風(fēng)險(xiǎn)與保險(xiǎn)原理復(fù)習(xí)文檔

風(fēng)險(xiǎn)與保險(xiǎn)原理第一章：Risk is a condition in which there is a possibility of an adverse deviation from a desired outcome that is expected or hoped for.（風(fēng)險(xiǎn)這里指的是可能受到下行損失的概率，有三個(gè)特征）1.Risk not subjective - a state of the real world2.Risk can exist whether or not it is perceived3.Risk can be imagined where possibility of loss does not existUncertainty refers to a state of mind characterized by a lack of knowledge or doubt about the future.（不確定性指的是缺乏了解、懷疑未來(lái)的一種心理狀態(tài)）The degree of risk： 分為必然、不可能和可能事件Peril:the cause of loss（損失的原因）Hazard:a condition that creates or increases the chance of loss（導(dǎo)致?lián)p失概率變化的條件）Hazard分為（Physical實(shí)質(zhì)性的Moral道德上的Morale心理層次的legal法律上的）第一層：風(fēng)險(xiǎn)的分類(lèi)1.Financial and non-financial（財(cái)務(wù)和非財(cái)務(wù)的）2.Static and dynamic（靜態(tài)和動(dòng)態(tài)的）3.Fundamental and particular（基本和特定的）4.Pure and speculative（純粹的和投機(jī)）第二層：Pure and speculative（重點(diǎn)考察）1.Speculative risks involve the possibility of loss or gain. They are voluntarily accepted because of the possibility of gain.（投機(jī)風(fēng)險(xiǎn)是自找的，有可能獲利有可能損失，自愿接受）2.Pure risks involve the possibility of loss or no loss only. （只可能損失）3.In general, insurance deals with pure risks only.（保險(xiǎn)只解決純粹風(fēng)險(xiǎn)）第三層：純粹風(fēng)險(xiǎn)的分類(lèi)1.Personal risks（個(gè)人風(fēng)險(xiǎn)）2.Property risks（財(cái)產(chǎn)風(fēng)險(xiǎn)）3.Liability risks（責(zé)任風(fēng)險(xiǎn)，是我國(guó)的新晉風(fēng)險(xiǎn)）指的是現(xiàn)有資產(chǎn)或者未來(lái)收入損失的概率，也就是因?yàn)橛幸饣驘o(wú)意的損害或者對(duì)他人權(quán)利的侵犯而導(dǎo)致被估損失或者法律責(zé)任增加。4.Risks arising out of failure of others（因他人失敗而產(chǎn)生的信用風(fēng)險(xiǎn)）第四層：（個(gè)人風(fēng)險(xiǎn)）Personal risks consist of the possibility of loss of income or assets as a result of the loss of the ability to earn income. （失去收入能力而引起收入或財(cái)產(chǎn)受損的風(fēng)險(xiǎn)）In general, earning power is subject to four perils: 1.premature death, （早逝風(fēng)險(xiǎn)）2.dependent old age, （年老風(fēng)險(xiǎn)）3.sickness or disability（生病和殘疾風(fēng)險(xiǎn)）4.Unemployment.（失業(yè)風(fēng)險(xiǎn)）第2章 ：Risk management is a scientific approach to the problem of dealing with the pure risks facing individuals and organizations.風(fēng)險(xiǎn)管理的定義：解決個(gè)人或者組織所面對(duì)純粹風(fēng)險(xiǎn)的科學(xué)辦法，即預(yù)測(cè)風(fēng)險(xiǎn)，最小化損失。保險(xiǎn)起源于 corporate insurance buying（公司保險(xiǎn)購(gòu)買(mǎi)），如今風(fēng)險(xiǎn)管理包括decision theory, risk financing, and risk control. （決策理論、風(fēng)險(xiǎn)融資、風(fēng)險(xiǎn)控制）風(fēng)險(xiǎn)管理工具（Risk Management Tools）1.Risk Control風(fēng)險(xiǎn)控制：廣義上包括減少組織所面臨風(fēng)險(xiǎn)導(dǎo)致的損失Avoidance（規(guī)避）avoidance takes place when decisions are made that prevent a risk from even coming into existence.