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Air quotes (also called finger quotes bunny or quotes) refers to the use of fingers to make fictitious quotes in the air when he speaks. This usually takes two hands held outside shoulder-width and the height of the eyes of the speaker, with the index and middle fingers on each hand, building up a sign In a show of strength, and then at the beginning and the end of that sentence "Listed". The wind phrase is generally very short - a few words to most - into the public domain, though sometimes much longer phrases that can be used for comics.
Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one to another entity, in exchange for a premium. Insurer is the company that sells the insurance. Insurance rate is a factor used in determining the amount, the name of the premium to pay for a certain amount of coverage. Risk management, the practice of the assessment and control of risks, has been developed as a discrete field of study and practice. A large number of exposure homogeneous units. The vast majority of insurance policies are designed for individual members of very large classes. Motor insurance, for example, are about 175 million cars in the United States in 2004. [2] The existence of a large number of homogeneous exposure units allows insurers benefit from the so-called "law of large numbers", which effectively Imagine that if the number of units of exposure increases, the actual results are likely to become increasingly close with the expected results. There are exceptions to this criterion. Lloyd's of London is famous to ensure the life or health of the actors, actresses and sports figures. Satellite Launch insurance covers events that are rare. Large commercial property policies can ensure exceptional properties for which there are no 'homogeneous' exposure units. Despite not on this criterion, many risks, as they are generally considered to be insurable. Definite Loss. The event which gives rise to the loss that is subject to the insurance needs, at least in principle, take place at a time known in a familiar place, and a known cause. The classic example is the death of an insured on a life assurance. Brand, car accidents and injuries to all workers easily meet this criterion. Other types of losses can only be expressed in theory. Occupational disease, for example, may involve prolonged exposure to adverse conditions where no specific time, place or identifiable cause. Ideally, the time, place and cause of a loss must be clear enough that a reasonable person with sufficient information objectively verify all three elements. Accidental loss. The event that triggered part of a claim to be accidental, or at least beyond the control of the beneficiary of the insurance. The loss must be 'clean', in the sense that the outcome of an event, of which only the possibility for the costs. Events that speculative elements, such as ordinary business risks, are generally not insurable. Big defeat. The extent of the damage must be meaningful from the perspective of the insured. Insurance premiums, both the expected cost of the damage, plus the cost of the issuance and administration of policies, the adaptation of the losses, and the supply of capital necessary to reasonably assure that the insurer will be able to pay claims. For small losses of the latter costs can be several times the size of the expected cost of the losses. There is little point in paying those costs, unless the protection has real value to a buyer. Affordable Premium. If the probability of an insured event has been so high, or the costs of the event so large that the resulting premium is large in proportion to the amount of protection offered, it is not likely that someone will buy insurance, even if bidding . Further, as the accounting profession formally recognizes in financial accounting standards, the premium may not be so great that there is not a reasonable probability of a significant loss to the insurer. If there is no risk of loss, the transaction may have in the form of insurance, but not the contents. (See the US Financial Accounting Standards Board standard number 113) Loss Calculable. There are two elements that must be at least estimable, if not computable formally: the probability of loss, and the resulting costs. Probability of loss is generally an empirical exercise, while the cost has more to do with the ability of a reasonable person in possession of a copy of the policy and a proof of loss coupled with a claim made in the course of that policy and a fairly clear Objective evaluation of the extent of the loss of eligibility as a result of the claim. Catastrofaal limited risk of large losses. The risks of vital importance is often aggregation. If the same event could cause losses of many policyholders from the same insurer, the ability of the insurer to indicate that the policy is limited, not by factors around the individual characteristics of a certain insured, but the factors surrounding the sum of all policyholders Sun exposed. Typically, insurers prefer to limit their exposure to a loss of a single case to a certain small portion of their assets in the order of 5 percent. The loss can be aggregated, or an individual policy could produce exceptionally large claims, the capital restriction will limit appetite for insurers an additional policyholders. The classic example is earthquake insurance, with the possibility of an underwriter to issue a new policy depends on the number and size of the policy it has already signed. Wind insurance in hurricane zones, particularly along coast lines, is another example of this phenomenon. In extreme cases, the aggregation may affect the entire industry, because the combined capital of the insurers and reinsurers may be small in comparison with the needs of potential policyholders in areas exposed to risk aggregation. In the commercial fire insurance, it is possible for some properties whose total value is much more exposed than an individual insurer's capital coercion. Such properties are generally distributed among the various insurers, or are insured by a single insurer which syndicates the risk in the reinsurance market. A "compensation" policy will not pay claims until the insured has paid out of their own pockets to some third party, which runs a visitor to your home slips in a word you left wet and sues you for $ 10000 to win. Under an "indemnity" policy of the homeowner should come with the $ 10000 to pay for the visitors, and then would be "compensated" by the insurance carrier for the out of pocket costs ($ 10,000) [4]. An entity seeking to transfer risk (an individual, company or association of any kind, etc.), the "insured" party once risk is based on an 'insurer', the party to ensure, through a contract called an insurance policy. " Normally an insurance contract shall contain at least the following elements: the parties (the insurer, the insured, the beneficiaries), the premium, the period of coverage, the specific loss event covered, the amount of coverage (ie, the Amount to be paid for the insured or beneficiary in the event of a loss), and exclusions (events not covered). A person is thus said to be "compensated" by the loss events in the policy. When insured parties experience a loss of a certain risk, the coverage of the insured right to a "claim" against the insurer for the guaranteed amount of the loss, as specified by the policy. The fee paid by the insured to the insurer for the assumption that the risks are "premium". Insurance premiums of many insureds are used to finance the accounts set aside for later payment of claims-in theory for a relatively few claimants and overhead costs. While an insurer maintains sufficient resources for anticipated losses (ie reserves), the remaining margin is an insurer of the profits. Insurers make money in two ways: (1) by means of taking over, the process by which insurers select the risks and decide how much to insure premiums to charge for accepting those risks and (2) by investing the they collect premiums from policyholders. The most difficult aspect of the insurance business is taking over the policy. Using a wide range of data, the insurers predict that the probability that a claim will be made against their policies and price products. To that end, insurers use actuarial science to quantify the risks they are willing to take the premium costs to be taken. Data will be analyzed to quite accurately project the rate of claims in the future, based on a certain risk. Actuarial science uses statistics and probability to analyze the risks associated with the scope of the dangers, and these scientific principles are used to determine an insurer of the total exposure. Upon termination of a given policy, the amount of premiums collected and investment gains them minus the amount paid out in claims, the insurer profits over that policy. Of course, from the perspective of the insurer, some policies are winners (ie, the insurer pays less in claims and expenses than it received from premiums and investment income), and some are losers (ie, the insurer will pay more in claims and expenses than They receive in premiums and investment income). An insurer over performance is measured in the combined ratio. The loss ratio (incurred losses and loss adjustment expenses divided by net earned premiums) has been added to the cost ratio (underwriting of the costs divided by net premiums written) for the determination of the company combined ratio. The combined ratio is a reflection of the company over the total profitability. A combined ratio of less than 100 percent indicates underwriting of profitability, while slightly more than 100 indicates a loss. Insurance companies also earn investment profits to "float". "Float" of the available reserve is the amount of money at hand at any given moment, that an insurer has collected insurance premiums, but have not been paid in claims. Insurers to invest insurance premiums once they are collected and continue to earn interest on them until claims are paid. In the United States, taking over the loss of property and casualty insurance companies was $ 142.3 billion in the five years ending 2003. But the total profit for the same period was $ 68.4 billion as a result of the float. Some insurance industry insiders, especially Hank Greenberg, do not believe that it is always possible to profit from the adoption of a non-profit float as well, but this opinion is not universally held. Of course, the "float" method is difficult to implement in a period of economic depression. Bear markets do cause insurers to shift investment and toughen their standards. So a bad economy generally means high insurance premiums. This tendency to swing between profitable and unprofitable periods over time is generally known as the "over" or insurance cycle. [6] Property and casualty insurers currently the most money from their auto insurance line of the company. Generally better statistics are available on the auto underwriting losses and on this line of business has greatly benefited from advances in computer science. In addition, property losses in the US due to natural disasters have exacerbated this trend. Finally, claims handling and loss is materialized the usefulness of insurance. In the management of the claims-handling function, insurers try to find a balance between the elements of customer satisfaction, administrative costs and claims handling too many leaks. As part of this balancing act, insurance fraudulent practices are a major business risks that must be managed and overcome. Gambling or gaming is designed in the beginning, so the odds are unaffected by the players' conduct or behaviour and not obliged to risk mitigation practices. But players can be prepared for them and increase their chance of winning in certain games such as poker or blackjack. Unlike gambling, or gaming, the acquisition of certain types of insurance such as fire insurance, policyholders may be obliged to risk reduction measures, such as installing sprinklers and the use of refractory construction materials to reduce the risk of loss to fire. Moreover, after a proven loss, insurers specializes in providing rehabilitation to minimize the total loss. In a sense we can say that the insurance appears simultaneously with the appearance of the human society. We know two types of economies in human society: money economies (with the market, money, financial instruments etc.) and non-cash or natural economies (excluding money markets, financial instruments etc.). The second type is an ancient form than the first. In such an economy and community, we see insurance in the form of people helping each other. For example, if a house burns down, the members of the community help build a new one. Should the same happen with one of the neighbours, the other neighbours should help. Otherwise, neighbours gets no help in the future. This type of insurance has survived to this day in some countries where the modern economy money with its financial instruments is not widespread (eg countries in the territory of the former Soviet Union). As for the insurance in the modern sense (ie, insurance money in a modern economy, which insurance is a part of the financial sector), said the methods of transmission or distribution of the risk has been practiced by Chinese and Babylonian traders so long ago, in the 3rd and 2nd Millennia BC, respectively. Chinese merchants travel treacherous river rapids would redistribute their ships were very much to limit the loss attributable to a single ship to save. The Babylonians developed a system that was included in the famous Code of Hammurabi, c. 1750 BC, and practiced by early Mediterranean sailing merchants. If a trader got a loan to finance his transfer, he would pay the lender an additional sum in exchange for the lender to cancel the guarantee of the loan should the shipment be stolen. Achaemenian monarchs were the first to assure their people and made it official by registering in the process to ensure governmental notary offices. The insurance tradition has been carried out each year in Norouz (beginning of the Iranian New Year), the heads of the various ethnic groups, as well as others willing to participate, presented gifts to the monarch. The main gift was presented at a special awards ceremony. When a gift was valued at more than 10000 Derrik (Achaemenian gold medal) the issue was enrolled in a special bureau. This is beneficial for those who take special gifts. For others, the presents were fairly judged by the confidants of the court. Then the evaluation was registered in special branches. A thousand years later, the residents of Rhodes inventor of the concept of the 'general average ". Merchants whose goods were shipped together would pay a premium evenly distributed would be used for the repayment of a property dealer who had become during storm or sinkage. The Greeks and Romans introduced the origins of health and life insurance c. 600 AD when they organized guilds called "benevolent societies" that served to families and paid funeral of the members of the dead. Guilds in the Middle Ages served a similar purpose. The Talmud deals with various aspects of goods. Before insurance was founded in the late 17th century, "friendly societies" existed in England, where people donated money to an overall sum that can be used for emergencies. Separate insurance (ie, insurance not bundled with loans or other forms of contracts) was invented in Genoa in the 14th century, as if it were insurance pools backed by promises of the landed estates. This new insurance policies allowed insurance to be separated from the investment, a separation of duties that first proved to be effective in marine insurance. Insurance was much more sophisticated in post-Renaissance Europe, and specialized varieties developed. By the end of the seventeenth century, London growing importance as a center for trade increased demand for marine insurance. In