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• Half Title
• The Pearson Series in Finance
• Title Page
• Copyright
• Contents
• Preface
• About the Authors
• Chapter 1: Risk and Its Treatment
• Definitions of Risk
• Chance of Loss
• Peril and Hazard
• Classification of Risk
• Major Personal Risks and Commercial Risks
• Burden of Risk on Society
• Techniques for Managing Risk
• Summary
• Key Concepts and Terms
• Review Questions
• Application Questions
• Internet Resources
• Selected References
• Notes
• Case Application
• Insight 1.1: What Are Your Chances of Not Being Able to Earn an Income? Calculate Your Personal Disa
• Insight 1.2: Careers in Risk Management and Insurance
• Chapter 2: Insurance and Risk
• Definition of Insurance
• Basic Characteristics of Insurance
• Law of Large Numbers
• Characteristics of an Ideally Insurable Risk
• Two Applications: The Risks of Fire and Unemployment
• Adverse Selection and Insurance
• Insurance and Gambling Compared
• Insurance and Hedging Compared
• Types of Insurance
• Benefits of Insurance to Society
• Costs of Insurance to Society
• Summary
• Key Concepts and Terms
• Review Questions
• Application Questions
• Internet Resources
• Selected References
• Notes
• Case Application
• Insight 2.1: Insurance frauds: Myths versus reality
• Insight 2.2: Examples of Insurance Fraud—Hall of Shame
• Appendix: Basic Statistics and the Law of Large Numbers
• Probability and Statistics
• Law of Large Numbers
• Notes
• Chapter 3: Introduction to Risk Management
• Meaning of Risk Management
• Objectives of Risk Management
• Steps in the Risk Management Process
• Benefits of Risk Management
• Personal Risk Management
• Summary
• Key Concepts and Terms
• Review Questions
• Application Questions
• Internet Resources
• Selected References
• Notes
• Case Application
• Insight 3.1: Bermuda Leads Global Captive Domiciles
• Insight 3.2: When You Should Self-Insure?
• Chapter 4: Enterprise Risk Management
• Enterprise Risk Management
• Benefits of Enterprise Risk Management Programs
• Insurance Market Dynamics
• Loss Forecasting
• Financial Analysis in Risk Management Decision Making
• Other Risk Management Tools
• Summary
• Key Concepts and Terms
• Review Questions
• Application Questions
• Internet Resources
• Selected References
• Notes
• Case Application
• Insight 4.1: Weather Futures and Options: Financial Tools That Provide a Means of Transferring Risk
• Chapter 5: Types of Insurers and Marketing Systems
• Overview of Private Insurance in the Financial Services Industry
• Types of Private Insurers
• Agents and Brokers
• Types of Marketing Systems
• Summary
• Key Concepts and Terms
• Review Questions
• Application Questions
• Internet Resources
• Selected References
• Notes
• Case Application
• Insight 5.1: Show Me the Money—How Much Can I Earn as an Insurance Sales Agent?
• Chapter 6: Insurance Company Operations
• Insurance Company Operations
• Rating and Rate Making
• Underwriting
• Production
• Claims Settlement
• Reinsurance
• Investments
• Other Insurance Company Functions
• Summary
• Key Concepts and Terms
• Review Questions
• Application Questions
• Internet Resources
• Selected References
• Notes
• Case Application
• Insight 6.1: Home Owner’s Failure to Cooperate Yields Denied Claim
• Insight 6.2: Insurance 4.0—Digitalization of Insurance Operations
• Chapter 7: Financial Operations of Insurers
• Property and Casualty Insurers
• Life Insurance Companies
• Rate Making In Property and Casualty Insurance
• Rate Making in Life Insurance
• Summary
• Key Concepts and Terms
• Review Questions
• Application Questions
• Internet Resources
• Selected References
• Notes
• Case Application
• Insight 7.1: How Profitable Is the Property and Casualty Insurance Industry?
• Chapter 8: Government Regulation of Insurance
• Reasons for Insurance Regulation
• Historical Development of Insurance Regulation
• Methods For Regulating Insurers
• What Areas are Regulated?