（即風(fēng)險(xiǎn)決策使得風(fēng)險(xiǎn)無(wú)法生成）Reduction（減少）define a broad set of efforts aimed at minimizing risk. （致力于最小化風(fēng)險(xiǎn)的努力）2. Risk Financing風(fēng)險(xiǎn)融資（保證資金足夠應(yīng)對(duì)損失）guarantee the availability of funds to meet those losses that do occur. l Retention（自留）：exposures that are not avoided, reduced, or transferred are retained. （沒(méi)有被規(guī)避，減少或者轉(zhuǎn)移的風(fēng)險(xiǎn)成為自留風(fēng)險(xiǎn)）分為Intentional / Unintentional（非/故意）：通常是沒(méi)有意識(shí)到風(fēng)險(xiǎn)的存在，往往都是不好的Voluntary / Involuntary Retention（非/自愿）：一般是有辦法解決風(fēng)險(xiǎn)，除非不可能規(guī)避減少轉(zhuǎn)移Funded / Unfunded（非/籌資）l Transfer（轉(zhuǎn)移）通常用1.Purchase of insurance 買(mǎi)保險(xiǎn)2.Hedging對(duì)沖3.Hold harmless agreements免責(zé)協(xié)議4.Subcontracting certain activities分包5.Surety bonds保證書(shū)l Risk sharing 風(fēng)險(xiǎn)分擔(dān)（特殊的自留和轉(zhuǎn)移）finance, insurance and risk control金融、保險(xiǎn)、風(fēng)險(xiǎn)控制是風(fēng)險(xiǎn)管理的核心The Risk Management Process風(fēng)險(xiǎn)管理的步驟1.Determination of objectives確定目標(biāo)2.Identification of risks風(fēng)險(xiǎn)確認(rèn)3. Evaluation of risks風(fēng)險(xiǎn)評(píng)估4.Consideration of alternatives - selection of the tool工具選擇5.Implementing the decision決策實(shí)施6.Evaluation and review評(píng)估第三章insurance has two fundamental characteristics:什么是保險(xiǎn)1.Transfer of risk from the individual to the group.轉(zhuǎn)移風(fēng)險(xiǎn)從個(gè)體到群體2.Sharing of losses on some equitable basis.平攤損失，分?jǐn)傦L(fēng)險(xiǎn)Individual Perspective個(gè)人角度定義保險(xiǎn)Use a small certain cost to cover a large uncertain financial loss.用小成本覆蓋大不確定損失The law of large numbers 大數(shù)定律（必考）作用：預(yù)測(cè)準(zhǔn)確性；用大數(shù)定律去實(shí)踐Social Perspective社會(huì)角度定義保險(xiǎn)Eliminate risk by combining a large number of homogeneous exposures to make the losses predictable. 通過(guò)集成大數(shù)風(fēng)險(xiǎn)使得損失可預(yù)測(cè)來(lái)降低風(fēng)險(xiǎn)risk transfer emphasizes the individuals substitution of a small certain cost for large uncertain loss.風(fēng)險(xiǎn)轉(zhuǎn)移強(qiáng)調(diào)個(gè)人以小成本規(guī)避大風(fēng)險(xiǎn)pooling or risk sharing emphasizes the role of reducing risk in the aggregate. 風(fēng)險(xiǎn)分?jǐn)倧?qiáng)調(diào)通過(guò)大數(shù)減少風(fēng)險(xiǎn)Elements of an Insurable Risk可保風(fēng)險(xiǎn)的要素1.Large numbers of exposure units大量風(fēng)險(xiǎn)單位2.Definite and measurable loss損失可測(cè)量3.The loss must be fortuitous損失是偶然的4.The loss must not be catastrophic不能是巨災(zāi)的Classification of Private Insurance私人保險(xiǎn)的分類(lèi)1.Life Insurance壽險(xiǎn)2.Accident and health Insurance意外健康險(xiǎn)3.Property and liability