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For undergraduate courses in Risk Management and Insurance.

Principles and Practices: Managing Risk with Consumer Considerations

Redja’s Principles of Risk Management and Insurance provides an in-depth examination of major risk themes. Using rich and up-to-date content on the basic concepts of risk and insurance, and introductory and advanced topics in traditional and enterprise risk management, the text is relevant to a wide number of disciplines in the business realm.

Fully updated and revised, the Thirteenth Edition now covers global topics ranging from natural disasters and terrorism, to domestic issues like the ever-evolving Affordable Care Act and Healthcare Reform. Principles of Risk Management and Insurance sets itself apart by placing primary emphasis on insurance consumers and blends basic risk management and insurance principles with consumer considerations, allowing students to apply basic concepts to their own personal risk management and insurance programs.

 

Table of contents :

Cover……Page 1
Title Page……Page 4
Copyright Page……Page 5
Contents……Page 6
Preface……Page 16
CHAPTER 1 RISK AND ITS TREATMENT……Page 20
Definitions of Risk……Page 21
Peril and Hazard……Page 23
Classification of Risk……Page 24
Major Personal Risks and Commercial Risks……Page 26
Techniques for Managing Risk……Page 32
Summary……Page 36
Application Questions……Page 37
Internet Resources……Page 38
Notes……Page 39
Case Application……Page 35
INSIGHT 1.1: WHAT ARE YOUR CHANCES OF NOT BEING ABLE TO EARN AN INCOME? CALCULATE YOUR PERSONAL DISABILITY QUOTIENT……Page 29
CHAPTER 2 INSURANCE AND RISK……Page 40
Basic Characteristics of Insurance……Page 41
Characteristics of an Ideally Insurable Risk……Page 43
Two Applications: The Risks of Fire and Unemployment……Page 45
Insurance and Hedging Compared……Page 47
Types of Insurance……Page 48
Benefits of Insurance to Society……Page 52
Costs of Insurance to Society……Page 53
Case Application……Page 57
Application Questions……Page 58
Selected References……Page 59
Notes……Page 60
INSIGHT 2.1: EXAMPLES OF INSURANCE FRAUD—HALL OF SHAME……Page 54
INSIGHT 2.2: HAVE YOU EVER COMMITTED INSURANCE FRAUD? THINK AGAIN……Page 56
Appendix: Basic Statistics and the Law of Large Numbers……Page 61
CHAPTER 3 INTRODUCTION TO RISK MANAGEMENT……Page 65
Steps in the Risk Management Process……Page 67
Personal Risk Management……Page 78
Summary……Page 81
Application Questions……Page 82
Internet Resources……Page 83
Notes……Page 84
Case Application……Page 80
INSIGHT 3.1: BERMUDA LEADS GLOBAL CAPTIVE DOMICILES……Page 72
INSIGHT 3.2: ADVANTAGES OF SELF-INSURANCE……Page 73
CHAPTER 4 ENTERPRISE RISK MANAGEMENT AND RELATED TOPICS……Page 86
Enterprise Risk Management……Page 87
Insurance Market Dynamics……Page 93
Loss Forecasting……Page 99
Financial Analysis in Risk Management Decision Making……Page 101
Other Risk Management Tools……Page 103
Key Concepts and Terms……Page 106
Internet Resources……Page 107
Notes……Page 108
Case Application……Page 105
INSIGHT 4.1: WEATHER FUTURES AND OPTIONS: FINANCIAL TOOLS THAT PROVIDE A MEANS OF TRANSFERRING RISK ASSOCIATED WITH ADVERSE WEATHER EVENTS……Page 98
CHAPTER 5 TYPES OF INSURERS AND MARKETING SYSTEMS……Page 110
Overview of Private Insurance in the Financial Services Industry……Page 111
Types of Private Insurers……Page 112
Agents and Brokers……Page 117
INSIGHT 5.1: SHOW ME THE MONEY—HOW MUCH CAN I EARN AS AN INSURANCE SALES AGENT?……Page 118