the late 1680s, Mr. Edward Lloyd opened a coffee house that was a popular torture of ship owners, merchants, and ships' captains, and thus a reliable source of news delivery. It was the meeting place for political parties who want to insure cargoes and ships, and who are willing to support such enterprises. Today, Lloyd's of London is still the biggest market (note that it is not an insurance company) for marine and other specialized types of insurance, but it does not unlike the more familiar kinds of insurance. Insurance as we know it today, may be followed to the Great Fire of London, which in 1666 devoured 13200 houses. In the aftermath of this disaster, Nicholas Barbon opened an office to insure buildings. In 1680, he England the first fire company, "The Office Fire," to assure brick houses and frame. Benjamin Franklin helped to popularize and make standard practice of insurance, particularly against fire in the form of a perpetual insurance. In 1752, he founded the Philadelphia Contributionship for the Insurance of Houses from Loss by the fire. Franklin the company was the first to contribute to fire. Not only was his company warn against certain fire, but refused to coverage of certain buildings where the risk of fire was too great, like all wooden houses. In the United States, the regulation of the insurance industry is highly Balkanized, with primary responsibility borne by individual state insurance departments. Whereas the insurance markets have become centralized national and international, state insurance commissioners operate individually, but at times in concert through a national insurance commissioners of the organization. In recent years, some have called for a dual state and federal regulation of insurance similar to that which oversees the banks and national banks. In the State of New York, which has unique laws in keeping with its status as a global business center, the former New York Attorney General Eliot Spitzer was in a unique position to deal with major national insurance brokerages. Spitzer alleged that Marsh & McLennan steered business to insurance companies based on the amount of contingent contracts that can be extracted from carriers, rather than basing decisions on whether carriers had the best deals for customers. Several of the largest commercial insurance brokerages have since stopped accepting contingent commissions have adopted and new business models. Any risks that can be quantified as possible can be ensured. Specific types of risks that can lead to claims are known as "hazards". An insurance will detail the dangers are covered by the policy and which are not. Below are (non-exhaustive) list of the many different types of insurance that are out there. A policy may cover risks in one or more of the categories described below. For example, auto insurance would typically both property risk (relating to the risks of theft or damage to the car) and risk liability (including legal claims cause of an accident). A homeowner insurance in the United States, generally, property insurance for damage to the house and the owner of the property, liability for legal claims against the owner, and even a small amount of health insurance for the medical costs of those injured on Property owner. Business insurance can be for any form of insurance that protects companies against risks. Some subtypes of the most important business insurance (a) the various types of professional indemnity insurance, also known as professional indemnity insurance, which are discussed below under that name, and (b) the business owners policy (BOP), which bundles in a lot of policy From the nature of the coverage that a business owner needs, in a manner analogous to how the bundles homeowners insurance coverages that a homeowner needs. [7] Life insurance provides a monetary benefit of a decedent's family or other designated beneficiary, and in particular provide income support an assured the family, funeral, burial and other final expenses. Life insurance policies often allow the option of the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity. Annuities a stream of payments and are generally classified as insurance because they are issued by insurance companies and regulated as insurance, and require the same kind of actuarial and investment management expertise life. Annuïteiten and pensions that pay a benefit for life are sometimes seen as insurance against the possibility that a pensioner will outlive his or her financial resources. As such, it is the complement of life and, from one perspective over, are the mirror image of life. Health insurance policies will often cover the cost of private medical treatments such as the National Health Service in the United Kingdom (NHS), or other government-funded health programs do not pay for them. It will often result in a faster healthcare where better facilities are available. Driving School Insurance provides insurance coverage for any authorised driver while going under tuition, coverage also unlike other motor policy covers liability which both the instructor and student driving instructor are both equally liable in the event of a claim. Driving School Insurance provides insurance coverage for any authorised driver while going under tuition, coverage also unlike other motor policy covers liability which both the instructor and student driving instructor are both equally liable in the event of a claim. Builder's risk insurance insures against the risk of physical loss or damage to property during construction. Builder risk insurance is usually written on an "all risks" basis cover damage caused by whatever reason (including the omission of the insured) is not otherwise expressly excluded. Earthquake insurance is a form of property insurance that pays the policyholder in the event of an earthquake causing injury to the house. Most ordinary homeowners insurance policies do not cover earthquake damage. Most earthquake insurance function of a high deductible. Rates depend on the location and the probability of an earthquake, as well as the construction of the house. A fidelity bond is a form of accident insurance that covers policyholders for the losses they suffered as a result of fraudulent acts by certain individuals. It usually assures a company for the losses caused by the unfair acts of its employees. Flood insurance protects against loss of property caused by the floods. Many insurers in the US do not offer flood insurance in some parts of the country. In response, the federal government's National Flood Insurance Program, which serves as the insurer of last resort. Marine insurance and marine cargo cover the loss or damage of ships at sea or inland waterways, and the cargo that may be on them. When the owner of the cargo and carrier are separate companies, marine cargo insurance typically compensates the owner of the cargo for damage from fire, shipwreck, etc., but excludes the losses that can be recovered from the carrier or the insurance carrier . Many marine insurers will include "time element" coverage in the policy, which extends from the damages to cover lost profits and other business expenses due to the delay caused by a covered loss. Aansprakelijkheidsverzekering is a very broad supergroup that covers legal claims against the insured. Many types of insurance are an aspect of the liability. For example, a homeowner insurance liability coverage will normally also protects the insured in the event of a claim by someone who slips and falls on the property; motor vehicle also an aspect of the liability insurance that indemnifies against the damage that can cause a car crashing to others 'life, health or property. The protection provided by a liability insurance policy is twofold: a legal defense in the case of a lawsuit launched against the policyholder and compensation (payment on behalf of the insured) with respect to a settlement or verdict of the court. Liability policies usually only relate to the negligence of the insured, and will not apply to the results of intentional or deliberate acts by the insured. Professional liability insurance, also known as professional indemnity insurance, protects professionals such as architects, lawyers, doctors, accountants and against possible negligence claims made by their patients / clients. Professional liability insurance can be done in several names, depending on the profession. For example, professional indemnity insurance in reference to the medical profession can be called malpractice insurance. Notaries public may take, errors and omissions insurance (E & O). Other potential E & O policyholders, for example, the real estate brokers, home inspectors, appraisers, and Web site developers. Kredietverzekering pay some or all of a loan back when certain things happen to the borrower, such as unemployment, disability or death. Mortgage insurance is a form of credit insurance, credit insurance, although the name often used to refer to the policy that relates to other forms of debt. Defense Base Act Workers' compensation or DBA Insurance provides insurance coverage for civilian employees hired by the government to perform tasks outside the United States and Canada. DBA is required for all citizens of the USA, American residents, US Green Card holders, and all employees or subcontractors hired on overseas government contracts. Depending on the country, foreign nationals must also be dealt with within the framework of DBA. This coverage typically covers the cost of medical treatment and lost wages, as well as disability and death benefits. Financial loss insurance protects individuals and businesses against various financial risks. For example, a company can buy coverage to protect against loss of sales as a fire in a plant for the prevention of the execution of his company for a certain period of time. Insurance may also relate to the failure of a creditor to pay money owed to the insured. This type of insurance is often referred to as "business interruption insurance." Fidelity bonds and surety bonds are included in this category, although these products offer an advantage to third party (the "obligee) in the event the insured party (usually referred to as the" debtor ") is not disclosed to its obligations under the execution of a contract with the obligee. Purchase insurance is aimed at providing protection to the products people buy. Purchase insurance to cover individual purchase protection, guarantees, warranties, care plans and even mobile phone insurance. Such insurance is usually very limited in the scope of problems that are covered by the policy. Titel verzekering biedt een garantie dat de titel naar de echte eigendom berust bij de koper en / of mortgagee en zijn vrijgesteld van de pandrechten of lasten. Het is meestal uitgegeven in combinatie met een zoektocht naar de openbare registers uitgevoerd op het tijdstip van een onroerend goed transactie. Beschermde Self-Verzekeringen is een alternatief risico financieringsmechanisme waarin een organisatie behoudt zich het mathematisch berekende kosten van de risico's binnen de organisatie en brengt de katastrofisch risico met specifieke en totale grenzen aan een verzekeraar, zodat de maximale totale kosten van het programma bekend is. Een goed ontworpen en ondertekend Beschermde Self-Insurance Program vermindert en stabiliseert de kosten van verzekering en geeft waardevolle informatie over het beheer van risico's. Terugwerkende kracht Rated Verzekeringen is een methode tot vaststelling van een premie op grote commerciële rekeningen. De definitieve premie is gebaseerd op de verzekerde de werkelijke verlies ervaring in het beleid termijn, soms met een minimum en maximum premie, met de definitieve premie wordt bepaald door een formule. Volgens dit plan, het lopende jaar de premie gebaseerd is gedeeltelijk (of geheel) over het lopende jaar de verliezen, hoewel de premie aanpassingen kan maanden of jaren na het lopende jaar de vervaldatum. De rating formule wordt gewaarborgd in het verzekeringscontract. Formule: retrospectieve premie = omgerekend verlies + basispremie × belasting multiplicatoreffect. Tal van variaties van deze formule zijn ontwikkeld en in gebruik zijn. Formele self verzekering is de weloverwogen beslissing te betalen voor verzekerbare anders verliezen van het eigen geld. Dit kan gebeuren op basis van een formele oprichting van een apart fonds in die fondsen worden gedeponeerd op een periodieke basis, of door gewoon afzien van de aankoop van de beschikbare verzekering en de betaling van out-of-pocket. Self verzekering wordt meestal gebruikt om te betalen voor een hoge frequentie, lage ernst verliezen. Dergelijke verliezen, als die door conventionele verzekering, betekenen tot het betalen van een premie die voor belastingen van het bedrijf algemene kosten, kosten van de aanleg van het beleid op het gebied van de boeken, acquisitie kosten, premie belastingen en uitgaven. Hoewel dit geldt voor alle verzekeringen, voor kleine, vaak verliezen de transactiekosten kunnen hoger zijn dan de baten van de vermindering van de volatiliteit verzekering dat anders liggen. In de meeste landen, leven en niet-leven verzekeraars onderworpen zijn aan verschillende regelingen en verschillende fiscale en boekhoudkundige regels. De belangrijkste reden voor het onderscheid tussen de twee soorten van het bedrijf is dat het leven, lijfrente en pensioen bedrijf is op zeer lange termijn in de natuur - dekking voor levensverzekering of een pensioen kunnen dekken risico's gedurende vele decennia. By contrast, niet-levensverzekeringen dekking meestal betrekking op een kortere termijn, zoals een jaar. In de Verenigde Staten, standaard lijn verzekeringsmaatschappijen zijn uw "main stream" verzekeraars. Dat zijn de bedrijven die typisch verzekeren van uw auto, huis of bedrijf. Zij maken gebruik van patroon of "cookie-cutter" beleid zonder variatie van het ene persoon naar de volgende. Ze hebben meestal lagere premies dan teveel lijnen en rechtstreeks kunnen verkopen aan particulieren. Zij worden geregeld door de wetten die kan beperken van het bedrag kunnen ze kosteloos voor verzekeringspolissen. Excess lijn verzekeringsmaatschappijen (aka Excess en Surplus) typisch verzekeren risico's die niet onder de standaard lijnen markt. Ze zijn over het algemeen bedoeld als alle verzekeringen die met de niet-toegelaten verzekeraars. Niet-toegelaten verzekeraars geen licentie in de landen waar de risico's liggen. Deze bedrijven hebben meer flexibiliteit en kan reageren sneller dan de standaard verzekering bedrijven omdat zij niet nodig zijn om bestand tarieven en vormen als de "toegelaten" vervoerders doen. Echter, ze hebben nog steeds aanzienlijke regelgevende eisen die op hen. Staat wetten algemeen vereisen verzekeringen geplaatst met een overschot lijn agenten en brokers niet beschikbaar via de standaard licentie verzekeraars. Verzekeringen bedrijven zijn over het algemeen ingedeeld als hetzij wederzijdse voorraad of bedrijven. Dit is meer een traditionele onderscheid als echte onderlinge vennootschappen worden schaars. Wederzijdse ondernemingen zijn eigendom van de polishouders, terwijl de aandeelhouders (die al dan niet mogen eigen beleid) eigen voorraad verzekeringsmaatschappijen. Other possible forms for an insurance company include reciprocals, in which policyholders 'reciprocate' in sharing risks, and Lloyds organizations. Reinsurance companies are insurance companies that sell policies to other insurance companies, allowing them to reduce their risks and protect themselves from very large losses. The reinsurance market is dominated by a few very large companies, with huge reserves. A reinsurer may also be a direct writer of insurance risks as well. Captive insurance companies may be defined as limited-purpose insurance companies established with the specific objective of financing risks emanating from their parent group or groups. This definition can sometimes be extended to include some of the risks of the