• State Versus Federal Regulation
• Current Issues in Insurance Regulation
• Insolvency of Insurers
• Market Conduct Regulation
• Summary
• Key Concepts and Terms
• Review Questions
• Application Questions
• Internet Resources
• Selected References
• Notes
• Case Application
• Insight 8.1: The Pros and Cons of Credit-Based Insurance Scores
• Chapter 9: Fundamental Legal Principles
• Principle of Indemnity
• Principle of Insurable Interest
• Principle of Subrogation
• Principle of Utmost Good Faith
• Requirements of an Insurance Contract
• Distinct Legal Characteristics of Insurance Contracts
• Law and the Insurance Agent
• Summary
• Key Concepts and Terms
• Review Questions
• Application Questions
• Internet Resources
• Selected References
• Notes
• Case Application
• Insight 9.1: Corporation Lacking Insurable Interest at Time of Death Can Receive Life Insurance Proc
• Insight 9.2: Auto Insurer Denies Coverage Because of Material Misrepresentation
• Insight 9.3: Insurer Voids Coverage Because of Misrepresentations in Proof of Loss
• Chapter 10: Analysis of Insurance Contracts
• Basic Parts of an Insurance Contract
• Definition of “Insured”
• Endorsements and Riders
• Deductibles
• Coinsurance
• Coinsurance in Health Insurance
• Other-Insurance Provisions
• Summary
• Key Concepts and Terms
• Review Questions
• Application Questions
• Internet Resources
• Selected References
• Note
• Case Application
• Insight 10.1: Will Your Auto Insurance Cover You When You Drive Another Person’s Car?
• Chapter 11: Life Insurance
• Premature Death
• Financial Impact of Premature Death on Different Types of Families
• Amount of Life Insurance to Own
• Types of Life Insurance
• Variations of Whole Life Insurance
• Other Types of Life Insurance
• Summary
• Key Concepts and Terms
• Review Questions
• Application Questions
• Internet Resources
• Selected References
• Notes
• Case Application
• Insight 11.1: Cash-Value Life Insurance as an Investment—Don’t Ignore Two Points
• Insight 11.2: Be a Savvy Consumer—Four Life Insurance Policies to Avoid
• Chapter 12: Life Insurance Contractual Provisions
• Life Insurance Contractual Provisions
• Dividend Options
• Nonforfeiture Options
• Settlement Options
• Additional Life Insurance Benefits
• Summary
• Key Concepts and Terms
• Review Questions
• Application Questions
• Internet Resources
• Selected References
• Notes
• Case Application
• Insight 12.1: Is This Death a Suicide?
• Insight 12.2: Selection of the Best Dividend Option in a Participating Whole Life Policy
• Insight 12.3: Accelerated Death Benefits: A Real-Life Example
• Insight 12.4: What Is a Life Settlement? Examples of Actual Cases
• Chapter 13: Buying Life Insurance
• Determining the Cost of Life Insurance
• Rate of Return on Saving Component
• Taxation of Life Insurance
• Shopping for Life Insurance
• Summary
• Key Concepts and Terms
• Review Questions
• Application Questions
• Internet Resources
• Selected References
• Notes
• Case Application
• Insight 13.1: Be Careful in Replacing an Existing Life Insurance Policy
• Appendix: Calculation of Life Insurance Premiums
• Net Single Premium
• Net Annual Level Premium
• Gross Premium
• Policy Reserves
• Case Application
• Key Concepts and Terms
• Notes
• Chapter 14: Annuities and Individual Retirement Accounts
• Individual Annuities
• Types of Annuities
• Taxation of Individual Annuities
• Individual Retirement Accounts
• Summary
• Key Concepts and Terms
• Review Questions
• Application Questions
• Internet Resources
• Selected References
• Notes
• Case Application 1
• Case Application 2
• Insight 14.1: Advantages of an Immediate Annuity to Retired Workers
• Insight 14.2: Optional Variable Annuity Benefits To Meet Specific Needs
• Insight 14.3: Ten Questions to Answer Before You Buy a Variable Annuity
• Chapter 15: Individual Health Insurance Coverages
• Defects in the Healthcare System in the United States
