance difficulties among IBD patients. Acquiring life and medical insurance constituted a major problem for IBD patients in this study. These results are likely to be more widely representative given that most insurance companies use international guidelines for risk assessment. In view of the recent advances in therapy and promising survival data on IBD patients, evidence based guidelines for risk assessment of IBD patients by insurance companies should be drawn up to prevent possible discriminatory practices.

Individual savings accounts for social insurance

DEFF Research Database (Denmark)

Bovenberg, Lans; Hansen, Martin Ino; Sørensen, Peter Birch

2008-01-01

Using Danish data, we find that about three-fourths of the taxes levied to finance public transfers actually finance benefits that redistribute income over the life cycle of individual taxpayers rather than redistribute resources across people. This finding and similar results for other countries...... provide a rationale for financing part of social insurance via mandatory individual savings accounts. We discuss the advantages and disadvantages of mandatory individual savings accounts for social insurance and survey some recent alternative proposals for such accounts...

A Logistic Regression Based Auto Insurance Rate-Making Model Designed for the Insurance Rate Reform

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Zhengmin Duan

2018-02-01

Full Text Available Using a generalized linear model to determine the claim frequency of auto insurance is a key ingredient in non-life insurance research. Among auto insurance rate-making models, there are very few considering auto types. Therefore, in this paper we are proposing a model that takes auto types into account by making an innovative use of the auto burden index. Based on this model and data from a Chinese insurance company, we built a clustering model that classifies auto insurance rates into three risk levels. The claim frequency and the claim costs are fitted to select a better loss distribution. Then the Logistic Regression model is employed to fit the claim frequency, with the auto burden index considered. Three key findings can be concluded from our study. First, more than 80% of the autos with an auto burden index of 20 or higher belong to the highest risk level. Secondly, the claim frequency is better fitted using the Poisson distribution, however the claim cost is better fitted using the Gamma distribution. Lastly, based on the AIC criterion, the claim frequency is more adequately represented by models that consider the auto burden index than those do not. It is believed that insurance policy recommendations that are based on Generalized linear models (GLM can benefit from our findings.

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...

Crop insurance: Risks and models of insurance

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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.

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

Introduction to insurance mathematics technical and financial features of risk transfers

CERN Document Server

Olivieri, Annamaria

2015-01-01

This second edition expands the first chapters, which focus on the approach to risk management issues discussed in the first edition, to offer readers a better understanding of the risk management process and the relevant quantitative phases. In the following chapters the book examines life insurance, non-life insurance and pension plans, presenting the technical and financial aspects of risk transfers and insurance without the use of complex mathematical tools.   The book is written in a comprehensible style making it easily accessible to advanced undergraduate and graduate students in Economics, Business and Finance, as well as undergraduate students in Mathematics who intend starting on an actuarial qualification path. With the systematic inclusion of practical topics, professionals will find this text useful when working in insurance and pension related areas, where investments, risk analysis and financial reporting play a major role.

Asset Liability Management in Insurance Company

OpenAIRE

Giandomenico, Rossano

2006-01-01

The model, by using the option theory, determines the fair value of the insurance life policies with different time of maturity and shows that the effective liabilities duration of an Insurance Company exposed to the default risk is different from the duration of a default free zero coupon bond with the same time of maturity. Furthermore, it shows that the value of equity can be immunized in a dynamic way with respect to the movement of the spot rate by selling and purchasing the default fre...

Personal finance and life insurance under separation of risk aversion and elasticity of substitution

DEFF Research Database (Denmark)

Jensen, Ninna Reitzel; Steffensen, Mogens

2015-01-01

aversion from elasticity of inter-temporal substitution, we introduce certainty equivalents. We propose a time-inconsistent global optimization problem, and we present a verification theorem for an equilibrium control. In the special case without mortality risk, we discover that our optimization approach...... is equivalent to recursive utility optimization with Epstein–Zin preferences in the sense that the two approaches lead to the same result. We find this interesting since our optimization problem has an intuitive interpretation as a global maximization of certainty equivalents and since recursive utility......, in contrast to our approach, gives rise to severe differentiability problems. Also, our optimization approach can there be seen as a generalization of recursive utility optimization with Epstein–Zin preferences to include mortality risk and life insurance....

76 FR 20727 - National Life Insurance Company, et al.

Science.gov (United States)

2011-04-13

... of choosing investments for the Replacement Portfolio. In addition, Fidelity Research & Analysis... of the Money Market Portfolio (the ``Replacement Portfolio'') of the Variable Insurance Products Fund V (``VIPFV'') for shares of the Money Market Fund (the ``Substituted Portfolio'') of the Sentinel...

Implications of European Directives in the Assessment of Insurance Companies

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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.

NASA Space Technology Draft Roadmap Area 13: Ground and Launch Systems Processing

Science.gov (United States)

Clements, Greg

2011-01-01

This slide presentation reviews the technology development roadmap for the area of ground and launch systems processing. The scope of this technology area includes: (1) Assembly, integration, and processing of the launch vehicle, spacecraft, and payload hardware (2) Supply chain management (3) Transportation of hardware to the launch site (4) Transportation to and operations at the launch pad (5) Launch processing infrastructure and its ability to support future operations (6) Range, personnel, and facility safety capabilities (7) Launch and landing weather (8) Environmental impact mitigations for ground and launch operations (9) Launch control center operations and infrastructure (10) Mission integration and planning (11) Mission training for both ground and flight crew personnel (12) Mission control center operations and infrastructure (13) Telemetry and command processing and archiving (14) Recovery operations for flight crews, flight hardware, and returned samples. This technology roadmap also identifies ground, launch and mission technologies that will: (1) Dramatically transform future space operations, with significant improvement in life-cycle costs (2) Improve the quality of life on earth, while exploring in co-existence with the environment (3) Increase reliability and mission availability using low/zero maintenance materials and systems, comprehensive capabilities to ascertain and forecast system health/configuration, data integration, and the use of advanced/expert software systems (4) Enhance methods to assess safety and mission risk posture, which would allow for timely and better decision making. Several key technologies are identified, with a couple of slides devoted to one of these technologies (i.e., corrosion detection and prevention). Development of these technologies can enhance life on earth and have a major impact on how we can access space, eventually making routine commercial space access and improve building and manufacturing, and weather

Social Insurance in Romania - Concern for Governors

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Manuela Panaitescu

2011-05-01

Full Text Available Objectives: the comparative research of the public and private insurance systems is important as itprovides financial benefits to the individuals who have lost their income due to their old age, along with theirdecreased labour ability caused by disabilities, disease, motherhood, work related accidents orunemployment, and the resulting benefits are conditioned by the due contributions; Prior Work: this workcontinues previous research conducted for the PhD thesis called “Improving Management in the Public andPrivate Insurance Systems in the Market Economy”; Approach: the main methods that have been used insurveys and observation of the population’s behaviour; Results: in order to reduce the financial restraints thatthe public insurance system has to cope with, the concrete implementation of a social insurance system basedon the needs and value scales of the Romanian state is necessary; Implications: academics and researchersinterested in the Romanian social insurance system management and its long run effects on the population;Value: the insurance systems determins the quality of life for most of the population and strongly influencethe economy, especially the labour market and the capital market. This is why social security is a commonchallenge for all European countries.

1 The Mauritian Insurance Industry in the next Decade: Challenges ...

African Journals Online (AJOL)

2015-05-11

May 11, 2015 ... The insurance business is at a critical stage in Mauritius. There has been consistent ... advantage with customers who are more concerned with convenience than price. ..... 2.5.1 Recognize and react to disruptive realities. Two of the ... whether life policies or other sustainable models are needed, insurance.

Inpatient care expenditure of the elderly with chronic diseases who use public health insurance: Disparity in their last year of life.

Science.gov (United States)

Chandoevwit, Worawan; Phatchana, Phasith

2018-06-01

The Thai elderly are eligible for the Civil Servant Medical Benefit Scheme (CS) or Universal Coverage Scheme (UCS) depending on their pre-retirement or their children work status. This study aimed to investigate the disparity in inpatient care expenditures in the last year of life among Thai elderly individuals who used the two public health insurance schemes. Using death registration and inpatient administrative data from 2007 to 2011, our subpopulation group included the elderly with four chronic disease groups: diabetes mellitus, hypertension and cardiovascular disease, heart disease, and cancer. Among 1,242,150 elderly decedents, about 40% of them had at least one of the four chronic disease conditions and were hospitalized in their last year of life. The results showed that the means of inpatient care expenditures in the last year of life paid by CS and UCS per decedent were 99,672 Thai Baht and 52,472 Thai Baht, respectively. On average, UCS used higher healthcare resources by diagnosis-related group relative weight measure per decedent compared with CS. In all cases, the rates of payment for inpatient treatment per diagnosis-related group adjusted relative weight were higher for CS than UCS. This study found that the disparities in inpatient care expenditures in the last year of life stemmed mainly from the difference in payment rates. To mitigate this disparity, unified payment rates for various types of treatment that reflect costs of hospital care across insurance schemes were recommended. Copyright © 2018 Elsevier Ltd. All rights reserved.

The Impact of Industrial Structure of Life Insurance and Business Management Strategy on Profitability%寿险业产业结构与企业经营策略对获利能力的影响

Institute of Scientific and Technical Information of China (English)

戴稳胜; 张阿兰; 林桢舜; 谢邦昌

2004-01-01

Theory of industrial organization told us that Industry structure affect the profitability, it will also affect the enterprise's market strategy and will have indirect effect on profitability through the effect of strategy. This article present an empirical research on Chinese life insurance industry with the structure equation model as a tool, the results told us that the industrial structure has positive effects on enterprise's profitability and market strategy, and market strategy has negative effect on profitability so the industry structure has negative indirect effect on profitability, but the positive effect is more power than the negative effect. This article suggest that Chinese should continue it's opening policy and advance the cooperation in life insurance industry, and the life insurance companies should be enterprising in product innovation and investing strategy.

Narrow Framing and Long-Term Care Insurance

OpenAIRE

Daniel Gottlieb; Olivia S. Mitchell

2015-01-01

We propose a model of narrow framing in insurance and test it using data from a new module we designed and fielded in the Health and Retirement Study. We show that respondents subject to narrow framing are substantially less likely to buy long-term care insurance than average. This effect is distinct from, and much larger than, the effects of risk aversion or adverse selection, and it offers a new explanation for why people underinsure their later-life care needs.

The economic crisis and the insurance industry: The evidence from the ex-Yugoslavia region

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Njegomir Vladimir

2010-01-01

Full Text Available The paper analyses the impact of the economic crisis on the insurance industries of the ex-Yugoslavia region. The analysis encompasses five countries: Slovenia, Croatia, Serbia, Bosnia and Herzegovina, and FYR Macedonia. We examine insurance industry specifics separately for each country for the period 2004-2008 and for the first six months of 2009. While the impact of the crisis varies between countries, the research results indicate that the global financial crisis has had limited overall impact on the regional insurance industry. However the current recession resulted in negative premium growth in Serbia, Croatia and FYR Macedonia while the growth in Slovenia and Bosnia and Herzegovina declined. At the same time investment returns have declined and claims have risen in all countries. The crisis had more pronounced impact on non-life insurance premium growth in less developed insurance markets. In developed markets, namely Slovenia and Croatia, the crisis had greater impact on life insurance premium growth.

Genetics and Insurance in Australia: Concerns around a Self-Regulated Industry.

Science.gov (United States)

Newson, Ainsley J; Tiller, Jane; Keogh, Louise A; Otlowski, Margaret; Lacaze, Paul

2017-01-01

Regulating the use of genetic information in insurance is an issue of ongoing international debate. In Australia, providers of life and other mutually rated insurance products can request applicants to disclose all results from any genetic test. Insurers can then use this information to adjust premiums and make policy decisions. The Australian Financial Services Council (FSC; an industry body) developed and maintains the relevant industry standard, which was updated in late 2016. Aims/Objective: To review the 2016 FSC Standard in light of relevant research and determine the legitimacy of the Australian regulatory environment regarding use of genetic information by insurers. We identified five concerns arising from the 2016 FSC Standard: (1) use of results obtained from research; (2) the requirement for an applicant to disclose whether they are "considering" a genetic test; (3) failure to account for genome sequencing and other technology developments; (4) limited evidence regarding adverse selection; and (5) the inappropriateness of industry self-regulation. Industry self-regulation of the use of genetic information by life insurers, combined with a lack of government oversight, is inappropriate and threatens to impede the progress of genomic medicine in Australia. At this critical time, Australia requires closer government oversight of the use of genetic information in insurance. © 2017 S. Karger AG, Basel.

Investment Strategy and Efficiency of Investment Activity of European Insurers

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Zhabynets Olga Yo.

2014-02-01

Full Text Available The article studies investment strategy and efficiency of investment activity of European insurance companies. In particular, it analyses the share of investments of insurance companies of Europe in GDP, investment portfolio of European insurers and its structure, contribution of insurance companies – leaders of investment activity – into the European investment portfolio. It studies influence of the financial crisis upon investment strategy of European insurers and analyses efficiency of investment activity of European insurers in risk insurance and life insurance. The article proves that investment business models of insurance companies are capable of resisting crisis phenomena more efficiently than other financial institutions. It marks out that measures of insurance companies that are directed at increase of profitability of investments require from them both significant expenditures on creation of the system of investment risk management and open access to different categories of financial assets and markets, which influences the general risk level, taken upon by an insurance company. The author draws a conclusion that, taking into account recent developments, European insurers should focus on equity and investment risk management, finding new possibilities for their (investments growth and also adaptation of new systems and operations for solution of these important tasks.

Pet insurance--essential option?