parent company's customers. In short, it is an in-house self-insurance vehicle. Captives may take the form of a "pure" entity (which is a 100 percent subsidiary of the self-insured parent company); of a "mutual" captive (which insures the collective risks of members of an industry); and of an " association" captive (which self-insures individual risks of the members of a professional, commercial or industrial association). Captives represent commercial, economic and tax advantages to their sponsors because of the reductions in costs they help create and for the ease of insurance risk management and the flexibility for cash flows they generate. Additionally, they may provide coverage of risks which is neither available nor offered in the traditional insurance market at reasonable prices. The types of risk that a captive can underwrite for their parents include property damage, public and products liability, professional indemnity, employee benefits, employers liability, motor and medical aid expenses. The captive's exposure to such risks may be limited by the use of reinsurance. Similar to an insurance consultant, an 'insurance broker' also shops around for the best insurance policy amongst many companies. However, with insurance brokers, the fee is usually paid in the form of commission from the insurer that is selected rather than directly from the client. Certain life insurance contracts accumulate cash values, which may be taken by the insured if the policy is surrendered or which may be borrowed against. Some policies, such as annuities and endowment policies, are financial instruments to accumulate or liquidate wealth when it is needed. Financial stability and strength of an insurance company should be a major consideration when purchasing an insurance contract. An insurance premium paid currently provides coverage for losses that might arise many years in the future. For that reason, the viability of the insurance carrier is very important. In recent years, a number of insurance companies have become insolvent, leaving their policyholders with no coverage (or coverage only from a government-backed insurance pool or other arrangement with less attractive payouts for losses). A number of independent rating agencies, such as Best's, Fitch, Standard & Poor's, and Moody's Investors Service, provide information and rate the financial viability of insurance companies. In recent years this kind of operational definition proved inadequate as a result of contracts that had the form but not the substance of insurance. The essence of insurance is the transfer of risk from the insured to one or more insurers. How much risk a contract actually transfers proved to be at the heart of the controversy. This issue arose most clearly in reinsurance, where the use of Financial Reinsurance to reengineer insurer balance sheets under US GAAP became fashionable during the 1980s. The accounting profession raised serious concerns about the use of reinsurance in which little if any actual risk was transferred, and went on to address the issue in FAS 113, cited above. While on its face, FAS 113 is limited to accounting for reinsurance transactions, the guidance it contains is generally conceded to be equally applicable to US GAAP accounting for insurance transactions executed by commercial enterprises. Paragraph 10 of FAS 113 makes clear that the 9a and 9b tests are based on comparing the present value of all costs to the PV of all income streams. FAS gives no guidance on the choice of a discount rate on which to base such a calculation, other than to say that all outcomes tested should use the same rate. Statement of Statutory Accounting Principles ("SSAP") 62, issued by the National Association of Insurance Commissioners, applies to so-called 'statutory accounting' - the accounting for insurance enterprises to conform with regulation. Paragraph 12 of SSAP 62 is nearly identical to the FAS 113 test, while paragraph 14, which is otherwise very similar to paragraph 10 of FAS 113, additionally contains a justification for the use of a single fixed rate for discounting purposes. The choice of an "reasonable and appropriate" discount rate is left as a matter of judgment. Neither FAS 113 nor SAP 62 defines the terms reasonable or significant. Ideally, one would like to be able to substitute values for both terms. It would be much simpler if one could apply a test of an X percent chance of a loss of Y percent or greater. Such tests have been proposed, including one famously attributed to an SEC official who is said to have opined in an after lunch talk that a 10 percent chance of a 10 percent loss was sufficient to establish both reasonableness and significance. Indeed, many insurers and reinsurers still apply this 10/10" test as a benchmark for risk transfer testing. It should be obvious that an attempt to use any numerical rule such as the 10/10 test will quickly run into problems. Implicit in the test is keeping the 10/10 that either are upper bonds for the comment made by the SEC official therefore, the rest of this paragraph doesn't apply. Suppose a contract has a 1 percent chance of a 10000 percent loss? It should be reasonably self-evident that such a contract is insurance, but it fails one half of the 10/10 test. Excess of loss contracts, like those commonly used for umbrella and general liability insurance, or to insure against property losses, will typically have a low ratio of premium paid to maximum loss recoverable. This ratio (expressed as a percentage), commonly called the rate on line for historical reasons related to underwriting practices at Lloyd's of London, will typically be low for contracts that contain reasonably self-evident risk transfer . As the ratio increases to approximate the present value of the limit of coverage, self-evidence decreases and disappears. The analysis of reasonableness and significance is an estimate of the probability of different gain or loss outcomes under different loss scenarios. It takes time and resources to perform the analysis, which constitutes a burden without value where risk transfer is reasonably self-evident. An insurance policy should not contain provisions that allow one side or the other to unilaterally void the contract in exchange for benefit. Provisions that void the contract for failure to perform or for fraud or material misrepresentation are ordinary and acceptable. The policy should have a term of not more than about three years. This is not a hard and fast rule. Contracts of over five years duration are classified as ‘long- term,’ which can impact the accounting treatment, and can obviously introduce the possibility that over the entire term of the contract, no actual risk will transfer. The coverage provided by the contract need not cease at the end of the term (eg, the contract can cover occurrences as opposed to claims made or claims paid). The contract should be considered to include any other agreements, written or oral, that confer rights, create obligations, or create benefits on the part of either or both parties. Ideally, the contract should contain an ‘Entire Agreement’ clause that assures there are no undisclosed written or oral side agreements that confer rights, create obligations, or create benefits on the part of either or both parties. If such rights, obligations or benefits exist, they must be factored into the tests of reasonableness and significance. Provisions for additional or return premium do not, in and of themselves, render a contract something other than insurance. However, it should be unlikely that either a return or additional premium provision be triggered, and neither party should have discretion regarding the timing of such triggering. All of the events that would give rise to claims under the contract cannot have materialized prior to the inception of the contract. If this "all events" test is not met, then the contract is considered to be a retroactive contract, for which the accounting treatment becomes complex. By creating a "security blanket" for its insureds, an insurance company may inadvertently find that its insureds may not be as risk-averse as they might otherwise be ( since, by definition, the insured has transferred the risk to the insurer). This problem is known to the insurance industry as moral hazard. To reduce their own financial exposure, insurance companies have contractual clauses that mitigate their obligation to provide coverage if the insured engages in behavior that grossly magnifies their risk of loss or liability. For example, life insurance companies may require higher premiums or deny coverage altogether to people who work in hazardous occupations or engage in dangerous sports. Liability insurance providers do not provide coverage for liability arising from intentional torts committed by the insured. Even if a provider were so irrational as to desire to provide such coverage, it is against the public policy of most countries to allow such insurance to exist, and thus it is usually illegal. Some communities prefer to create virtual insurance amongst themselves by other means than contractual risk transfer, which assigns explicit numerical values to risk. A number of religious groups, including the Amish and some Muslim groups, depend on support provided by their communities when disasters strike. The risk presented by any given person is assumed collectively by the community who all bear the cost of rebuilding lost property and supporting people whose needs are suddenly greater after a loss of some kind. In supportive communities where others can be trusted to follow community leaders, this tacit form of insurance can work. In this manner the community can even out the extreme differences in insurability that exist among its members. Some further justification is also provided by invoking the moral hazard of explicit insurance contracts. In the United Kingdom The Crown (which, for practical purposes, meant the Civil service) did not insure property such as government buildings. If a government building was damaged, the cost of repair would be met from public funds because, in the long run, this was cheaper than paying insurance premiums. Since many UK government buildings have been sold to property companies, and rented back, this arrangement is now less common and may have disappeared altogether. Insurance policies can be complex and some policyholders may not understand all the fees and coverages included in a policy. As a result , people may buy policies on unfavorable terms. In response to these issues, many countries have enacted detailed statutory and regulatory regimes governing every aspect of the insurance business, including minimum standards for policies and the ways in which they may be advertised and sold. Many institutional insurance purchasers buy insurance through an insurance broker. Brokers represent the buyer (not the insurance company), and typically counsel the buyer on appropriate coverages, policy limitations. A broker generally holds contracts with many insurers, thereby allowing the broker to "shop" the market for the best rates and coverage possible. Redlining is the practice of denying insurance coverage in specific geographic areas, purportedly because of a high likelihood of loss, while the alleged motivation is unlawful discrimination. Racial profiling or redlining has a long history in the property insurance industry in the United States. From a review of industry underwriting and marketing materials, court documents, and research by government agencies, industry and community groups, and academics, it is clear that race has long affected and continues to affect the policies and practices of the insurance industry.[10 ] In determining premiums and premium rate structures, insurers consider quantifiable factors, including location, credit scores, gender, occupation, marital status, and education level. However, the use of such factors is often considered to be unfair or unlawfully discriminatory, and the reaction against this practice has in some instances led to political disputes about the ways in which insurers determine premiums and regulatory intervention to limit the factors used. An insurance underwriter's job is to evaluate a given risk as to the likelihood that a loss will occur. Any factor that causes a greater likelihood of loss should theoretically be charged a higher rate. This basic principle of insurance must be followed if insurance companies are to remain solvent. Thus, "discrimination" against (ie, differential treatment of) potential insureds in the risk evaluation and premium-setting process is a necessary by-product of the fundamentals of insurance underwriting. For instance, insurers charge older people significantly higher premiums than they charge younger people for term life insurance. Older people are thus treated differently than younger people (ie, a distinction is made, discrimination occurs). The rationale for the differential treatment goes to the heart of the risk a life insurer takes: Old people are likely to die sooner than young people, so the risk of loss (the insured's death) is greater in any given period of time and therefore the risk premium must be higher to cover the greater risk. However, treating insureds differently when there is no actuarially sound reason for doing so is unlawful discrimination. What is often missing from the debate is that prohibiting the use of legitimate, actuarially sound factors means that an insufficient amount is being charged for a given risk, and there is thus a deficit in the system. The failure to address the deficit may mean insolvency and hardship for all of a company's insureds. The options for addressing the deficit seem to be the following: Charge the deficit to the other policyholders or charge it to the government (ie, externalize outside of the company to society at large). Health insurance, which is coverage for individuals to protect them against medical costs, is a highly charged and political issue in the United States, which does not have socialized health coverage. In theory, the market for health insurance should function in a manner similar to other insurance coverages, but the skyrocketing cost of health coverage has disrupted markets around the globe, but perhaps most glaringly in the US See health insurance & Health insurance in the United States . Many insurance executives are opposed to patenting insurance products because it creates a new risk for them. The Hartford insurance company, for example, recently had to pay $80 million to an independent inventor, Bancorp Services, in order to settle a patent infringement and theft of trade secret lawsuit for a type of corporate owned life insurance product invented and patented by Bancorp. Certain insurance products and practices have been described as rent seeking by critics. That is, some insurance products or practices are useful primarily because of legal benefits, such as reducing taxes, as opposed to providing protection against risks of adverse events. Under United States tax law, for example, most owners of variable annuities and variable life insurance can invest their premium payments in the stock market and defer or eliminate paying any taxes on their investments until withdrawals are made. Sometimes this tax deferral is the only reason people use these products . Another example is the legal infrastructure which allows life insurance to be held in an irrevocable trust which is used to pay an estate tax while the proceeds themselves are immune from the estate tax. 'Combined ratio' = loss ratio + expense ratio. Loss ratio is calculated by dividing the amount of losses (sometimes including loss adjustment expenses) by the amount of earned premium. Expense ratio is calculated by dividing the amount of operational expenses by the amount of earned premium. A lower number indicates a better return on the amount of capital placed at risk by an insurer.