• Basic Provisions of the Affordable Care Act
• Individual Medical Expense Insurance
• Managed Care Plans
• Health Savings Accounts
• Long-Term Care Insurance
• Disability-Income Insurance
• Individual Health Insurance Contractual Provisions
• Summary
• Key Concepts and Terms
• Review Questions
• Application Questions
• Internet Resources
• Selected References
• Notes
• Case Application
• Insight 15.1: Health Insurance Options for College Students under the Affordable Care Act
• Chapter 16: Employee Benefits: Group Life and Health Insurance
• Meaning of Employee Benefits
• Fundamentals of Group Insurance
• Group Life Insurance
• Group Medical Expense Insurance
• Managed Care Plans
• Affordable Care Act and Group Medical Expense Insurance
• Key Features of Group Medical Expense Insurance
• High-Deductible Health Plan With Savings Option
• Recent Developments in Employer-Sponsored Health Plans
• Group Medical Expense Contractual Provisions
• Group Dental Insurance
• Group Disability-Income Insurance
• Cafeteria Plans
• Summary
• Key Concepts and Terms
• Review Questions
• Application Questions
• Internet Resources
• Selected References
• Notes
• Case Application
• Insight 16.1: History of Health Maintenance Organization
• Insight 16.2: Basic Characteristics of the Small Business Health Options Program (SHOP)
• Chapter 17: Employee Benefits: Retirement Plans
• Fundamentals of Private Retirement Plans
• Types of Qualified Retirement Plans
• Defined-Benefit Plans
• Defined-Contribution Plans
• Section 401(K) Plan
• Section 403(B) Plan
• Simplified Employee Pension (SEP)
• Simple Ira Plan
• Profit-Sharing Plans
• Saver’s Credit
• Retirement Plan Security
• Funding Agency and Funding Instruments
• Problems and Issues In Qualified Retirement Plans
• Summary
• Key Concepts and Terms
• Review Questions
• Application Questions
• Internet Resources
• Selected References
• Notes
• Case Application
• Insight 17.1: Six Common 401(k) Mistakes
• Chapter 18: Social Insurance
• Social Insurance Programs
• Old-Age, Survivors, and Disability Insurance (OASDI)
• Types of Benefits
• Medicare
• Problems and Issues
• Unemployment Insurance
• Workers’ Compensation
• Summary
• Key Concepts and Terms
• Review Questions
• Application Questions
• Internet Resources
• Selected References
• Notes
• Case Application
• Insight 18.1: Postponing Social Security Benefits—Key Factors to Consider
• Insight 18.2: Try Your Hand at Social Security Reform
• Chapter 19: The Liability Risk
• Basis of Legal Liability
• The Law of Negligence
• Imputed Negligence
• Res Ipsa Loquitur
• Specific Applications of the Law of Negligence
• Current Tort Liability Problems
• Summary
• Key Concepts and Terms
• Review Questions
• Application Questions
• Internet Resources
• Selected References
• Notes
• Case Application
• Insight 19.1: Judicial Hellholes 2017–2018
• Chapter 20: Auto Insurance
• Overview of Personal Auto Policy
• Part A: Liability Coverage
• Part B: Medical Payments Coverage
• Part C: Uninsured Motorists Coverage
• Part D: Coverage For Damage to Your Auto
• Part E: Duties After an Accident or Loss
• Part F: General Provisions
• Insuring Motorcycles and Other Vehicles
• Summary
• Key Concepts and Terms
• Review Questions
• Application Questions
• Internet Resources
• Selected References
• Notes
• Case Application
• Insight 20.1: Private Passenger Auto Insurance Remains Unprofitable for Many Insurers
• Insight 20.2: In 5 States, 20% or More of Drivers Have No Insurance; Countrywide Average Increases
• Insight 20.3: The Four Types of Rental Car Insurance, Explained
• Chapter 21: Auto Insurance (Continued)
• Approaches for Compensating Auto Accident Victims
• Auto Insurance for High-Risk Drivers
• Cost of Auto Insurance
• Shopping for Auto Insurance
• Auto Insurance Emerging Issues
• Summary
• Key Concepts and Terms
• Review Questions
• Application Questions
• Internet Resources
