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The risk premium that the policy holder has to pay depends upon the kinds of risk that the insurance company is covering.... In short, the higher the risk, the higher the premium is to be paid to the insurance company and the events with a lower risk have to be adjusted with a lower premium.... In evaluating the risk of an event, the insurance company makes sure that they take into account every quantifiable and qualitative factor that is present in the environment to come at a compensation that can be good enough today in order to cover the expenses in the future, if the event happens....
4 Pages
(1000 words)
Essay
Insurable interest" is one of the basic concepts of insurance law.... What it precisely entails is not clear and there is indeed widespread uncertainty as to the necessity and import of insurable interest especially in the context of assurance on the life of another.
…
The concept 'insurable interest' first surfaced in the lex mercatoria of the Middle Ages (Reinecke et al General Principles of insurance Law (2002) par 102 referring to the work by De Casaregis)....
16 Pages
(4000 words)
Essay
The Manager, Uzbekistan insurance company has received three claims for his opinion.... Uzbekistan insurance company
Three questions arise for considering the claims of Dave:
1) Whether he has insurable interest on Vicky's life even after their divorce
2) Whether death of Vicky was caused by his evil design under the pretext of accidental fire and
3) Whether he has insurable interest on the house and whether his negligence in wiring disqualifies him from making the claim....
4 Pages
(1000 words)
Case Study
Reinsurance "Reinsurance is a means by which an insurance company can protect itself against the risk of losses with other insurance companies" (Wikipedia).... Industry loss warranty contract (ILW): Unlike traditional reinsurance, where the reinsurer pays a portion of the primary company's losses according to an agreed upon formula, the ILW is triggered by an agreed-upon industry loss.... The National Association of insurance Commissioners (NAIC) has proposed a system to determine which non-U....
14 Pages
(3500 words)
Essay
A publicly listed company, HIH, was once regarded as the second largest insurer in the general segment in… In 1997, it acquired Colonial Mutual General Insurance and consequently went on to become the largest underwriter and that too in the Banc-assurance sector.... Things turned around as the company Moreover, analysts were concerned with the increase in the capital adequacy requirements in favor of the insurers.... Both Australian Securities & Investments Commission (ASIC) and Royal Commission after analyzing the documents finally forced the company to close down its operations which marked the collapse of one of the biggest corporate ruins in Australia....
14 Pages
(3500 words)
Essay
The paper 'Captive insurance company-Nutshell' focuses on a Captive insurance company which is, in a nutshell, an insurance company formed by a business owner to ensure the risks of the operating business, i.... It is the creation of a new insurance company that has the potential to grow from being a mere captive into a full-blown insurance company seeking to profit from underwriting the risks of others.... The concept of the captive insurance company is not new at all....
9 Pages
(2250 words)
Term Paper
insurance company insolvency would result from a sudden big loss or continued losses for some time.... This financial problem facing insurance companies raises the debate of what is supposed to be done when the insurance company faces the risks of insolvency.... nbsp; This still did not prove to be sufficient to set the company in a stable position.... The following paper highlights that insurance companies in the US, including the largest ones, sometimes get themselves at the verge of collapse....
10 Pages
(2500 words)
Research Paper
In basic health insurance, these three aspects are covered in a combination such that the company is liable to pay for all the three aspects.... This essay "The Importance of Having Health insurance" discusses health insurance that is devised for the health and safety of an individual.... It focuses on the benefits of health insurance explaining its increasing importance in today's world.... hellip; Much awareness regarding the importance of health insurance has been created and more needs to be done....
7 Pages
(1750 words)
Essay