Science.gov (United States)

Stowe, J D

2000-08-01

As Hawn (2) says, "insurance is about risk and peace of mind." She reports that the American Humane Society supports pet insurance because companion animals are able to be treated for disease or accidents that are life-threatening where, otherwise, they would have been euthanized. For veterinarians, she suggests that pet insurance allows them to practice veterinary medicine "as if it were free." It is inevitable that pet insurance will grow as a recourse for veterinary fees. This may be a savior to some families whose budget is stretched to the limit at a critical moment in the health care of their cherished pet. We in the veterinary profession have an advantage over other professions. We have seen the good, the bad, and the ugly of insurance, as it applies to human health and dental care. If we work hand-in-hand with our own industries, collectively we may be able to develop a system that wins for everyone, with fees that allow practice to thrive and growth strategies that accommodate new treatment and diagnostic modalities, as well as consistent and exemplary customer service. The path ahead is always fraught with bumps and potholes. We can be a passive passenger and become a victim of the times or an active driver to steer the profession to a clearer route. Pet insurance is but one of the solutions for the profession; the others are a careful assessment of our fees--charging what we are worth, not what we think the client will pay; business management; customer service; leadership of our health care team; lifelong learning; and more efficient delivery systems. Let us stop being a victim, stop shooting ourselves in the professional foot, and seize the day!

Ethical Issues in Insurance Marketing.The Case of Western India

Directory of Open Access Journals (Sweden)

Sorab Georgy Sadri

2012-10-01

Full Text Available This is a paper based on empirical investigation conducted in Western India between 2002 and 2012 especially at a time when the Indian economy is in a stage of transition from state capitalism to free market capitalism, albeit both of a retarded variety. It takes the 7 Ps of services marketing and cross verifies responses against seven dimensions of ethical conduct. The study is based on questionnaires followed by interviews. The target respondents were life insurance employees of banc assurance involved in marketing life insurance policies to customers in the urban sector. The study brought to the fore the fact that commissions were more important that telling the truth while selling policies. In the process ethical considerations conveniently went out of the window. To protect the interest of the unsuspecting clients a plea is made to have governance machinery in place that will make the insurance marketing personnel accountable for what and how they sell their wares. This need is especially felt in a country where the social security net is virtually non existent and the erstwhile joint family system is on a fast decline. In such circumstances a lack of ethical norms on the part of the insurer is an unacceptable sociological proposition and borders on gross unethical behaviour. The task of people management experts to address this issue is of the paramount importance and urgency if the Indian life insurance industry is to sustain its social image in a highly competitive market where foreign players are steadily entering the domestic scene.

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...

Demographic predictors of false negative self-reported tobacco use status in an insurance applicant population.

Science.gov (United States)

Palmier, James; Lanzrath, Brian; Dixon, Ammon; Idowu, Oluseun

2014-01-01

To identify and quantify demographic correlates of false-negative self-reporting of tobacco use in life insurance applicants. Several studies have assessed the sensitivity of self-reporting for tobacco use in various populations, but statistical examination of the causes of misreporting has been rarer. The very large (488,000 confirmed tobacco users) sample size, US-wide geographic scope, and unique incentive structure of the life insurance application process permit more robust and insurance industry-specific results in this study. Approximately 6.2 million life insurance applicants for whom both tobacco-use interview questions and a confirmatory urine cotinine test were completed between 1999 and 2012 were evaluated for consistency between self-reported and laboratory-confirmed tobacco-use status. The data set was subjected to logistic regression to identify predictors of false negative self-reports (FNSR). False-negative self-reporting was found to be strongly associated with male gender, applicant ages of less than 30 or greater than 60, and low cotinine positivity rates in the applicant's state of residence. Policy face value was also moderately predictive, values above $500,000 associated with moderately higher FNSR. The findings imply that FNSR in life insurance applicants may be the result of complex interactions among financial incentives, geography and presumptive peer groups, and gender.

Employer-Sponsored Health Insurance: Are Employers Good Agents for Their Employees?

OpenAIRE

Peele, Pamela B.; Lave, Judith R.; Black, Jeanne T.; Evans III, John H.

2000-01-01

Employers in the United States provide many welfare-type benefits, such as life insurance, disability insurance, health insurance, and pensions, to their employees. Employers can be viewed as performing an agency role in purchasing pension, health, and other welfare benefits for their employees. An exploration of their competence in this role as agents for their employees indicates that large employers are very helpful to their employees in this arena. They seem to contribute to individual em...

A pre-launch exploration of customer acceptance of usage based vehicle insurance policy

Directory of Open Access Journals (Sweden)

G. Rejikumar

2013-03-01

Full Text Available This study was designed against the backdrop of observations that the motor insurance pricing in India requires radical innovations to become more acceptable, fair, and affordable to customers. Customer perceptions about usage based pricing were collected using a structured questionnaire. The model containing critical variables was validated to identify statistically significant linkages among perceived individual benefits, perceived social benefits, perceived value, perceived easiness to understand and acceptance intentions. The perceived risk to privacy was not found to influence the acceptance intentions of the customer. The study concluded that customers are likely to accept the concept of usage based pricing once implemented.

The Volume Of TV Advertisements During The ACA's First Enrollment Period Was Associated With Increased Insurance Coverage.

Science.gov (United States)

Karaca-Mandic, Pinar; Wilcock, Andrew; Baum, Laura; Barry, Colleen L; Fowler, Erika Franklin; Niederdeppe, Jeff; Gollust, Sarah E

2017-04-01

The launch of the Affordable Care Act was accompanied by major insurance information campaigns by government, nonprofit, political, news media, and private-sector organizations, but it is not clear to what extent these efforts were associated with insurance gains. Using county-level data from the Census Bureau's American Community Survey and broadcast television airings data from the Wesleyan Media Project, we examined the relationship between insurance advertisements and county-level health insurance changes between 2013 and 2014, adjusting for other media and county- and state-level characteristics. We found that counties exposed to higher volumes of local insurance advertisements during the first open enrollment period experienced larger reductions in their uninsurance rates than other counties. State-sponsored advertisements had the strongest relationship with declines in uninsurance, and this relationship was driven by increases in Medicaid enrollment. These results support the importance of strategic investment in advertising to increase uptake of health insurance but suggest that not all types of advertisements will have the same effect on the public. Project HOPE—The People-to-People Health Foundation, Inc.

The role of insurance and risk management in new power plant projects

International Nuclear Information System (INIS)

Ryan, R.

1988-01-01

Insurance, and other risk management techniques, can be used to facilitate the financing and construction of power plant projects. This paper describes certain techniques, then it concentrates on insurance based solutions. The objective of this paper is to point out how the insurance industry can help small power producers. First, the standard insurance coverages will be reviewed. Then coverages that have been specifically designed for the alternative energy, cogeneration and small power producing industries will be explained. Some real life examples will be discussed to show how the coverages really work

Analysis of Satisfaction Degree of the Public Insurance System Beneficiaries

Directory of Open Access Journals (Sweden)

Manuela PANAITESCU

2013-08-01

Full Text Available The public insurance system provides financial benefits to individuals that are obtained by collecting the due contributions. The analysis of satisfaction degree of the beneficiaries of the system was carried out to determine the challenges the system is facing and for determining the needs of the beneficiaries. In order to reduce the financial constraints the public insurance system is facing, it is necessary to create an appropriate insurance system that meets the needs of the beneficiaries. The research took into account that the public insurance system determines the quality of life of the population and has a strong influence on the economy, particularly on the labour market and the capital market.

Validation of the diagnosis canine epilepsy in a Swedish animal insurance database against practice records

DEFF Research Database (Denmark)

Heske, Linda; Berendt, Mette; Jäderlund, Karin Hultin

2014-01-01

Canine epilepsy is one of the most common neurological conditions in dogs but the actual incidence of the disease remains unknown. A Swedish animal insurance database has previously been shown useful for the study of disease occurrence in companion animals. The dogs insured by this company...... represent a unique population for epidemiological studies, because they are representative of the general dog population in Sweden and are followed throughout their life allowing studies of disease incidence to be performed. The database covers 50% of all insured dogs (in the year 2012) which represents 40......% of the national dog population. Most commonly, dogs are covered by both veterinary care insurance and life insurance. Previous studies have shown that the general data quality is good, but the validity of a specific diagnosis should be examined carefully before using the database for incidence calculations...

INFORMATION TECHNOLOGIES IN INSURANCE SALES SUPPORT

Directory of Open Access Journals (Sweden)

Stofor Ovidiu-Ilie

2012-07-01

Full Text Available Insurance system in Romania is carried out with a constant natural activity, evolving quite honorably these times. This is largely due to the difficulty with which insurance is sold in normal economic conditions when it comes to prosperity. Although psychologists, led by Maslow believes that the protection needs are basic needs, along with the physiological one, on the priority list regarding procurement, insurance needs are for some Romanians, of minimum or no importance, so that they are either pushed to the bottom of the list, or even, as it most often happens, they are non existent. Current economic conditions and climate, urges caution on most fields, especially in terms of individual properties, including, how somewhat forced, life and physical integrity which are still considered property, if this aspect is not debated in terms of Christian or other religious dogma. In other words, many Romanians see insurance as a product that “is not up their alley” including it in the luxury category. Furthermore, the media shows, sometimes amplify certain cases of doubt in relations between insurance company - customer. Appropriate marketing, allied with the information technology can improve the complete relationship between the two entities - the offeror and the consumer. Through this study we aim to identify important issues that facilitate the sale of insurance, using information technology, given that the sales of these financial products through the "ancestral" methods are effective but not very efficient. We will follow, byanchoring to the current reality, the insurance utility and how to use information technologies in support of marketing (sales. The study itself was done by observing the results in practical work, from an insurance agency, but also related to what the literature offers. Because this study is currently underway, there are certainly some limitations of accuracy of results, which are adjusted "on the fly". Realizing

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...

Health Insurance for Government Employees in Bangladesh: A Concept Paper

OpenAIRE

Hamid, Syed Abdul

2014-01-01

Introducing compulsory health insurance for government employees bears immense importance for stepping towards universal healthcare coverage in Bangladesh. Lack of scientific study on designing such scheme, in the Bangladesh context, motivates this paper. The study aims at designing a comprehensive insurance package simultaneously covering health, life and accident related disability risks of the public employees, where the health component would extend to all dependent family members. ...

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...

Resolving the Strategy Paradox Applying the Strategic Flexibility: A Case Study of PT BNI Life Insurance

Directory of Open Access Journals (Sweden)

Endah Widati

2012-04-01

Full Text Available Over decades, the business environment has changed dramatically as it has been affected by the changing of environmental needs and demand. The difference level of environmental turbulence characteristics will create new business competitive landscape for all companies in any industries. Environmental turbulence is also marked by dynamics, complexity and unpredictability business environment. In such a situation, a company will be difficult to adapt the environmental changes. In a turbulent environment, a company is demanded to be able to adapt. Many researchers argue that in a turbulent environment, a company is not only demanded for having adaptive ability but also flexible ability either structural, operational or strategic. The fast pace of environmental changes provide managers unpredictable outcomes of their strategic alternative or strategic commitment. This collision of strategic commitment and strategic uncertainty is causing what Raynor (2007 named as the strategy paradox. Every company can be a victim of the strategy paradox if they cannot align their strategy with the environmental changes. Raynor (2007 pointed out that one of the ways to resolve strategy paradox is implementing strategic flexibility in term of ex ante action (proactive actions. One of the industries in Indonesia that also experiences the turbulent environment is insurance industry. This study examines and investigates the strategic flexibility as a way to resolve strategy paradox at PT BNI Life Insurance.

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.

Defining the key-parameters of insurance product in Islamic insurance

Directory of Open Access Journals (Sweden)

Galim Zaribzyanovich Vakhitov

2015-06-01

Full Text Available Objective to define the range of actuarial calculations in Islamic insurance to study the main differences of the traditional and Islamic insurance to define what changes in calculations entail the above differences. Methods mathematical modeling probabilistic analysis of insurance risks adaptation of methods of actuarial mathematics to the principles of Islamic insurance. Results the mathematical form of the takafulfund models is presented the distribution is analyzed of a random variable of the resulting insurance fund or the insurance company balance in a particular fixed insurance portfolio. Scientific novelty calculation are presented of the optimal tariff rate in takaful. Islamic insurance is an innovative area of insurance industry. Actuarial calculations that meet the Sharia rules are still being developed. The authors set the new tasks of actuarial calculations including the specified changes in the calculation of the optimal tariff rate imposed by the Islamic insurance principles. Practical value the results obtained can be used in the actuarial calculations of the Islamic insurance companies. nbsp

The external costs of a sedentary life-style.

Science.gov (United States)

Keeler, E B; Manning, W G; Newhouse, J P; Sloss, E M; Wasserman, J

1989-01-01

Using data from the National Health Interview Survey and the RAND Health Insurance Experiment, we estimated the external costs (costs borne by others) of a sedentary life-style. External costs stem from additional payments received by sedentary individuals from collectively financed programs such as health insurance, sick-leave coverage, disability insurance, and group life insurance. Those with sedentary life-styles incur higher medical costs, but their life expectancy at age 20 is 10 months less so they collect less public and private pensions. The pension costs come late in life, as do some of the medical costs, and so the estimate of the external cost is sensitive to the discount rate used. At a 5 percent rate of discount, the lifetime subsidy from others to those with a sedentary life style is $1,900. Our estimate of the subsidy is also sensitive to the assumed effect of exercise on mortality. The subsidy is a rationale for public support of recreational facilities such as parks and swimming pools and employer support of programs to increase exercise. PMID:2502036

Exploring health insurance services in Sudan from the perspectives of insurers.

Science.gov (United States)

Salim, Anas Mustafa Ahmed; Hamed, Fatima Hashim Mahmoud

2018-01-01

It has been 20 years since the introduction of health insurance in Sudan. This study was the first one that explored health insurance services in Sudan from the perspectives of the insurers. This was a qualitative, exploratory, interview study. The sampling frame was the list of Social Health Insurance and Private Health Insurance institutions in Sudan. Participants were selected from the four Social Health Insurance institutions and from five Private Health Insurance companies. The study was conducted in January and February 2017. In-depth individual interviews were conducted with a convenient sample of key executives from the different health insurers. Ideas and themes were identified and analysed using thematic analysis. The result showed that universal coverage was not achieved despite long time presence of Social Health Insurance and Private Health Insurance in Sudan. All participants described their services as comprehensive. All participants have good perception of the quality of the services they provide, although none of them investigated customer satisfaction. The main challenges facing Social Health Insurance are achieving universal coverage, ensuring sustainability and recruitment of the informal sector and self-employed population. Consumers' affordability of the premiums is the main obstacle for Private Health Insurance, while rising healthcare cost due to economic inflation is a challenge facing both Social Health Insurance and Private Health Insurance. In spite of the presence of Social Health Insurance and Private Health Insurance in Sudan, the country is still far from achieving universal coverage. Moreover, the sustainability of health insurance is questionable. The main reasons include low governmental financial resources and lack of affordability by beneficiaries especially for Private Health Insurance. This necessitates finding solutions to improve them or trying other types of health insurance. The quality of services provided by Social

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...