Group Insurance Marketing……Page 121
Case Application……Page 122
Application Questions……Page 123
Internet Resources……Page 124
Notes……Page 125
CHAPTER 6 INSURANCE COMPANY OPERATIONS……Page 126
Rating and Rate Making……Page 127
Underwriting……Page 128
Production……Page 131
Claims Settlement……Page 132
INSIGHT 6.1: HOME OWNER’S FAILURE TO COOPERATE YIELDS DENIED CLAIM……Page 134
Investments……Page 139
Other Insurance Company Functions……Page 141
Key Concepts and Terms……Page 143
Internet Resources……Page 144
Selected References……Page 145
Notes……Page 146
Case Application……Page 142
INSIGHT 6.2: BE A SMART CONSUMER—CHECK THE CLAIMS RECORD OF INSURERS BEFORE YOU BUY……Page 135
CHAPTER 7 FINANCIAL OPERATIONS OF INSURERS……Page 147
Property and Casualty Insurers……Page 148
Life Insurance Companies……Page 153
Rate Making in Property and Casualty Insurance……Page 155
Rate Making in Life Insurance……Page 159
Case Application……Page 160
Review Questions……Page 161
Application Questions……Page 162
Notes……Page 163
INSIGHT 7.1: HOW PROFITABLE IS THE PROPERTY AND CASUALTY INSURANCE INDUSTRY?……Page 154
CHAPTER 8 GOVERNMENT REGULATION OF INSURANCE……Page 165
Reasons for Insurance Regulation……Page 166
Historical Development of Insurance Regulation……Page 167
What Areas Are Regulated?……Page 169
State versus Federal Regulation……Page 175
Modernizing Insurance Regulation……Page 178
Insolvency of Insurers……Page 181
Market Conduct Regulation……Page 182
Summary……Page 185
Application Questions……Page 186
Selected References……Page 187
Notes……Page 188
Case Application……Page 184
INSIGHT 8.1: THE PROS AND CONS OF CREDIT-BASED INSURANCE SCORES……Page 183
CHAPTER 9 FUNDAMENTAL LEGAL PRINCIPLES……Page 189
Principle of Indemnity……Page 190
Principle of Insurable Interest……Page 193
Principle of Subrogation……Page 194
INSIGHT 9.1: CORPORATION LACKING INSURABLE INTEREST AT TIME OF DEATH CAN RECEIVE LIFE INSURANCE PROCEEDS……Page 195
Requirements of an Insurance Contract……Page 198
Distinct Legal Characteristics of Insurance Contracts……Page 199
Law and the Insurance Agent……Page 200
Summary……Page 203
Application Questions……Page 204
Notes……Page 205
Case Application……Page 202
INSIGHT 9.2: AUTO INSURER DENIES COVERAGE BECAUSE OF MATERIAL MISREPRESENTATION……Page 196
INSIGHT 9.3: INSURER VOIDS COVERAGE BECAUSE OF MISREPRESENTATIONS IN PROOF OF LOSS……Page 197
CHAPTER 10 ANALYSIS OF INSURANCE CONTRACTS……Page 207
Basic Parts of an Insurance Contract……Page 208
Definition of “Insured”……Page 210
Deductibles……Page 212
Coinsurance……Page 214
Other-Insurance Provisions……Page 215
Key Concepts and Terms……Page 218
Application Questions……Page 219
Notes……Page 220
Case Application……Page 217
INSIGHT 10.1: WILL YOUR AUTO INSURANCE COVER YOU WHEN YOU DRIVE ANOTHER PERSON’S CAR?……Page 211
CHAPTER 11 LIFE INSURANCE……Page 221
Premature Death……Page 222
Financial Impact of Premature Death on Different Types of Families……Page 223
Amount of Life Insurance to Own……Page 224
Types of Life Insurance……Page 229
Variations of Whole Life Insurance……Page 235
Other Types of Life Insurance……Page 243
Summary……Page 247
Key Concepts and Terms……Page 248
Application Questions……Page 249
Internet Resources……Page 250
Selected References……Page 251
Notes……Page 252
Case Application……Page 246
INSIGHT 11.1: CASH-VALUE LIFE INSURANCE AS AN INVESTMENT—DON’T IGNORE TWO POINTS……Page 234
INSIGHT 11.2: BE A SAVVY CONSUMER—FOUR LIFE INSURANCE POLICIES TO AVOID……Page 245
