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Chapter 2 - Defining the insurable event

Chapter 2 - Defining the insurable event

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Published by Jean Pierre Naaman
These ppt slides cover Chapter 2 in the Book "Introduction to risk Management and insurance, Mark. Dorfman."
For any further information, contact me at jp.naaman@gmail.com
These ppt slides cover Chapter 2 in the Book "Introduction to risk Management and insurance, Mark. Dorfman."
For any further information, contact me at jp.naaman@gmail.com

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Categories:Types, Business/Law
Published by: Jean Pierre Naaman on Apr 06, 2010
Copyright:Attribution Non-commercial

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05/26/2013

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CHAPTER II
DEFINING THE INSURABLE EVENT
 
DEFINING THE INSURABLE EVENT
After studying this chapter you should be able to :
´
Describe the characteristics of an ideally insurable loss exposure
´
Discuss the problem catastrophic loss potential creates for propertyinsurers
´
Explain subsidization in insurance and why the government promotes insome instances
´
Define the term adverse selection
´
Identify the main branches of the private insurance market
´
Describe the peril of negligence and understand why it is insurable.
 
IDEALLY INSURABLE LOSS EXPOSURES
W
hat kinds of loss exposures are ideal for insurance coverageThe criteria are as follows :
1-
A large group of similar items exposed to the same peril
2-
 Accidental losses
3-
Definite losses capable of causing economic hardship.
4-
Extremely low probability of a catastrophic loss to the insurance pool

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