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...

ROMANIA’S PRIVATE HEALTH INSURANCE MARKET POTENTIAL

Directory of Open Access Journals (Sweden)

GHEORGHE MATEI

2012-10-01

Full Text Available The significant gap between the quality of life and the level of health expenditure has led to the need to reconsider the modalities and the sources of collecting and redirecting the funds of the sanitary sector in such a way that sustainable medical results are generated for the entire population of the globe. Under these circumstances, the role of private health insurance is constantly increasing, even though its importance is still being influenced by the types of social policy and the dimension of the public health sector at national level. Due to the impact of these factors, the actual dimension of private health insurance market varies significantly across countries. In order to be able to realistically assess the level of development of the private health insurance market in Romania, the analysis has to be taken further than the simplistic measurement of indicators such as income and expenditure.

Employment and insurance outcomes and factors associated with employment among long-term thyroid cancer survivors: a population-based study from the PROFILES registry.

Science.gov (United States)

Tamminga, S J; Bültmann, U; Husson, O; Kuijpens, J L P; Frings-Dresen, M H W; de Boer, A G E M

2016-04-01

To obtain insight into employment and insurance outcomes of thyroid cancer survivors and to examine the association between not having employment and other factors including quality of life. In this cross-sectional population-based study, long-term thyroid cancer survivors from the Netherlands participated. Clinical data were collected from the cancer registry. Information on employment, insurance, socio-demographic characteristics, long-term side effects, and quality of life was collected with questionnaires. Of the 223 cancer survivors (response rate 87 %), 71 % were employed. Of the cancer survivors who tried to obtain insurance, 6 % reported problems with obtaining health care insurance, 62 % with life insurance, and 16 % with a mortgage. In a multivariate logistic regression analysis, higher age (OR 1.07, CI 1.02-1.11), higher level of fatigue (OR 1.07, CI 1.01-1.14), and lower educational level (OR 3.22, CI 1.46-7.09) were associated with not having employment. Employment was associated with higher quality of life. Many thyroid cancer survivors face problems when obtaining a life insurance, and older, fatigued, and lower educated thyroid cancer survivors may be at risk for not having employment.

Leadership and change commitment in the life insurance service context in Taiwan: the mediating-moderating role of job satisfaction.

Science.gov (United States)

Yang, Yi-Feng

2011-06-01

The effects of transformational leadership and satisfaction were studied along with their interconnected effects (mediation and moderation) on commitment to change in the life insurance industry in two samples, sales managers and salespersons. A multiple mediated-moderated regression approach showed mediation and moderation to have statistically significant main effects on change commitment. Transformational leadership and satisfaction made a more important contribution to change commitment while job satisfaction had a mediating and moderating role that could enhance the relationships between leadership and change commitment. This information is of importance in building successful change commitment associations with customers.

Cost-effectiveness of national health insurance programs in high-income countries: A systematic review.

Directory of Open Access Journals (Sweden)

Son Nghiem

Full Text Available National health insurance is now common in most developed countries. This study reviews the evidence and synthesizes the cost-effectiveness information for national health insurance or disability insurance programs across high-income countries.A literature search using health, economics and systematic review electronic databases (PubMed, Embase, Medline, Econlit, RepEc, Cochrane library and Campbell library, was conducted from April to October 2015.Two reviewers independently selected relevant studies by applying screening criteria to the title and keywords fields, followed by a detailed examination of abstracts.Studies were selected for data extraction using a quality assessment form consisting of five questions. Only studies with positive answers to all five screening questions were selected for data extraction. Data were entered into a data extraction form by one reviewer and verified by another.Data on costs and quality of life in control and treatment groups were used to draw distributions for synthesis. We chose the log-normal distribution for both cost and quality-of-life data to reflect non-negative value and high skew. The results were synthesized using a Monte Carlo simulation, with 10,000 repetitions, to estimate the overall cost-effectiveness of national health insurance programs.Four studies from the United States that examined the cost-effectiveness of national health insurance were included in the review. One study examined the effects of medical expenditure, and the remaining studies examined the cost-effectiveness of health insurance reforms. The incremental cost-effectiveness ratio (ICER ranged from US$23,000 to US$64,000 per QALY. The combined results showed that national health insurance is associated with an average incremental cost-effectiveness ratio of US$51,300 per quality-adjusted life year (QALY. Based on the standard threshold for cost-effectiveness, national insurance programs are cost-effective interventions

The Impacts of China's Urban Employee Basic Medical Insurance on Healthcare Expenditures and Health Outcomes.

Science.gov (United States)

Huang, Feng; Gan, Li

2017-02-01

At the end of 1998, China launched a government-run mandatory insurance program, the urban employee basic medical insurance (UEBMI), to replace the previous medical insurance system. Using the UEBMI reform in China as a natural experiment, this study identifies variations in patient cost sharing that were imposed by the UEBMI reform and examines their effects on the demand for healthcare services. Using data from the 1991-2006 waves of the China Health and Nutrition Survey, we find that increased cost sharing is associated with decreased outpatient medical care utilization and expenditures but not with decreased inpatient care utilization and expenditures. Patients from low-income and middle-income households or with less severe medical conditions are more sensitive to prices. We observe little impact on patient's health, as measured by self-reported health status. Copyright © 2015 John Wiley & Sons, Ltd. Copyright © 2015 John Wiley & Sons, Ltd.

Deposit Insurance Coverage, Credibility of Non-insurance, and Banking Crises

DEFF Research Database (Denmark)

Angkinand, Apanard; Wihlborg, Clas

2005-01-01

level require analyses of institutional factors affecting the credibility of non-insurance. In particular, the implementation of effective distress resolution procedures for banks would allow governments to reduce explicit deposit insurance coverage and, thereby, to strengthen market discipline......The ambiguity in existing empirical work with respect to effects of deposit insurance schemes on banks' risk-taking can be resolved if it is recognized that absence of deposit insurance is rarely credible and that the credibility of non-insurance can be enhanced by explicit deposit insurance...... schemes. We show that under reasonable conditions for effects on risk-taking of creditor protection in banking, and for effects on credibility of non-insurance of explicit coverage of deposit insurance schemes, there exists a partial level of coverage that maximizes market discipline and minimizes moral...

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.

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

Commercial launch systems: A risky investment?

Science.gov (United States)

Dupnick, Edwin; Skratt, John

1996-03-01

A myriad of evolutionary paths connect the current state of government-dominated space launch operations to true commercial access to space. Every potential path requires the investment of private capital sufficient to fund the commercial venture with a perceived risk/return ratio acceptable to the investors. What is the private sector willing to invest? Does government participation reduce financial risk? How viable is a commercial launch system without government participation and support? We examine the interplay between various forms of government participation in commercial launch system development, alternative launch system designs, life cycle cost estimates, and typical industry risk aversion levels. The boundaries of this n-dimensional envelope are examined with an ECON-developed business financial model which provides for the parametric assessment and interaction of SSTO design variables (including various operational scenarios with financial variables including debt/equity assumptions, and commercial enterprise burden rates on various functions. We overlay this structure with observations from previous ECON research which characterize financial risk aversion levels for selected industrial sectors in terms of acceptable initial lump-sum investments, cumulative investments, probability of failure, payback periods, and ROI. The financial model allows the construction of parametric tradeoffs based on ranges of variables which can be said to actually encompass the ``true'' cost of operations and determine what level of ``true'' costs can be tolerated by private capitalization.

PENENTUAN CADANGAN PREMI UNTUK ASURANSI JOINT LIFE

Directory of Open Access Journals (Sweden)

NI LUH PUTU RATNA DEWI

2016-01-01

Full Text Available Premium reserve is a number of fund that need to be raised by insurance company in preparation for the payment of claims. This study aims to get the formula of premium reserve as well as the value of the premium reserve for joint life insurance by using retrospective calculation method. Joint life insurance participants in this study are limited to 2 people. Calculations in this study is using Indonesian Mortality Table (TMI 2011, joint life mortality tables, commutation tables, value of annuities, value of single premiums and constant annual premium and using constant interest rates of 5%. The results showed that by using age of the participant insurance joint life of x = 50 and y = 45 years and the premium payment period of t = 10 years, we obtained that the value of premium reserve from the end of the first year until the  end of the 11th year has increased every year, while the value of premium reserves from the end of the 12th year and so on until a lifetime has decreased every year.

COSMOS Launch Services

Science.gov (United States)

Kalnins, Indulis

2002-01-01

COSMOS-3M is a two stage launcher with liquid propellant rocket engines. Since 1960's COSMOS has launched satellites of up to 1.500kg in both circular low Earth and elliptical orbits with high inclination. The direct SSO ascent is available from Plesetsk launch site. The very high number of 759 launches and the achieved success rate of 97,4% makes this space transportation system one of the most reliable and successful launchers in the world. The German small satellite company OHB System co-operates since 1994 with the COSMOS manufacturer POLYOT, Omsk, in Russia. They have created the joint venture COSMOS International and successfully launched five German and Italian satellites in 1999 and 2000. The next commercial launches are contracted for 2002 and 2003. In 2005 -2007 COSMOS will be also used for the new German reconnaissance satellite launches. This paper provides an overview of COSMOS-3M launcher: its heritage and performance, examples of scientific and commercial primary and piggyback payload launches, the launch service organization and international cooperation. The COSMOS launch service business strategy main points are depicted. The current and future position of COSMOS in the worldwide market of launch services is outlined.

MOTOR THIRD PARTY LIABILITY INSURANCE – POLISH MARKET IN CONNECTIONS TO EUROPEAN TRENDS

Directory of Open Access Journals (Sweden)

Ilona Kwiecień

2011-07-01

Full Text Available Motor insurance, despite continuous product development, are still in most European countries, the predominant group of products sold by non-life Insurers. In the countries of Central and Eastern Europe is about 2/3 of the insurance written premiums. In the article authors analyze the areas and factors affecting the development of this class of insurance and current market changes in Poland in comparison to the European trends. The main attention has been devoted to number of accidents and road safety, frequency and amount of claims, other macroeconomics and legal factors. Also the financial issues, such as premium and profitability, were discussed.

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

China’s Insurance Regulatory Reform, Corporate Governance Behavior and Insurers’ Governance Effectiveness

Science.gov (United States)

Zhang, Hongliang; Qiu, Aichao

2017-01-01

External regulation is an important mechanism to improve corporate behavior in emerging markets. China’s insurance governance regulation, which began to supervise and guide insurance corporate governance behavior in 2006, has experienced a complex process of reform. This study tested our hypotheses with a sample of 85 firms during 2010–2011, which was obtained by providing a questionnaire to all of China’s shareholding insurance companies. The empirical study results generally show that China’s insurance governance effectiveness has significantly improved through strict regulation. Insurance corporate governance can improve business acumen and risk-control ability, but no significant evidence was found to prove its influence on profitability, as a result of focusing less attention on governance than on management. State ownership is associated with higher corporate governance effectiveness than non-state ownership. Listed companies tend to outperform non-listed firms, and life insurance corporate governance is more effective than that of property insurers. This study not only contributes to the comprehensive understanding of corporate governance effectiveness but also to the literature by highlighting the effect of corporate governance regulation in China’s insurance industry and other emerging economies of the financial sector. PMID:29039781

China’s Insurance Regulatory Reform, Corporate Governance Behavior and Insurers’ Governance Effectiveness

Directory of Open Access Journals (Sweden)

Huicong Li

2017-10-01

Full Text Available External regulation is an important mechanism to improve corporate behavior in emerging markets. China’s insurance governance regulation, which began to supervise and guide insurance corporate governance behavior in 2006, has experienced a complex process of reform. This study tested our hypotheses with a sample of 85 firms during 2010–2011, which was obtained by providing a questionnaire to all of China’s shareholding insurance companies. The empirical study results generally show that China’s insurance governance effectiveness has significantly improved through strict regulation. Insurance corporate governance can improve business acumen and risk-control ability, but no significant evidence was found to prove its influence on profitability, as a result of focusing less attention on governance than on management. State ownership is associated with higher corporate governance effectiveness than non-state ownership. Listed companies tend to outperform non-listed firms, and life insurance corporate governance is more effective than that of property insurers. This study not only contributes to the comprehensive understanding of corporate governance effectiveness but also to the literature by highlighting the effect of corporate governance regulation in China’s insurance industry and other emerging economies of the financial sector.

A cohort study of epilepsy among 665,000 insured dogs

DEFF Research Database (Denmark)

Heske, L.; Nødtvedt, A.; Jäderlund, K. Hultin

2014-01-01

The main objective of this study was to estimate the incidence and mortality rates of epilepsy in a large population of insured dogs and to evaluate the importance of a variety of risk factors. Survival time after a diagnosis of epilepsy was also investigated. The Swedish animal insurance database...... used in this study has previously been helpful in canine epidemiological investigations. More than 2,000,000 dog-years at-risk (DYAR) were available in the insurance database. In total, 5013 dogs had at least one veterinary care claim for epilepsy, and 2327 dogs were euthanased or died because...... of epilepsy. Based on veterinary care claims the incidence rate of epilepsy (including both idiopathic and symptomatic cases) was estimated to be 18 per 10,000 DYAR. Dogs were followed up until they were 10 (for life insurance claims) or 12 years of age (veterinary care claims). Among the 35 most common...

Launch Window Trade Analysis for the James Webb Space Telescope

Science.gov (United States)

Yu, Wayne H.; Richon, Karen

2014-01-01

The James Webb Space Telescope (JWST) is a large-scale space telescope mission designed to study fundamental astrophysical questions ranging from the formation of the universe to the origin of planetary systems and the origins of life. JWSTs orbit design is a Libration Point Orbit (LPO) around the Sun-Earth/Moon (SEM) L2 point for a planned mission lifetime of 10.5 years. The launch readiness period for JWST is from Oct 1st, 2018 November 30th, 2018. This paper presents the first launch window analysis for the JWST observatory using finite-burn modeling; previous analysis assumed a single impulsive midcourse correction to achieve the mission orbit. The physical limitations of the JWST hardware stemming primarily from propulsion, communication and thermal requirements alongside updated mission design requirements result in significant launch window within the launch readiness period. Future plans are also discussed.

