insurance sector

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1、ⅢInsurancesector1.InsuranceandRisksA.Whatisinsurance?保险的定义　　Insuranceisanarrangementbywhichoneparty(theinsurer保险人，保险公司)promisestopayanotherparty(theinsuredorpolicyholder被保险人，持保人)asumofmoneyifsomethinghappenswhichcausestheinsuredtosufferafinancialloss.Theresponsibilityforpayingsuchlossesisthentrans

2、ferredfromthepolicyholdertotheinsurer.Inreturnforacceptingtheburdenofpayingforlosseswhentheyoccur,theinsurerchargestheinsuredaprice,theinsurancepremium保费.　　Considertwonext-doorneighbors,BobandSteve.Bothownhousesworth$80,000,butBobhasinsuredhishouseagainstpossiblelossbyfireatapremiumof$150whileStev

3、eisuninsured.Byinsuring,Bobhasbeenabletotransferthelossof$80,000tohisinsurer.Hisfinancialpositionisthereforethesamewhetherornothishouseburnsdown:whateverhappensallhehastopayisapremiumof$150.AlthoughSteveavoidspaying$150,hehastobearthefullcostsofanyfire.Heistherefore$150betteroffthanBobifthereisnof

4、ire,but$79,850worseoffintheeventofaconflagration火灾.　　Insuranceworksbecausetheinsurercancollectpremiumsfromagroupofpeopleinsimilarcircumstances,notallofwhomwillsufferlossesinanyoneyear.Thesepremiumsarethenpooledtogether,andusedbytheinsurertopaylosses.Lossesarethussharedoutamongallthepolicyholdersra

5、therthanbornesolelybytheunluckyfew.　　Nowadaysinsurancenotonlyshareslossesamongindividualsandorganizations,italsospreadsthemovertime.Thisispossiblebecauseinyearswhenlossesarelighterthanexpected,insurerscanbuildupreserves(outofpremiumcontributionsandtheirinvestmentearnings)thatcansubsequentlybeusedi

6、nmoredifficultyears.B.Risks　　Riskispresentwheneverhumanbeingsareunabletocontrolorperfectlytoforeseethefuture.Althoughwecannotforeseethefuture,wecantosomeextentmeasureit.Whenwetossacoin掷硬币wedonotknowwhatwillhappen–butwecanmakeaverygoodguess:wehaveequalchancesofgettingeithera‘head’ora‘tail’.Weusethe

7、termriskwhere:althoughtheprecisefutureoutcomeisunknown,thepossiblealternativescanbelisted(suchas‘heads’or‘tails’);andthechancesassociatedwiththosepossiblealternativesarealsoknown(suchasa50percentchanceofeither‘he