風(fēng)險與保險原理復(fù)習(xí)文檔

風(fēng)險與保險原理第一章：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)險這里指的是可能受到下行損失的概率，有三個特征）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)險的分類1.Financial and non-financial（財務(wù)和非財務(wù)的）2.Static and dynamic（靜態(tài)和動態(tài)的）3.Fundamental and particular（基本和特定的）4.Pure and speculative（純粹的和投機）第二層：Pure and speculative（重點考察）1.Speculative risks involve the possibility of loss or gain. They are voluntarily accepted because of the possibility of gain.（投機風(fēng)險是自找的，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.（保險只解決純粹風(fēng)險）第三層：純粹風(fēng)險的分類1.Personal risks（個人風(fēng)險）2.Property risks（財產(chǎn)風(fēng)險）3.Liability risks（責(zé)任風(fēng)險，是我國的新晉風(fēng)險）指的是現(xiàn)有資產(chǎn)或者未來收入損失的概率，也就是因為有意或無意的損害或者對他人權(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）第四層：（個人風(fēng)險）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產(chǎn)受損的風(fēng)險）In general, earning power is subject to four perils: 1.premature death, （早逝風(fēng)險）2.dependent old age, （年老風(fēng)險）3.sickness or disability（生病和殘疾風(fēng)險）4.Unemployment.（失業(yè)風(fēng)險）第2章 ：Risk management is a scientific approach to the problem of dealing with the pure risks facing individuals and organizations.風(fēng)險管理的定義：解決個人或者組織所面對純粹風(fēng)險的科學(xué)辦法，即預(yù)測風(fēng)險，最小化損失。保險起源于 corporate insurance buying（公司保險購買），如今風(fēng)險管理包括decision theory, risk financing, and risk control. （決策理論、風(fēng)險融資、風(fēng)險控制）風(fēng)險管理工具（Risk Management Tools）1.Risk Control風(fēng)險控制：廣義上包括減少組織所面臨風(fēng)險導(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)險決策使得風(fēng)險無法生成）Reduction（減少）define a broad set of efforts aimed at minimizing risk. （致力于最小化風(fēng)險的努力）2. Risk Financing風(fēng)險融資（保證資金足夠應(yīng)對損失）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. （沒有被規(guī)避，減少或者轉(zhuǎn)移的風(fēng)險成為自留風(fēng)險）分為Intentional / Unintentional（非/故意）：通常是沒有意識到風(fēng)險的存在，往往都是不好的Voluntary / Involuntary Retention（非/自愿）：一般是有辦法解決風(fēng)險，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 買保險2.Hedging對沖3.Hold harmless agreements免責(zé)協(xié)議4.Subcontracting certain activities分包5.Surety bonds保證書l Risk sharing 風(fēng)險分擔(dān)（特殊的自留和轉(zhuǎn)移）finance, insurance and risk control金融、保險、風(fēng)險控制是風(fēng)險管理的核心The Risk Management Process風(fēng)險管理的步驟1.Determination of objectives確定目標2.Identification of risks風(fēng)險確認3. Evaluation of risks風(fēng)險評估4.Consideration of alternatives - selection of the tool工具選擇5.Implementing the decision決策實施6.Evaluation and review評估第三章insurance has two fundamental characteristics:什么是保險1.Transfer of risk from the individual to the group.轉(zhuǎn)移風(fēng)險從個體到群體2.Sharing of losses on some equitable basis.平攤損失，分攤風(fēng)險Individual Perspective個人角度定義保險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)測準確性；用大數(shù)定律去實踐Social Perspective社會角度定義保險Eliminate risk by combining a large number of homogeneous exposures to make the losses predictable. 通過集成大數(shù)風(fēng)險使得損失可預(yù)測來降低風(fēng)險risk transfer emphasizes the individuals substitution of a small certain cost for large uncertain loss.風(fēng)險轉(zhuǎn)移強調(diào)個人以小成本規(guī)避大風(fēng)險pooling or risk sharing emphasizes the role of reducing risk in the aggregate. 風(fēng)險分攤強調(diào)通過大數(shù)減少風(fēng)險Elements of an Insurable Risk可保風(fēng)險的要素1.Large numbers of exposure units大量風(fēng)險單位2.Definite and measurable loss損失可測量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私人保險的分類1.Life Insurance壽險2.Accident and health Insurance意外健康險3.Property and liability insurance財產(chǎn)責(zé)任險第四章Minimax Regret Strategy最小化最大遺憾策略這個策略里不考慮概率，適用于不買保險時最壞結(jié)果難以被接受的情況Risk Characteristics as Determinants of Tool風(fēng)險管理工具決策模型High FrequencyLow FrequencyHigh SeverityAvoidReduceTransferLow SeverityReduceRetainRetain第五章Types of Company by Product保險公司的分類，依據(jù)產(chǎn)品1.Life insurers 壽險2.Property and Liability insurers 財產(chǎn)與責(zé)任險3.Health and Accident insurers健康意外險Distinction Between Agent and Broker代理人和經(jīng)紀人的區(qū)別Agent代理人：an individual authorized by an insurer to create, modify, and terminate contracts of insurance.（保險公司的代表，代理人幫助保險公司創(chuàng)造、修訂和終止保險合約，有權(quán)暫時締結(jié)風(fēng)險合同，出現(xiàn)問題保險公司負責(zé)）Broker經(jīng)紀人：a representative of the insured who solicits business from insurance buyers but who is compensated by the insurer.（投保人的代表，站在客戶的立場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公司承保過程是虧損的，但是因為投資收益較大，因此仍然帶來收益。