IM511 Insurance Management

IM511 Insurance Management

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IM511 Insurance Management

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IM511 Insurance Management

0 Download2 Pages / 362 Words

Course Code: IM511
University: Humber College

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Country: Canada

Question

Assignment One Instructions: Select one question. 
1 A. State a simple definition of risk.
B. Explain why pure risk is insurable but speculative risk is not.  C. Explain how losses are caused by perils but also influenced by hazards. D. Outline the five main steps in the risk management process.
 
2 A. Describe how insurance works to spread risk.
B. Describe the five secondary functions of insurance.
C. Identify and describe ten types of general insurance.
3 A. Describe five types of insurance providers.
B. Explain how stock insurance companies earn profit for shareholders.
C. Describe the function of the following departments of insurance companies:
1) Administration
2) Marketing
3) Accounting and finance
4) Actuarial
5) Underwriting
6) Claims  4 A. Explain how insurers get their products to the consumer through the independent agency and brokerage system, exclusive agency system, and direct writing system.
B. Describe how the principal—agent relationship enables one entity to legally appoint another to act on its behalf.
C. Explain the difference between implied and express contracts and provide an example of each.
D. State the purpose of a contract between an agent or broker and an insurer being represented.
E. Outline the responsibilities of agents or brokers under such contracts.

Answer
2 A. Spread of the risk is the extent to which the insurance company can predict the amount of losses through selecting independent and diversified risks those are significantly large in number and uniform with regard to size. Losses are predicted with the reasonable accuracy through law of the averages. Insurance is the risk transfer process that starts with original insured who transfers own risk to insurance company through obtaining insurance (Paudel et al., 2015).  
B. Secondary functions of the insurance are as follows –

Loss prevention – insurance warns the business houses and individuals for embracing the appropriate device for preventing unfortunate consequences of risk through observing the safety instructions or alarm systems
Provides capital to society – accumulated funds is used in the productive channels. Capital shortage of society is reduced to wide extent through investment of the insurance.  Individuals, business houses and industries are benefitted through loans and investment of insurance (Zallman et al., 2018).
Economic progress – it supports the economic progress through providing security against damages and losses.
Assist in foreign trade – while the goods in foreign trade are transferred through airways and waterways the importer and exporter is exposed to various risks. These risks are mitigated through insurance coverage
Increase efficiency – as it eliminates the risks and worries of the individual and business houses, it improves the efficiencies of the people (Zallman et al., 2018).

C. Types of the general insurance are as follows –

Property insurance
Fire insurance
Marine insurance
Liability insurance
Financial line insurance (Antonio & Plat, 2014).
Energy insurance
Employee benefit insurance
Health insurance
Motor insurance
Travel insurance (Antonio & Plat, 2014)

Reference 
Antonio, K., & Plat, R. (2014). Micro-level stochastic loss reserving for general insurance. Scandinavian Actuarial Journal, 2014(7), 649-669.
Paudel, Y., Botzen, W. J. W., Aerts, J. C. J. H., & Dijkstra, T. K. (2015). Risk allocation in a public–private catastrophe insurance system: an actuarial analysis of deductibles, stop?loss, and premiums. Journal of Flood Risk Management, 8(2), 116-134.
Zallman, L., Woolhandler, S., Touw, S., Himmelstein, D. U., & Finnegan, K. E. (2018). Immigrants Pay More In Private Insurance Premiums Than They Receive In Benefits. Health Affairs, 37(10), 1663-1668.

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