Fabozzi金融市场与金融机构基础课后答案.doc

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1、CHAPTER6INSURANCECOMPANIESTYPEOFINSURANCECOMPANIESInsurancecompaniessellinsurancepoliciesforapremium.Theyhavetwosourcesofincome:underwritingincome,andinvestmentincome.LifeInsuranceThelifeinsurancecompanypaysthebeneficiaryofthelifeinsurancepolicyintheeventofthedeathoftheinsu

2、red.HealthInsuranceThehealthinsurancecompanypaystheinsuredalloraportionofthemedicaltreatmentoftheinsured.Untilthelastdecade,themajortypeofhealthinsuranceavailablewasindemnityinsurance.Duetothelackofconstraintsandincentivesforcostsavings,themedicalserviceinsuredbyindemnityin

3、surancebecameveryexpensive.Inresponse,variousformsofmanagedhealthcarehavebeendeveloped.Ingeneral,theseformsofmanagedhealthcareputconstraintsonthechoiceoftheproviderbytheinsuredandonthetypesofserviceprovidedbytheprovider.PropertyandCasualtyInsurancePropertyandcasualty(P&C)in

4、surancecompaniesinsuretheriskofdamagetovarioustypesofproperty.LiabilityInsuranceTheriskinsuredagainstislitigation,ortheriskoflawsuitsagainsttheinsuredduetoactionsbytheinsuredorothers.Thisistypicallyathird-partyclaim.DisabilityInsuranceDisabilityinsuranceinsuresagainsttheina

5、bilityofemployedpersonstoearnanincome.Typically,“ownocc”disabilityinsuranceiswrittenforprofessionalsinwhite-collaroccupations,and“anyocc”forblue-collarworkers.Therearetwotypesofpoliciesregardingthesustainabilityofthepolicy.First,guaranteedrenewableisatermwheretheissuerhasto

6、sustainthepolicyforaspecifiedperiodoftime,butcanchangethepremiumratesfortheentireclass.Theothertypeisnoncancellableandguaranteedrenewablewherebytheissuerhasnorighttomakeanychangesinanypolicyduringthespecifiedperiod.Long-TermCareInsuranceLong-termcareinsuranceprovidescoverag

7、eforcustodialcarefortheagedwhoarenolongerabletocareforthemselves.StructuredSettlementsStructuredsettlementsarefixed,guaranteedperiodicpaymentsoveralongperiodoftime,typicallyresultingfromasettlementonadisabilitypolicyorothertypeofpolicy.InvestmentOrientedProductsAguaranteedi

8、nvestmentcontractorguaranteedincomecontract(orsimplyGIC),isapureinvestmentproduct.