Insurance Theory and Practice

Insurance is a financial product in which the consumer converts the uncertainty of financial loss of an unforeseen event, including its amount and timing, into a certain business cost (i.e., the premium) which is predictable over time. Insurance involves risk shifting, which occurs when a person facing the possibility of an economic loss transfers some or all of the financial consequences of the potential loss to an insurer. Insurance also involves risk distribution, which can involve the spreading of loss among policy holders or the party assuming the risk can distribute his potential liability in part among others.

Insurance within Australia and the U.S. Markets

Australian Insurance Firms & Markets

Categories of Insurance

Life Insurance

Major Australian Life Insurance companies

General Insurance

Major General insurance companies

Health Insurance

Industry Framework

Regulatory Framework

U.S. Insurance Firms and Markets

Post McCarran-Ferguson Legislation

Fundamentals of State Insurance Regulation

Solvency Regulation

Past Problems in Solvency Regulation

Efforts of States to Address Solvency Regulatory Problems

State Guarantee Funds

Consumer Protection

Licensing of Insurers

Licensing of Producers

Form Regulation

Rate Regulation and Price Controls

Surplus Lines: An Exception to Form and Price Controls

Market Conduct Examinations

International Dimensions

Life Insurance Calculations

Life Insurance, Net Premiums Concepts and Calculations (Single and Annual)