...201 3 The Geneva Association (The International Association for the Study of Insurance Economics) The Geneva Association is the leading international insurance “think tank” for strategically important insurance and risk management issues. The Geneva Association identifies fundamental trends and strategic issues where insurance plays a substantial role or which influence the insurance sector. Through the development of research programmes, regular publications and the organisation of international meetings, The Geneva Association serves as a catalyst for progress in the understanding of risk and insurance matters and acts as an information creator and disseminator. It is the leading voice of the largest insurance groups worldwide in the dialogue with international institutions. In parallel, it advances—in economic and cultural terms—the development and application of risk management and the understanding of uncertainty in the modern economy. The Geneva Association membership comprises a statutory maximum of 90 chief executive officers (CEOs) from the world’s top insurance and reinsurance companies. It organises international expert networks and manages discussion platforms for senior insurance executives and specialists as well as policy-makers, regulators and multilateral organisations. The Geneva Association’s annual General Assembly is the most prestigious gathering of leading insurance CEOs worldwide. Established in 1973, The Geneva Association, officially the “International...
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...Investment Theory East West University Submitted By A. K. M. Mamunur Rashid ID # 2011-2-90-005 Md.Reza-E- Mostafa ID # 2011-3-90-010 Md. Rakibul Islam ID # 2011-1-90-011 Sabiqun Nahar ID # 2011-1-90-005 Date of Submission: 11th December, 2012 LETTER OF TRANSMITTAL December 11, 2012 Md. Rafiqul Matin Course Instructor Investment Theory East West University Dear sir, The term paper writing in the assigned topic by you is a part if the course, Investment Theory to judge our understanding. In response to that our group prepared this report. As you will see this report tries to find out the term paper on the of the analysis of Investment Theory & Market Investment you asked us to conduct. Our study reveals some specific trends of how DSE basically operates it’s functions. Based on annual report and website of DSE, we have tried to find out the security trade functionality of 10 individual stocks regarding different category & sectors. According to it’s process, It will help you to understand the prevailing perception of how the securities are traded considering all factors & what steps DSE usually takes to maintain the whole trade functions. Thanks for giving us the opportunity to work on this report. It’s been a real education for us. If you have any question to ask us, please contact anyone of us. Sincerely yours Name ID Number Signature A....
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...Four Market Structures Shavon Harrison ECON222 Kunsoo Choi What are the four market structures and their characteristics? According to McConnell and Brue (2004) describe four market structures that companies align themselves with during the course of their corporate lives.: “Pure Competition, Pure Monopoly, Monopolistic Competition and Oligopoly. Companies may move from market structure to market structure over the course of growth and time. This movement between structures may be the result of product changes, introduction of competition or consumer interests. McConnell and Brue (2004) also states that, pure competition is "a very large number of firms producing a standardized product". This is the case with the corn industry. One example of a pure competition corporation is "Farmers Cooperative Association" (FCA). A Farmers' Cooperative Association is a group of farmers, at their convenience, who come together to form a co-op in order to: improve bargaining power; reduce costs; obtain market access or broaden market opportunities and improve product or service quality (Nebraska Department of Agriculture, n.d.) that would normally not be achieved as an individual farmer. In doing so each farmer pays a fee to the Cooperation. The Cooperation itself is normally a non-profit organization in that the profit is attained back to the members supplying the product. Pricing is determined by the Board of Trade and is typically nonnegotiable. Cooperatives can hold corn at the request...