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...

Interest rate models for pension and insurance regulation

NARCIS (Netherlands)

Broeders, Dirk; de Jong, Frank; Schotman, Peter

2016-01-01

Liabilities of pension funds and life insurers typically have very long times to maturity. The valuation of such liabilities introduces particular challenges as it relies on long term interest rates. As the market for long term interest rates is less liquid, financial institutions and the regulator

Interest Rate Models for Pension and Insurance Regulation

NARCIS (Netherlands)

Broeders, D.W.G.A.; de Jong, Frank; Schotman, Peter

Liabilities of pension funds and life insurers typically have very long times to maturity. The valuation of such liabilities introduces particular challenges as it relies on long term interest rates. As the market for long term interest rates is less liquid, financial institutions and the regulator

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...

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

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

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 ...

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...

Pemodelan Matematika Premi Tunggal Bersih Asuransi Unit Link Syariah

Directory of Open Access Journals (Sweden)

Nanang Supriadi

2017-12-01

Full Text Available The exact risk factor can be managed by transferring the risk to the other party (in this case the insurance company. In this paper will be discussed more life insurance, as the development now there are types of insurance combined with investment, which is popular with the term Unit Link insurance. Unit link Syariah began to be launched as one of the fulfilment of the high needs of the community, the privilege of the product Unit of Islamic links is actually located in the elements of the laws in accordance with Islamic Syariah. The issues that will be discussed are how to get a single premium model of life insurance unit link Syariah with life insurance and investment fund allocation invested in investment product with a big interest rate of risk (financial approach and investment product with the value of return maximum (actuarial approach. The resulting model is then implemented in case of examples by comparing the two approaches to see the shortcomings and advantages of Unit link lifetime life insurance when compared to life insurance. The result obtained from this research is the benefit obtained from Unit-linked sharia insurance on average will be greater if compared with life insurance for life, maximum benefit will be obtained Insurance Unit Link of sharia using actuarial approach compared to financial, but benefit with a relative financial approach more stable than actuarial approaches that tend to fluctuate.

32 CFR Appendix A to Part 50 - Life Insurance Products and Securities

Science.gov (United States)

2010-07-01

... personnel can easily understand, and fully disclose the fundamental nature of the policy. Companies must be... shall not be marketed or sold disguised as investments. If there is a savings component to an insurance...

14 CFR 420.21 - Launch site location review-launch site boundary.

Science.gov (United States)

2010-01-01

... 14 Aeronautics and Space 4 2010-01-01 2010-01-01 false Launch site location review-launch site boundary. 420.21 Section 420.21 Aeronautics and Space COMMERCIAL SPACE TRANSPORTATION, FEDERAL AVIATION... travels given a worst-case launch vehicle failure in the launch area. An applicant must clearly and...

Opportunities for Launch Site Integrated System Health Engineering and Management

Science.gov (United States)

Waterman, Robert D.; Langwost, Patricia E.; Waterman, Susan J.

2005-01-01

The launch site processing flow involves operations such as functional verification, preflight servicing and launch. These operations often include hazards that must be controlled to protect human life and critical space hardware assets. Existing command and control capabilities are limited to simple limit checking durig automated monitoring. Contingency actions are highly dependent on human recognition, decision making, and execution. Many opportunities for Integrated System Health Engineering and Management (ISHEM) exist throughout the processing flow. This paper will present the current human-centered approach to health management as performed today for the shuttle and space station programs. In addition, it will address some of the more critical ISHEM needs, and provide recommendations for future implementation of ISHEM at the launch site.

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...

New Opportunitie s for Small Satellite Programs Provided by the Falcon Family of Launch Vehicles

Science.gov (United States)

Dinardi, A.; Bjelde, B.; Insprucker, J.

2008-08-01

The Falcon family of launch vehicles, developed by Space Exploration Technologies Corporation (SpaceX), are designed to provide the world's lowest cost access to orbit. Highly reliable, low cost launch services offer considerable opportunities for risk reduction throughout the life cycle of satellite programs. The significantly lower costs of Falcon 1 and Falcon 9 as compared with other similar-class launch vehicles results in a number of new business case opportunities; which in turn presents the possibility for a paradigm shift in how the satellite industry thinks about launch services.

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...

PROVISIONS ON THE MANAGEMENT OF A NEW SYSTEM OF INSURANCE IN ROMANIA

Directory of Open Access Journals (Sweden)

FLOREA IANC MARIA MIRABELA

2011-12-01

Full Text Available Responsibility does not mean looking for a scapegoat for a mistake, but really taking responsibility. Who assumes responsibility is willing to do whatever it can to achieve its objective and thus confidence. Managerial work is a collection of recipes required to apply, but requires discernment capacity, skill and talent of the managers, for which is considered both "a science and art", he thought to achieve results through others' but assuming the responsibility for the results achieved Ensure that the economic phenomenon, is taking a certain risk from the insured by the insurer for a price. Assuming that social insurance is a reaction to the risk that everyone faces in social and economic life, insurance can be distinguished: exogenous risks targets whose probability of production can be calculated with great precision, but objective risks private information, the chance probability of the event is largely an individual's private information, which creates problems of insurance company risks endogenous targets whose expression is the consequence of known variables, controlled by each individual and moral hazard caused by cases the insured may worsen risk used to calculate average insurance premium.

Do self-insurance and disability insurance prevent consumption loss on disability?

OpenAIRE

Steffan G. Ball; Hamish W. Low

2009-01-01

In this paper we show the extent to which public insurance and self-insurance mitigate the cost of health shocks that limit the ability to work. We use consumption data from the UK to estimate the insurance provided by the government disability programme and account for the effectiveness of alternative self-insurance mechanisms. Individuals with a work-limiting health condition, but in receipt of disability insurance, have 7 percent lower consumption than those without such a condition. Self-...

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.

Relationships between treated hypertension and subsequent mortality in an insured population.

Science.gov (United States)

Ivanovic, Brian; Cumming, Marianne E; Pinkham, C Allen

2004-01-01

To investigate if a mortality differential exists between insurance policyholders with treated hypertension and policyholders who are not under such treatment, where both groups are noted to have the same blood pressure at the time of policy issue. Hypertension is a known mortality risk factor in the insured and general population. Treatment for hypertension is very common in the insured population, especially as age increases. At the time of insurance application, a subset of individuals with treated hypertension will have blood pressures that are effectively controlled and are in the normal range. These individuals often meet established preferred underwriting criteria for blood pressure. In some life insurance companies, they may be offered insurance at the same rates as individuals who are not hypertensive with the same blood pressure. Such companies make the assumption that the pharmacologically induced normotensive state confers no excess risk relative to the natural normotensive state. Given the potential pricing implications of this decision, we undertook an investigation to test this hypothesis. We studied internal data on direct and reinsurance business between 1975 and 2001 followed through anniversaries in 2002 or prior termination with an average duration of 5.2 years per policy. Actual-to-expected analyses and Cox proportional hazards models were used to assess if a mortality differential existed between policyholders coded for hypertension and policyholders with the same blood pressure that were not coded as hypertensive. Eight thousand six hundred forty-seven deaths were observed during follow-up in the standard or preferred policy cohort. Within the same blood pressure category, mortality was higher in policyholders identified as treated hypertensives compared with those in the subset of individuals who were not coded for hypertension. This finding was present in males and females and persisted across age groups in almost all age

Designing an Health Insurance Scheme for Government Employees in Bangladesh: A Concept Paper

OpenAIRE

Hamid, Syed Abdul

2014-01-01

Introducing compulsory health insurance for government employees bears immense importance for stepping towards universal healthcare coverage in Bangladesh. Lack of scientific study on designing such scheme, in the Bangladesh context, motivates this paper. The study aims at designing a comprehensive insurance package simultaneously covering health, life and accident related disability risks of the public employees, where the health component would extend to all dependent family members. ...

76 FR 64174 - Public Input on the Report to Congress on How To Modernize and Improve the System of Insurance...

Science.gov (United States)

2011-10-17

... submit views on: 1. Systemic risk regulation with respect to insurance; 2. Capital standards and the... risk; 3. Consumer protection for insurance products and practices, including gaps in State regulation... general creditor claims; iii. In the case of life insurance companies, on the loss of the special status...

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.

MARKETING OF INSURANCE PRODUCTS BY THE NATIONAL INSURANCE COMPANY LIMITED, RAJAPALAYAM

OpenAIRE

Dr. H. Christy Cynthia; Dr. T. Jebasheela; V. Maheswari

2017-01-01

Insurance is a way of reducing uncertainty of occurrence of an event. Insurance is an investment. Its basic purpose is to derive plans to counteract the financial consequences of unfavorable events. Insurance is a social device for eliminating or reducing the cost to society to certain types of risks. Insurance is essentially a co-operative endeavor. It is the function of the insurance to protect the few against the heavy financial impact of anticipated misfortunes by spreading losses among m...

[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.

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 ...

CONSIDERATIONS REGARDING SOCIAL INSURANCE IN THE ROMANIAN PUBLIC HEALTH SYSTEM

Directory of Open Access Journals (Sweden)

Aracsia-Magdalena Benţia

2017-12-01

Full Text Available Objectives of the study: the study aims to analyze the issue of social health insurance in Romania and to provide legislative solutions in combating them. The research methods used are the qualitative research method and the observation method. Results and implications of the study: 1 establish a 2020-2030 Strategy to prevent disease by launching national campaigns for healthy eating, reducing smoking and alcohol consumption, and introducing the color scheme for food; 2 decentralizing the system, establishing a public-private partnership, increasing the patient's freedom in choosing doctors and services; 3 limiting the cost of medical care by introducing caps, as well as co-payments; 4 institutional reform of the public sector in this area. In some opinions, "Experience in other countries consistently suggests that introducing a private funding system would create more problems than it would solve. That is why efforts should be focused rather on institutional reform of the public sector"; 5 developing legislation to make differentiated payments for medical services; 6 closure of non-accredited hospitals and their privatization; 7 establishment of private health insurance houses.

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

26 CFR 1.381(c)(22)-1 - Successor life insurance company.

Science.gov (United States)

2010-04-01

... take into account as income its remaining policyholders surplus account to the extent the fair market.... If the transferor is an old target within the meaning of § 1.338(h)(10)-1(d)(2), any transfer by the...: Example 1. P buys the stock of insurance company target, T, from S for $16, and P and S make a section 338...

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...

THE MODEL OF INTERACTION BETWEEN INSURANCE INTERMEDIARIES AND INSURANCE COMPANIES IN THE ASSURANCE OF SUSTAINABLE DEVELOPMENT OF THE INSURANCE MARKET

Directory of Open Access Journals (Sweden)

Nataliia Kudriavska

2017-11-01

Full Text Available The purpose of this paper is the investigation of the model of interaction between insurance intermediaries and insurance companies in the assurance of sustainable development of the insurance market. The methodology is based on the new studies and books. It is underlined the importance of potency and effectiveness of this model, its influence on the insurance market stability. It is analysed the European experience and specific of Ukrainian insurance market. The main ways for improving its model and ways of its practical realization are characterized. Results. The problems that exist in the broker market in general are connected with an ineffective state policy. In particular, we can say about the absence of many laws, acts, resolutions, which explain what a broker have to do in case of different problems with insurance companies, another brokers and clients. At the same time, the problem of distrust to national brokers exists. It provokes a decline of the demand for their services and so on. However, it is possible to solve these problems. Practical implications. For this, it is necessary to do some acts. The first one is to implement resolutions that regulate relationships between insurance brokers and insurance companies, clearly regulate the model of its interaction. This model affects the stability of the insurance market in general. The second is to find methods of solving problems of the increase in insurance culture of the population (for example, by the way of advertisement. The third one is to solve problems connected with the appearance of foreign brokers in the insurance market of Ukraine. Actually, the Ukrainian market of insurance brokers is not developed enough. That is why it needs big changes and reforms. Value/originality. Among alternatives of the strategic development of insurance, the method of quick liberalization and gradual development is distinguished. According to the liberal way, it is possible to transfer to the

77 FR 25349 - Mutual Insurance Holding Company Treated as Insurance Company

Science.gov (United States)

2012-04-30

..., the first mutual fire insurer was established. The first American mutual insurance company, the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire, was founded in 1752.\\3\\ \\3\\ The...

The Role of Public Health Insurance in Reducing Child Poverty.

Science.gov (United States)

Wherry, Laura R; Kenney, Genevieve M; Sommers, Benjamin D

2016-04-01

Over the past 30 years, there have been major expansions in public health insurance for low-income children in the United States through Medicaid, the Children's Health Insurance Program (CHIP), and other state-based efforts. In addition, many low-income parents have gained Medicaid coverage since 2014 under the Affordable Care Act. Most of the research to date on health insurance coverage among low-income populations has focused on its effect on health care utilization and health outcomes, with much less attention to the financial protection it offers families. We review a growing body of evidence that public health insurance provides important financial benefits to low-income families. Expansions in public health insurance for low-income children and adults are associated with reduced out of pocket medical spending, increased financial stability, and improved material well-being for families. We also review the potential poverty-reducing effects of public health insurance coverage. When out of pocket medical expenses are taken into account in defining the poverty rate, Medicaid plays a significant role in decreasing poverty for many children and families. In addition, public health insurance programs connect families to other social supports such as food assistance programs that also help reduce poverty. We conclude by reviewing emerging evidence that access to public health insurance in childhood has long-term effects for health and economic outcomes in adulthood. Exposure to Medicaid and CHIP during childhood has been linked to decreased mortality and fewer chronic health conditions, better educational attainment, and less reliance on government support later in life. In sum, the nation's public health insurance programs have many important short- and long-term poverty-reducing benefits for low-income families with children. Copyright © 2016 Academic Pediatric Association. Published by Elsevier Inc. All rights reserved.

