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bestpracticesconferenceJohnWipf

bestpracticesconferenceJohnWipf

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Published by Anjali Sharma

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Published by: Anjali Sharma on Feb 03, 2012
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02/03/2012

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1. Micro-insurance
Definition
Principles
Characteristics
Opportunities
Challenges
 
2
. What is Insurance?
 A
financial
 
service
 
allowing
 
individuals
 
to
 
pool
 
their 
 
exposure
 
to
 
risks
 
of 
 
economic
 
loss
 
resulting
 
from
 
the
 
occurrence
 
of 
 
uncontrollable
 
events
 
such
 
as
 
fire,
 
death,
 
earthquakes,
 
etc.
 
E
ssentially,
 
an
 
individual
 
pays
 
a
 
premium
 
that
 
buys
 
guarantee
 
of 
 
compensation
 
for 
 
economic
 
loss
 
due
 
to
 
the
 
occurrence
 
of 
 
a
 
predefined
 
set
 
of 
 
events.
 
T
he
 
premiums
 
of 
 
the
 
many
 
are
 
pooled
 
and
 
the
 
losses
 
of 
 
the
 
few
 
are
 
compensated
 
from
 
the
 
pool.
 
3
. Basic Principles of Insurance
T
here
 
are
7
basic
 
principles
 
upon
 
which
 
the
 
business
 
of 
 
insurance
 
is
 
built:
1.
Loss
 
must
 
occur 
 
by
 
chance,
 
ie.
 
it
 
must
 
be
 
an
 
unexpected
 
and
 
random
 
event.
2.
T
he
 
loss
 
must
 
be
 
definite
 
in
 
terms
 
of 
 
timing
 
and
 
amount.
3.
E
xistence
 
of 
 
significant
 
insurable
 
interest.
4.
T
he
 
rate
 
of 
 
loss
 
must
 
be
 
predictable.
5.
T
he
 
loss
 
must
 
not
 
be
 
catastrophic
 
to
 
the
 
insurer.
6.
³Large´
 
number 
 
of 
 
³similar´
 
risks.
7
.
Premiums
 
must
 
be
 
affordable.

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