CHAPTER 12 LIFE INSURANCE CONTRACTUAL PROVISIONS……Page 253
Life Insurance Contractual Provisions……Page 254
Dividend Options……Page 260
Nonforfeiture Options……Page 262
Settlement Options……Page 264
Additional Life Insurance Benefits……Page 268
Case Application……Page 273
Key Concepts and Terms……Page 274
Application Questions……Page 275
Internet Resources……Page 276
Notes……Page 277
INSIGHT 12.1: IS THIS DEATH A SUICIDE?……Page 256
INSIGHT 12.2: SELECTION OF THE BEST DIVIDEND OPTION IN A PARTICIPATING WHOLE LIFE POLICY……Page 261
INSIGHT 12.3: ACCELERATED DEATH BENEFITS—A REAL-LIFE EXAMPLE……Page 271
INSIGHT 12.4: WHAT IS A LIFE SETTLEMENT? EXAMPLES OF ACTUAL CASES……Page 272
CHAPTER 13 BUYING LIFE INSURANCE……Page 278
Determining the Cost of Life Insurance……Page 279
INSIGHT 13.1: BE CAREFUL IN REPLACING AN EXISTING LIFE INSURANCE POLICY……Page 282
Taxation of Life Insurance……Page 284
Shopping for Life Insurance……Page 286
Review Questions……Page 289
Internet Resources……Page 290
Notes……Page 291
Case Application……Page 288
Appendix: Calculation of Life Insurance Premiums……Page 292
CHAPTER 14 ANNUITIES AND INDIVIDUAL RETIREMENT ACCOUNTS……Page 297
Individual Annuities……Page 298
Types of Annuities……Page 299
Taxation of Individual Annuities……Page 306
INSIGHT 14.3: TEN QUESTIONS TO ANSWER BEFORE YOU BUY A VARIABLE ANNUITY……Page 307
Adequacy of IRA Funds……Page 310
Case Application 2……Page 313
Review Questions……Page 314
Internet Resources……Page 315
Notes……Page 316
Case Application 1……Page 312
INSIGHT 14.1: ADVANTAGES OF AN IMMEDIATE ANNUITY TO RETIRED WORKERS……Page 300
INSIGHT 14.2: BELLS AND WHISTLES OF VARIABLE ANNUITIES……Page 303
INSIGHT 14.4: WILL YOU HAVE ENOUGH MONEY AT RETIREMENT? MONTE CARLO SIMULATIONS CAN BE HELPFUL……Page 311
CHAPTER 15 HEALTHCARE REFORM: INDIVIDUAL HEALTH INSURANCE COVERAGES……Page 317
Defects in the Healthcare System in the United States……Page 318
Basic Provisions of the Affordable Care Act……Page 323
Individual Medical Expense Insurance……Page 329
Individual Medical Expense Plans and Managed Care……Page 331
Health Savings Accounts……Page 332
Long-Term Care Insurance……Page 333
Disability-Income Insurance……Page 337
Individual Health Insurance Contractual Provisions……Page 340
Case Application……Page 342
Review Questions……Page 343
Internet Resources……Page 344
Selected References……Page 345
Notes……Page 346
INSIGHT 15.1: HEALTH INSURANCE OPTIONS FOR COLLEGE STUDENTS UNDER THE AFFORDABLE CARE ACT……Page 326
CHAPTER 16 EMPLOYEE BENEFITS: GROUP LIFE AND HEALTH INSURANCE……Page 347
Fundamentals of Group Insurance……Page 348
Group Life Insurance……Page 350
Group Medical Expense Insurance……Page 351
Managed Care Plans……Page 353
Affordable Care Act and Group Medical Expense Insurance……Page 355
INSIGHT 16.1: BASIC CHARACTERISTICS OF THE SMALL BUSINESS HEALTH OPTIONS (SHOP) MARKETPLACE PROGRAM……Page 357
Consumer-Directed Health Plans……Page 358
Recent Developments in Employer-Sponsored Health Plans……Page 359
Group Medical Expense Contractual Provisions……Page 362
Group Dental Insurance……Page 363
Group Disability-Income Insurance……Page 364
Cafeteria Plans……Page 365
Summary……Page 367
Review Questions……Page 368
Application Questions……Page 369
Notes……Page 370
Case Application……Page 366
CHAPTER 17 EMPLOYEE BENEFITS: RETIREMENT PLANS……Page 372
Fundamentals of Private Retirement Plans……Page 373
Defined-Benefit Plans……Page 376
Defined-Contribution Plans……Page 379
Section 401(K) Plan……Page 380
Section 403(B) Plan……Page 382