hun It does and by an abbreviation GEICO the government employee insurance company which is knowing is the American auto insurance company. The GEICO at,2007 year present time, compared to sees the subsidiary company which it has with the whole of the BerkshireHathaway under conditions the truck which hazard application, by million policy holders above 8 is had ten million automobiles and the different automobile and. The GEICO excepts and the call rum rain Oh special administration nine and every matter tendency chu it writes a personal passenger auto insurance in all American prime object. The GoodwinGEICO depended to the LeoGoodwin and it was discovered and his wife LillianGoodwin was conducted at 1936 in the federal government staff and their families. [ 2 ] with pawning of the insurance honor where the expiration of time becomes directly in success of the company it puts out a auto insurance in market. The GEICO's the business model like that person be latent blood insurance volition will public finance be stabilized common people than, few it will constitute the swimming pool which will be dangerous theyn the place, it put a foundation in the family. Electric computer anger grudge in n recording which will drive the quick access was effective the inside 1970's in the American whole and after, the GEICO positively was more started common people one thing in it target demographics. The GEICO consumes who it puts a foundation adopts the insurance agent inside army bases [ 4 nearly ] field, different and the capital which their product, in market of the maximum quantity doing the most big direct author from the nation the decimal field substitute leads at the company of personal automobile and insurance. [ 3 ] GEICO puts out it treats the transformation which it liberates with the high piece and the Internet light oil consumer generally directly,; Other than the military base where recently, the GEICO is near ten n it was started the office inside being located. This substitute is knowing with the GFRs (GEICO field representative). The GEICO's which advertises a strategy radio advertizing with printing (1 roadway mail invitation) integrates the gunfire level total of television imitation advertisement, together. "It is a auto insurance 15 minutes extensive 15 percent or compared to it will be able to store the general tagline which the GEICO uses." The different common theme appears advertisement Bang Song Yi (or, actually, even commercial break) pessimism lyen regarding the product this and in order to become for the hazard plug the GEICO it is sudden and changes a misdirection which it is. The Dutchess the commercial break deceives and the Tony with in small quantity grade LaFontaine and the real person together the speed runner and Bill it uses the people of the novel inside which is various. The different commercial break comfort converts in the GEICO which it is cutting off, regarding the fish the character show, and couple by the serial drama to the dehairing doctor whom it stores relates. Which participant rose anti- and inside picking up, the flesh peeled and the GEICO Oh the ds the different set "as the small house" related the novel actuality show which calls inside. The additional commerce subject is promotion of the novel product. Inside 2006 imitating Oh the ds comes long-distance call service, the tomato soda and the f Oh! the t-f the d, and actuality theyl ley the rain cyen with the show the same product thuk color to fall, "but in advertisement end it imitation portion in auto insurance - inside all case - not to store the extensive what kind of money." 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The SebastianSiegel "it sees me the serial drama imitation it has the television player who is a grudge of the good news" spot. The well-received the masses series of advertisement uses the cave house person with the person at the street stall. Also the neanderthal Martin agency which is a cave house, Oh above the ds center, (above) some presentation time face feature with one individual it is different by today to tagline "GEICO it developed, advertisement or commercial break it encountered: The like this easy cave house person will follow and "U who is a cave house li by their disgusts in family fixed idea of three sounds the possibility it it was. Oh the ds currently is the cave house which is stale inside the be active member where the cave house person the society is living yet in the place and all anything it acts and it will live it assumes the world. Oh in the idle fancy restaurant, to a monopoly per the quality which is important becomes the futures inside the ds under wind Jog, to be culture, cultivate the ink, to go, their therapist the sample. The humour Oh inside the ds, and it defends from fixed idea, their reading revolves in the normal surroundings which the existence which is a cave house in the fixed idea which is represented and their reactions is related. At 2007, the GEICO fired also the social net we king location, the motorcycle owner hazard my company grudge burns. My company grudge it burns only the point picture of their motorcycle it knows and in their bicycle to have regarding a for travel the periodic owner who shares a talk, hazard place and, different against a member talk and picture it criticizes. The NASCARBusch 7th of series the microphone month which kicks le su by it operates and by the GEICO it is supported. The commercial break which relates the human race team microphone month le su to assert relative this with, compared to a young boy is the driver who recovers and it is. When the person microphone month le su with well percentage seeing Geico 7th, the boy it saves the bunch of the money in auto insurance, ", them will think and it talks. The ball case which will carry but, them will talk, ' from that place the LaurenWallace which goes; [ 10 ] the head of a family company one thing which is to ascend until now with the racecar.' Commercial break in the narrator who is not visible in the place being an ambition the thin kart driver inside the interview becoming popular which it talks from time to time it becomes the futures. "Microphone month le su against think how? "He reacts, the child asks and", he from that place markets a auto insurance, from, this case of what is, at the outside which is to win from that place." When asking in relationship of that, the NASCAR driver and the Lauren will shake his head, they will go out and the man branch they will not be and theyn "I do not talk the place thing, i go out and end he me comes nearly to the blue eyes and with all hook quality one he concludes, me they will be two things and." The narrator will be wrong and it asks and to peel as in which thing, "does not race the inside the Busch series which spreads out." The Lauren the answer "captain and grocery point, that is distant and the boat which is controlled it listens to, the kart which goes; When this microphone month of it le su coming, the talk will be wrong in the blue eyes and it comes out letting, it ends." Advertisement feature the different series the collection which is special YouTube image and hallway mattress battle of the activity which is meaningless is same at the surface, or webcam user (YouTube'sBrandonHardesty) this the expression which utters highly it separates. When 15 minutes the image which it sends with an on-line continues, the announcer nation does not know and "from that place compared to the method which recovers it connects." ' U li three the thing Oh is similar in the ds, this commercial break also the wind is the back-to-back which it exposes at any time. 2007 to introduce inside September, Oh this series of the ds the E! The investigation which it composes it sleeps and with interview thuk color comes and the GEICO positively grudge their car (Flintmobile, Jed's1923 year Oldsmobile truck, and pulley me su being Reliant it demands and Winkler which it cuts FredFlintstone and JedClampett, and even khay bean-curd refuse patch child novel which is same famous regarding people of inside by Hollywood truth one talk shedding of blood show, each) name it is Daess and (to Winkler which but, it cuts there is not a spot interview). 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Free software is software which is used, can be studied and, without restriction is modified, and those are possible in modified or unaltered form or without restriction is copied and is again divided, or with restrictions only to look that the further recipients these can do things also. These operations possible make, must the human readable form of the programme (called the source code) to be made available. The source code is possible or of a software license accompanied saying that the copyright holder allows these operations (a free software license), or is released of public field, so that these keep rights automatic. Since free software can be again divided free, is free software generally available to very a little to cost. Free software company models has been usually based at adding value such as support, training, adaptation, integration, or the certification. Tezelfdertijd some company models which do not work with not free software its compatible with free software, such as that that of a user depend that no choice have then for a license pay to use a software product legitimately. In the fifties ', the sixties, and the seventies, it was normal for computer users have freedoms which are supplied by free software. Software was shared commonly individuals who used computers and hardware manufacturers that glad were that people experienced software that their hardware useful experienced. In the seventies ' and the early eighties, the software industry started administer copyright law, and started using technical measures like only spreading binary copies, be able study and modify computer users to prevent software.[2 ] in 1983, put Richard Stallman the GNU - project after frustrated on rope with the impact of the change in culture of the computer industry and users. Development of the software for the working system of GNU started in January 1984, and the free foundation of software (FSF) was set up in October 1985th he introduced a free software definition and "copyleft", devised to insure software freedom for all. Free software is a giant international effort, which produces software which by individuals, large organisations, and public authorities are used. Free software has very high marktpenetratie in the server zijtoepassingen of Internet such as the Apache Webserver, the mySQL - fact file, and PHP the scripting language. The entirely free fact processing environments are available as large packages of basis system software such as the vele distributions Linux and FreeBSD. The free software developers have also conducted the office productivity, and the players of several media to free versions of almost all commonly use Desktoptoepassingen such as web browsers, the ranges of. It is important take note of, however, which has one fractie of the market share of their mark-tied competitors in a lot of categories, the free software for individual work station or the house users only. Most of free the software is divided online without charge, or off-line at koste marginal of distribution, but this is not required, and people can sell copies for any price. The economic feasibility of free software has been recognised by large companies such as IBM, red cap, and Microsystems of the sun. A lot of companies of which core matter is not in the sector of IT choose free software for them the information and the sale places of Internet, because of the lower beginning capital investment and to the capacity the application parcels rather to adapt. Also, start some niet-softwareindustrieën use techniques resembling on that use in free software development for their research and development: the scientists, for example, look at to more open development processes, and the hardware such as microchips starts with specifications is developed which are released under copyleftvergunningen (to see the OpenCores - project, for example). The creative lagerhuis and the free culture movement have been also mainly influenced by the free software movement. The first formal definition of free software was published FSF in February 1986.[6 ] that definition, which is written by Richard Stallman, still is today maintained and explains that software free software as people is who a copy of software received the following four has freedoms: Thus, free software means which the computer users chooses freedom with which they have to cooperate, and software to check which they have used. This in an observation distinguishes has long said libre (freedom) software of free (zero price) software to summarise, Richard Stallman: Free software is not a question of freedom, price. To understand the concept, you to ' rather ' like in ' free speech ', not like in free beer'".[7 ] on Bsd-Gebaseerde must think working systems, such as FreeBSD, OpenBSD, and NetBSD, do not have their own formal definitions of free software but the users of these systems find acceptable generally same the range of software to be. However, rather than the use of licenses of the copyleft, see they argue free software copyleft such as is only verdraaglijk. In place of it, they argue tolerant free software licenses which permit others make software based on their source code and then, alternatively, also do not divide the source. Their opinion is that this tolerant approach vrijer is. Kerberos, X.org, and Apache the software licenses are substantial similar in intention and implementation. Each of these software parcels originated in academic institutions geinteresseerd in the broadest possible technology transfer (university of California, MIT, and UIUC). All free software licenses must grant people all above discussed freedoms. However, unless the applications licenses are compatible, is combine of programmes by mixing source code or with each other directly binary numbers to link problematic, because of vergunningstechnisch character. Together onrechtstreeks the treaties programmes can avoid this problem. Except these two organisations, the project is seen giving Debian by some useful recommendation on or the particular licenses to their free directives of software Debian to satisfy. Debian no list of approved licenses publishes, so that judgements must be be followed to check which software they in their software files have permitted. That is summarised at the Debian web site.[9 ] nochtans, is it rare that a license is such as in-naleving by FSF or OSI and not other is announced (the public license of Netscape which for early versions which of Mozilla become an exception uses) is, so that the precise definitions of the periods no hot questions have become. BSD-STIJL so-called licenses, because they are applied on much of software which is divided with the working systems of BSD. The author preserves only copyright protection to deny and correct require assignment of the modified work guarantee, but allows redistribution and modification in no matter which work, even mark-tied those, again, for as long as the author this wishes. There is debate concerning the security of free software in comparison with mark-tied software, with an important question that security by obscurity is. A popular quantitative test in computer security uses relative counting the blamed unpatched security lacks. Generally, the users of this method recommend avoiding products which do not have difficult situations for well-known security lacks, at least to a difficult situation available are. Some claim that the method more vulnerability counts for free software, since their source code is accessible and their community is more pleasing concerning what verdedigers of problemenexist.