Insurance
Some people believe that modern insurance companies are money-making businesses which have little interest in insurance. They argue that the purpose of insurance is to spread risk so the reluctance of insurance companies to take on high-risk cases (e.g. houses in areas subject to flooding, or young drivers) runs counter to the principle of insurance.
Other criticisms include:
- Insurance policies contain too many exclusion clauses. For example, some house insurance policies do not cover damage to garden walls.
- Most insurance companies now use call centres and staff attempt to answer questions by reading from a script. It is difficult to speak to anybody with expert knowledge.
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Glossary
- 'Combined ratio' = loss ratio + expense ratio. Loss ratio is calculated by dividing the amount of losses (sometimes including loss adjustment expenses) by the amount of earned premium. Expense ratio is calculated by dividing the amount of operational expenses by the amount of earned premium. A lower number indicates a better return on the amount of capital placed at risk by an insurer.
- 'URIE' = unincorporated reciprocal inter-insurance exchange.
- 'SSA' = subscriber savings account.
- 'AIF' = attorney in fact.
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See also
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- ACORD
- Compulsory insurance
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- Financial services (broader industry to which insurance belongs)
- Five for One
- Geneva Association, The (the International Association for the Study of Insurance Economics)
- Global assets under management
- Insurance law
- Intergovernmental Risk Pool
- Insurance Hall of Fame
- Subrogation
- Uberrima fides
- Social security
- Universal health care
- Welfare state
Country Specific Articles
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Notes
- ^ This discussion is adapted from Mehr and Camack “Principles of Insurance”, 6th edition, 1976, pp 34 – 37.
- ^ Insured cars by state. Insurance Information Institute.
- ^ C. Kulp & J. Hall, Casualty Insurance, Fourth Edition, 1968, page 35
- ^ However, bankruptcy of the insured does not relieve the insurer. Certain types of insurance, e.g., workers's compensation and personal automobile, are subject to statutory requirements that injured parties have direct access to coverage. Ibid, page 35
- ^ Ibid, page 35
- ^ Fitzpatrick, Sean, Fear is the Key: A Behavioral Guide to Underwriting Cycles, 10 Conn. Ins. L.J. 255 (2004).
- ^ Insurance Information Institute. Business insurance information. What does a business owners policy cover?. Retrieved on 2007-05-09.
- ^ U.S. Patent Application 20060287896 “Method for providing crop insurance for a crop associated with a defined attribute”
- ^ Margaret E. Lynch, Editor, "Health Insurance Terminology," Health Insurance Association of America, 1992, ISBN 1-879143-13-5
- ^ http://www.ifsl.org.uk/uploads/CBS_Insurance_2007.pdfPDF (365 KB) page 16
- ^ Gregory D. Squires (2003) Racial Profiling, Insurance Style: Insurance Redlining and the Uneven Development of Metropolitan Areas Journal of Urban Affairs Volume 25 Issue 4 Page 391-410, November 2003
- ^ Strauss and Hollis, 2007, Insurance Markets When Firms are Asymmetrically Informed: A Note (HTML).
- ^ Hollis and Strauss, 2007, Privacy, Driving Data and Automobile Insurance: An Economic Analysis (HTML).
- ^ (Source: Insurance IP Bulletin, December 15, 2006)
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External links
- Federation of European Risk Management Associations
- Insurance Information Institute
- National Association of Insurance Commissioners
- The British Library - finding information on the insurance industry (UK bias)
- Insurance Bureau of Canada
- Museum of Insurance - displays thousands of antique insurance policies and ephemera
- Congressional Research Service (CRS) Reports regarding the U.S. Insurance industry
- Insurance at the Open Directory Project
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