Simplified Employee Pension (SEP)……Page 383
Saver’s Credit……Page 384
Funding Agency and Funding Instruments……Page 385
Problems and Issues in Tax-Deferred Retirement Plans……Page 386
Summary……Page 388
Application Questions……Page 389
Selected References……Page 390
Notes……Page 391
Case Application……Page 387
INSIGHT 17.1: SIX COMMON 401 (K) MISTAKES……Page 381
CHAPTER 18 SOCIAL INSURANCE……Page 392
Social Insurance……Page 393
Old-Age, Survivors, and Disability Insurance……Page 395
Types of Benefits……Page 396
Medicare……Page 402
Problems and Issues……Page 407
Unemployment Insurance……Page 410
Workers Compensation……Page 412
Key Concepts and Terms……Page 417
Application Questions……Page 418
Internet Resources……Page 419
Notes……Page 420
Case Application……Page 416
INSIGHT 18.1: CLAIMING SOCIAL SECURITY BENEFITS-—-STRATEGIES FOR SINGLE PERSONS……Page 399
INSIGHT 18.2: HOW WOULD YOU REDUCE THE LONG-RANGE SOCIAL SECURITY DEFICIT?……Page 408
CHAPTER 19 THE LIABILITY RISK……Page 422
Basis of Legal Liability……Page 423
Law of Negligence……Page 424
Imputed Negligence……Page 426
Specific Applications of the Law of Negligence……Page 427
Current Tort Liability Problems……Page 429
Key Concepts and Terms……Page 439
Application Questions……Page 440
Selected References……Page 441
Notes……Page 442
Case Application……Page 438
INSIGHT 19.1: JUDICIAL HELLHOLES 2014–2015……Page 432
CHAPTER 20 AUTO INSURANCE……Page 444
Overview of Personal Auto Policy……Page 445
Part A: Liability Coverage……Page 446
Part B: Medical Payments Coverage……Page 452
Part C: Uninsured Motorists Coverage……Page 453
Part D: Coverage for Damage to Your Auto……Page 457
Part E: Duties after an Accident or Loss……Page 464
Part F: General Provisions……Page 465
Case Application……Page 466
Review Questions……Page 467
Application Questions……Page 468
Internet Resources……Page 469
Notes……Page 470
INSIGHT 20.1: WHAT DO RIDE SHARING AND CAR SHARING MEAN FOR PERSONAL AUTO INSURANCE?……Page 449
INSIGHT 20.2: NEW STUDY REVEALS A DECLINING TREND IN THE PERCENTAGE OF UNINSURED MOTORISTS……Page 454
INSIGHT 20.3: USING ELECTRONIC DEVICES WHILE DRIVING IS A SERIOUS PROBLEM……Page 461
CHAPTER 21 AUTO INSURANCE (CONTINUED)……Page 472
Approaches for Compensating Auto Accident Victims……Page 473
Auto Insurance for High-Risk Drivers……Page 483
Cost of Auto Insurance……Page 484
Shopping for Auto Insurance……Page 488
Key Concepts and Terms……Page 492
Application Questions……Page 493
Notes……Page 494
Case Application……Page 491
INSIGHT 21.1: FILING AN AUTO CLAIM WITH THE OTHER PARTY’S INSURANCE COMPANY……Page 477
INSIGHT 21.2: PROTECT YOURSELF: INSURING YOUR TEEN DRIVER……Page 487
INSIGHT 21.3: MORE FOLKS ARE TWEETING, TEXTING, AND TAKING PICTURES WHILE DRIVING: AT&T SURVEY……Page 490
CHAPTER 22 HOMEOWNERS INSURANCE, SECTION I……Page 496
Homeowners Insurance……Page 497
Analysis of Homeowners 3 Policy (Special Form)……Page 501
Section I Coverages……Page 502
Section I Perils Insured Against……Page 508
Section I Exclusions……Page 511
Section I Conditions……Page 512
Section I and II Conditions……Page 517
Review Questions……Page 519
Application Questions……Page 520
Internet Resources……Page 521
Notes……Page 522
Case Application……Page 518
INSIGHT 22.1: RENTERS INSURANCE CHECKLIST……Page 500
INSIGHT 22.2: HOW DO I TAKE A HOME INVENTORY AND WHY?……Page 513
INSIGHT 22.3: THE BIG GAP BETWEEN REPLACEMENT COST AND ACTUAL CASH VALUE CAN EMPTY YOUR WALLET……Page 514
CHAPTER 23 HOMEOWNERS INSURANCE, SECTION II……Page 523
