Insurance保险学课后答案英文版.docx

Insurance保险学课后答案英文版.docx

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Insurance保险学课后答案英文版

CHAPTER1/RISKINOURSOCIETY

KEYCONCEPTSANDTERMS

Fundamentalrisk:

Afundamentalriskisariskthataffectstheentireeconomyorlargenumbersofpersonsorgroupswithintheeconomy.

Hazard:

Ahazardisaconditionthatcreatesorincreasethechanceofloss.

Lawoflargenumber:

Asthenumberofexposureunitsincrease,themorecloselytheactuallossexperiencewillapproachtheexpectedlossexperience.

Liabilityrisks:

youcanbeheldlegallyliableifyoudosomethingthatresultsinbodilyinjuryorpropertydamagetosomeoneelse.

Moralhazard:

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.

Physicalhazard:

Aphysicalhazardisaphysicalconditionthatincreasethechanceofloss.

Moralhazard:

Moralhazardisdishonestyorcharacterdefectsinanindividualthatincreasethefrequencyorseverityofloss.

Moralehazard:

Moralehazardiscarelessnessorindifferencetoalossbecauseoftheexistenceofinsurance.

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

KEYCONCEPTSANDTERMS

Adverseselection:

Adverseselectionisthetendencyofpersonswithahigher-than-averagechanceoflosstoseekinsuranceatstandard（average）rates,whichifnotcontrolledbyunderwriting,resultsinhigher-than-expectedlosslevels.

Fortuitousloss:

Afortuitouslossisonethatisunforeseenandunexpectedandoccursasaresultofchance.

Indemnification：

Indemnificationmeansthattheinsuredisrestoredtohisorherapproximatefinancialpositionpriortotheoccurrenceoftheloss.

Insurance:

Insuranceisthepoolingoffortuitouslossesbytransferofsuchriskstoinsurers,whoagreetoindemnifyinsuredsforsuchlosses,toprovideotherpecuniarybenefitsontheiroccurrence,ortorenderservicesconnectedwiththerisk.

Lawoflargenumbers:

thelawoflargenumbersstatesthatthegreaterthenumberofexposures,themorecloselywilltheactualresultsapproachtheprobableresultsthatareexpectedfromaninfinitenumberofexposures.

Underwriting:

Underwritingreferstotheprocessofselectingandclassifyingapplicantsforinsurance.

REVIEWQUESTIONS

1.Explainthemajorcharacteristicsofatypicalinsuranceplan.（P16）

2.Explainthelawoflargenumbersandshowhowthelawoflargenumberscanbeusedbyaninsurertoestimatefuturelosses.（P17）

3.Explainthemajorrequirementsofaninsurablerisk.（P18）

APPLICATIONQUESTIONS

1.Althoughnoriskcompletelymeetsalloftheidealrequirementsofaninsurablerisk,someriskscomemuchclosertomeetingthemthanothers.

a.Identifytheidealrequirementsofaninsurablerisk.（P18）

b.Compareandcontrastautomobilecollisionsandwarintermsofhowwelltheymeettherequirementsofaninsurablerisk.（p18）

2.Oneauthorstatesthat“Thelawoflargenumbersformsthebasisofinsurance.”Doyouagreeordisagreewiththisstatement?

Explainyouranswer.

CHAPTER5/FUDAMENTALLEGALPRINCIPLES

KEYCONCEPTSANDTERMS

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.

REVIEWQUESTIONS

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

KEYCONCEPTSANDTERMS

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