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1、CHAPTER1/RISKINOURSOCIETYKEYCONCEPTSANDTERMSFundamentalrisk:Afundamentalriskisariskthataffectstheentireeconomyorlargenumbersofpersonsorgroupswithintheeconomy.Hazard:Ahazardisaconditionthatcreatesorincreasethechanceofloss.Lawoflargenumber:Asthenumberofexposureunitsincrease,themorecloselytheactualloss
2、experiencewillapproachtheexpectedlossexperience.Liabilityrisks:youcanbeheldlegallyliableifyoudosomethingthatresultsinbodilyinjuryorpropertydamagetosomeoneelse.Moralhazard:Moralhazardisdishonestyorcharacterdefectsinanindividualthatincreasethefrequencyorseverityofloss.Moralehazard:Moralehazardiscarele
3、ssnessorindifferencetoalossbecauseoftheexistenceofinsurance.Physicalhazard:Aphysicalhazardisaphysicalconditionthatincreasethechanceofloss.Prematuredeath:Prematuredeathisdefinedasthedeathofahouseholdheadwithunfulfilledfinancialobligations.Purerisk:Pureriskisdefinedasasituationinwhichthereareonlythepo
4、ssibilitiesoflossornoloss.Speculativerisk:Speculativeriskisdefinedasasituationinwhicheitherprofitorlossispossible.REVIEWQUESTIONS1.Howdoesobjectiveriskdifferfromsubjectiverisk?Objectiveriskisdefinedastherelativevariationofactuallossfromexpectedloss.Objectiveriskdeclinesasthenumberofexposuresincrease
5、s.Objectiveriskcanbemeasured.sSubjectiveriskisdefinedasuncertaintybasedonapersonmentalconditionorstateofmind.Theimpactofsubjectiveriskvariesdependingontheindividual.Highsubjectiveriskoftenresultsinconservativeandprudentbehavior,whilelowsubjectiveriskmayresultinlessconservativebehavior.2.Defineperil,
6、hazard,physicalhazard,moralhazard,moralehazard,andlegalhazard.Peril:perilisdefinedasthecauseofloss.Physicalhazard:Aphysicalhazardisaphysicalconditionthatincreasethechanceofloss.Moralhazard:Moralhazardisdishonestyorcharacterdefectsinanindividualthatincreasethefrequencyorseverityofloss.Moralehazard:Mo
7、ralehazardiscarelessnessorindifferencetoalossbecauseoftheexistenceofinsurance.Legalhazard:Legalhazardreferstocharacteristicsofthelegalsystemorregulatoryenvironmentthatincreasethefrequencyorseverityoflosses.3.Explainthedifferencebetweenpureandspeculativeriskandbetweenfundamentalandparticularrisk.pure
8、andspeculativerisk:First,privateinsurersgenerallyinsureonlypurerisk.Second,thelawoflargenumberscanbeappliedmoreeasilytopureriskthantospeculativerisk.Finally,societymaybenefitfromaspeculativeriskeventhoughalossoccurs,butitisharmedifapureriskispresentandalossoccurs.fundamentalandparticularrisk:Governm
9、entassistancemaybenecessarytoinsureafundamentalrisk.4.Identifythemajortypesofpureriskthatareassociatedwithgreatfinancialinsecurity.(P5)ThemajortypesofpureriskthatcancreategreatfinancialinsecurityincludePersonalrisks,propertyrisks,andliabilityrisks.Personalrisksarerisksthatdirectlyaffectanindividual.
10、5.Describebrieflythefivemajormethodsofhandlingrisk.Giveexampleofeachmethod.(P9)APPLICATIONQUESTIONSSeveralmethodsareavailableforhandlingrisk.However,certaintechniquesaremoreappropriatethanothersinagivensituation.a.(1)Shouldretentionbeusedinthosesituationswherebothlossfrequencyandlossseverityarehigh?