Insurance Salespeople's Attitudes towards Collusion: The Case of Taiwan’s Car Insurance Industry

OpenAIRE

Lu-Ming Tseng; Wen-Pin Su

2014-01-01

Insurance researchers believe that the increase in insurance fraud may be associated with the unethical decisions made by some insurance salespeople. However, to date, research that has empirically investigated the link between insurance salespeople and collusion is scant. Using the car insurance industry in Taiwan as an example, this paper explores the impact of the opportunity to obtain the fraudulent claim and that of the size of actual loss on car insurance salespeople's attitudes towards...

Commentary: Biochemistry and Molecular Biology Educators Launch National Network

Science.gov (United States)

Bailey, Cheryl; Bell, Ellis; Johnson, Margaret; Mattos, Carla; Sears, Duane; White, Harold B.

2010-01-01

The American Society of Biochemistry and Molecular Biology (ASBMB) has launched an National Science Foundation (NSF)-funded 5 year project to support biochemistry and molecular biology educators learning what and how students learn. As a part of this initiative, hundreds of life scientists will plan and develop a rich central resource for…

Steady Increase In Prices For Oral Anticancer Drugs After Market Launch Suggests A Lack Of Competitive Pressure.

Science.gov (United States)

Bennette, Caroline S; Richards, Catherine; Sullivan, Sean D; Ramsey, Scott D

2016-05-01

The cost of treating cancer has risen to unprecedented heights, putting tremendous financial pressure on patients, payers, and society. Previous studies have documented the rising prices of cancer drugs at launch, but less critical attention has been paid to the cost of these drugs after launch. We used pharmacy claims for commercially insured individuals to examine trends in postlaunch prices over time for orally administered anticancer drugs recently approved by the Food and Drug Administration (FDA). In the period 2007-13, inflation-adjusted per patient monthly drug prices increased 5 percent each year. Certain market changes also played a role, with prices rising an additional 10 percent with each supplemental indication approved by the FDA and declining 2 percent with the FDA's approval of a competitor drug. Our findings suggest that there is currently little competitive pressure in the oral anticancer drug market. Policy makers who wish to reduce the costs of anticancer drugs should consider implementing policies that affect prices not only at launch but also later. Project HOPE—The People-to-People Health Foundation, Inc.

Application of Space Environmental Observations to Spacecraft Pre-Launch Engineering and Spacecraft Operations

Science.gov (United States)

Barth, Janet L.; Xapsos, Michael

2008-01-01

This presentation focuses on the effects of the space environment on spacecraft systems and applying this knowledge to spacecraft pre-launch engineering and operations. Particle radiation, neutral gas particles, ultraviolet and x-rays, as well as micrometeoroids and orbital debris in the space environment have various effects on spacecraft systems, including degradation of microelectronic and optical components, physical damage, orbital decay, biasing of instrument readings, and system shutdowns. Space climate and weather must be considered during the mission life cycle (mission concept, mission planning, systems design, and launch and operations) to minimize and manage risk to both the spacecraft and its systems. A space environment model for use in the mission life cycle is presented.

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...

Pricing behaviour of nonprofit insurers in a weakly competitive social health insurance market.

Science.gov (United States)

Douven, Rudy C H M; Schut, Frederik T

2011-03-01

In this paper we examine the pricing behaviour of nonprofit health insurers in the Dutch social health insurance market. Since for-profit insurers were not allowed in this market, potential spillover effects from the presence of for-profit insurers on the behaviour of nonprofit insurers were absent. Using a panel data set for all health insurers operating in the Dutch social health insurance market over the period 1996-2004, we estimate a premium model to determine which factors explain the price setting behaviour of nonprofit health insurers. We find that financial stability rather than profit maximisation offers the best explanation for health plan pricing behaviour. In the presence of weak price competition, health insurers did not set premiums to maximize profits. Nevertheless, our findings suggest that regulations on financial reserves are needed to restrict premiums. Copyright © 2011 Elsevier B.V. All rights reserved.

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...

32 CFR Appendix B to Part 50 - Overseas Life Insurance Registration Program

Science.gov (United States)

2010-07-01

... the laws of the State where the company's headquarters are located. d. A statement that the company... President, Vice President, or designated official of the insurance company shall be forwarded to the... Command, U.S. Pacific Command, U.S. Central Command, U.S. Southern Command) where the company presently...

A study on the effect of exclusion period on the suicidal risk among the insured.

Science.gov (United States)

Yip, Paul S F; Chen, Feng

2014-06-01

An exclusion period (usually from 12 months to 2 years) is usually found in life insurance policies as a precautionary measure to prohibit people from insuring their lives with the intent to kill themselves shortly thereafter. Several studies have been conducted to investigate the effect of exclusion periods on the risk of suicide among the insured in the US and Australia. However, while Hong Kong has experienced an increase in the number of suicides among the insured, little is known about the dynamic between the exclusion period and suicide in Asia. Here we make use of death claims data from one of the major life insurance companies in Hong Kong to ascertain the impact of a 12-month exclusion period on suicide risk. We also use utility functions derived from economic theory to better understand individual choices regarding suicide among the insured. More specifically, we sought to determine whether there is a greater risk of suicide immediately following the 12-month exclusion period. We also examined whether the risk of suicide claims was higher than that of other non-suicidal claims. The study period for this investigation was from January 1, 1997 to December 31, 2011, during which time there were 1935 claims based on 1243 deaths. Of these, 197 were suicide-related claims for 106 suicide deaths. The mean number of life policies held by suicidal claimants and non-suicidal claimants was 1.6 and 1.4, respectively. The average/median size of the claims (total payment made on all policies held by the insured life) was HK$665,800/426,600 and HK$497,700/276,200 for suicidal and non-suicidal deaths, respectively. The policy lifetime of the claims, or the number of days from policy issuance to suicide occurrence, ranged from 38 to 7561 days, with a mean of 2209 days, a median of 1941 days, and a standard deviation of 1544 days. The peak density of suicide claims occurred on day 1039 of the policy. Our results revealed that suicide claims tend to occur earlier than other

Switching benefits and costs in the Irish health insurance market: an analysis of consumer surveys.

Science.gov (United States)

Keegan, Conor; Teljeur, Conor; Turner, Brian; Thomas, Steve

2018-05-10

Relatively little analysis has taken place internationally on the consumer-reported benefits and costs to switching insurer in multi-payer health insurance markets. Ideally, consumers should be willing to switch out of consideration for price and quality and switching should be able to take place without incurring significant switching costs. Costs to switching come in many forms and understanding the nature of these costs is necessary if policy interventions to improve market competition are to be successful. This study utilises data from consumer surveys of the Irish health insurance market collected between 2009 and 2013 (N [Formula: see text] 1703) to examine consumer-reported benefits and costs to switching insurer. Probit regression models are specified to examine the relationship between consumer characteristics and reported switching costs, and switching behaviour, respectively. Overall evidence suggests that switchers in the Irish market mainly did so out of consideration for price. Transaction cost was the most common switching cost identified, reported by just under 1 in 7 non-switchers. Psychological switching costs may also be impacting behaviour. Moreover, high-risk individuals were more likely to experience switching costs and this was reflected in actual switching behaviour. A recent information campaign launched by the market regulator may prove beneficial in reducing perceived transaction costs in the market, however, a more focused campaign aimed at high-risk consumers may be necessary to reduce inequalities. Policy-makers should also consider the impact insurer behaviour may have on decision-making.

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 ...

The Efficiency of the European Non-Life Insurance: CEO Power, Macroeconomic, and Market Characteristics Impact

Directory of Open Access Journals (Sweden)

Walid Bahloul

2016-03-01

Full Text Available A numbers of studies focusing on the determinant of the insurance market efficiency have increased in the last decade. In fact, many factors, like the CEO’s power, can influence the efficiency in the insurance firm. The purpose of this research is to analyze the relationship between efficiency, measured by the cost function using the stochastic frontier approach (SFA methodologies, and the market structure, as well as the macroeconomic variables. In addition, it focuses on identifying the impact of the integration of the CEO power variable in the cost function on this relation. The result shows that after the consideration of the CEO power score in the cost efficiency, the relation between insurance efficiency and the determinant of market development, as well as the domestic economy, has changed and become more significant. The result also shows that the firms become more efficient and more profitable with a higher concentration ratio and this is in accordance with the structure-conduct-performance (SCP theory.

SERVICE QUALITY MEASUREMENT AND DEMAND FOR INSURANCE: AN EMPIRICAL STUDY FROM NIGERIAN INSURANCE INDUSTRY

Directory of Open Access Journals (Sweden)

Abass, OlufemiAdebowale

2016-11-01

Full Text Available Insurance provides financial protection to the insured, though; its acceptance by Nigerian insuring public is still low. This can sharply be traced to low awareness of insurance service. More importantly, quality of service to the few who embraced it had been low. Therefore, insuring public perceives insurance service as defective because customers’ expectations are not met. The objective of this research is to find out whether application of service quality measurement will drive demand for insurance products. Hypothesis was tested to find out whether SERVQUAL measurement is not significantly related to demand for insurance products in Nigeria. The study adopts descriptive research design; hypothesis was tested using regression analysis. The study reveals that there is a significant relationship between application of SERVQUAL measurement and demand for insurance. It is recommended that insurance companies operating in Nigeria should adopt SERVQUAL measurement which will further increase customer retention and loyalty.

26 CFR 1.804-4 - Investment yield of a life insurance company.

Science.gov (United States)

2010-04-01

... threat or imminence thereof) of property used in the trade or business (as so defined). (iii) Any item..., depreciation, depletion, and trade or business (other than an insurance business) expenses. However, such... refers to mortgages, and other similar liens, on real property which are held by the company as security...

Corporate insurance and debt capacity: Empirical evidence from Italy

Directory of Open Access Journals (Sweden)

Fabrizio Santoboni

2012-11-01

Full Text Available In banks/enterprises relationships a key role is played by Basel II Framework, which accurately correlates banks’ capital requirement to risks, by stimulating a more precise creditworthiness assessment. As known, the containment of risks inherent in bank financing can be carried out ex ante, through an adequate screening, which allows the proper assessment of enterprises’ economic and financial situation and a sound composition of the total loan portfolio, and ex post, through guarantees, which allow benefiting from a loss reduction only after insolvency has occurred. From this perspective, Basel II Framework brings important changes, since life insurance and surety policy are “eligible” guarantees for Credit Risk Mitigation. Nevertheless, banks could offer a better pricing to borrowers not because they are less risky, but because the whole operation would need a lower capital requirement. Therefore, corporate risks reduction – which would allow, in the absence of credit rationing, a more profitable debt capacity – is necessarily achieved through an appropriate “umbrella insurance”, able to cope with both direct and indirect loss. This work aims at investigating the existence of a “virtuous” relationship among corporate insurance purchases, credit risk and debt capacity. Such aim has been pursued through different steps: review of literature, to identify the reasons of corporate demand for insurance; analysis of Italian enterprises’ corporate insurance purchases; drafting of a questionnaire, to submit to a sample of the main insurance companies working in Italy, intended to identify what kind of role they play in the relation with enterprises and which insurance products they offer; drafting of a questionnaire, to submit to a sample of the main banks working in Italy, intended to investigate whether and how the possession of corporate insurance is taken into consideration in the determination of enterprises�

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.

Health insurance in India: what do we know and why is ethnographic research needed.

Science.gov (United States)

Ahlin, Tanja; Nichter, Mark; Pillai, Gopukrishnan

2016-01-01

The percentage of India's national budget allocated to the health sector remains one of the lowest in the world, and healthcare expenditures are largely out-of-pocket (OOP). Currently, efforts are being made to expand health insurance coverage as one means of addressing health disparity and reducing catastrophic health costs. In this review, we document reasons for rising interest in health insurance and summarize the country's history of insurance projects to date. We note that most of these projects focus on in-patient hospital costs, not the larger burden of out-patient costs. We briefly highlight some of the more popular forms that government, private, and community-based insurance schemes have taken and the results of quantitative research conducted to assess their reach and cost-effectiveness. We argue that ethnographic case studies could add much to existing health service and policy research, and provide a better understanding of the life cycle and impact of insurance programs on both insurance holders and healthcare providers. Drawing on preliminary fieldwork in South India and recognizing the need for a broad-based implementation science perspective (studying up, down and sideways), we identify six key topics demanding more in-depth research, among others: (1) public awareness and understanding of insurance; (2) misunderstanding of insurance and how this influences health care utilization; (3) differences in behavior patterns in cash and cashless insurance systems; (4) impact of insurance on quality of care and doctor-patient relations; (5) (mis)trust in health insurance schemes; and (6) health insurance coverage of chronic illnesses, rehabilitation and OOP expenses.

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

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 ...

Insuring Care: Paperwork, Insurance Rules, and Clinical Labor at a U.S. Transgender Clinic.

Science.gov (United States)

van Eijk, Marieke

2017-12-01

What is a clinician to do when people needing medical care do not have access to consistent or sufficient health insurance coverage and cannot pay for care privately? Analyzing ethnographically how clinicians at a university-based transgender clinic in the United States responded to this challenge, I examine the U.S. health insurance system, insurance paperwork, and administrative procedures that shape transgender care delivery. To buffer the impact of the system's failure to provide sufficient health insurance coverage for transgender care, clinicians blended administrative routines with psychological therapy, counseled people's minds and finances, and leveraged the prestige of their clinic in attempts to create space for gender nonconforming embodiments in gender conservative insurance policies. My analysis demonstrates that in a market-based health insurance system with multiple payers and gender binary insurance rules, health care may be unaffordable, or remain financially challenging, even for transgender people with health insurance. Moreover, insurance carriers' "reliance" on clinicians' insurance-related labor is problematic as it exacerbates existing insurance barriers to the accessibility and affordability of transgender care and obscures the workings of a financial payment model that prioritizes economic expediency over gender nonconforming health.

How do health insurer market concentration and bargaining power with hospitals affect health insurance premiums?