insurance財(cái)產(chǎn)責(zé)任險(xiǎn)第四章Minimax Regret Strategy最小化最大遺憾策略這個(gè)策略里不考慮概率，適用于不買(mǎi)保險(xiǎn)時(shí)最壞結(jié)果難以被接受的情況Risk Characteristics as Determinants of Tool風(fēng)險(xiǎn)管理工具決策模型High FrequencyLow FrequencyHigh SeverityAvoidReduceTransferLow SeverityReduceRetainRetain第五章Types of Company by Product保險(xiǎn)公司的分類(lèi)，依據(jù)產(chǎn)品1.Life insurers 壽險(xiǎn)2.Property and Liability insurers 財(cái)產(chǎn)與責(zé)任險(xiǎn)3.Health and Accident insurers健康意外險(xiǎn)Distinction Between Agent and Broker代理人和經(jīng)紀(jì)人的區(qū)別Agent代理人：an individual authorized by an insurer to create, modify, and terminate contracts of insurance.（保險(xiǎn)公司的代表，代理人幫助保險(xiǎn)公司創(chuàng)造、修訂和終止保險(xiǎn)合約，有權(quán)暫時(shí)締結(jié)風(fēng)險(xiǎn)合同，出現(xiàn)問(wèn)題保險(xiǎn)公司負(fù)責(zé)）Broker經(jīng)紀(jì)人：a representative of the insured who solicits business from insurance buyers but who is compensated by the insurer.（投保人的代表，站在客戶(hù)的立場(chǎng)上以自己的能力為受托人行事，出現(xiàn)損失，承擔(dān)責(zé)任）Cash-Flow Underwriting現(xiàn)金流量承保的意義指的是有些保險(xiǎn)公司承保過(guò)程是虧損的，但是因?yàn)橥顿Y收益較大，因此仍然帶來(lái)收益。第六章Market failure Economic Theories of Regulation監(jiān)管的經(jīng)濟(jì)學(xué)理論1.Market Failure Theory（市場(chǎng)失靈理論）2.Capture Theory3.Public Choice TheoryAreas Regulated被監(jiān)管的領(lǐng)域1. Solvency 償付能力監(jiān)管，各類(lèi)儲(chǔ)備金2. Market Regulation 市場(chǎng)監(jiān)管3. Rates 比率監(jiān)管Solvency Regulation Reserves償付能力監(jiān)管之儲(chǔ)備金（三類(lèi)儲(chǔ)備金）l Life insurance policy reserves 壽險(xiǎn)儲(chǔ)備金l P&C unearned premium reserves 從P&C中為賺的儲(chǔ)備金l Loss reserves損失儲(chǔ)備金（分為）Reported but not paid 登記但未支付Incurred but not reported 已付但未登記第七章Functions of Insurers 保險(xiǎn)公司的功能1.Ratemaking評(píng)級(jí)2.Production開(kāi)發(fā)產(chǎn)品3.Underwriting 挑選購(gòu)買(mǎi)者4.Loss Settlement 理賠5.Investment 將保費(fèi)拿去投資Basic Concepts in Ratemaking評(píng)級(jí)的基本概念Rate 費(fèi)率 Price charged per unit of protection（保險(xiǎn)單位的價(jià)格）Premium 保費(fèi) Determined by multiplying rate by units of protection purchasedGross Rate 凈費(fèi)率Composed of two parts, designed to pay losses and expensesPure Premium 凈保費(fèi)Portion of the Gross Rate designed to pay lossesLoading 負(fù)載Portion of Gross Rate designed to cover expenses of operation凈費(fèi)率所覆蓋的風(fēng)險(xiǎn)Underwriting Classes - Life Insurance（壽險(xiǎn)的賣(mài)出分類(lèi)）Standard（標(biāo)準(zhǔn)）Preferred（偏好）Substandard (rated)（次級(jí)）Uninsurable（不可保）公估人 公估過(guò)程 1.Staff adjusters 1.Notice 引起注意2.Adjusting bureaus 2.Investigation 介入調(diào)查3.Independent adjusters 3.Proof of loss 損失證據(jù)4.Public adjusters 4.Payment or denial 賠付或者拒絕兩種情況下會(huì)拒絕：1）損失沒(méi)有發(fā)生；2）保險(xiǎn)政策沒(méi)有覆蓋到這一部分的損失第九章enforceable