Personal Liability Insurance……Page 524
Section II Exclusions……Page 526
Section II Additional Coverages……Page 530
Section II Conditions……Page 531
Endorsements to a Homeowners Policy……Page 532
Cost of Homeowners Insurance……Page 535
Case Application……Page 539
Application Questions……Page 540
Internet Resources……Page 541
Notes……Page 542
INSIGHT 23.1: DOG BITES HURT, SO DO LAWSUITS……Page 525
INSIGHT 23.2: TRYING TO SAVE MONEY? AVOID THE FIVE BIGGEST INSURANCE MISTAKES!……Page 538
CHAPTER 24 OTHER PROPERTY AND LIABILITY INSURANCE COVERAGES……Page 544
ISO Dwelling Program……Page 545
Mobile Home Insurance……Page 547
Inland Marine Floaters……Page 548
Watercraft Insurance……Page 549
Government Property Insurance Programs……Page 550
Title Insurance……Page 555
Personal Umbrella Policy……Page 558
Key Concepts and Terms……Page 562
Application Questions……Page 563
Internet Resources……Page 564
Notes……Page 565
Case Application……Page 561
INSIGHT 24.1: DISPELLING MYTHS ABOUT FLOOD INSURANCE……Page 554
INSIGHT 24.2: TITLE INSURANCE: PROTECTING YOUR HOME INVESTMENT AGAINST UNKNOWN TITLE DEFECTS……Page 556
INSIGHT 24.3: UMBRELLA INSURANCE POLICIES: WHY YOU MIGHT WANT THAT EXTRA PROTECTION……Page 559
CHAPTER 25 COMMERCIAL PROPERTY INSURANCE……Page 567
Commercial Package Policy……Page 568
Building and Personal Property Coverage Form……Page 570
Endorsements……Page 573
Reporting Forms……Page 575
Business Income Insurance……Page 576
Other Commercial Property Coverages……Page 579
Transportation Insurance……Page 582
Businessowners Policy (BOP)……Page 587
Summary……Page 589
Review Questions……Page 590
Application Questions……Page 591
Internet Resources……Page 592
Notes……Page 593
Case Application……Page 588
INSIGHT 25.1: THREE COMMERCIAL PROPERTY ENDORSEMENTS THAT EVERY CLIENT SHOULD HAVE……Page 574
INSIGHT 25.2: EXAMPLES OF EQUIPMENT BREAKDOWN CLAIMS: RECENT PAID CLAIMS……Page 581
CHAPTER 26 COMMERCIAL LIABILITY INSURANCE……Page 595
General Liability Loss Exposures……Page 596
Commercial General Liability Policy……Page 597
Employment-Related Practices Liability Insurance……Page 605
Workers Compensation Insurance……Page 606
Commercial Auto Insurance……Page 608
Aircraft Insurance……Page 610
Commercial Umbrella Policy……Page 612
Cyber Liability Insurance……Page 613
Professional Liability Insurance……Page 614
Directors and Officers Liability Insurance……Page 616
Summary……Page 618
Review Questions……Page 619
Application Questions……Page 620
Selected References……Page 621
Notes……Page 622
Case Application……Page 617
INSIGHT 26.1: CYBER LOSS EXPOSURE—NO LONGER BREACHING THE CGL……Page 600
INSIGHT 26.2: BASIC FACTS ABOUT WORKERS COMPENSATION……Page 607
CHAPTER 27 CRIME INSURANCE AND SURETY BONDS……Page 624
The ISO Commercial Crime Insurance Program……Page 625
Commercial Crime Coverage Form (Loss-Sustained Form)……Page 626
Financial Institution Bonds……Page 631
Surety Bonds……Page 632
Summary……Page 635
Application Questions……Page 636
Internet Resources……Page 637
Notes……Page 638
Case Application……Page 634
INSIGHT 27.1: CRIME PREVENTION TIPS FOR SMALL BUSINESSES……Page 628
Appendix A: Personal Auto Policy……Page 639
Appendix B: Homeowners 3 (Special Form)……Page 653
Glossary

Product information

Publisher‏:‎Pearson; 13th edition (January 15, 2016)
Language‏:‎English
Hardcover‏:‎720 pages
ISBN-10‏:‎0134082575
ISBN-13‏:‎978-0134082578
Item Weight‏:‎2.88 pounds
Dimensions‏:‎8.35 x 1.4 x 10.3 inches
0134082575

 

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