Risk Management and Insurance

, by Trieschmann, James S.; Hoyt, Robert; Sommer, David

Note: Supplemental materials are not guaranteed with Rental or Used book purchases.

ISBN: 9780324183207 | 0324183208
Cover: Hardcover
Copyright: 7/28/2004

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This proven, market-leading text provides a thorough, current introduction to risk management and insurance. It assists the learner inidentifying, analyzing, and managing risk through insurance and alternative tools/techniques such as loss control, risk retention, and risktransfer. This edition presents an even stronger focus on managing risk and covers insurance within this context. Concepts of riskmanagement are presented as they apply to business and personal situations as well as international situations.

PART 1 RISK AND THE RISK MANAGEMENT PROCESS

(152)

Introduction to Risk

(13)

The Burden of Risk

(1)

Definitions of Risk

(2)

Sources of Risk

(2)

Measurement of Risk

(3)

Management of Risk

(4)

Risk Identification and Evaluation

(17)

Risk Identification

(2)

Risk Evaluation

(8)

Accuracy of Predictions

(6)

Property and Liability Loss Exposures

(22)

Property Loss Exposures

(1)

Liability Exposures

(1)

Types of Liability Damages

(2)

Criminal and Civil Law

(1)

Torts

(1)

Basic Law of Negligence

(1)

Defenses Against Negligence Claims

(1)

Factors Leading to Higher Standards of Care

(3)

Types of Liability Exposures

(9)

Miscellaneous Liability

(2)

Life, Health, and Loss of Income Exposures

(21)

Exposures Due to Premature Death

(8)

Exposures Due to Loss of Health

(6)

Other Income Loss Exposures

(6)

Risk Management Techniques: Noninsurance Methods

(14)

Risk Avoidance

(1)

Loss Control

(4)

Risk Retention

(3)

Risk Transfer

(2)

The Value of Risk Management

(4)

Insurance as a Risk Management Technique: Principles

(23)

The Nature of Insurance

(1)

Principle of Indemnity

(1)

Principle of Insurable Interest

(2)

Principle of Subrogation

(1)

Principle of Utmost Good Faith

(3)

Requisites of Insurable Risks

(4)

Requirements of an Insurance Contract

101

(1)

Distinguishing Characteristics of Insurance Contracts

102

(1)

Role of Agents and Brokers

103

(2)

Principles of Social Insurance

105

(2)

Social and Economic Values and Costs of Insurance

107

(5)

Insurance as a Risk Management Technique: Policy Provisions

112

(21)

Declarations

113

(1)

The Insuring Agreement

113

(1)

Exclusions

114

(2)

Common Policy Conditions

116

(5)

Definitions

121

(1)

Basis of Recovery

121

(1)

Clauses Limiting Amounts Payable

122

(11)

Selecting and Implementing Risk Management Techniques

133

(20)

Avoid Risks If Possible

134

(1)

Implement Appropriate Loss Control Measures

134

(4)

Select the Optimal Mix of Risk Retention and Risk Transfer

138

(5)

Implementing Decisions

143

(4)

Subjective Risk Management

147

(1)

Enterprise Risk Management and Alternative Risk Transfer

147

(6)

PART 2 COMMERCIAL RISK MANAGEMENT APPLICATIONS: Property--Liability

153

(86)

Risk Management and Commercial Property---Part I

154

(19)

The Commercial Package Policy (CPP)

155

(6)

Business Owners Policy

161

(1)

Other Commercial Property Forms

161

(2)

Reporting Forms

163

(1)

Consequential Loss Coverage

163

(10)

Risk Management and Commercial Property---Part II

173

(24)

Transportation Insurance

174

(3)

Ocean Transportation Insurance

177

(6)

Land Transportation Insurance

183

(1)

Floater Contracts

184

(1)

Credit Insurance

185

(2)

Title Insurance

187

(1)

Glass Coverage Form

188

(1)

Crime

188

(5)

Disaster Risk Management: A Case Study

193

(4)

Risk Management and Commercial Liability Risk

197

(19)

Common Liability Contract Provisions

198

(6)

Commercial Liability Insurance

204

(12)

Workers' Compensation and Alternative Risk Financing

216

(23)

Workers' Compensation Insurance

217

(1)

Major Reform

217

(8)

Risk Management and Workers' Compensation

225

(9)

Captive Insurance Companies

234

(2)

Conclusions

236

(3)

PART 3 PERSONAL RISK MANAGEMENT APPLICATIONS: Property---Liability

239

(80)

Risk Management for Auto Owners---Part I

240

(24)

The High Cost of Automobile Losses

241

(1)

Insurance Claims

241

(1)

The Need for Insurance

242

(1)

Personal Automobile Policy

243

(2)

Personal Auto Policy Components

245

(11)

Automobile Insurance and the Law

256

(2)

Risk Management and Personal Automobile Rating

258

(6)

Risk Management for Auto Owners---Part II

264

(14)

Where Does the Auto Insurance Premium Go?