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...Insurance Definition: Insurance is the act, system or business of providing financial protection for property, life, health etc. against specified contingencies such as death, loss or damages, and involving payment of regular premiums. Payment is made with consideration of a payment proportionate of the risk involved. Origin of Insurance in Kenya Insurance in Kenya has existed for about 60 years and it was firstly owned by the British insurance industry, usually governed by insurance act and insurance regulatory authority. During colonialism, the British settlers started to invest in economic activities such as farming thus needed protection for their investments from risk thus come up with agencies to protect their investments. Thus these agencies expended to big network to serve their interest. By 1963 during independence they had grown into fully pledged insurance companies. It currently has 44 insurance companies which are regulated by the insurance regulatory authority (IRA), which is a semi-autonomous regulator set up in 2008. IRA is expected to oversee operations of the authority and ensuring that they are consistent with provisions of the insurance act. In short it improves regulation and stability of the industry. Previously, IRA was a department of the ministry of finance, which administered the insurance industry, and it was headed by the commissioner of insurance. The financial Act 2011 boosted the power of authority through amendments to the insurance Act that...
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...tRESEARCH ON LAPSE IN LIFE INSURANCE WHAT HAS BEEN DONE AND WHAT NEEDS TO BE DONE? MARTIN ELING MICHAEL KOCHANSKI WORKING PAPERS ON RISK MANAGEMENT AND INSURANCE NO. 126 EDITED BY HATO SCHMEISER CHAIR FOR RISK MANAGEMENT AND INSURANCE DECEMBER 2012 Research on Lapse in Life Insurance—What Has Been Done and What Needs to Be Done? Martin Eling, Michael Kochanski This version: 2012/12/23 _________________________________________________________________________________________ Abstract The intention of this paper is to review research on lapse in life insurance and to outline potential new areas of research in this field. We consider theoretical lapse rate models as well as empirical research on life insurance lapse and provide a classification of these two streams of research. More than 50 theoretical and empirical papers from this important field of research are reviewed. Challenges for lapse rate modeling, lapse risk mitigation techniques, and possible trends in future lapse behavior are discussed. The risks arising from lapse are of high economic importance. As such, lapsation is of interest not only to academics, but is also highly relevant for the industry, regulators, and policymakers. JEL classification: G22; G28 Keywords: Lapse; Surrender; Lapse Modeling; Life Insurance _________________________________________________________________________________________ 1. Introduction Today’s insurance policies allow policyholders to choose among...
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...Affecting All Financial-Service Firms • Appendix: Career Opportunities in Financial Services Chapter Outline I. Introduction: Powerful Forces Reshaping the Industry II. What Is a Bank? A. Defined by the Functions It Serves and the Roles It Play: B. Banks and their Principal Competitors C. Legal Basis of a Bank D. Defined by the Government Agency That Insures Its Deposits III. The Financial System and Competing Financial-Service Institutions A. Roles of financial system B. The competitive challenge for banks C. Leading Competitors with banks • Savings Associations • Credit Unions • Money Market Funds • Mutual Funds • Hedge Funds • Security Brokers and Dealers • Investment Banks • Finance Companies • Financial Holding Companies • Life and Property/Casualty Insurance Companies IV. Services Banks and Many of Their Closest Competitors Offer the Public A. Services Banks Have Offered for Centuries 1. Carrying Out Currency Exchanges 2. Discounting Commercial Notes and Making Business Loans 3. Offering Savings Deposits 4....
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...S Health Care Timeline Use the following timeline or create a timeline of your own with eight major events, including the four provided below, from the last 50 years. You may change the dates in the box to match the dates of your events. Include the following in your timeline: • Medicare and Medicaid • HIPAA of 1996 • State Children’s Health Insurance Program (SCHIP) • Prospective Payment System (PPS) |1950 |During this year, most American receives their health coverage through the private | | |insurance market, usually through their jobs. Many people buy their own insurance in | | |individual market. Private health coverage products pool the risk of high health care | | |costs across a large number of people, permitting them (or employers on their behalf) | | |to pay a premium based on the average cost of medical care for the group of people. | | |This risk-spreading function helps make the cost of health care reasonably affordable | | |for most people. | |1960 |Medicare and Medicaid were previously known as Health Care Financing Administration | | ...