11、Explainyouranswer.(P11)(2)Explainwhylosscontrolisahighlydesirablemethodforhandlingrisk.(P10)b.Explainwhychanceoflossandriskarenotthesamething.(P3)CHAPTER2/INSURANCEANDRISKKEYCONCEPTSANDTERMSAdverseselection:Adverseselectionisthetendencyofpersonswithahigher-than-averagechanceoflosstoseekinsuranceatst
12、andard(average)rates,whichifnotcontrolledbyunderwriting,resultsinhigher-than-expectedlosslevels.Fortuitousloss:Afortuitouslossisonethatisunforeseenandunexpectedandoccursasaresultofchance.Indemnification：Indemnificationmeansthattheinsuredisrestoredtohisorherapproximatefinancialpositionpriortotheoccur
13、renceoftheloss.Insurance:Insuranceisthepoolingoffortuitouslossesbytransferofsuchriskstoinsurers,whoagreetoindemnifyinsuredsforsuchlosses,toprovideotherpecuniarybenefitsontheiroccurrence,ortorenderservicesconnectedwiththerisk.Lawoflargenumbers:thelawoflargenumbersstatesthatthegreaterthenumberofexposu
14、res,themorecloselywilltheactualresultsapproachtheprobableresultsthatareexpectedfromaninfinitenumberofexposures.Underwriting:Underwritingreferstotheprocessofselectingandclassifyingapplicantsforinsurance.REVIEWQUESTIONS1.Explainthemajorcharacteristicsofatypicalinsuranceplan.(P16)2.Explainthelawoflarge
15、numbersandshowhowthelawoflargenumberscanbeusedbyaninsurertoestimatefuturelosses.(P17)3.Explainthemajorrequirementsofaninsurablerisk.（P18）APPLICATIONQUESTIONS1.Althoughnoriskcompletelymeetsalloftheidealrequirementsofaninsurablerisk,someriskscomemuchclosertomeetingthemthanothers.a.Identifytheidealrequ
16、irementsofaninsurablerisk.(P18)b.Compareandcontrastautomobilecollisionsandwarintermsofhowwelltheymeettherequirementsofaninsurablerisk.(p18)2.Oneauthorstatesthat“Thelawoflargenumbersformsthebasisofinsurance.”Doyouagreeordisagreewiththisstatement?Explainyouranswer.CHAPTER5/FUDAMENTALLEGALPRINCIPLESKEY
17、CONCEPTSANDTERMSActualcashvalue（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):Acommutativecontractisoneinwhichthevaluesexchangebyb
18、othpartiesaretheoreticallyequal.:Conditionalcontract（条件合同）Conditionsareprovisionsinsertedinthepolicythatqualifyorplacelimitationsontheinsurerspromisetoperform.Consideration(对价):thevaluethateachpartygivestotheother.Theinsuredsconsiderationispaymentofthefirstpremium(orapromisetopaythefirstpremium)plus
19、anagreementtoabidebytheconditionsspecifiedinthepolicy.Theinsurersconsiderationisthepromisetodocertainthingsasspecifiedinthepolicy.Contractofadhesion（符合性合同）:Acontractofadhesionmeanstheinsuredmustaccepttheentirecontract,withallofitstermsandconditions.Materialfact(重要事实)：Materialmeansthatiftheinsurerkne
20、wthetruefacts,thepolicywouldnothavebeenissued,oritwouldhavebeenissuedondifferentterms.Offerandacceptance(要约和承诺):Thefirstrequirementofabindinginsurancecontractisthattheremustbeanofferandacceptanceofitsitem.Inmostcase,theapplicantforinsurancemakestheoffer,andthecompanyacceptsorrejectstheoffer.Principl
21、eofindemnity:Theprincipleofindemnitystatesthattheactualamountoftheloss;stateddifferently,theinsuredshouldmotprofitfromaloss.:Principleofutmostgoodfaith（最大诚信原则）Ahigherdegreeofhonestyisimposedonbothpartiestoaninsurancecontractthanisimposedonpartiestoothercontracts.Subrogation(代位追偿):Subrogationmeanssub