265

(1)

Auto Death Rates

266

(1)

Car Theft

267

(1)

Cost Containment

268

(2)

No-Fault

270

(3)

Alcohol and Driving

273

(1)

Advances in Driver and Auto Safety

274

(1)

Airbags, Auto Property Damage, and Teenage Drivers

275

(3)

Risk Management for Homeowners

278

(41)

Homeowners' Program: Development

280

(1)

Outline of Homeowners' Coverages

281

(1)

Analysis of Homeowners' Policy

282

(7)

Perils Covered in Homeowners' Insurance

289

(6)

Optional Property Endorsements to Homeowners' Policies

295

(3)

Flood Insurance

298

(1)

Personal Articles Floater (PAF)

298

(1)

Mobile Home Endorsement to Homeowners' Policy

299

(1)

Shopping Tips for Homeowners

299

(1)

Personal Liability and Medical Payments Insurance

300

(6)

Dwelling Program (Not Homeowners')

306

(2)

Farmowners'-Ranchowners' Policy

308

(1)

Risk Management---Personal Lines

308

(2)

Personal Risk Management

310

(9)

PART 4 RISK MANAGEMENT APPLICATIONS: Life, Health, and Income Exposures

319

(132)

Loss of Life

320

(25)

Types of Life Insurance

321

(9)

Income Tax Treatment of Life Insurance

330

(1)

Life Insurance Contract Provisions

331

(14)

Loss of Health

345

(24)

Health Insurance Providers

346

(3)

Mechanics of Cost Sharing

349

(2)

Health Expense Insurance

351

(6)

Disability Income Insurance

357

(2)

Health Insurance Policy Provisions

359

(2)

Health Care Reform

361

(8)

Retirement Planning and Annuities

369

(13)

Structure of Annuities

370

(1)

Annuity Characteristics

371

(5)

Annuity Taxation

376

(6)

Employee Benefits: Life and Health Benefits

382

(22)

Reasons for Employee Benefits

383

(1)

Premature Death Benefits

384

(6)

Health Expense Benefits

390

(9)

Disability Income Benefits

399

(5)

Employee Benefits: Retirement Plans

404

(23)

Social Security Retirement Benefits

405

(3)

Pension Plans

408

(2)

Plan Qualification

410

(8)

Deferred Profit-Sharing Plans

418

(1)

Employee Savings Plans

419

(2)

Individual Retirement Accounts

421

(1)

Simple Plans

422

(1)

Keogh Plans

423

(1)

Section 403(b) Plans

423

(4)

Financial and Estate Planning

427

(24)

Financial Planning

428

(1)

Estate Planning

428

(8)

A Case Study: The Johnson Family

436

(8)

Considerations in Buying Life and Health Insurance

444

(7)

PART 5 THE RISK MANAGEMENT ENVIRONMENT

451

(1)

Risk Management and the Insurance Industry

452

(20)

The Field of Insurance

453

(3)

Types of Insurers

456

(5)

Channels of Distribution in Insurance

461

(5)

Globalization of Risk Management and the Insurance Industry

466

(6)

Functions and Organization of Insurers

472

(22)

Functions of Insurers

473

(15)

Reinsurance

488

(6)

Government Regulation of Risk Management and Insurance

494

(1)

Why Insurance Is Regulated

495

(1)

The Legal Background of Regulation

496

(1)

The McCarran-Ferguson Act

497

(2)

Federal Versus State Regulation

499

(2)

Responsibilities of the Insurance Regulators

501

(5)

Miscellaneous Insurance Laws

506

(2)

Tort Reform

508

(1)

Taxation of Insurance

508

APPENDIXES

A Present Value and Annuity Tables

(1)

B Personal Automobile Policy

(1)

C Homeowners 3---Special Form

(1)

D Sample Whole Life Insurance Policy with Riders

(1)

E Disability Income Insurance Policy

(1)

Glossary

(1)

Index

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Risk Management and Insurance

Summary

Table of Contents

Supplemental Materials