contract 可執(zhí)行要約1.Offer and acceptance 要約和可接受條款offer通常是申請(qǐng)人擬定2.Consideration對(duì)價(jià)，給別人錢(qián)3.Legal object合法目的4.Competent parties法定能力5.Legal form合法形式無(wú)效合同void and voidableA “Binder” is a temporary contract (oral or written) pending issuance of a policyBinder是一個(gè)暫時(shí)未決的協(xié)議保險(xiǎn)的結(jié)構(gòu)1.Declarations 聲明 3.Exclusions 例外2.Insuring agreement 保險(xiǎn)協(xié)定 4.Conditions 條件Special Characteristics of Insurance Contracts保險(xiǎn)合同的特殊性質(zhì)1.Insurance is a contract of indemnity. 補(bǔ)償性的2.Insurance is a personal contract.個(gè)人的3.Insurance is a unilateral contract.單方面的4.Insurance is a conditional contract.有條件的5.Insurance is a contract of adhesion.有附著力的6.Insurance is an aleatory contract.偶然的7.Insurance is a contract of utmost good faith.最大信用Insurance is a Contract of Indemnity為什么保險(xiǎn)是補(bǔ)償性的（解答題）1.Indemnity means that the insured should not be permitted to profit from existence of insurance.既然是補(bǔ)償性，那么保險(xiǎn)人就不允許從保險(xiǎn)中獲利2.The principle of indemnity is enforced by the following doctrines:要符合l insurable interest 可保險(xiǎn)的利益l actual cash value 實(shí)際的現(xiàn)金價(jià)值l “other insurance” provisions 其他的保險(xiǎn)條款l Subrogation代位求償權(quán) 對(duì)于Insurable Interest而言，a relationship between the insured and the subject of insurance such that the insured will suffer financial loss in the event of damage to or destruction of the property.保險(xiǎn)人和保險(xiǎn)對(duì)象的關(guān)系，就是當(dāng)保險(xiǎn)人在事件傷害或者財(cái)產(chǎn)損害中遭受財(cái)務(wù)損失1.In life insurance, insurable interest must exist at the inception of the policy.可保利益在之前就存在2.In property and liability insurance, the insurable interest must exist at the time of the loss.在損失的階段也還是存在。 Actual Cash Value 是傳統(tǒng)可測(cè)量的財(cái)務(wù)損失，等于替代成本減去折舊，基本原理就是不能獲利。也有特殊情況，需要支付全部損失，例如：1. 一些財(cái)產(chǎn)條款覆蓋了替代成本；2. 在價(jià)值政策下，承保人同意支付全部損失；3.支付損失的面值；4.支付事前約定的數(shù)額 Subrogation代位求償權(quán)1. Subrogation is the assignment of an insureds rights against a third party.保險(xiǎn)人對(duì)第三方的權(quán)利2. Assignment is required only to the extent of the amount paid by the insurer.多是由保險(xiǎn)公司使用代位權(quán)求償權(quán)3.Prevents the insured from collecting twice for the same loss.防止遭受雙重?fù)p失4.Applicable mainly in property insurance but sometimes in health insurance.在財(cái)產(chǎn)險(xiǎn)中多用，也有健康險(xiǎn)的第十章Risks Arising From Uncertainty of Time of Death 因死亡時(shí)間不確定產(chǎn)生的風(fēng)險(xiǎn)1.Premature death (death while others remain dependent on individuals income)早死，其他人還仰仗他的收入2. Superannuation (the risk of retiring without adequate assets to cover living expenses during retirement)晚掛，退休了卻沒(méi)有錢(qián)養(yǎng)老這兩個(gè)時(shí)間是相互對(duì)立的，exclusive如何測(cè)量早掛風(fēng)險(xiǎn)，兩個(gè)辦法1. human life value 生命價(jià)值，based on the individuals income earning ability，基于收入能力，因?yàn)樗劳鍪ナ杖氲默F(xiàn)值。