Science.gov (United States)

Trish, Erin E; Herring, Bradley J

2015-07-01

The US health insurance industry is highly concentrated, and health insurance premiums are high and rising rapidly. Policymakers have focused on the possible link between the two, leading to ACA provisions to increase insurer competition. However, while market power may enable insurers to include higher profit margins in their premiums, it may also result in stronger bargaining leverage with hospitals to negotiate lower payment rates to partially offset these higher premiums. We empirically examine the relationship between employer-sponsored fully-insured health insurance premiums and the level of concentration in local insurer and hospital markets using the nationally-representative 2006-2011 KFF/HRET Employer Health Benefits Survey. We exploit a unique feature of employer-sponsored insurance, in which self-insured employers purchase only administrative services from managed care organizations, to disentangle these different effects on insurer concentration by constructing one concentration measure representing fully-insured plans' transactions with employers and the other concentration measure representing insurers' bargaining with hospitals. As expected, we find that premiums are indeed higher for plans sold in markets with higher levels of concentration relevant to insurer transactions with employers, lower for plans in markets with higher levels of insurer concentration relevant to insurer bargaining with hospitals, and higher for plans in markets with higher levels of hospital market concentration. Copyright © 2015 Elsevier B.V. All rights reserved.

76 FR 20298 - Insurer Reporting Requirements; List of Insurers; Required To File Reports

Science.gov (United States)

2011-04-12

... vehicle insurers that are required to file reports on their motor vehicle theft loss experiences. An... the agency. Each insurer's report includes information about thefts and recoveries of motor vehicles... more vehicles not covered by theft insurance policies issued by insurers of motor vehicles, other than...

75 FR 34966 - Insurer Reporting Requirements; List of Insurers Required To File Reports

Science.gov (United States)

2010-06-21

... vehicle insurers that are required to file reports on their motor vehicle theft loss experiences. An... the agency. Each insurer's report includes information about thefts and recoveries of motor vehicles... vehicles not covered by theft insurance policies issued by insurers of motor vehicles, other than any...

Should catastrophic risks be included in a regulated competitive health insurance market?

Science.gov (United States)

van de Ven, W P; Schut, F T

1994-11-01

In 1988 the Dutch government launched a proposal for a national health insurance based on regulated competition. The mandatory benefits package should be offered by competing insurers and should cover both non-catastrophic risks (like hospital care, physician services and drugs) and catastrophic risks (like several forms of expensive long-term care). However, there are two arguments to exclude some of the catastrophic risks from the competitive insurance market, at least during the implementation process of the reforms. Firstly, the prospects for a workable system of risk-adjusted payments to the insurers that should take away the incentives for cream skimming are, at least during the next 5 years, more favorable for the non-catastrophic risks than for the catastrophic risks. Secondly, even if a workable system of risk-adjusted payments can be developed, the problem of quality skimping may be relevant for some of the catastrophic risks, but not for non-catastrophic risks. By 'quality skimping' we mean the reduction of the quality of care to a level which is below the minimum level that is acceptable to society. After 5 years of health care reforms in the Netherlands new insights have resulted in a growing support to confine the implementation of the reforms to the non-catastrophic risks. In drawing (and redrawing) the exact boundaries between different regulatory regimes for catastrophic and non-catastrophic risks, the expected benefits of a cost-effective substitution of care have to be weighted against the potential harm caused by cream skimming and quality skimping.

Can health insurance improve access to quality care for the Indian poor?

Science.gov (United States)

Michielsen, Joris; Criel, Bart; Devadasan, Narayanan; Soors, Werner; Wouters, Edwin; Meulemans, Herman

2011-08-01

Recently, the Indian government launched health insurance schemes for the poor both to protect them from high health spending and to improve access to high-quality health services. This article aims to review the potentials of health insurance interventions in order to improve access to quality care in India based on experiences of community health insurance schemes. PubMed, Ovid MEDLINE (R), All EBM Reviews, CSA Sociological Abstracts, CSA Social Service Abstracts, EconLit, Science Direct, the ISI Web of Knowledge, Social Science Research Network and databases of research centers were searched up to September 2010. An Internet search was executed. One thousand hundred and thirty-three papers were assessed for inclusion and exclusion criteria. Twenty-five papers were selected providing information on eight schemes. A realist review was performed using Hirschman's exit-voice theory: mechanisms to improve exit strategies (financial assets and infrastructure) and strengthen patient's long voice route (quality management) and short voice route (patient pressure). All schemes use a mix of measures to improve exit strategies and the long voice route. Most mechanisms are not effective in reality. Schemes that focus on the patients' bargaining position at the patient-provider interface seem to improve access to quality care. Top-down health insurance interventions with focus on exit strategies will not work out fully in the Indian context. Government must actively facilitate the potential of CHI schemes to emancipate the target group so that they may transform from mere passive beneficiaries into active participants in their health.

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...

A modeling framework for optimal long-term care insurance purchase decisions in retirement planning.

Science.gov (United States)

Gupta, Aparna; Li, Lepeng

2004-05-01

The level of need and costs of obtaining long-term care (LTC) during retired life require that planning for it is an integral part of retirement planning. In this paper, we divide retirement planning into two phases, pre-retirement and post-retirement. On the basis of four interrelated models for health evolution, wealth evolution, LTC insurance premium and coverage, and LTC cost structure, a framework for optimal LTC insurance purchase decisions in the pre-retirement phase is developed. Optimal decisions are obtained by developing a trade-off between post-retirement LTC costs and LTC insurance premiums and coverage. Two-way branching models are used to model stochastic health events and asset returns. The resulting optimization problem is formulated as a dynamic programming problem. We compare the optimal decision under two insurance purchase scenarios: one assumes that insurance is purchased for good and other assumes it may be purchased, relinquished and re-purchased. Sensitivity analysis is performed for the retirement age.

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…

76 FR 41138 - Insurer Reporting Requirements; List of Insurers Required To File Reports

Science.gov (United States)

2011-07-13

... passenger motor vehicle insurers that are required to file reports on their motor vehicle theft loss... information about thefts and recoveries of motor vehicles, the rating rules used by the insurer to establish... companies with a fleet of 20 or more vehicles not covered by theft insurance policies issued by insurers of...

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

Investigation of water entry impact forces on airborne-launched AUVs

Directory of Open Access Journals (Sweden)

Duo Qi

2016-01-01

Full Text Available Airborne-launched AUVs withstand great fluid impact force at the early stage when entering the water, which may cause damage to their structure and inner components in severe cases. Due to their large volume and mass, the major challenge involved in conducting experiments to measure the water entry impacts on real-life AUVs is the high demand for the experimental devices, finding a suitable site, and the cost of the experiments. Using a gas gun as launching device, water entry experiments using a full-size AUV model are conducted under various conditions. The axial and radial force changes that occur during the water entry process are obtained, and some accompanied phenomena such as cavitation and turnover under different water entry conditions are observed. Computational fluid dynamics (CFD is used to simulate the water entry process of airborne-launched AUVs. The simulation results fit well with the experimental data, the latter of which show that both the water entry velocity and entry angle have a great influence on the impact load during the water entry process. These data can provide valuable reference information for AUV structure design and launch condition selection.

32 CFR 220.11 - Special rules for automobile liability insurance and no-fault automobile insurance.

Science.gov (United States)

2010-07-01

... and no-fault automobile insurance. 220.11 Section 220.11 National Defense Department of Defense... insurance and no-fault automobile insurance. (a) Active duty members covered. In addition to Uniformed.... 1095 and this part. (c) Exclusion of automobile liability insurance and no-fault automobile insurance...

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...

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...

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...

Foreign launch competition growing

Science.gov (United States)

Brodsky, R. F.; Wolfe, M. G.; Pryke, I. W.

1986-07-01

A survey is given of progress made by other nations in providing or preparing to provide satellite launch services. The European Space Agency has four generations of Ariane vehicles, with a fifth recently approved; a second launch facility in French Guiana that has become operational has raised the possible Ariane launch rate to 10 per year, although a May failure of an Ariane 2 put launches on hold. The French Hermes spaceplane and the British HOTOL are discussed. Under the auspices of the Italian National Space Plane, the Iris orbital transfer vehicle is developed and China's Long March vehicles and the Soviet Protons and SL-4 vehicles are discussed; the Soviets moreover are apparently developing not only a Saturn V-class heavy lift vehicle with a 150,000-kg capacity (about five times the largest U.S. capacity) but also a space shuttle and a spaceplane. Four Japanese launch vehicles and some vehicles in an Indian program are also ready to provide launch services. In this new, tough market for launch services, the customers barely outnumber the suppliers. The competition develops just as the Challenger and Titan disasters place the U.S. at a disadvantage and underline the hard work ahead to recoup its heretofore leading position in launch services.

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...

Does Health Insurance Premium Exemption Policy for Older People Increase Access to Health Care? Evidence from Ghana.

Science.gov (United States)

Duku, Stephen Kwasi Opuku; van Dullemen, Caroline Elisabeth; Fenenga, Christine

2015-01-01

Aging in Sub-Saharan Africa causes major challenges for policy makers in social protection. Our study focuses on Ghana, one of the few Sub-Saharan African countries that passed a National Policy on Aging in 2010. Ghana is also one of the first Sub-Saharan African countries that launched a National Health Insurance Scheme (NHIS; NHIS Act 650, 2003) with the aim to improve access to quality health care for all citizens, and as such can be considered as a means of poverty reduction. Our study assesses whether premium exemption policy under the NHIS that grants non-payments of annual health insurance premiums for older people increases access to health care. We assessed differences in enrollment coverage among four different age groups (18-49, 50-59, 60-69, and 70+). We found higher enrollment for the 70+ and 60-69 age groups. The likelihood of enrollment was 2.7 and 1.7 times higher for the 70+ and 60-69 age groups, respectively. Our results suggest the NHIS exemption policy increases insurance coverage of the aged and their utilization of health care services.

Supplementary insurance as a switching cost for basic health insurance: Empirical results from the Netherlands.

Science.gov (United States)

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

2017-10-01

Nearly everyone with a supplementary insurance (SI) in the Netherlands takes out the voluntary SI and the mandatory basic insurance (BI) from the same health insurer. Previous studies show that many high-risks perceive SI as a switching cost for BI. Because consumers' current insurer provides them with a guaranteed renewability, SI is a switching cost if insurers apply selective underwriting to new applicants. Several changes in the Dutch health insurance market increased insurers' incentives to counteract adverse selection for SI. Tools to do so are not only selective underwriting, but also risk rating and product differentiation. If all insurers use the latter tools without selective underwriting, SI is not a switching cost for BI. We investigated to what extent insurers used these tools in the periods 2006-2009 and 2014-2015. Only a few insurers applied selective underwriting: in 2015, 86% of insurers used open enrolment for all their SI products, and the other 14% did use open enrolment for their most common SI products. As measured by our indicators, the proportion of insurers applying risk rating or product differentiation did not increase in the periods considered. Due to the fear of reputation loss insurers may have used 'less visible' tools to counteract adverse selection that are indirect forms of risk rating and product differentiation and do not result in switching costs. So, although many high-risks perceive SI as a switching cost, most insurers apply open enrolment for SI. By providing information to high-risks about their switching opportunities, the government could increase consumer choice and thereby insurers' incentives to invest in high-quality care for high-risks. Copyright © 2017 Elsevier B.V. All rights reserved.

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.

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...

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

Launch Vehicle Control Center Architectures

Science.gov (United States)

Watson, Michael D.; Epps, Amy; Woodruff, Van; Vachon, Michael Jacob; Monreal, Julio; Williams, Randall; McLaughlin, Tom

2014-01-01

This analysis is a survey of control center architectures of the NASA Space Launch System (SLS), United Launch Alliance (ULA) Atlas V and Delta IV, and the European Space Agency (ESA) Ariane 5. Each of these control center architectures have similarities in basic structure, and differences in functional distribution of responsibilities for the phases of operations: (a) Launch vehicles in the international community vary greatly in configuration and process; (b) Each launch site has a unique processing flow based on the specific configurations; (c) Launch and flight operations are managed through a set of control centers associated with each launch site, however the flight operations may be a different control center than the launch center; and (d) The engineering support centers are primarily located at the design center with a small engineering support team at the launch site.

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.

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.)

Regulated Medicare Advantage And Marketplace Individual Health Insurance Markets Rely On Insurer Competition.

Science.gov (United States)

Frank, Richard G; McGuire, Thomas G

2017-09-01

Two important individual health insurance markets-Medicare Advantage and the Marketplaces-are tightly regulated but rely on competition among insurers to supply and price health insurance products. Many local health insurance markets have little competition, which increases prices to consumers. Furthermore, both markets are highly subsidized in ways that can exacerbate the impact of market power-that is, the ability to set price above cost-on health insurance prices. Policy makers need to foster robust competition in both sectors and avoid designing subsidies that make the market-power problem worse. Project HOPE—The People-to-People Health Foundation, Inc.

A Low-Cost Launch Assistance System for Orbital Launch Vehicles

Directory of Open Access Journals (Sweden)

Oleg Nizhnik

2012-01-01

Full Text Available The author reviews the state of art of nonrocket launch assistance systems (LASs for spaceflight focusing on air launch options. The author proposes an alternative technologically feasible LAS based on a combination of approaches: air launch, high-altitude balloon, and tethered LAS. Proposed LAS can be implemented with the existing off-the-shelf hardware delivering 7 kg to low-earth orbit for the 5200 USD per kg. Proposed design can deliver larger reduction in price and larger orbital payloads with the future advances in the aerostats, ropes, electrical motors, and terrestrial power networks.

Analysis of Financial Ratio to Distinguish Indonesia Joint Venture General Insurance Company Performance using Discriminant Analysis

Directory of Open Access Journals (Sweden)

Subiakto Soekarno

2012-01-01

Full Text Available Insurance industry stands as a service business that plays a significant role in Indonesiaeconomical condition. The development of insurance industry in Indonesia, both of generalinsurance and life insurance, has increased very fast. The general insurance industry itselfdivided into two major players which are local private company and Joint Venture Company.Lately, the use of statistical techniques and financial ratios models to asses financial institutionsuch as insurance company have been used as one of the appropriate combination inpredicting the performance of an industry. This research aims to distinguish between JointVenture General Insurance Companies that have a good performance and those who are lessperforming well using Discriminant Analysis. Further, the findings led that DiscriminantAnalysis is able to distinguish Joint Venture General Insurance Companies that have a goodperformance and those who are not performing well. There are also six ratios which are RBC,Technical Reserve to Investment Ratio, Debt Ratio, Return on Equity, Loss Ratio, and ExpenseRatio that stand as the most influential ratios to distinguish the performance of joint venturegeneral insurance companies. In addition, the result suggest business people to be concernedtoward those six ratios, to increase their companies’ performance.Key words: general insurance, financial ratio, discriminant analysis

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)

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

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...

