Insurance保险学课后答案英文版Word格式文档下载.docx
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Insurance保险学课后答案英文版Word格式文档下载.docx
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Moralhazardisdishonestyorcharacterdefectsinanindividualthatincreasethefrequencyorseverityofloss.
Moralehazard:
Moralehazardiscarelessnessorindifferencetoalossbecauseoftheexistenceofinsurance.
Physicalhazard:
Aphysicalhazardisaphysicalconditionthatincreasethechanceofloss.
Prematuredeath:
Prematuredeathisdefinedasthedeathofahouseholdheadwithunfulfilledfinancialobligations.
Purerisk:
Pureriskisdefinedasasituationinwhichthereareonlythepossibilitiesoflossornoloss.
Speculativerisk:
Speculativeriskisdefinedasasituationinwhicheitherprofitorlossispossible.
REVIEWQUESTIONS
1.Howdoesobjectiveriskdifferfromsubjectiverisk?
Objectiveriskisdefinedastherelativevariationofactuallossfromexpectedloss.Objectiveriskdeclinesasthenumberofexposuresincreases.Objectiveriskcanbemeasured.
Subjectiveriskisdefinedasuncertaintybasedonaperson’smentalconditionorstateofmind.Theimpactofsubjectiveriskvariesdependingontheindividual.Highsubjectiveriskoftenresultsinconservativeandprudentbehavior,whilelowsubjectiveriskmayresultinlessconservativebehavior.
2.Defineperil,hazard,physicalhazard,moralhazard,moralehazard,andlegalhazard.
Peril:
perilisdefinedasthecauseofloss.
Legalhazard:
Legalhazardreferstocharacteristicsofthelegalsystemorregulatoryenvironmentthatincreasethefrequencyorseverityoflosses.
3.Explainthedifferencebetweenpureandspeculativeriskandbetweenfundamentalandparticularrisk.
pureandspeculativerisk:
First,privateinsurersgenerallyinsureonlypurerisk.Second,thelawoflargenumberscanbeappliedmoreeasilytopureriskthantospeculativerisk.Finally,societymaybenefitfromaspeculativeriskeventhoughalossoccurs,butitisharmedifapureriskispresentandalossoccurs.
fundamentalandparticularrisk:
Governmentassistancemaybenecessarytoinsureafundamentalrisk.
4.Identifythemajortypesofpureriskthatareassociatedwithgreatfinancialinsecurity.(P5)
ThemajortypesofpureriskthatcancreategreatfinancialinsecurityincludePersonalrisks,propertyrisks,andliabilityrisks.
Personalrisksarerisksthatdirectlyaffectanindividual.
5.Describebrieflythefivemajormethodsofhandlingrisk.Giveexampleofeachmethod.(P9)
APPLICATIONQUESTIONS
Severalmethodsareavailableforhandlingrisk.However,certaintechniquesaremoreappropriatethanothersinagivensituation.
a.
(1)Shouldretentionbeusedinthosesituationswherebothlossfrequencyandlossseverityarehigh?
Explainyouranswer.(P11)
(2)Explainwhylosscontrolisahighlydesirablemethodforhandlingrisk.(P10)
b.Explainwhychanceoflossandriskarenotthesamething.(P3)
CHAPTER2/INSURANCEANDRISK
Adverseselection:
Adverseselectionisthetendencyofpersonswithahigher-than-averagechanceoflosstoseekinsuranceatstandard(average)rates,whichifnotcontrolledbyunderwriting,resultsinhigher-than-expectedlosslevels.
Fortuitousloss:
Afortuitouslossisonethatisunforeseenandunexpectedandoccursasaresultofchance.
Indemnification:
Indemnificationmeansthattheinsuredisrestoredtohisorherapproximatefinancialpositionpriortotheoccurrenceoftheloss.
Insurance:
Insuranceisthepoolingoffortuitouslossesbytransferofsuchriskstoinsurers,whoagreetoindemnifyinsuredsforsuchlosses,toprovideotherpecuniarybenefitsontheiroccurrence,ortorenderservicesconnectedwiththerisk.
Lawoflargenumbers:
thelawoflargenumbersstatesthatthegreaterthenumberofexposures,themorecloselywilltheactualresultsapproachtheprobableresultsthatareexpectedfromaninfinitenumberofexposures.
Underwriting:
Underwritingreferstotheprocessofselectingandclassifyingapplicantsforinsurance.
1.Explainthemajorcharacteristicsofatypicalinsuranceplan.(P16)
2.Explainthelawoflargenumbersandshowhowthelawoflargenumberscanbeusedbyaninsurertoestimatefuturelosses.(P17)
3.Explainthemajorrequirementsofaninsurablerisk.(P18)
1.Althoughnoriskcompletelymeetsalloftheidealrequirementsofaninsurablerisk,someriskscomemuchclosertomeetingthemthanothers.
a.Identifytheidealrequirementsofaninsurablerisk.(P18)
b.Compareandcontrastautomobilecollisionsandwarintermsofhowwelltheymeettherequirementsofaninsurablerisk.(p18)
2.Oneauthorstatesthat“Thelawoflargenumbersformsthebasisofinsurance.”Doyouagreeordisagreewiththisstatement?