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...NIGERIA’S FINANCIAL SYSTEM STRATEGY 2020 DEVELOPING THE INSURANCE SECTOR IN NIGERIA: EXPERIENCE OF SINGAPORE TO COVER • Overview of Singapore’s Insurance Sector • Regulatory Objectives • Regulatory Initiatives • Developmental Objectives • Recent Initiatives • Conclusions Note: Observations are personal, not MAS Overview of Singapore’s Insurance Sector (1) • Focus of the direct sector is largely domestic • Reinsurance sector (esp general) has strong international component • International and regional business is growing • Most general insurers are foreign-owned • Two of the largest life-insurers are local • One is an important regional insurer • Most of the other life insurers are foreign Overview of Singapore’s Insurance Sector (2) • • • • • • • • 165 Insurance Companies, including: 11 life insurers 55 general insurers 6 composite insurers 5 life reinsurers 18 general reinsurers 9 composite reinsurers 61 captive insurers Overview of Singapore’s Insurance Sector (3) Insurance industry is mature, well developed and traditional in structure: • Most products sold through agents • Bancassurance growing • Direct sales small • Major life products: protection; investmentlinked • Major general products: motor, fire, marine & aviation, workmen’s compensation Overview of Singapore’s Insurance Sector (4) Despite maturity, domestic market not fully exploited: • Assets managed represent about 50% of GDP • Life insurance penetration 66% of households • Life premium density...
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...Chapter 1 Risks common to financial institutions • Interest rate risks stems from the mismatching of the maturity (the main component of duration) of the assets and liabilities held by the FIs • Market risk: potential changes in the value of assets held by FIs • Credit risk: holding securities with the potential of default • Foreign exchange risks: FIs holding foreign currency or securities denominated in a foreign currency • Liquidity risk: cost associated with the ability to sell securities to raise cash Use of Economic transactions by FIs • Provide a center where savers meet borrowers • Provide economies of scale • Issue financial claims that are more attractive to the household savers than the claims directly issued by corporations, asset transformation o FIs purchase primary securities issued by finance corporations, they finance these purchases by selling secondary securities to household investors and other sectors in the form of deposits and insurance • FIs monitor the corporations keeping agency costs to a minimum • Liquidity risk: FI securities have better liquidity than corporate securities Functions of FIs • Provide a brokerage function along with asset transformation function o Asset transformation: issuing deposits to buy primary securities • Provide transaction services and information specialists • Enact monetary policy Primary Vs secondary securities • Primary ...
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...history. There is high risk involved in such loans and therefore, it is offered at high interest rates. It is risky both for the lender and the borrower. There's certainly a private responsibility with regards to a person taking on commitments that will require repaying money borrowed from a person or from an institution. A significant requirement for the borrowers’ part to understand what he or she is getting into to. However, sub-prime lending does have moral concerns. The borrowers are not qualified for regular loans, but they may need it. They are ready to take loans at higher interest rate because they need it and sub-prime lending seems to be a better option to them. The mortgage crisis in the United States was viewed as having good intended utilitarian motives by the corporate world and public policy makers to provide mortgage loans to at risk customers. Utilitarianism is defined by Velasquez (2006) as that initiative that place goodwill the behalf as many people possible. It does well to both lender and the borrower and consequently it lead to aggregate wellbeing. The unqualified are getting loans and fulfilling requirements, and on the other side the lender enjoys receiving high interest rate. This shows that the moral concerns for sub-prime lending are based on utilitarianism. It is supported by the ethics system unless there is deception in it. 2. What should CitiFinancial do about single-premium life insurance?...
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...University of Phoenix Material Appendix A: Human Resource Risk Using the Internet, research several different HR risk management seminars. Cite at least five different seminars (these may be presented by the same company). Identify the HR risk(s) the seminar features. Create at least three questions per risk factor you would like the seminar to answer. |Seminar Title |Risk Factor(s) |Question 1 |Question 2 |Question 3 | |Voluntary Benefits are Revolutionizing|Benefits Worth |Is there a way to measure talent |What is the most used and most |How does HR make a decision on which | |the Compensation/Total Rewards |Talent Retention/Attraction |retention versus rewards program |attractive voluntary benefit to the |Voluntary Benefits are most helpful to| |Equation | |incorporating voluntary benefits? |employees? |the employees | |(Rotella, J., 2013, SHRM Conference) | | | | | |Risk Management Seminar |Insurance |Does providing this training provide |Is there a correlation between an ...