[10 ] free software refutes that the mark-tied software has published no lacks, but the lacks could exist and has been perhaps already known to malicious users. The capacity to examine and modify software supplies much more people who can analyse the code, and perhaps a higher tariff have to insecten and lacks then an average find company. From access to the source code makes also creating spyware much more difficult.[11 ] under free software company model, has been possible to the free software salesmen a price blame for distribution and of the remuneration support and software the adaptation services to offer. The mark-tied software uses differing a company model, where a customer of the mark-tied software pays a price for a license to use software. This license can grant the customer to the capacity what or no parts of software to form himself. One or other level of support frequently is included in purchase of mark-tied software, but the extra support services (especially for venture applications) are usually available for an extra price. Some mark-tied software salesmen also software for a price will adapt. Free software is generally available at little to no costs and can in permanently lower costs result in comparison with mark-tied software. With free software, the ventures can software to their specific needs by software changing himself treads or by engaging programmers to modify it for them. Free software has frequently no guarantee, and what is still more important, generally no third party liability assigns to everyone. However, the guarantees are allowed between any two parties on the condition of software and are use. Such an agreement is made separated of the free software license. In 2006, OpenBSD started the first campaign against the use of binary blobs, in turn in. Blobs are usually rather distributable apparatus drivers for hardware of salesmen who drivers reveal no source code to users or developers. This limits the freedom of the users effectively to software modify and modified versions to divide. Also, since blobs are not documented and insecten can, couples they a security risk for no matter which active system of which pip them included. The declared aim of the campaign against blobs is collect hardware documentation which permits developers become to write free software drivers for that hardware, eventually allowing all free working systems blob-vrij or remain. Larry McVoy invited high-profile free software projects from to use BitKeeper its mark-tied versioning system, free of charge to attract paying users. In 2002, Linux, the coordinator satisfied Linus Torvalds who is decided to use BitKeeper to develop Linux, a free software project, the pip which no free software alternative requires to its needs. Critical of different sources, of the founder Richard Stallman.[16 drew this controversial decision of the free foundation of software ] ^ for which the "open source" the point of free philosophy obstructs Software.."The of open source, with its purely practical values, term of the deeper ideas of free software misses; it brings a lot of people in our community, but does not teach them to defend it.
A car (by means of French that of Greek car, himself and Latin mobilis, a vehicle moving itself that it is moved rather than by a another vehicle or animal) moves or car (that usually only car is shortened) is a passenger vehicle on wheels that its own engine carries. Most of the definitions of the period specify that the cars mainly on ways are devised to run, to have plaatsing for one up to eight people, to have four wheels typically, and for mainly for the transport of people earlier than goods.[1 ] are constructed nochtans, is the period far from precise because there are a lot of types of vehicles those similar tasks do. A car which is operated by Otto petrol engine was built in Mannheim, Germany by Karl Benz in 1885, and granted a patent in January of the next year under supervision of its important company, Benz & Cie that was set up in 1883. Although different other German engineers (including Gottlieb Daimler, will helmet Maybach, and Siegfried Marcus) worked for the problem in approximately same the time, Karl Benz are generally recognised since the inventor was granted of modern automobile.[5 ] in Benz of 1879 a patent for its first engine, ontworpen=wordt = that in 1878, much of its other inventions used of the internal combustion engine for operating a vehicle and in 1896, Benz area devised and, feasible patented the first internal combustion engine. Approximately 25 vehicles of Benz were built and were sold by 1893, then first vehicle with four wheels is was introduced. They were operated with viertaktmotoren of its own design. Emile Roger which produce the driving forces behind Benz of France, already under license, now added the car of Benz to its line of products. Because France was more open to the early cars, were built more and in France Roger Benz that in Germany were then sold is sold. Daimler and Maybach aimed Daimler engines Gesellschaft (Daimler engine Company, DMG) in Cannstatt in 1890, on and under the mark name, Daimler sold, their first car in 1892. by 1895 approximately 30 vehicles had been built by Daimler and Maybach, or at the work Daimler or in the hotel Hermann, where they make shop after brawl with their support set up. Benz and Daimler seem have been unconscious of the each other's early work have worked and independently. Karl Benz put cooperation between DMG and Benz & Cie for then the economic conditions in Germany after the first war of the world started deteriorate, but the directors of DMG refused consider it initially. Negotiations between the two resumed companies different years later and in 1924, they signed an agreement of reciprocal importance validly up to year 2000 both ventures standardised design, production, buying, sale, and adverteren-op the market bring models gezamenlijk-hoewel keeping their respective marks to their car-mobile. On 28 Juni..1926, Benz, & Cie and DMG added definitively as daimler-Benz company, which baptises each of its Benz that of auto'sMercedes the most important model of the DMG cars, the design honours Maybach that later as 1902 Mercedes-35hp, with the name of Benz it is meant. Karl Benz remained a member of the Council of management from daimler-Benz to its dead in 1929. reduced the complex security which assigns each worker of the doorwaadbare place procedure-vooral to a specific place instead of permitting them to roam concerning-over-dramatic the tariff of wound. The combination of high remunerations and high efficiency is called "Fordism," and copied by most of important the industries. The efficiency acquisitions of the current link also coincided with the start of the United States. The current link forced workers for a certain tempo with very repeated motions work which led to more output by worker whereas other countries used less productive methods. In the motorcar industry, predominated its success, and spread out rapidly worldwide from. Doorwaadbare place France and doorwaadbare place Great Britain in 1911, doorwaadbare place Denmark 1923, doorwaadbare place Germany 1925; in 1921, was Citroën first domestic European manufactuer it approve. Shortly, the companies had current link have, or risk bankroet going; in 1930 zijn..250 companies which gehade disappeared.[12 ] for the twenties, almost all cars produced in mass to satisfy so that to market to needs, marketing the plans motorcar has influenced design frequently heavily. It was Alfred P. Sloan which established the idea of different of cars make which are produced by one company, so that itself the purchasers could move "" as their better fortuinen. Indicating on the fast tempo of change, makes shared parts with each other this way larger production volume resulted in lower costs for each range. For example, in the thirties, LaSalles, used which are sold by Cadillac, cheaper mechanical parts of which by Oldsmobile are made; in the fifties, Chevrolet shared cap, doors, roof, and windows with Pontiac; by the nineties, collective drivetrains were and the shared platforms (with interchangeable brakes, suspension, and other parts) common. But nevertheless, only itself the important makers could high costs, and even commit with decades of production, such as Apperson, Cole, Dorris, Haynes permit, or the first minister, could not lead: of zowat two hundred carmakers existing in 1920, survived only 43 in 1930, and with the large depression, in 1940, were only 17 of those left.[13 ] most of the cars in use today by petrol (that as petrol it is also confessed) or diesel internal combustion engines are operated, which are known to cause air clogging and also accused from contributing to climate change and overall ] rising costs warming.[17 of fuels on the basis of oil and quoting environment law and the restrictions on broeikasgasemissies concerning alternative power systems for cars operate the work. The efforts to improve these technologies or replace to include hybrid vehicles, electric vehicles and hydrogen vehicles. The diesel motorige cars are long popular in Europe with the first models which in the thirties by Benz and Citroën van Mercedes are introduced. The most important advantage of those awl is 50% efficiencies of the fuel burn which is compared with 27%[18 ] in the best petrol engines. Benedenkant of the diesel are the presence in the exhaust gases of fine roetparticulates and the manufacturers start now filters be appropriate to remove these. A lot of diesel cars can biodiesel run also with little or no modifications on 100%. The driving forces behind the petrol have the advantage concerning diesel in barge and can work at higher rotatiesnelheden and they are the usual choice for being appropriate in the cars of high performance sports. The ininterrupted development of petrol engines for has caused efficiency and reduced pollution over hundred years improvements in. The carburettor was used on almost all engines from the car up to the eighties but it was long realised the better control of fuel/air mixture with fuel injection could be reached. The indirect fuel injection was used firstly in plane engines as from 1909, in running car engines of the thirties, and the cars of the recent ] direct injection of the petrol 1950s.[18 (GDI) now in production vehicles such as BMW of 2007 appear MINI starts. The exhaust gases are also cleaned by being appropriate a catalytic converter in the exhaust system. The clean air legislation in of the car industries the most many important markets have turned both into catalysts and fuel injection nearly universal assembly. Most of modern the petrol engines can ethylalcohol which are mixed in the petrol run also with up to 15% - the older vehicles are possible connections and snakes which could have been caused by ethylalcohol. With a small quantity herontwerp, gasoline-powered can vehicles on this way high ethylalcoholconcentraties run since 85%, 100% the ethylalcohol in some parts of the world (such as Brazil) are used, but the vehicles must have started on pure petrol and has been switched over on ethylalcohol as soon as the engine runs. Most of the petrol motorige is possible cars also on LPG with the additive of a tank of LPG for fuel rise and carburetionwijzigingen run add a mixer of LPG. LPG causes less toxic emissies and is a popular fuel for vorkheftrucks which must work within bldg.. The ethylalcohol, other alcohol fuels (biobutanol) and biogasoline have commonly use a motorcar fuel. Most of the alcohols have usually mixed less energy by litre than petrol and with petrol. The alcohols are used for a mixture of reasons - to raise octane, to improve since to emissies and fuel to based as an alternative to crude, they can be made of agriculture plants. The ethylalcoholprogramma of Brazil supply motorcar fuel approximately to 20% of the needs of the nations, including different million cars which on pure ethylalcohol work. Power of steam, usually an using oil or a gas heated boiler, was also in use up to the thirties but the most important disadvantage of could not the car have operated to the boilerdruk available was. It the advantage very low emissies have been possible cause since the combustion process can be checked carefully. To be disadvantages include bad heat efficiency and vast requirements with respect to electric auxiliaries.[21 ] in the fifties were of it a short interest in the engines using of the gasturbine (jet) and different makers of vagrant and Chrysler produced prototypes. In spite of the power entities which are very compact, high fuel consumption, strict delay in accelerator response, and lack of engine meant slowing down no cars reached production. The rotating engines were shakily introduced in cars NSU with Ro 80 and were later seen in Citroën G Birotor and different models of Mazda. In spite of their impressive softness, the bad reliability led and fuel economy to them that mainly disappears. Mazda, which start with R100 then rx-2, study that into these engines have continued, most of former the problems with rx-7 and rx-8 overcomes. A rocket car keeps the report in obstruction running. However it is used, fastest of those cars to place the report of the speed of the country, and dam jets of which of rocket, turbojet, or more and most successfully turn engine engines are recently transmitted operated the car ThrustSSC which two Rolls-Royce Spey heat turn engines using with the speed of sound at ground level could exceed again. The cars have a lot of basis safety problems - for example, they human drivers have who can go wrong, wheels which can tractie lose when slowing down, twisting or acceleration strengths too high, and mechanical systems are subject to failure. The collision is possible very serious or fatal impact has. Some vehicles have a high roll heaviness point and for this reason a raised tendency. The significant reductions of dead and wound have come require vehicle occupants from the additive of the oars of the security and laws in a lot of countries to carry them. The luchtkussens and wear the specialised systems of the child reservation that improved. The structural changes such as zij-effectbescherming confirm in the doors of and the they panels of the car relieve the impact of impact on the side of the vehicle. A lot of cars now include radar or sonar auscultators set up to the achtergedeelte of the car to warn if the driver he or she stands turn in an obstacle or a pedestrian on the point. Some vehicle manufacturers produce cars with apparatuss which also the immediacy to obstacles and other vehicles for the car measure and these uses to apply when the brakes a collision is inevitable. There have been also restricted efforts accounts on vertoningen and thermal reproduction technologies to use resembling on that uses in military planes for the driver with a better opinion of the way at night to provide. In spite of technological projection, there is still significant loss of living car accidents: Approximately 40,000 people die each year in the United States, with similar figures in European nations. This figure increases annually in step by increasing population and rising travel if no measures are taken, but the tariff by head and by mile of reiste regularly falls. The deathly toll almost worldwide in 2020 must double. A much higher number of accidents results in wound or permanent inaptitude. The highest accident figures are communicated in China and India. The European Union has to a rigid programme cut the deathly toll in half in 2010, and the Member States has started implement measures. This way also the costs to the society of including motorcar use, which that of can include: maintaining weigh, are possible pollution, the public health, the health care, and are brought of disposing of the vehicle at the end of its life, against the value of the advantages to the society in balance which the car-mobile produces use. The social advantages can include: the economy advantages, such as job and wealth realisation, of motorcar production and maintenance, transport supplies, the society well-being originated from free time and travel, and of the turnover chances generation of the tax chances. The capacity for people rapidly of place to place to move himself has to verreikende implications for the nature of our society. People can now far from their workshops imagine oneself, can it design of cities this way much by the need be stipulated to get down the nature of the bldg. and the public spaces vehicles and from the city such as city.[29