• Selected References
• Notes
• Case Application
• Insight 21.1: Filing an Auto Claim with the Other Party’s Insurance Company
• Insight 21.2: Protect Yourself: Insuring Your Teen Driver
• Insight 21.3: Distracted Driving
• Chapter 22: Homeowners Insurance, Section I
• Overview of Homeowners Insurance
• The Homeowners 3 Policy: Persons Insured
• The Homeowner 3 Policy: Section I Coverages
• The Homeowners 3 Policy: Section I Perils Insured Against
• The Homeowners 3 Policy: Section I Exclusions
• The Homeowners 3 Policy: Section I Conditions
• The Homeowners 3 Policy: Section I and II Conditions
• Summary
• Key Concepts and Terms
• Review Questions
• Application Questions
• Internet Resources
• Selected References
• Notes
• Case Application
• Insight 22.1: Your Renters Insurance Guide: What to Look for When Shopping for Renters Insurance
• Insight 22.2: How to Create a Home Inventory
• Insight 22.3: The Big Gap between Replacement Cost and Actual Cash Value Can Empty Your Wallet
• Chapter 23: Homeowners Insurance, Section II
• Personal Liability Insurance and Medical Payments to Others Coverage
• Section II Exclusions
• Section II Additional Coverages
• Section II Conditions
• Endorsements to a Homeowners Policy
• Cost of Homeowners Insurance
• Suggestions for Buying a Homeowners Policy
• Summary
• Key Concepts and Terms
• Review Questions
• Application Questions
• Internet Resources
• Selected References
• Notes
• Case Application
• Insight 23.1: Dog Bites Hurt, So Do Lawsuits
• Insight 23.2: Five Insurance Mistakes to Avoid . . . (and Still Save Money)
• Chapter 24: Other Property and Liability Insurance Coverages
• ISO Dwelling Program
• Mobile Home Insurance
• Inland Marine Floaters
• Watercraft Insurance
• Government Property Insurance Programs
• Title Insurance
• Personal Umbrella Policy
• Summary
• Key Concepts and Terms
• Review Questions
• Application Questions
• Internet Resources
• Selected References
• Notes
• Case Application
• Insight 24.1: Dispelling Myths about Flood Insurance
• Insight 24.2: The Vitals on Title Insurance
• Insight 24.3: 10 Real Examples of Umbrella Insurance Claims
• Chapter 25: Commercial Property Insurance
• Commercial Package Policy
• Building and Personal Property Coverage Form
• Reporting Forms
• Business Income Insurance
• Other Commercial Property Coverages
• Transportation Insurance
• Businessowners Policy (BOP)
• Summary
• Key Concepts and Terms
• Review Questions
• Application Questions
• Internet Resources
• Selected References
• Notes
• Case Application
• Insight 25.1: Examples of Equipment Breakdown Claims: Recent Paid Claims
• Chapter 26: Commercial Liability Insurance
• General Liability Loss Exposures
• Commercial General Liability Policy
• Employment Practices Liability Insurance
• Workers Compensation Insurance
• Commercial Auto Insurance
• Aircraft Insurance
• Commercial Umbrella Policy
• Cyber Liability Insurance
• Businessowners Policy
• Professional Liability Insurance
• Directors and Officers Liability Insurance
• Summary
• Key Concepts and Terms
• Review Questions
• Application Questions
• Internet Resources
• Selected References
• Notes
• Case Application
• Insight 26.1: General Liability Lawsuit Examples
• Insight 26.2: Beyond Prevention: Workers Compensation Insurance
• Insight 26.3: 10 Most Common and Costliest Small Business Claims
• Chapter 27: Crime Insurance and Surety Bonds
• The ISO Commercial Crime Insurance Program
• Commercial Crime Coverage Form (Loss-Sustained Form)
• Financial Institution Bonds
• Surety Bonds
• Summary
• Key Concepts and Terms
• Review Questions
• Application Questions
• Internet Resources
• Selected References
• Notes
• Case Application
• Insight 27.1: Crime Prevention Tips for Small Businesses
• Insight 27.2: ISO’s Crime Changes: Keeping Pace with our Digital World
• Appendix A: Personal Auto Policy
• Appendix B: Homeowners 3 (Special Form)
• Glossary
• Index