第六章Market failure Economic Theories of Regulation監(jiān)管的經(jīng)濟學(xué)理論1.Market Failure Theory（市場失靈理論）2.Capture Theory3.Public Choice TheoryAreas Regulated被監(jiān)管的領(lǐng)域1. Solvency 償付能力監(jiān)管，各類儲備金2. Market Regulation 市場監(jiān)管3. Rates 比率監(jiān)管Solvency Regulation Reserves償付能力監(jiān)管之儲備金（三類儲備金）l Life insurance policy reserves 壽險儲備金l P&C unearned premium reserves 從P&C中為賺的儲備金l Loss reserves損失儲備金（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 保險公司的功能1.Ratemaking評級2.Production開發(fā)產(chǎn)品3.Underwriting 挑選購買者4.Loss Settlement 理賠5.Investment 將保費拿去投資Basic Concepts in Ratemaking評級的基本概念Rate 費率 Price charged per unit of protection（保險單位的價格）Premium 保費 Determined by multiplying rate by units of protection purchasedGross Rate 凈費率Composed of two parts, designed to pay losses and expensesPure Premium 凈保費Portion of the Gross Rate designed to pay lossesLoading 負載Portion of Gross Rate designed to cover expenses of operation凈費率所覆蓋的風(fēng)險Underwriting Classes - Life Insurance（壽險的賣出分類）Standard（標準）Preferred（偏好）Substandard (rated)（次級）Uninsurable（不可保）公估人 公估過程 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拒絕：1）損失沒有發(fā)生；2）保險政策沒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通常是申請人擬定2.Consideration對價，給別人錢3.Legal object合法目的4.Competent parties法定能力5.Legal form合法形式無效合同void and voidableA “Binder” is a temporary contract (oral or written) pending issuance of a policyBinder是一個暫時未決的協(xié)議保險的結(jié)構(gòu)1.Declarations 聲明 3.Exclusions 例外2.Insuring agreement 保險協(xié)定 4.Conditions 條件Special Characteristics of Insurance Contracts保險合同的特殊性質(zhì)1.Insurance is a contract of indemnity. 補償性的2.Insurance is a personal contract.個人的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為什么保險是補償性的（解答題）1.Indemnity means that the insured should not be permitted to profit from existence of insurance.既然是補償性，那么保險人就不允許從保險中獲利2.The principle of indemnity is enforced by the following doctrines:要符合l insurable interest 可保險的利益l actual cash value 實際的現(xiàn)金價值l “other insurance” provisions 其他的保險條款l Subrogation代位求償權(quán) 對于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.保險人和保險對象的關(guān)系，就是當(dāng)保險人在事件傷害或者財產(chǎn)損害中遭受財務(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)可測量的財務(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. 一些財產(chǎn)條款覆蓋了替代成本；2. 在價值政策下，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.保險人對第三方的權(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.防止遭受雙重損失4.Applicable mainly in property insurance but sometimes in health insurance.在財產(chǎn)險中多用，也有健康險的第十章Risks Arising From Uncertainty of Time of Death 因死亡時間不確定產(chǎn)生的風(fēng)險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，退休了卻沒有錢養(yǎng)老這兩個時間是相互對立的，exclusive如何測量早掛風(fēng)險，兩個辦法1. human life value 生命價值，based on the individuals income earning ability，基于收入能力，因為死亡失去收入的現(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貼，包括保險、員工福利等3.Measure difference between 1. and 2. Above計算二者的差距，用需求減去剩余補貼Risks Associated with Disability殘疾相關(guān)的風(fēng)險1.Unlike the case in life insurance, disability income need is not limited to those with dependents.不像壽險，殘疾后的收入需求是無限的2.Income need may even be greater for the person without a spouse (no second income, need to hire a care provider).對于沒有配偶的，收入要求更高3.If breadwinner dies, income stops but expenses also decline.收入沒了，花銷也少了4.In event of disability, income stops and expenses will likely increase. 收入沒了，花銷卻有可能更大第十二章Unique Characteristics of Life Insurance壽險的特殊特點1.The event insured is an eventual certainty and the probability of loss increases from year to year.保險事件是一個最終結(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.保險的對象是不合乎時宜的死亡，或者說是過早的死亡3.There is no possibility of partial loss. Therefore all policies are cash payment policies.沒有部分損失，因此都是現(xiàn)金賠付政策。Current Life Insurance Products現(xiàn)在的壽險產(chǎn)品Universal Life萬能險Variable Life Insurance變額壽險第十三章Life Insurance Premium Computation壽險保費的計算1年的政策交多少錢 5年的費用等于過去5年的總折現(xiàn)值除以第一年活著的人數(shù)儲備金等于未來收益的現(xiàn)值減去未來保費的現(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.在保險實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)公司有足夠的機會發(fā)現(xiàn)而未發(fā)現(xiàn)，過期，社會將關(guān)注被保人利益，而非公司，即使此時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.保費支付后的31天內(nèi)2. If insured dies during the grace period, the premium is deducted from the benefi