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Air quotes (also called finger quotes or bunny quotes) refers to using one's fingers to make virtual quotation marks in the air when speaking. This is typically done with both hands held shoulder-width apart and at the eye level of the speaker, with the index and middle fingers on each hand forming a V sign and then flexing at the beginning and end of the phrase being "quoted." The air-quoted phrase is generally very short — a few words at most — in common usage, though sometimes much longer phrases may be used for comic effect.
Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium. Insurer is the company that sells the insurance. Insurance rate is a factor used to determine the amount, called the premium, to be charged for a certain amount of insurance coverage. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice. A large number of homogeneous exposure units. The vast majority of insurance policies are provided for individual members of very large classes. Automobile insurance, for example, covered about 175 million automobiles in the United States in 2004.[2] The existence of a large number of homogeneous exposure units allows insurers to benefit from the so-called “law of large numbers,” which in effect states that as the number of exposure units increases, the actual results are increasingly likely to become close to expected results. There are exceptions to this criterion. Lloyd's of London is famous for insuring the life or health of actors, actresses and sports figures. Satellite Launch insurance covers events that are infrequent. Large commercial property policies may insure exceptional properties for which there are no ‘homogeneous’ exposure units. Despite failing on this criterion, many exposures like these are generally considered to be insurable. Definite Loss. The event that gives rise to the loss that is subject to insurance should, at least in principle, take place at a known time, in a known place, and from a known cause. The classic example is death of an insured on a life insurance policy. Fire, automobile accidents, and worker injuries may all easily meet this criterion. Other types of losses may only be definite in theory. Occupational disease, for instance, may involve prolonged exposure to injurious conditions where no specific time, place or cause is identifiable. Ideally, the time, place and cause of a loss should be clear enough that a reasonable person, with sufficient information, could objectively verify all three elements. Accidental Loss. The event that constitutes the trigger of a claim should be fortuitous, or at least outside the control of the beneficiary of the insurance. The loss should be ‘pure,’ in the sense that it results from an event for which there is only the opportunity for cost. Events that contain speculative elements, such as ordinary business risks, are generally not considered insurable. Large Loss. The size of the loss must be meaningful from the perspective of the insured. Insurance premiums need to cover both the expected cost of losses, plus the cost of issuing and administering the policy, adjusting losses, and supplying the capital needed to reasonably assure that the insurer will be able to pay claims. For small losses these latter costs may be several times the size of the expected cost of losses. There is little point in paying such costs unless the protection offered has real value to a buyer. Affordable Premium. If the likelihood of an insured event is so high, or the cost of the event so large, that the resulting premium is large relative to the amount of protection offered, it is not likely that anyone will buy insurance, even if on offer. Further, as the accounting profession formally recognizes in financial accounting standards, the premium cannot be so large that there is not a reasonable chance of a significant loss to the insurer. If there is no such chance of loss, the transaction may have the form of insurance, but not the substance. (See the U.S. Financial Accounting Standards Board standard number 113) Calculable Loss. There are two elements that must be at least estimable, if not formally calculable: the probability of loss, and the attendant cost. Probability of loss is generally an empirical exercise, while cost has more to do with the ability of a reasonable person in possession of a copy of the insurance policy and a proof of loss associated with a claim presented under that policy to make a reasonably definite and objective evaluation of the amount of the loss recoverable as a result of the claim. Limited risk of catastrophically large losses. The essential risk is often aggregation. If the same event can cause losses to numerous policyholders of the same insurer, the ability of that insurer to issue policies becomes constrained, not by factors surrounding the individual characteristics of a given policyholder, but by the factors surrounding the sum of all policyholders so exposed. Typically, insurers prefer to limit their exposure to a loss from a single event to some small portion of their capital base, on the order of 5 percent. Where the loss can be aggregated, or an individual policy could produce exceptionally large claims, the capital constraint will restrict an insurers appetite for additional policyholders. The classic example is earthquake insurance, where the ability of an underwriter to issue a new policy depends on the number and size of the policies that it has already underwritten. Wind insurance in hurricane zones, particularly along coast lines, is another example of this phenomenon. In extreme cases, the aggregation can affect the entire industry, since the combined capital of insurers and reinsurers can be small compared to the needs of potential policyholders in areas exposed to aggregation risk. In commercial fire insurance it is possible to find single properties whose total exposed value is well in excess of any individual insurer’s capital constraint. Such properties are generally shared among several insurers, or are insured by a single insurer who syndicates the risk into the reinsurance market. An "indemnity" policy will never pay claims until the insured has paid out of pocket to some third party; i.e. a visitor to your home slips on a floor that you left wet and sues you for $10,000 and wins. Under an "indemnity" policy the homeowner would have to come up with the $10,000 to pay for the visitors fall and then would be "indemnified" by the insurance carrier for the out of pocket costs (the $10,000)[4]. An entity seeking to transfer risk (an individual, corporation, or association of any type, etc.) becomes the 'insured' party once risk is assumed by an 'insurer', the insuring party, by means of a contract, called an insurance 'policy'. Generally, an insurance contract includes, at a minimum, the following elements: the parties (the insurer, the insured, the beneficiaries), the premium, the period of coverage, the particular loss event covered, the amount of coverage (i.e., the amount to be paid to the insured or beneficiary in the event of a loss), and exclusions (events not covered). An insured is thus said to be "indemnified" against the loss events covered in the policy. When insured parties experience a loss for a specified peril, the coverage entitles the policyholder to make a 'claim' against the insurer for the covered amount of loss as specified by the policy. The fee paid by the insured to the insurer for assuming the risk is called the 'premium'. Insurance premiums from many insureds are used to fund accounts reserved for later payment of claims—in theory for a relatively few claimants—and for overhead costs. So long as an insurer maintains adequate funds set aside for anticipated losses (i.e., reserves), the remaining margin is an insurer's profit. Insurers make money in two ways: (1) through underwriting, the process by which insurers select the risks to insure and decide how much in premiums to charge for accepting those risks and (2) by investing the premiums they collect from insureds. The most difficult aspect of the insurance business is the underwriting of policies. Using a wide assortment of data, insurers predict the likelihood that a claim will be made against their policies and price products accordingly. To this end, insurers use actuarial science to quantify the risks they are willing to assume and the premium they will charge to assume them. Data is analyzed to fairly accurately project the rate of future claims based on a given risk. Actuarial science uses statistics and probability to analyze the risks associated with the range of perils covered, and these scientific principles are used to determine an insurer's overall exposure. Upon termination of a given policy, the amount of premium collected and the investment gains thereon minus the amount paid out in claims is the insurer's underwriting profit on that policy. Of course, from the insurer's perspective, some policies are winners (i.e., the insurer pays out less in claims and expenses than it receives in premiums and investment income) and some are losers (i.e., the insurer pays out more in claims and expenses than it receives in premiums and investment income). An insurer's underwriting performance is measured in its combined ratio. The loss ratio (incurred losses and loss-adjustment expenses divided by net earned premium) is added to the expense ratio (underwriting expenses divided by net premium written) to determine the company's combined ratio. The combined ratio is a reflection of the company's overall underwriting profitability. A combined ratio of less than 100 percent indicates underwriting profitability, while anything over 100 indicates an underwriting loss. Insurance companies also earn investment profits on “float”. “Float” or available reserve is the amount of money, at hand at any given moment, that an insurer has collected in insurance premiums but has not been paid out in claims. Insurers start investing insurance premiums as soon as they are collected and continue to earn interest on them until claims are paid out. In the United States, the underwriting loss of property and casualty insurance companies was $142.3 billion in the five years ending 2003. But overall profit for the same period was $68.4 billion, as the result of float. Some insurance industry insiders, most notably Hank Greenberg, do not believe that it is forever possible to sustain a profit from float without an underwriting profit as well, but this opinion is not universally held. Naturally, the “float” method is difficult to carry out in an economically depressed period. Bear markets do cause insurers to shift away from investments and to toughen up their underwriting standards. So a poor economy generally means high insurance premiums. This tendency to swing between profitable and unprofitable periods over time is commonly known as the "underwriting" or insurance cycle. [6] Property and casualty insurers currently make the most money from their auto insurance line of business. Generally better statistics are available on auto losses and underwriting on this line of business has benefited greatly from advances in computing. Additionally, property losses in the US, due to natural catastrophes, have exacerbated this trend. Finally, claims and loss handling is the materialized utility of insurance. In managing the claims-handling function, insurers seek to balance the elements of customer satisfaction, administrative handling expenses, and claims overpayment leakages. As part of this balancing act, fraudulent insurance practices are a major business risk that must be managed and overcome. Gambling or gaming is designed at the start so that the odds are not affected by the players' conduct or behavior and not required to conduct risk mitigation practices. But players can prepare and increase their odds of winning in certain games such as poker or blackjack. In contrast to gambling or gaming, to obtain certain types of insurance, such as fire insurance, policyholders can be required to conduct risk mitigation practices, such as installing sprinklers and using fireproof building materials to reduce the odds of loss to fire. In addition, after a proven loss, insurers specialize in providing rehabilitation to minimize the total loss. In some sense we can say that insurance appears simultaneously with the appearance of human society. We know of two types of economies in human societies: money economies (with markets, money, financial instruments and so on) and non-money or natural economies (without money, markets, financial instruments and so on). The second type is a more ancient form than the first. In such an economy and community, we can see insurance in the form of people helping each other. For example, if a house burns down, the members of the community help build a new one. Should the same thing happen to one's neighbour, the other neighbours must help. Otherwise, neighbours will not receive help in the future. This type of insurance has survived to the present day in some countries where modern money economy with its financial instruments is not widespread (for example countries in the territory of the former Soviet Union). Turning to insurance in the modern sense (i.e., insurance in a modern money economy, in which insurance is part of the financial sphere), early methods of transferring or distributing risk were practiced by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC, respectively. Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel's capsizing. The Babylonians developed a system which was recorded in the famous Code of Hammurabi, c. 1750 BC, and practiced by early Mediterranean sailing merchants. If a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loan should the shipment be stolen. Achaemenian monarchs were the first to insure their people and made it official by registering the insuring process in governmental notary offices. The insurance tradition was performed each year in Norouz (beginning of the Iranian New Year); the heads of different ethnic groups as well as others willing to take part, presented gifts to the monarch. The most important gift was presented during a special ceremony. When a gift was worth more than 10,000 Derrik (Achaemenian gold coin) the issue was registered in a special office. This was advantageous to those who presented such special gifts. For others, the presents were fairly assessed by the confidants of the court. Then the assessment was registered in special offices. A thousand years later, the inhabitants of Rhodes invented the concept of the 'general average'. Merchants whose goods were being shipped together would pay a proportionally divided premium which would be used to reimburse any merchant whose goods were jettisoned during storm or sinkage. The Greeks and Romans introduced the origins of health and life insurance c. 600 AD when they organized guilds called "benevolent societies" which cared for the families and paid funeral expenses of members upon death. Guilds in the Middle Ages served a similar purpose. The Talmud deals with several aspects of insuring goods. Before insurance was established in the late 17th century, "friendly societies" existed in England, in which people donated amounts of money to a general sum that could be used for emergencies. Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of contracts) were invented in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates. These new insurance contracts allowed insurance to be separated from investment, a separation of roles that first proved useful in marine insurance. Insurance became far more sophisticated in post-Renaissance Europe, and specialized varieties developed. Toward the end of the seventeenth century, London's growing importance as a centre for trade increased demand for marine insurance. In the late 1680s, Mr. Edward Lloyd opened a coffee house that became a popular haunt of ship owners, merchants, and ships’ captains, and thereby a reliable source of the latest shipping news. It became the meeting place for parties wishing to insure cargoes and ships, and those willing to underwrite such ventures. Today, Lloyd's of London remains the leading market (note that it is not an insurance company) for marine and other specialist types of insurance, but it works rather differently than the more familiar kinds of insurance. Insurance as we know it today can be traced to the Great Fire of London, which in 1666 devoured 13,200 houses. In the aftermath of this disaster, Nicholas Barbon opened an office to insure buildings. In 1680, he established England's first fire insurance company, "The Fire Office," to insure brick and frame homes. Benjamin Franklin helped to popularize and make standard the practice of insurance, particularly against fire in the form of perpetual insurance. In 1752, he founded the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire. Franklin's company was the first to make contributions toward fire prevention. Not only did his company warn against certain fire hazards, it refused to insure certain buildings where the risk of fire was too great, such as all wooden houses. In the United States, regulation of the insurance industry is highly Balkanized, with primary responsibility assumed by individual state insurance departments. Whereas insurance markets have become centralized nationally and internationally, state insurance commissioners operate individually, though at times in concert through a national insurance commissioners' organization. In recent years, some have called for a dual state and federal regulatory system for insurance similar to that which oversees state banks and national banks. In the state of New York, which has unique laws in keeping with its stature as a global business centre, former New York Attorney General Eliot Spitzer was in a unique position to grapple with major national insurance brokerages. Spitzer alleged that Marsh & McLennan steered business to insurance carriers based on the amount of contingent commissions that could be extracted from carriers, rather than basing decisions on whether carriers had the best deals for clients. Several of the largest commercial insurance brokerages have since stopped accepting contingent commissions and have adopted new business models. Any risk that can be quantified can potentially be insured. Specific kinds of risk that may give rise to claims are known as "perils". An insurance policy will set out in detail which perils are covered by the policy and which are not. Below are (non-exhaustive) lists of the many different types of insurance that exist. A single policy may cover risks in one or more of the categories set forth below. For example, auto insurance would typically cover both property risk (covering the risk of theft or damage to the car) and liability risk (covering legal claims from causing an accident). A homeowner's insurance policy in the U.S. typically includes property insurance covering damage to the home and the owner's belongings, liability insurance covering certain legal claims against the owner, and even a small amount of health insurance for medical expenses of guests who are injured on the owner's property. Business insurance can be any kind of insurance that protects businesses against risks. Some principal subtypes of business insurance are (a) the various kinds of professional liability insurance, also called professional indemnity insurance, which are discussed below under that name; and (b) the business owners policy (BOP), which bundles into one policy many of the kinds of coverage that a business owner needs, in a way analogous to how homeowners insurance bundles the coverages that a homeowner needs.[7] Life insurance provides a monetary benefit to a decedent's family or other designated beneficiary, and may specifically provide for income to an insured person's family, burial, funeral and other final expenses. Life insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity. Annuities provide a stream of payments and are generally classified as insurance because they are issued by insurance companies and regulated as insurance and require the same kinds of actuarial and investment management expertise that life insurance requires. Annuities and pensions that pay a benefit for life are sometimes regarded as insurance against the possibility that a retiree will outlive his or her financial resources. In that sense, they are the complement of life insurance and, from an underwriting perspective, are the mirror image of life insurance. Health insurance policies will often cover the cost of private medical treatments if the National Health Service in the UK (NHS) or other publicly-funded health programs do not pay for them. It will often result in quicker health care where better facilities are available. Driving School Insurance insurance provides cover for any authorized driver whilst under going tuition, cover also unlike other motor policies provides cover for instructor liability where both the pupil and driving instructor are both equally liable in the event of a claim. Driving School Insurance insurance provides cover for any authorized driver whilst under going tuition, cover also unlike other motor policies provides cover for instructor liability where both the pupil and driving instructor are both equally liable in the event of a claim. Builder's risk insurance insures against the risk of physical loss or damage to property during construction. Builder's risk insurance is typically written on an "all risk" basis covering damage due to any cause (including the negligence of the insured) not otherwise expressly excluded. Earthquake insurance is a form of property insurance that pays the policyholder in the event of an earthquake that causes damage to the property. Most ordinary homeowners insurance policies do not cover earthquake damage. Most earthquake insurance policies feature a high deductible. Rates depend on location and the probability of an earthquake, as well as the construction of the home. A fidelity bond is a form of casualty insurance that covers policyholders for losses that they incur as a result of fraudulent acts by specified individuals. It usually insures a business for losses caused by the dishonest acts of its employees. Flood insurance protects against property loss due to flooding. Many insurers in the US do not provide flood insurance in some portions of the country. In response to this, the federal government created the National Flood Insurance Program which serves as the insurer of last resort. Marine insurance and marine cargo insurance cover the loss or damage of ships at sea or on inland waterways, and of the cargo that may be on them. When the owner of the cargo and the carrier are separate corporations, marine cargo insurance typically compensates the owner of cargo for losses sustained from fire, shipwreck, etc., but excludes losses that can be recovered from the carrier or the carrier's insurance. Many marine insurance underwriters will include "time element" coverage in such policies, which extends the indemnity to cover loss of profit and other business expenses attributable to the delay caused by a covered loss. Liability insurance is a very broad superset that covers legal claims against the insured. Many types of insurance include an aspect of liability coverage. For example, a homeowner's insurance policy will normally include liability coverage which protects the insured in the event of a claim brought by someone who slips and falls on the property; automobile insurance also includes an aspect of liability insurance that indemnifies against the harm that a crashing car can cause to others' lives, health, or property. The protection offered by a liability insurance policy is twofold: a legal defense in the event of a lawsuit commenced against the policyholder and indemnification (payment on behalf of the insured) with respect to a settlement or court verdict. Liability policies typically cover only the negligence of the insured, and will not apply to results of willful or intentional acts by the insured. Professional liability insurance, also called professional indemnity insurance, protects professional practitioners such as architects, lawyers, doctors, and accountants against potential negligence claims made by their patients/clients. Professional liability insurance may take on different names depending on the profession. For example, professional liability insurance in reference to the medical profession may be called malpractice insurance. Notaries public may take out errors and omissions insurance (E&O). Other potential E&O policyholders include, for example, real estate brokers, home inspectors, appraisers, and website developers. Credit insurance repays some or all of a loan back when certain things happen to the borrower such as unemployment, disability, or death. Mortgage insurance is a form of credit insurance, although the name credit insurance more often is used to refer to policies that cover other kinds of debt. Defense Base Act Workers' compensation or DBA Insurance insurance provides coverage for civilian workers hired by the government to perform contracts outside the US and Canada. DBA is required for all US citizens, US residents, US Green Card holders, and all employees or subcontractors hired on overseas government contracts. Depending on the country, Foreign Nationals must also be covered under DBA. This coverage typically includes expenses related to medical treatment and loss of wages, as well as disability and death benefits. Financial loss insurance protects individuals and companies against various financial risks. For example, a business might purchase cover to protect it from loss of sales if a fire in a factory prevented it from carrying out its business for a time. Insurance might also cover the failure of a creditor to pay money it owes to the insured. This type of insurance is frequently referred to as "business interruption insurance." Fidelity bonds and surety bonds are included in this category, although these products provide a benefit to a third party (the "obligee") in the event the insured party (usually referred to as the "obligor") fails to perform its obligations under a contract with the obligee. Purchase insurance is aimed at providing protection on the products people purchase. Purchase insurance can cover individual purchase protection, warranties, guarantees, care plans and even mobile phone insurance. Such insurance is normally very limited in the scope of problems that are covered by the policy. Title insurance provides a guarantee that title to real property is vested in the purchaser and/or mortgagee, free and clear of liens or encumbrances. It is usually issued in conjunction with a search of the public records performed at the time of a real estate transaction. Protected Self-Insurance is an alternative risk financing mechanism in which an organization retains the mathematically calculated cost of risk within the organization and transfers the catastrophic risk with specific and aggregate limits to an Insurer so the maximum total cost of the program is known. A properly designed and underwritten Protected Self-Insurance Program reduces and stabilizes the cost of insurance and provides valuable risk management information. Retrospectively Rated Insurance is a method of establishing a premium on large commercial accounts. The final premium is based on the insured's actual loss experience during the policy term, sometimes subject to a minimum and maximum premium, with the final premium determined by a formula. Under this plan, the current year's premium is based partially (or wholly) on the current year's losses, although the premium adjustments may take months or years beyond the current year's expiration date. The rating formula is guaranteed in the insurance contract. Formula: retrospective premium = converted loss + basic premium × tax multiplier. Numerous variations of this formula have been developed and are in use. Formal self insurance is the deliberate decision to pay for otherwise insurable losses out of one's own money. This can be done on a formal basis by establishing a separate fund into which funds are deposited on a periodic basis, or by simply forgoing the purchase of available insurance and paying out-of-pocket. Self insurance is usually used to pay for high-frequency, low-severity losses. Such losses, if covered by conventional insurance, mean having to pay a premium that includes loadings for the company's general expenses, cost of putting the policy on the books, acquisition expenses, premium taxes, and contingencies. While this is true for all insurance, for small, frequent losses the transaction costs may exceed the benefit of volatility reduction that insurance otherwise affords. In most countries, life and non-life insurers are subject to different regulatory regimes and different tax and accounting rules. The main reason for the distinction between the two types of company is that life, annuity, and pension business is very long-term in nature — coverage for life assurance or a pension can cover risks over many decades. By contrast, non-life insurance cover usually covers a shorter period, such as one year. In the United States, standard line insurance companies are your "main stream" insurers. These are the companies that typically insure your auto, home or business. They use pattern or "cookie-cutter" policies without variation from one person to the next. They usually have lower premiums than excess lines and can sell directly to individuals. They are regulated by state laws that can restrict the amount they can charge for insurance policies. Excess line insurance companies (aka Excess and Surplus) typically insure risks not covered by the standard lines market. They are broadly referred as being all insurance placed with non-admitted insurers. Non-admitted insurers are not licensed in the states where the risks are located. These companies have more flexibility and can react faster than standard insurance companies because they don't have the same regulations as standard insurance companies. State laws generally require insurance placed with surplus line agents and brokers to not be available through standard licensed insurers. Insurance companies are generally classified as either mutual or stock companies. This is more of a traditional distinction as true mutual companies are becoming rare. Mutual companies are owned by the policyholders, while stockholders (who may or may not own policies) own stock insurance companies. Other possible forms for an insurance company include reciprocals, in which policyholders 'reciprocate' in sharing risks, and Lloyds organizations. Reinsurance companies are insurance companies that sell policies to other insurance companies, allowing them to reduce their risks and protect themselves from very large losses. The reinsurance market is dominated by a few very large companies, with huge reserves. A reinsurer may also be a direct writer of insurance risks as well. Captive insurance companies may be defined as limited-purpose insurance companies established with the specific objective of financing risks emanating from their parent group or groups. This definition can sometimes be extended to include some of