insurance institutions l.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
Insurance Institutions PowerPoint Presentation
Download Presentation
Insurance Institutions

Loading in 2 Seconds...

play fullscreen
1 / 35

Insurance Institutions - PowerPoint PPT Presentation


  • 318 Views
  • Uploaded on

Insurance Institutions I. Introduction A. Type of Insurance 1. Social Insurance 2. Private Insurance American System Life Insurance Property/Casualty Insurance European System B. Risk 1. Outcome Pure Risk The outcome can only be a loss or no loss with no possibility for gain.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'Insurance Institutions' - elina


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
i introduction
I. Introduction

A. Type of Insurance

1. Social Insurance

2. Private Insurance

  • American System
    • Life Insurance
    • Property/Casualty Insurance
  • European System
slide3
B. Risk

1. Outcome

  • Pure Risk

The outcome can only be a loss or no loss with no possibility for gain.

  • Speculative Risk

Uncertainty about an event could result in either a gain or a loss.

slide4
2. Insurability
  • Statistical Concepts
    • Law of Large Numbers
    • Measurable Objective Risk

Objective risk is the deviation of actual losses from expected losses and can be measured statistically.

slide5
Commercial Insurability
    • Homogeneous exposure units

There is a large number of homogeneous exposure units so that losses can be predicted on the law of large numbers.

    • Accidental and unintentional occurrence

The law of large numbers is based on randomness.

slide6
Identifiable circumstances of loss

The time, location, cause, and amount should be identifiable.

  • Calculable probability of loss

The is required for the purpose of calculating premium.

slide7
Non-catastrophic loss

A large portion of the exposure units should not experience a loss at the same time.

  • Affordable premium

This is to ensure a sizable market.

ii life insurance companies
II. Life Insurance Companies

A. Industry Structure

1. Insurers

  • By Organizational Form
    • Stock Life Insurance Companies
    • Mutual Life Insurance Companies
    • Fraternal Life Insurance Companies
    • Government Agencies
    • Mutual Savings Banks
slide9
By Reserve Requirement
    • Legal Reserve Companies
    • Assessment Insurance Companies
  • By Reinsurance
    • Primary Companies (Ceding Companies)
    • Reinsurance Companies
slide10
2. Distribution Network
  • Branch Offices
  • General Agencies
  • Direct Mail
slide11
B. Financial Operations

1. Life Insurance Policies

  • By Purpose
    • Risk
slide12
Term Insurance
    • Duration

1-year, 3-year, 5-year, 10-year

    • Face Amount

Constant term, decreasing term, increasing term

    • Expiration Protection

Renewable term, convertible term

slide13
Risk/Investment
    • Endowment Life
    • Whole Life (Straight Life)
    • Variable Life
    • Universal Life
    • Variable Universal Life (Universal Life II)
    • Single Premium Life
slide16
By Market Segment
    • Individual Life (Ordinary Life)
    • Business Life
    • Group Life
    • Credit Life
    • Industrial Life (Home Service Life)
slide17
By Dividend Received
    • Participating Contract (rec. dividends)
    • Non-Participating Contract (no dividend)
slide18
2. Annuity

3. Health Insurance

4. Investments

  • Corporate Bonds
  • Mortgages
  • Government Securities
slide19
C. Regulations
  • National Association of Insurance Commissioners (NAIC)
  • Insurance Regulatory Information System
iii property casualty insurance companies
III. Property/Casualty Insurance Companies

A. Industry Structure

1. Insurers

  • By Ownership
    • Stock Companies
    • Mutual Companies
    • Reciprocals (Interinsurance Exchanges)
    • Domestic Lloyd
slide21
By Corporate Control
    • Independent Companies
    • Captive Companies
slide22
By Premium Assessment
    • Assessment Companies
    • Non-Assessment Companies
slide23
By Reinsurance
    • Primary Companies (Ceding Companies)
    • Reinsurance Companies
slide24
2. Distribution Network
  • Branch Offices
  • General Agencies
  • Direct Mail
slide25
B. Financial Operations

1. Property/Liability Policies

  • By Parties Covered
    • First Person Insurance
    • Third Party Liability Insurance
slide26
By Pattern of Loss Payments
    • Short-Tailed Insurance Lines
    • Long-Tailed Insurance Lines
slide27
By Risk Category
    • Property Insurance
      • Named Peril Policies

A named peril policy cover perils that are specifically named, such as lightning, flood, theft, etc.

slide28
All-Risk Policies (Open Perils)

An all risk policy protect the insured against loss from all perils except those specifically excluded.

slide29
Liability Insurance
  • Marine Insurance
    • Ocean Marine Insurance
    • Inland Marine Insurance
  • Multiline Policies

A multiline policy contain both property and liability insurance coverages. Examples include homeowner’s policies and personal auto policies.

slide30
Surety Insurance
  • Fidelity Insurance
slide31
2. Health Insurance

3. Investments

  • Corporate stocks
  • Revenue bonds
  • Corporate bonds
  • U. S. government securities

C. Regulations

iv trends
IV. Trends

A. Bancassurance

  • Cross-Sectoral Investing (i.e., crossing industry lines)
  • Interpenetration of Markets (i.e., merges and acquisitions)
  • Cooperative Arrangement (i.e., cooperating between independent banks and insurance companies)
slide33
B. Cross-Border Activities
  • Mergers and Acquisitions
  • Branching
v social insurance
V. Social Insurance

A. Institutions

  • Social Security Administration, Department of Health and Human Services
  • Bureau of Employment Security, Department of Labor
  • Bureau of Employees’ Compensation,

Department of Labor

slide35
B. Financial Operations
  • Old-Age, Survivor, Disability, and Health Insurance (OASDHI)
  • Unemployment Insurance
  • Worker’s Compensation