THE IMPACT OF COOPERATION BETWEEN INSURERS AND BANKS ON THE DEVELOPMENT OF THE INSURANCE SYSTEM

Directory of Open Access Journals (Sweden)

Nataliya Prikazyuk

2017-11-01

Full Text Available The article highlights how the cooperation of insurance companies and banks affects the insurance system. Defined the concept of bancassurance, provided a brief description of the main bancassurance models in the context of their impact on the insurance system. Defined the main benefits and risks that accompany cooperation of insurance companies and banks within different models of association. It is noted that despite the generally accepted benefits of cooperation between insurers and banks, financial intermediaries’ unions often carry significant risks. Benefits from the cooperation of insurance companies and banks are disclosed with operational, marketing and financial aspects. The purpose of the article is to study the forms of cooperation between financial intermediaries and their impact on the insurance system. Methodology. The study is based on theoretical methods to study this problem. The theoretical and methodological basis of the study is works of scientists on the models of cooperation between insurers and banks. The dialectical method of cognition as well as such methods as logical generalization, structural and systematic analysis are used to study the methodological foundations of banks’ impact on the insurance companies and insurance system. Results. Banking activity has a significant impact on the insurance system. This impact is noticeable at the micro-level: insurers and banks can be clients of each other as well as they can sign cooperation agreements. A significant positive impact of the bancassurance on the activities of both financial institutions within the synergy that appears during their cooperation is highlighted in the article. Respectively, the insurance company and the bank are experiencing the benefits of cooperation along with savings on fixed, variable costs and obtaining additional profits; simplifying and optimization of the process of collecting and processing information; savings on advertising and

Regional Variation of Cost of Care in the Last 12 Months of Life in Switzerland: Small-area Analysis Using Insurance Claims Data.

Science.gov (United States)

Panczak, Radoslaw; Luta, Xhyljeta; Maessen, Maud; Stuck, Andreas E; Berlin, Claudia; Schmidlin, Kurt; Reich, Oliver; von Wyl, Viktor; Goodman, David C; Egger, Matthias; Zwahlen, Marcel; Clough-Gorr, Kerri M

2017-02-01

Health care spending increases sharply at the end of life. Little is known about variation of cost of end of life care between regions and the drivers of such variation. We studied small-area patterns of cost of care in the last year of life in Switzerland. We used mandatory health insurance claims data of individuals who died between 2008 and 2010 to derive cost of care. We used multilevel regression models to estimate differences in costs across 564 regions of place of residence, nested within 71 hospital service areas. We examined to what extent variation was explained by characteristics of individuals and regions, including measures of health care supply. The study population consisted of 113,277 individuals. The mean cost of care during last year of life was 32.5k (thousand) Swiss Francs per person (SD=33.2k). Cost differed substantially between regions after adjustment for patient age, sex, and cause of death. Variance was reduced by 52%-95% when we added individual and regional characteristics, with a strong effect of language region. Measures of supply of care did not show associations with costs. Remaining between and within hospital service area variations were most pronounced for older females and least for younger individuals. In Switzerland, small-area analysis revealed variation of cost of care during the last year of life according to linguistic regions and unexplained regional differences for older women. Cultural factors contribute to the delivery and utilization of health care during the last months of life and should be considered by policy makers.

Catastrophes and Climate Change. Concerns and Possible Countermeasures of the Insurance Industry

Energy Technology Data Exchange (ETDEWEB)

Berz, G.A. [Geoscience Research, Munich Reinsurance Company, D-80791 Munich (Germany)

1999-07-01

In the last few decades, the international insurance industry has been confronted with a drastic increase in the scope and frequency of great natural disasters. The trend is primarily attributable to the continuing steady growth of the world population and the increasing concentration of people and economic values in urban areas. An additional factor is the global migration of populations and industries into areas such as coastal regions, which are particularly exposed to natural hazards. The natural hazards themselves, on the other hand, are showing a change for the worse as many atmospheric extremes are strongly influenced by global warming. In addition to the problems the insurance industry has with regard to pricing, capacity and loss reserves, the assessment of insured liabilities, preventive planning and the proper adjustment of catastrophe losses are gaining importance. The present problems will be dramatically aggravated if the greenhouse predictions come true. The changing probability distributions of many processes in the atmosphere will force up the frequency and severity of heat waves, droughts, bush fires, tropical and extratropical cyclones, tornados, hailstorms, floods and storm surges in many parts of the world with serious consequences for all types of property insurance, apart from the consequences of the stratospheric ozone destruction for health and life insurance. Rates will have to be raised and in certain areas insurance cover will only be available after considerable restrictions have been imposed, as for example significant deductibles and low liability or loss limits. In areas of high insurance density the loss potential of individual catastrophes can reach a level at which the national and international insurance industries will run into serious capacity problems. Recent disasters showed the disproportionately high participation of reinsurers in extreme disaster losses and the need for more risk transparency if the insurance industry is

Catastrophes and Climate Change. Concerns and Possible Countermeasures of the Insurance Industry

International Nuclear Information System (INIS)

Berz, G.A.

1999-01-01

In the last few decades, the international insurance industry has been confronted with a drastic increase in the scope and frequency of great natural disasters. The trend is primarily attributable to the continuing steady growth of the world population and the increasing concentration of people and economic values in urban areas. An additional factor is the global migration of populations and industries into areas such as coastal regions, which are particularly exposed to natural hazards. The natural hazards themselves, on the other hand, are showing a change for the worse as many atmospheric extremes are strongly influenced by global warming. In addition to the problems the insurance industry has with regard to pricing, capacity and loss reserves, the assessment of insured liabilities, preventive planning and the proper adjustment of catastrophe losses are gaining importance. The present problems will be dramatically aggravated if the greenhouse predictions come true. The changing probability distributions of many processes in the atmosphere will force up the frequency and severity of heat waves, droughts, bush fires, tropical and extratropical cyclones, tornados, hailstorms, floods and storm surges in many parts of the world with serious consequences for all types of property insurance, apart from the consequences of the stratospheric ozone destruction for health and life insurance. Rates will have to be raised and in certain areas insurance cover will only be available after considerable restrictions have been imposed, as for example significant deductibles and low liability or loss limits. In areas of high insurance density the loss potential of individual catastrophes can reach a level at which the national and international insurance industries will run into serious capacity problems. Recent disasters showed the disproportionately high participation of reinsurers in extreme disaster losses and the need for more risk transparency if the insurance industry is

Launching technological innovations

DEFF Research Database (Denmark)

Talke, Katrin; Salomo, Søren

2009-01-01

have received less attention. This study considers the interdependencies between strategic, internally and externally, directed tactical launch activities and investigates both direct and indirect performance effects. The analysis is based upon data from 113 technological innovations launched...

First mover advantage in launch of platform based variants

DEFF Research Database (Denmark)

Chaudhuri, Atanu; Singh, Kashi N

2015-01-01

Product choice and pricing are critical decisions taken by firms while launching new products. Firms need to consider the effect of competition while taking the above decisions. Extensive literature is available for pricing, positioning and launch sequence determination of differentiated products...... under competition. But, there is need to understand the leader-follower behaviour of firms with differentiated products. The classical game theoretic models do not consider bounds on prices. Hence, applying these models for product choice and pricing decisions in a real-life industrial setting may...... result in infeasible product choices and generate misleading results. To overcome this gap between theory and practice, we develop game theoretic models for sequential decision making by two firms using reservation price as upper bound on prices by formulating it as a quadratic programming problem. Our...

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)

Evolution of the Florida Launch Site Architecture: Embracing Multiple Customers, Enhancing Launch Opportunities

Science.gov (United States)

Colloredo, Scott; Gray, James A.

2011-01-01

The impending conclusion of the Space Shuttle Program and the Constellation Program cancellation unveiled in the FY2011 President's budget created a large void for human spaceflight capability and specifically launch activity from the Florida launch Site (FlS). This void created an opportunity to re-architect the launch site to be more accommodating to the future NASA heavy lift and commercial space industry. The goal is to evolve the heritage capabilities into a more affordable and flexible launch complex. This case study will discuss the FlS architecture evolution from the trade studies to select primary launch site locations for future customers, to improving infrastructure; promoting environmental remediation/compliance; improving offline processing, manufacturing, & recovery; developing range interface and control services with the US Air Force, and developing modernization efforts for the launch Pad, Vehicle Assembly Building, Mobile launcher, and supporting infrastructure. The architecture studies will steer how to best invest limited modernization funding from initiatives like the 21 st elSe and other potential funding.

THE USE OF NEW DISTRIBUTION CHANNELS TO INCREASE THE EFFICIENCY OF INSURANCE COMPANIES

Directory of Open Access Journals (Sweden)

Olga N. Kozlova

2017-09-01

Full Text Available The article deals with the issues of increasing the efficiency of insurance companies on the basis of using new non-traditional distribution channels. The relevance of the topic is justified by the automation of management processes, a new generation of consumers focused on new technologies, the use of the Internet, growing and selling functional mobile gadgets. The insurance companies use new distribution channels via the Internet network along with the traditional means for the expansion of the insurance portfolio and attracting active and passive consumers. The calculations carried out on the basis of the data of the Bank of Russia show that the share of such sales is growing, but not leading. The use of the Internet depends on many factors, but primarily on the types of insurance. The authors carry out calculations on the use of distribution channels in various types of insurance. The complexity and variety of products on life insurance requires qualified intermediaries, therefore, the use of new distribution channels here is not widespread in contrast to classical accident insurance or compulsory insurance, where sales are more efficient when organizing through the Internet. Selling through Internet has a number of advantages that reduce the cost of doing business, reduce the agency network, the cost of print advertising to attract passive and strengthen the relationship with active consumers. The authors also conduct analysis of the advantages and disadvantages of using mobile gadgets to work with potential customers, quantitative and qualitative benefits of implementing mobile apps in the work of insurance companies. The conclusions are made about the complexity of calculation of economic efficiency of implementing mobile applications. The possible directions of increasing the efficiency of using new distribution channels by insurance companies are defined.

77 FR 22691 - Fees on Health Insurance Policies and Self-Insured Plans for the Patient-Centered Outcomes...

Science.gov (United States)

2012-04-17

... 1545-BK59 Fees on Health Insurance Policies and Self-Insured Plans for the Patient-Centered Outcomes... certain health insurance policies and plan sponsors of certain self-insured health plans to fund the... health insurance policies) or R. Lisa Mojiri-Azad at (202) 622-6080 (regarding self- insured health...

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,…

Bantam: A Systematic Approach to Reusable Launch Vehicle Technology Development

Science.gov (United States)

Griner, Carolyn; Lyles, Garry

1999-01-01

capability to expand the capability of a reusable first stage, including ground launch, powered return to the launch site, and a fully reusable rocket propulsion system. A Bantam technology goal is to demonstrate twenty-five flights with no unplanned rocket engine maintenance and only minor planned maintenance or inspections. The design goal of the propulsion system is a mission life of one hundred.

THE IMPACT OF COOPERATION BETWEEN INSURERS AND BANKS ON THE DEVELOPMENT OF THE INSURANCE SYSTEM

OpenAIRE

Nataliya Prikazyuk; Ganna Oliynik

2017-01-01

The article highlights how the cooperation of insurance companies and banks affects the insurance system. Defined the concept of bancassurance, provided a brief description of the main bancassurance models in the context of their impact on the insurance system. Defined the main benefits and risks that accompany cooperation of insurance companies and banks within different models of association. It is noted that despite the generally accepted benefits of cooperation between insurers and banks,...

Men, Women, and Life Annuities

Science.gov (United States)

King, Francis P.

1976-01-01

A senior research officer of Teacher Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF) discusses the issue of different life annuity benefits to men and women concluding that age and sex are two objective and statistically reliable factors used in determining life expectancy and thus the expected duration of…

The spillover effects of health insurance benefit mandates on public insurance coverage: Evidence from veterans.

Science.gov (United States)

Li, Xiaoxue; Ye, Jinqi

2017-09-01

This study examines how regulations in private health insurance markets affect coverage of public insurance. We focus on mental health parity laws, which mandate private health insurance to provide equal coverage for mental and physical health services. The implementation of mental health parity laws may improve a quality dimension of private health insurance but at increased costs. We graphically develop a conceptual framework and then empirically examine whether the regulations shift individuals from private to public insurance. We exploit state-by-year variation in policy implementation in 1999-2008 and focus on a sample of veterans, who have better access to public insurance than non-veterans. Using data from the Current Population Survey, we find that the parity laws reduce employer-sponsored insurance (ESI) coverage by 2.1% points. The drop in ESI is largely offset by enrollment gains in public insurance, namely through the Veterans Affairs (VA) benefit and Medicaid/Medicare programs. Copyright © 2017 Elsevier B.V. All rights reserved.

Physical Premium Principle: A New Way for Insurance Pricing

Science.gov (United States)

Darooneh, Amir H.

2005-03-01

In our previous work we suggested a way for computing the non-life insurance premium. The probable surplus of the insurer company assumed to be distributed according to the canonical ensemble theory. The Esscher premium principle appeared as its special case. The difference between our method and traditional principles for premium calculation was shown by simulation. Here we construct a theoretical foundation for the main assumption in our method, in this respect we present a new (physical) definition for the economic equilibrium. This approach let us to apply the maximum entropy principle in the economic systems. We also extend our method to deal with the problem of premium calculation for correlated risk categories. Like the Buhlman economic premium principle our method considers the effect of the market on the premium but in a different way.

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.