22、stitutionoftheinsurerinplaceoftheinsuredforthepurposeofclaimingindemnityfromathirdpersonforalosscoveredbyinsurance.Unilateralcontract(单务合同)：Aunilateralcontractmeansthatonlyonepartymakesalegallyenforceablepromise.Valuedpolicy(定值保险单)：Avaluedpolicyisapolicythatpaysthefaceamountofinsuranceifatotallossoc
23、curs.Waiver(弃权)：Waiverisdefinedasthevoluntaryrelinquishmentofaknownlegalright.REVIEWQUESTIONS1.Explaintheprincipleofindemnity.Howdoestheconceptofactualcashvaluesupporttheprincipleofindemnity?(P30)2.Whatisaninsurableinterest?Whyisaninsurableinterestrequiredineveryinsurancecontract?(P32)3.Explainthepr
24、incipleofsubrogation.Whyissubrogationused?(P34-P35)4.Explaintheprincipleofutmostgoodfaith.Howdothelegaldoctrinesofrepresentations,concealment,andwarrantysupporttheprincipleofutmostgoodfaith?(P36-P37)5.Identifythefourrequirementsthatmustbemettohaveavalidinsurancecontract.(P37-P39)CHAPTER6/ANALYSISOFI
25、NSURANCECONTRACTSKEYCONCEPTSANDTERMSAggregatedeductible(总额免赔):Anaggregatedeductibleissometimesusedincommercialpropertyinsurance,bywhichallcoveredlossesduringtheyearareaddedtogetheruntiltheyreachacertainlevel.“Allrisk”policy（一切险保险单）:Alllossesarecoveredexceptthoselossesspecificallyexcluded.Coinsurance
26、clause(共保条款):Acoinsuranceclauseinapropertyinsurancecontractrequirestheinsuredtoinsurethepropertyforastatedpercentageofitsinsurablevalue.Ifthecoinsurancerequirementisnotmetatthetimeofloss,theinsuredmustshareinthelossasacoinsurer.Deductible(免赔额):Adeductibleisaprovisionbywhichaspecifiedamountissubtract
27、edfromthetotallosspaymentthatotherwisewouldbepayable.Elimination(waiting)period(剔除/等待期):Aneliminationperiodisastatedperiodoftimeatthebeginningofalossduringwhichnoinsurancebenefitsarepaid.Endorsementsandriders:Inpropertyandliabilityinsurance,anendorsementisawrittenprovisionthataddsto,deletesfromormod
28、ifiestheprovisionsintheoriginalcontract.Inlifeandhealthinsurance,ariderisadocumentthatamendsorchangestheoriginalpolicy.Exclusions(除外责任):Exclusionareanotherbasicpartofanyinsurancecontract.Therearethreemajortypesofexclusion:excludedperils,excludedlosses,andexcludedproperty.Insuringagreement(承保协议):Thei
29、nsuringagreementsummarizesthemajorpromisesoftheinsurer.Theinsurer,inotherwords,agreetodocertainthings,suchaspayinglossesfrominsuredperils,providingcertainservices,oragreeingtodefendtheinsuredinaliabilitylawsuit.Large-lossprinciple(大损失原则):Theconceptofusinginsurancepremiumstopayforlargelossesrathertha
30、nforsmalllossesisoftencalledthelarge-lossprinciple.Named-perilspolicy(制定风险保单):Thecontractmustindicatethepersonorpersonforwhomtheprotectionisprovided.sProrataliability(比例责任条款):Eachinsurershareofthelossisbaseontheproportionthatitsinsurancebearstothetotalamountofinsuranceontheproperty.Straightdeductibl
31、e(绝对免赔额):Withastraightdeductible,theinsuredmustpayacertainnumberofdollarsoflossbeforetheinsurerisrequiredtomakeapayment.REVIEWQUESTIONS1.Describethebasicofaninsurancecontract.(P45)2.Identifythemajortypesofexclusionstypicallyfoundininsurancecontract.Whyareexclusionsusedbyinsurers?(P46).3.Definetheter