Explainyouranswer.
CHAPTER5/FUDAMENTALLEGALPRINCIPLES
Actualcashvalue(实际现金价值):
Actualcashvalueisdefinedasreplacementcostlessdepreciation.(重置成本—折旧)
Aleatorycontract(射幸合同):
Aleatorycontractisacontractwherethevaluesexchangedmaynotbeequalbutdependonanuncertainevent.
Commutativecontract(等价交易合同):
Acommutativecontractisoneinwhichthevaluesexchangebybothpartiesaretheoreticallyequal.
Conditionalcontract(条件合同):
Conditionsareprovisionsinsertedinthepolicythatqualifyorplacelimitationsontheinsurer’spromisetoperform.
Consideration(对价):
thevaluethateachpartygivestotheother.Theinsured’sconsiderationispaymentofthefirstpremium(orapromisetopaythefirstpremium)plusanagreementtoabidebytheconditionsspecifiedinthepolicy.Theinsurer’sconsiderationisthepromisetodocertainthingsasspecifiedinthepolicy.
Contractofadhesion(符合性合同):
Acontractofadhesionmeanstheinsuredmustaccepttheentirecontract,withallofitstermsandconditions.
Materialfact(重要事实):
Materialmeansthatiftheinsurerknewthetruefacts,thepolicywouldnothavebeenissued,oritwouldhavebeenissuedondifferentterms.
Offerandacceptance(要约和承诺):
Thefirstrequirementofabindinginsurancecontractisthattheremustbeanofferandacceptanceofitsitem.Inmostcase,theapplicantforinsurancemakestheoffer,andthecompanyacceptsorrejectstheoffer.
Principleofindemnity:
Theprincipleofindemnitystatesthattheactualamountoftheloss;
stateddifferently,theinsuredshouldmotprofitfromaloss.
Principleofutmostgoodfaith(最大诚信原则):
Ahigherdegreeofhonestyisimposedonbothpartiestoaninsurancecontractthanisimposedonpartiestoothercontracts.
Subrogation(代位追偿):
Subrogationmeanssubstitutionoftheinsurerinplaceoftheinsuredforthepurposeofclaimingindemnityfromathirdpersonforalosscoveredbyinsurance.
Unilateralcontract(单务合同):
Aunilateralcontractmeansthatonlyonepartymakesalegallyenforceablepromise.
Valuedpolicy(定值保险单):
Avaluedpolicyisapolicythatpaysthefaceamountofinsuranceifatotallossoccurs.
Waiver(弃权):
Waiverisdefinedasthevoluntaryrelinquishmentofaknownlegalright.
1.Explaintheprincipleofindemnity.Howdoestheconceptofactualcashvaluesupporttheprincipleofindemnity?
(P30)
2.Whatisaninsurableinterest?
Whyisaninsurableinterestrequiredineveryinsurancecontract?
(P32)
3.Explaintheprincipleofsubrogation.Whyissubrogationused?
(P34-P35)
4.Explaintheprincipleofutmostgoodfaith.Howdothelegaldoctrinesofrepresentations,concealment,andwarrantysupporttheprincipleofutmostgoodfaith?
(P36-P37)
5.Identifythefourrequirementsthatmustbemettohaveavalidinsurancecontract.(P37-P39)
CHAPTER6/ANALYSISOFINSURANCECONTRACTS
Aggregatedeductible(总额免赔):
Anaggregatedeductibleissometimesusedincommercialpropertyinsurance,bywhichallcoveredlossesduringtheyearareaddedtogetheruntiltheyreachacertainlevel.
“Allrisk”policy(一切险保险单):
Alllossesarecoveredexceptthoselossesspecificallyexcluded.
Coinsuranceclause(共保条款):
Acoinsuranceclauseinapropertyinsurancecontractrequirestheinsuredtoinsurethepropertyforastatedpercentageofitsinsurablevalue.Ifthecoinsurancerequirementisnotmetatthetimeofloss,theinsuredmustshareinthelossasacoinsurer.
Deductible(免赔额):
Adeductibleisaprovisionbywhichaspecifiedamountissubtractedfromthetotallosspaymentthatotherwisewouldbepayable.
Elimination(waiting)period(剔除/等待期):
Aneliminationperiodisastatedperiodoftimeatthebeginningofalossduringwhichnoinsurancebenefitsarepaid.
Endorsementsandriders:
Inpropertyandliabilityinsurance,anendorsementisawrittenprovisionthataddsto,deletesfromormodifiestheprovisionsintheoriginalcontract.Inlifeandhealthinsurance,ariderisadocumentthatamendsorchangestheoriginalpolicy.
Exclusions(除外责任):
Exclusionareanotherbasicpartofanyinsurancecontract.Therearethreemajortypesofexclusion:
exclu
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