Forecasting Fire Insurance Loss Ratio in Misr Insurance Company

Directory of Open Access Journals (Sweden)

Tarek TAHA

2017-06-01

Full Text Available Loss ratio is one of the most important indicator that has many strategic decisions applications, such as pricing, underwriting, investment, reinsurance and reserving decisions. It serves as an early warning of financial solvency of insurance companies and it can be judged on the strength of the financial position of these companies. The aim of this study is to identify the reliable time series-forecasting model to forecast loss ratio estimates of fire segment in Misr insurance company. Box-Jenkins Analysis is applied on actual reported loss ratios data for Misr insurance company for the period 1980/1981– 2013/2014. The study concludes that the best forecasting model is ARMA(1,1.

Simulation Of Premi Calculation Claims Insurance Base On Web; Case Study PT. Sinarmas Insurance Padang

OpenAIRE

Rohendi, Keukeu; Putra, Ilham Eka

2016-01-01

Sinarmas currently has several insurance services featured. To perform its function as a good insurance company is need for reform in terms of services in the process of calculating insurance premiums of insurance carried by marketing to use a calculator which interferes with the activities of marketing activities, slow printing insurance policies, automobile claims process that requires the customer to come to the office ASM, slow printing of Work Order (SPK) and the difficulty recap custome...

Implementing Automotive Telematics for Fleet Insurance

Directory of Open Access Journals (Sweden)

Marika Azzopardi

2013-12-01

Full Text Available The advantages of Usage-Based Insurance for automotive covers over conventional rating methods have been discussed in literature for over four decades. Notwithstanding their adoption in insurance markets has been slow. This paper seeks to establish the viability of introducing fleet Telematics-Based Insurance by investigating the perceptions of insurance operators, tracking service providers and corporate fleet owners. At its core, the study involves a SWOT-analysis to appraise Telematics-Based Insurance against conventional premium rating systems. Twenty five key stakeholders in Malta, a country with an insurance industry that represents others in microcosm, were interviewed to develop our analysis. We assert that local insurers have interests in such insurance schemes as enhanced fleet management and monitoring translate into an improved insurance risk. The findings presented here have implications for all stakeholders as we argue that telematics enhance fleet management, TBI improves risk management for insurers and adoption of this technology is dependent on telematics providers increasing the perceived control by insurers over managing this technology.

77 FR 28343 - Insurer Reporting Requirements; List of Insurers Required To File Reports

Science.gov (United States)

2012-05-14

... vehicle insurers that are required to file reports on their motor vehicle theft loss experiences. An... vehicles not covered by theft insurance policies issued by insurers of motor vehicles, other than any... than any governmental entity) used for rental or lease whose vehicles are not covered by theft...

Health Insurance – Affiliation to LAMal insurance for families of CERN personnel

CERN Multimedia

Staff Association

2017-01-01

On May 16, the HR department published in the CERN Bulletin an article concerning cross-border workers (“frontaliers”) and the exercise of the right of choice in health insurance: « In view of the Agreement concluded on 7 July 2016 between Switzerland and France regarding the choice of health insurance system* for persons resident in France and working in Switzerland ("frontaliers"), the Swiss authorities have indicated that those persons who have not “formally exercised their right to choose a health insurance system before 30 September 2017 risk automatically becoming members of the Swiss LAMal system” and having to “pay penalties to their insurers that may amount to several years’ worth of contributions”. Among others, this applies to spouses of members of the CERN personnel who live in France and work in Switzerland. » But the CERN Health Insurance Scheme (CHIS), provides insuranc...

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...

Role of nuclear insurance in US

International Nuclear Information System (INIS)

Bardes, C.R.

2000-01-01

Private insurance companies developed means to provide first-tier nuclear coverage to operators of power plants and other nuclear facilities; US Government initially provided second tier. US insurance companies chose 'pooling' technique as means to provide large amounts of insurance capacity by spreading the risk over a number of insurance companies. Classic example of nuclear risk that presents low frequency, high severity loss potential. Insurers usually spread their risk over a large, fairly stable premium base, as with automobile insurance. The American Nuclear Insurers (ANI) and its roles are introduced in this article

Racial differences in quality of life and employment outcomes in insured women with breast cancer.

Science.gov (United States)

Bradley, Cathy J; Wilk, Amber

2014-03-01

Prior studies indicate that racial disparities are not only present in cancer survival, but also in the quality of cancer survivorship. We estimated the effect of cancer and its treatment on two measures of survivorship quality as follows: health-related quality of life and employment and hours worked for initially employed and insured women newly diagnosed with breast cancer. We collected employment data from 548 women from 2007 to 2011; 22 % were African-American. The outcomes were responses to the SF-36, CES-D, employment, and change in weekly hours worked from pre-diagnosis to 2 and 9 months following treatment initiation. African-American women reported a 2.77 (0.94) and 1.96 (0.92) higher score on the mental component summary score at the 2 and 9 month interviews, respectively. They also report fewer depression symptoms at the 2-month interview, but were over half as likely to be employed as non-Hispanic white women (OR = 0.43; 95 % CI = 0.26 to 0.71). At the 9-month interview, African-American women had 2.33 (1.06) lower scores on the physical component summary score. Differences in health-related quality of life were small and, although statistically significant, were most likely clinically insignificant between African-American and non-Hispanic white women. Differences in employment were substantial, suggesting the need for future research to identify reasons for disparities and interventions to reduce the employment effects of breast cancer and its treatment on African-American women. African-American breast cancer survivors are more likely to stop working during the early phases of their treatment. These women and their treating physicians need to be aware of options to reduce work loss and take steps to minimize long-term employment consequences.

75 FR 54041 - Insurer Reporting Requirements; List of Insurers Required To File Reports

Science.gov (United States)

2010-09-03

.... Each insurer's report includes information about thefts and recoveries of motor vehicles, the rating... state and; (3) Rental and leasing companies with a fleet of 20 or more vehicles not covered by theft...) used for rental or lease whose vehicles are not covered by theft insurance policies issued by insurers...

48 CFR 28.308 - Self-insurance.

Science.gov (United States)

2010-10-01

... REQUIREMENTS BONDS AND INSURANCE Insurance 28.308 Self-insurance. (a) When it is anticipated that 50 percent or... risks, limits of coverage, assignments of safety and loss control, and legal service responsibilities... projected average loss; and (10) A disclosure of all captive insurance company and re-insurance agreements...

The future of health insurance for children with special health care needs.

Science.gov (United States)

Newacheck, Paul W; Houtrow, Amy J; Romm, Diane L; Kuhlthau, Karen A; Bloom, Sheila R; Van Cleave, Jeanne M; Perrin, James M

2009-05-01

Because of their elevated need for services, health insurance is particularly important for children with special health care needs. In this article we assess how well the current system is meeting the insurance needs of children with special health care needs and how emerging trends in health insurance may affect their well-being. We begin with a review of the evidence on the impact of health insurance on the health care experiences of children with special health care needs based on the peer-reviewed literature. We then assess how well the current system meets the needs of these children by using data from 2 editions of the National Survey of Children With Special Health Care Needs. Finally, we present an analysis of recent developments and emerging trends in the health insurance marketplace that may affect this population. Although a high proportion of children with special health care needs have insurance at any point in time, nearly 40% are either uninsured at least part of the year or have coverage that is inadequate. Recent expansions in public coverage, although offset in part by a contraction in employer-based coverage, have led to modest but significant reductions in the number of uninsured children with special health care needs. Emerging insurance products, including consumer-directed health plans, may expose children with special health care needs and their families to greater financial risks. Health insurance coverage has the potential to secure access to needed care and improve the quality of life for these children while protecting their families from financially burdensome health care expenses. Continued vigilance and advocacy for children and youth with special health care needs are needed to ensure that these children have access to adequate coverage and that they fare well under health care reform.

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)

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.

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.

Evolved Expendable Launch Vehicle (EELV)

Science.gov (United States)

2015-12-15

FY13+ Phase I Buy Contractor: United Launch Services, LLC Contractor Location: 9501 East Panorama Circle Centennial , CO 80112 Contract Number...Contract Name: FY13+ Phase I Buy Contractor: United Launch Services, LLC Contractor Location: 9501 East Panorama Circle Centennial , CO 80112 Contract...FY12 EELV Launch Services (ELS5) Contractor: United Launch Services, LLC. Contractor Location: 9501 East Panorama Circle Centennial , CO 80112

75 FR 42766 - National Flood Insurance Program (NFIP); Assistance to Private Sector Property Insurers...

Science.gov (United States)

2010-07-22

...] National Flood Insurance Program (NFIP); Assistance to Private Sector Property Insurers, Availability of... Financial Assistance/Subsidy Arrangement (Arrangement), (90 as of June 1, 2010) private sector property... Financial Assistance/ Subsidy Arrangement (Arrangement) to notify private insurance companies (Companies...

76 FR 45281 - National Flood Insurance Program (NFIP); Assistance to Private Sector Property Insurers...

Science.gov (United States)

2011-07-28

...] National Flood Insurance Program (NFIP); Assistance to Private Sector Property Insurers, Availability of... Financial Assistance/Subsidy Arrangement (Arrangement), 87 (as of July 1, 2011) private sector property... Financial Assistance/ Subsidy Arrangement (Arrangement) to notify private insurance companies (Companies...

Developing a Model of the Efficient Management of Reserve Capital of an Endowment Insurance Company in the Ukrainian Market

Directory of Open Access Journals (Sweden)

Kapustian Volodymir O.

2017-06-01

Full Text Available The article is concerned with developing a model of the effective management of reserve capital of an endowment insurance company or so-called endowment life insurance. Such companies are powerful actors at the international market, operate with considerable capital and are effective as active investors in different areas. The main features of functioning of endowment insurance companies, as well as the factors that guarantee the sustainable development of insurance companies in both the global and Ukrainian markets, were considered. The principles of management of financial resources of insurance companies were studied. An elaborated model of management of current and reserve capital has been provided, the mechanism for establishing and operating the insurance company’s current capital, taking into account the process of income of insurance premiums and the payment of dividends on poles, has been described. An analysis of the largest endowment insurance companies in the Ukrainian market was carried out. Based on the analysis, the recommended discount rate has been calculated for the model proposed in the article.

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...

[Self-responsibility as a component of quality-oriented care-reflections on further development of nursing care insurance].

Science.gov (United States)

Gohde, J

2005-08-01

Further development of nursing care insurance must consider both ethical aspects and scarcity of resources. An economy that serves human life has two principal targets: safeguarding the basis of existence and extension of the fulfillment of life. From an ethical perspective welfare and personal responsibility have to be equilibrated by promoting individuality and self-responsibility and maintaining relatives' willingness to become a caregiver. Discussing the role of prevention and rehabilitation in nursing care it is argued that the legally committed primacy of prevention and rehabilitation over care has still not been put into practise due to unresolved problems at the interface of health insurance and nursing care insurance as well as at the interface of inpatient and outpatient providers. Moreover, it seems necessary to strengthen prevention and rehabilitation in the context of care. A comprehensive understanding of individual demands for help, support, and care requires a revision of the common definition of need for care in terms of activities of daily living which neglects particularly psycho-social needs. Case management is a suitable approach to provide adequate and coordinated support as a prerequisite for quality of life in people in need for care. Overcoming compartmentalization of inpatient and outpatient sectors and crosslinking of services are described as essential challenges for future provision of nursing care insurance. Intensification of counseling and advice for patients and relatives, extension and diversification of local providers, upgrading of ambulant services, daily care and short-term care, diversification of nursing homes and other housing arrangements, further development of hospices and palliative care, and acceptance of institutions for the elderly as indispensable components of the future care system are discussed as specific tasks in the further development of nursing care insurance.

The influence of exercise intervention upon quality of life and activity of daily living in elderly people who use nursing care insurance services

OpenAIRE

竹内, 亮

2012-01-01

The purpose of this study was to confirm the importance of enhancing quality of life (QOL) and activity of daily living (ADL) in elderly people, and to examine methods of exercise intervention for QOL and ADL outcomes in elderly people who use nursing care insurance services. Chapter 2 clarifies the relationship between QOL, ADL, and changes in the level of independence in elderly residents. Higher QOL outcomes (sense of well-being, satisfaction with social support, independence, and beh...

Throttleable GOX/ABS launch assist hybrid rocket motor for small scale air launch platform

Science.gov (United States)

Spurrier, Zachary S.

Aircraft-based space-launch platforms allow operational flexibility and offer the potential for significant propellant savings for small-to-medium orbital payloads. The NASA Armstrong Flight Research Center's Towed Glider Air-Launch System (TGALS) is a small-scale flight research project investigating the feasibility for a remotely-piloted, towed, glider system to act as a versatile air launch platform for nano-scale satellites. Removing the crew from the launch vehicle means that the system does not have to be human rated, and offers a potential for considerable cost savings. Utah State University is developing a small throttled launch-assist system for the TGALS platform. This "stage zero" design allows the TGALS platform to achieve the required flight path angle for the launch point, a condition that the TGALS cannot achieve without external propulsion. Throttling is required in order to achieve and sustain the proper launch attitude without structurally overloading the airframe. The hybrid rocket system employs gaseous-oxygen and acrylonitrile butadiene styrene (ABS) as propellants. This thesis summarizes the development and testing campaign, and presents results from the clean-sheet design through ground-based static fire testing. Development of the closed-loop throttle control system is presented.

78 FR 77366 - Federal Employee Dental and Vision Insurance Program; Qualifying Life Event Amendments

Science.gov (United States)

2013-12-23

... the Federal Employees Health Benefits (FEHB) Program. DATES: Comment date: Comments are due on or... enrollment status under the Federal Employee Dental and Vision Insurance Program. OPM is proposing these... for FEDVIP enrollment changes and therefore better align FEDVIP with the Federal Employees Health...

75 FR 30106 - Terrorism Risk Insurance Program; Recordkeeping Requirements for Insurers Compensated Under the...

Science.gov (United States)

2010-05-28

... DEPARTMENT OF THE TREASURY Terrorism Risk Insurance Program; Recordkeeping Requirements for... Budget. The Terrorism Risk Insurance Program Office within the Department of the Treasury is soliciting... original and two copies) to: Terrorism Risk Insurance Program, Public Comment Record, Suite 2100...

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....

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...

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.

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...

Optimal social insurance with linear income taxation

DEFF Research Database (Denmark)

Bovenberg, Lans; Sørensen, Peter Birch

2009-01-01