32、mconditionsWhatisthesignificanceoftheconditionssectiontotheinsured?(P47-P48)4.Whatisanendorsementorrider?Ifanendorsementconflictswithapolicyprovision,howistheproblemresolved?(P48)5.Whydodeductiblesappearininsurancecontracts?Indentifysomecommondeductiblesthatarefoundininsurancecontracts.(P49-P50)CHAP
33、TER7/THELIABILITYRISKKEYCONCEPTSANDTERMSAbsolute(strict)liability(绝对责任):Absoluteliabilitymeansthatliabilityisimposedregardlessofnegligenceorfault.Comparativenegligencelaw(比较过失法则):Underacomparativenegligencelaw,ifboththeplaintiff(injuredperson)andthedefendantcontributetotheplaintiffsinjury,thefinanci
34、alburdenoftheinjuryissharedbybothpartiesaccordingtotheirrespectivedegreesoffault.Contributorynegligencelaw(共有过失):Contributorynegligencemeansthatiftheinjuredpersonsconductfallsbelowthestandardofcarerequiredforhisorherprotection,andsuchconductcontributedtotheinjury,theinjuredpersoncannotcollectdamages
35、.Imputednegligence(疏忽归咎):Imputednegligencemeansthatundercertainconditions,thenegligenceofonepersoncanbeattributedtoanother.Lastclearchancerule(最后机会原则):Thelastclearchancerulestatesthataplaintiffwhoisendangeredbyhisorherownnegligencecanstillrecoverdamagesfromthedefendantifthedefendanthasalastclearchan
36、cetoavoidtheaccidentbutfailstodoso.Negligence(疏忽):Negligencetypicallyisdefinedasthefailuretoexercisethestandardofcarerequiredbylawtoprotectothersfromanunreasonableriskofharm.Proximatecause(近因原因):Aproximatecauseisacauseunbrokenbyanynewandindependentcause,whichproducesaneventthatotherwisewouldnothaveo
37、ccurred.Punitivedamages(惩罚赔偿金):Punitivedamagesarepaidtopunishpeopleandorganizationssothatothersaredeterredformcommittingthesamewrongfulact.Tort(侵权):Tortisalegalwrongforwhichthelawallowsaremedyintheformofmoneydamages.REVIEWQUESTIONS1.Definethemeaningofatortandlistthethreebroadclassesoftorts.(P57)2.De
38、finenegligence.Whataretheessentialelementsofanegligentact.(P57-P58)3.Describesomelegaldefensesthatcanbeusedifpersonissued.(P59)4.Explainthemeaningofimputednegligence.(P59)CHAPTER8/HOMEOWNERSINSURANCEKEYCONCEPTSANDTERMSAppraisalclause(估价条款):Theappraisalclauseisusedwhentheinsuredandinsureragreethatthe
39、lossiscovered,buttheamountlfthelossisindispute.Fairrentalvalue(公平的租用价值):Fairrentalvaluemeanstherentalvalueofthatpartoftheresidencepremisesrentedtoothersorheldforrentallessanyexpensethatdonotcontinuewhilethepremisesarenotfittolivein.sMortgageclause(抵押条款):Themortgageclauseisdesignedtoprotectthemortgag
40、eeinsurableinterest.REVIEWQUESTIONS1.ListthebasiccoveragesthatareprovidedinSectionIofthehomeownerspolicy?(P75-P81)2.Whatdutiesareimposedontheinsuredafterapropertylossoccurs?(P87左)3.Explainbrieflyhowthemortgageclauseprotectstheinsurableinterestofthemortgagee.（P90）CHAPTER16/FUNDAMENTALSOFLIFEINSURANCE
41、KEYCONCEPTSANDTERMSLegalreserve(法定准备金):Becausethemethodofinvestingandaccumulatingthefundisregulatedbystatelaw,itisreferredtoasalegalreserve.Level-premiummethod(均衡保费方法):Underthelevel-premiummethod,premiumsdonotincreasefromyeartoyearbutremainlevelthroughoutthepremiumpayingperiod,andtheinsuredhaslifetimeprotectiontoage100.