2. Need analysis 需求分析法， identify the allocation of that income and the purposes for which it would have been used. 基于確定損失收入的分配以及用處三個(gè)步驟確定需求分析1. Identify the needs that would arise or continue following death of the individual確定需求在死亡發(fā)生后2.Identify resources that would be available (social insurance benefits, employer-provided benefits, savings)確定死亡后可能存在的補(bǔ)貼，包括保險(xiǎn)、員工福利等3.Measure difference between 1. and 2. Above計(jì)算二者的差距，用需求減去剩余補(bǔ)貼Risks Associated with Disability殘疾相關(guān)的風(fēng)險(xiǎn)1.Unlike the case in life insurance, disability income need is not limited to those with dependents.不像壽險(xiǎn)，殘疾后的收入需求是無(wú)限的2.Income need may even be greater for the person without a spouse (no second income, need to hire a care provider).對(duì)于沒(méi)有配偶的，收入要求更高3.If breadwinner dies, income stops but expenses also decline.收入沒(méi)了，花銷(xiāo)也少了4.In event of disability, income stops and expenses will likely increase. 收入沒(méi)了，花銷(xiāo)卻有可能更大第十二章Unique Characteristics of Life Insurance壽險(xiǎn)的特殊特點(diǎn)1.The event insured is an eventual certainty and the probability of loss increases from year to year.保險(xiǎn)事件是一個(gè)最終結(jié)果確定的事件，但是每年發(fā)生的概率又都不一樣2.Life insurance does not violate requisites of an insurable risk; it is not the possibility of death that is insured, but of untimely death.保險(xiǎn)的對(duì)象是不合乎時(shí)宜的死亡，或者說(shuō)是過(guò)早的死亡3.There is no possibility of partial loss. Therefore all policies are cash payment policies.沒(méi)有部分損失，因此都是現(xiàn)金賠付政策。Current Life Insurance Products現(xiàn)在的壽險(xiǎn)產(chǎn)品Universal Life萬(wàn)能險(xiǎn)Variable Life Insurance變額壽險(xiǎn)第十三章Life Insurance Premium Computation壽險(xiǎn)保費(fèi)的計(jì)算1年的政策交多少錢(qián) 5年的費(fèi)用等于過(guò)去5年的總折現(xiàn)值除以第一年活著的人數(shù)儲(chǔ)備金等于未來(lái)收益的現(xiàn)值減去未來(lái)保費(fèi)的現(xiàn)值第十四章Incontestable Clause不可抗辯條款1.Insurer cannot contest the policy after it has been in effect for two years during the lifetime of the insured.在保險(xiǎn)實(shí)施兩年后不可以解除合同（抗辯）2.After insurer has had a reasonable opportunity to investigate validity of the contract, social advantages outweigh undesirable consequences.當(dāng)公司有足夠的機(jī)會(huì)發(fā)現(xiàn)而未發(fā)現(xiàn)，過(guò)期，社會(huì)將關(guān)注被保人利益，而非公司，即使此時(shí)能証明有欺詐早已存在！Grace Period寬限期1.A grace period of 31 days after the due date is allowed for the payment of a premium.保費(fèi)支付后的31天內(nèi)2. If insured dies during the grace period, the premium is deducted from the benefi