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...rRole of an insurance agent / broker Insurance agents and brokers play an important role in marketing life insurance policies. They are the face of the insurance company.Most of the insurance policies world over are sold by insurance agents and brokers. From the insurance company point of they are the marketing and selling agents for their insurance plans. The following are the basic function they should perform. -Provide all the necessary application forms. -Submit application forms to the company. -Arrange for all the medical tests and related formalities. -Provide reminders premiums payments and return receipts. -Should help you make necesary changes in address ,nomination etc. -Help in the process of assignment -Assist you for any loan applications and related formalities -Should help you revive lapsed policies -Assist in claiming death benefits, if required ____----- ROLE OF AN INSURANCE AGENT The role of an insurance agent is to supply a comprehensive policy which will provide adequate protection in the event of a loss on your new home. It should offer coverage for your dwelling, personal property, loss of use, and liability. The amount of insurance should be equal to the replacement value of the dwelling. A bank or mortgage company cannot require insurance in excess of the dwelling replacement cost. The insurance agent can help you to calculate the replacement value of your new home. Although provisions of the basic homeowner contract are...
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...EXAM 1 Material Pure risk – when there is uncertainty as to whether loss will occur. No possibility of gain is presented by pure risk----only the potential for loss. Loss or no loss. Ex – the uncertainty of damage to property by fire or flood Not an example of pure risk? Fluctuations in the price of fuel Speculative risk - when there is uncertainty about an event that could produce either a profit or a loss. Loss or gain. Ex---business ventures and investment decisions. Gains as well as losses may occur. Exchange rate risk and Marketing campaign Not an example of speculative risk? Employee injury risk Static risks – can be either pure or speculative, stem from an unchanging society that is in stable equilibrium. More predictable Ex of pure static risks – uncertainties due to random events such as lightning, windstorms, and death. Ex of speculative static risks – business undertakings in a stable economy Dynamic risks – produced b/c of changes in society. Ex of dynamic risk – urban unrest, increasingly complex technology, and changing attitudes of legislatures and courts about a variety of issues. Political risks Political risk in developing countries is an example of = Dynamic risk Subjective risk – refers to the mental state of an individual who experiences doubt or worry as to the outcome of a given event. Is essentially the psychological uncertainty that arises from an individual’s mental attitude or state of mind...
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...AND FINANCIAL MARKETS Peter N. Ireland Department of Economics Boston College irelandp@bc.edu http://www2.bc.edu/~irelandp/ec261.html Chapter 2: An Overview of the Financial System 1. Function of Financial Markets and Financial Intermediaries 2. Structure of Financial Markets Debt and Equity Markets Primary and Secondary Markets Exchanges and Over-the-Counter Markets Money and Capital Markets 3. Financial Instruments Money Market Instruments Capital Market Instruments 4. Role of Financial Intermediaries Transaction Costs and Economies of Scale Risk Sharing and Diversification Adverse Selection and Moral Hazard 5. Types of Financial Intermediaries Depository Institutions (Banks) Contractual Savings Institutions Investment Intermediaries This chapter provides an overview of the financial system in the US economy by describing the various types of financial markets, financial instruments, and financial institutions or intermediaries that exist. 1 The chapter begins with a general statement that clarifies what function financial markets and financial intermediaries have in the economy as a whole. It then deals more specifically with: The structure of financial markets and the ways in which different types of financial markets can be distinguished. Here, it discusses debt versus equity markets, primary versus secondary markets, exchanges versus over-the-counter markets, and money versus capital markets. The various types of financial instruments, including both money market instruments and...
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...future acts of terrorism. Insurance was one of the many that needed change especially for the families affected...
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