the risks of the parent company's customers. In short, it is an in-house self-insurance vehicle. Captives may take the form of a "pure" entity (which is a 100 percent subsidiary of the self-insured parent company); of a "mutual" captive (which insures the collective risks of members of an industry); and of an "association" captive (which self-insures individual risks of the members of a professional, commercial or industrial association). Captives represent commercial, economic and tax advantages to their sponsors because of the reductions in costs they help create and for the ease of insurance risk management and the flexibility for cash flows they generate. Additionally, they may provide coverage of risks which is neither available nor offered in the traditional insurance market at reasonable prices. The types of risk that a captive can underwrite for their parents include property damage, public and products liability, professional indemnity, employee benefits, employers liability, motor and medical aid expenses. The captive's exposure to such risks may be limited by the use of reinsurance. Similar to an insurance consultant, an 'insurance broker' also shops around for the best insurance policy amongst many companies. However, with insurance brokers, the fee is usually paid in the form of commission from the insurer that is selected rather than directly from the client. Certain life insurance contracts accumulate cash values, which may be taken by the insured if the policy is surrendered or which may be borrowed against. Some policies, such as annuities and endowment policies, are financial instruments to accumulate or liquidate wealth when it is needed. Financial stability and strength of an insurance company should be a major consideration when purchasing an insurance contract. An insurance premium paid currently provides coverage for losses that might arise many years in the future. For that reason, the viability of the insurance carrier is very important. In recent years, a number of insurance companies have become insolvent, leaving their policyholders with no coverage (or coverage only from a government-backed insurance pool or other arrangement with less attractive payouts for losses). A number of independent rating agencies, such as Best's, Fitch, Standard & Poor's, and Moody's Investors Service, provide information and rate the financial viability of insurance companies. In recent years this kind of operational definition proved inadequate as a result of contracts that had the form but not the substance of insurance. The essence of insurance is the transfer of risk from the insured to one or more insurers. How much risk a contract actually transfers proved to be at the heart of the controversy. This issue arose most clearly in reinsurance, where the use of Financial Reinsurance to reengineer insurer balance sheets under US GAAP became fashionable during the 1980s. The accounting profession raised serious concerns about the use of reinsurance in which little if any actual risk was transferred, and went on to address the issue in FAS 113, cited above. While on its face, FAS 113 is limited to accounting for reinsurance transactions, the guidance it contains is generally conceded to be equally applicable to US GAAP accounting for insurance transactions executed by commercial enterprises. Paragraph 10 of FAS 113 makes clear that the 9a and 9b tests are based on comparing the present value of all costs to the PV of all income streams. FAS gives no guidance on the choice of a discount rate on which to base such a calculation, other than to say that all outcomes tested should use the same rate. Statement of Statutory Accounting Principles ("SSAP") 62, issued by the National Association of Insurance Commissioners, applies to so-called 'statutory accounting' - the accounting for insurance enterprises to conform with regulation. Paragraph 12 of SSAP 62 is nearly identical to the FAS 113 test, while paragraph 14, which is otherwise very similar to paragraph 10 of FAS 113, additionally contains a justification for the use of a single fixed rate for discounting purposes. The choice of an "reasonable and appropriate" discount rate is left as a matter of judgment. Neither FAS 113 nor SAP 62 defines the terms reasonable or significant. Ideally, one would like to be able to substitute values for both terms. It would be much simpler if one could apply a test of an X percent chance of a loss of Y percent or greater. Such tests have been proposed, including one famously attributed to an SEC official who is said to have opined in an after lunch talk that a 10 percent chance of a 10 percent loss was sufficient to establish both reasonableness and significance. Indeed, many insurers and reinsurers still apply this 10/10" test as a benchmark for risk transfer testing. It should be obvious that an attempt to use any numerical rule such as the 10/10 test will quickly run into problems. Implicit in the test is keeping the 10/10 that either are upper bonds for the comment made by the SEC official therefore, the rest of this paragraph doesn't apply. Suppose a contract has a 1 percent chance of a 10,000 percent loss? It should be reasonably self-evident that such a contract is insurance, but it fails one half of the 10/10 test. Excess of loss contracts, like those commonly used for umbrella and general liability insurance, or to insure against property losses, will typically have a low ratio of premium paid to maximum loss recoverable. This ratio (expressed as a percentage), commonly called the rate on line for historical reasons related to underwriting practices at Lloyd's of London, will typically be low for contracts that contain reasonably self-evident risk transfer. As the ratio increases to approximate the present value of the limit of coverage, self-evidence decreases and disappears. The analysis of reasonableness and significance is an estimate of the probability of different gain or loss outcomes under different loss scenarios. It takes time and resources to perform the analysis, which constitutes a burden without value where risk transfer is reasonably self-evident. An insurance policy should not contain provisions that allow one side or the other to unilaterally void the contract in exchange for benefit. Provisions that void the contract for failure to perform or for fraud or material misrepresentation are ordinary and acceptable. The policy should have a term of not more than about three years. This is not a hard and fast rule. Contracts of over five years duration are classified as ‘long-term,’ which can impact the accounting treatment, and can obviously introduce the possibility that over the entire term of the contract, no actual risk will transfer. The coverage provided by the contract need not cease at the end of the term (e.g., the contract can cover occurrences as opposed to claims made or claims paid). The contract should be considered to include any other agreements, written or oral, that confer rights, create obligations, or create benefits on the part of either or both parties. Ideally, the contract should contain an ‘Entire Agreement’ clause that assures there are no undisclosed written or oral side agreements that confer rights, create obligations, or create benefits on the part of either or both parties. If such rights, obligations or benefits exist, they must be factored into the tests of reasonableness and significance. Provisions for additional or return premium do not, in and of themselves, render a contract something other than insurance. However, it should be unlikely that either a return or additional premium provision be triggered, and neither party should have discretion regarding the timing of such triggering. All of the events that would give rise to claims under the contract cannot have materialized prior to the inception of the contract. If this "all events" test is not met, then the contract is considered to be a retroactive contract, for which the accounting treatment becomes complex. By creating a "security blanket" for its insureds, an insurance company may inadvertently find that its insureds may not be as risk-averse as they might otherwise be (since, by definition, the insured has transferred the risk to the insurer). This problem is known to the insurance industry as moral hazard. To reduce their own financial exposure, insurance companies have contractual clauses that mitigate their obligation to provide coverage if the insured engages in behavior that grossly magnifies their risk of loss or liability. For example, life insurance companies may require higher premiums or deny coverage altogether to people who work in hazardous occupations or engage in dangerous sports. Liability insurance providers do not provide coverage for liability arising from intentional torts committed by the insured. Even if a provider were so irrational as to desire to provide such coverage, it is against the public policy of most countries to allow such insurance to exist, and thus it is usually illegal. Some communities prefer to create virtual insurance amongst themselves by other means than contractual risk transfer, which assigns explicit numerical values to risk. A number of religious groups, including the Amish and some Muslim groups, depend on support provided by their communities when disasters strike. The risk presented by any given person is assumed collectively by the community who all bear the cost of rebuilding lost property and supporting people whose needs are suddenly greater after a loss of some kind. In supportive communities where others can be trusted to follow community leaders, this tacit form of insurance can work. In this manner the community can even out the extreme differences in insurability that exist among its members. Some further justification is also provided by invoking the moral hazard of explicit insurance contracts. In the United Kingdom The Crown (which, for practical purposes, meant the Civil service) did not insure property such as government buildings. If a government building was damaged, the cost of repair would be met from public funds because, in the long run, this was cheaper than paying insurance premiums. Since many UK government buildings have been sold to property companies, and rented back, this arrangement is now less common and may have disappeared altogether. Insurance policies can be complex and some policyholders may not understand all the fees and coverages included in a policy. As a result, people may buy policies on unfavorable terms. In response to these issues, many countries have enacted detailed statutory and regulatory regimes governing every aspect of the insurance business, including minimum standards for policies and the ways in which they may be advertised and sold. Many institutional insurance purchasers buy insurance through an insurance broker. Brokers represent the buyer (not the insurance company), and typically counsel the buyer on appropriate coverages, policy limitations. A broker generally holds contracts with many insurers, thereby allowing the broker to "shop" the market for the best rates and coverage possible. Redlining is the practice of denying insurance coverage in specific geographic areas, purportedly because of a high likelihood of loss, while the alleged motivation is unlawful discrimination. Racial profiling or redlining has a long history in the property insurance industry in the United States. From a review of industry underwriting and marketing materials, court documents, and research by government agencies, industry and community groups, and academics, it is clear that race has long affected and continues to affect the policies and practices of the insurance industry.[10] In determining premiums and premium rate structures, insurers consider quantifiable factors, including location, credit scores, gender, occupation, marital status, and education level. However, the use of such factors is often considered to be unfair or unlawfully discriminatory, and the reaction against this practice has in some instances led to political disputes about the ways in which insurers determine premiums and regulatory intervention to limit the factors used. An insurance underwriter's job is to evaluate a given risk as to the likelihood that a loss will occur. Any factor that causes a greater likelihood of loss should theoretically be charged a higher rate. This basic principle of insurance must be followed if insurance companies are to remain solvent. Thus, "discrimination" against (i.e., differential treatment of) potential insureds in the risk evaluation and premium-setting process is a necessary by-product of the fundamentals of insurance underwriting. For instance, insurers charge older people significantly higher premiums than they charge younger people for term life insurance. Older people are thus treated differently than younger people (i.e., a distinction is made, discrimination occurs). The rationale for the differential treatment goes to the heart of the risk a life insurer takes: Old people are likely to die sooner than young people, so the risk of loss (the insured's death) is greater in any given period of time and therefore the risk premium must be higher to cover the greater risk. However, treating insureds differently when there is no actuarially sound reason for doing so is unlawful discrimination. What is often missing from the debate is that prohibiting the use of legitimate, actuarially sound factors means that an insufficient amount is being charged for a given risk, and there is thus a deficit in the system. The failure to address the deficit may mean insolvency and hardship for all of a company's insureds. The options for addressing the deficit seem to be the following: Charge the deficit to the other policyholders or charge it to the government (i.e., externalize outside of the company to society at large). Health insurance, which is coverage for individuals to protect them against medical costs, is a highly charged and political issue in the United States, which does not have socialized health coverage. In theory, the market for health insurance should function in a manner similar to other insurance coverages, but the skyrocketing cost of health coverage has disrupted markets around the globe, but perhaps most glaringly in the U.S. See health insurance & Health insurance in the United States. Many insurance executives are opposed to patenting insurance products because it creates a new risk for them. The Hartford insurance company, for example, recently had to pay $80 million to an independent inventor, Bancorp Services, in order to settle a patent infringement and theft of trade secret lawsuit for a type of corporate owned life insurance product invented and patented by Bancorp. Certain insurance products and practices have been described as rent seeking by critics. That is, some insurance products or practices are useful primarily because of legal benefits, such as reducing taxes, as opposed to providing protection against risks of adverse events. Under United States tax law, for example, most owners of variable annuities and variable life insurance can invest their premium payments in the stock market and defer or eliminate paying any taxes on their investments until withdrawals are made. Sometimes this tax deferral is the only reason people use these products. Another example is the legal infrastructure which allows life insurance to be held in an irrevocable trust which is used to pay an estate tax while the proceeds themselves are immune from the estate tax. 'Combined ratio' = loss ratio + expense ratio. Loss ratio is calculated by dividing the amount of losses (sometimes including loss adjustment expenses) by the amount of earned premium. Expense ratio is calculated by dividing the amount of operational expenses by the amount of earned premium. A lower number indicates a better return on the amount of capital placed at risk by an insurer.
