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1、外文翻译CLAIMSADJUDICATIONINTHEPERSONALAUTOMOBILEINSURANCERESIDUALMARKETMaterialSource:©TheJournalofRiskandInsurance,1999,Vol.66,No.2,275-290Author:MarkJ.Browne,BrendaP.WellsABSTRACTGovernmenthigh-riskinsuranceplansvaryintermsofstructureandoperation.Inautomobileinsurance,moststateshaveanassignedris
2、kplan(ARP),whileafewhaveajointunderwritingassociation{JUA).ARPandJUAaresimilarintheirpurpose:toprovidestate-mandatedautomobileinsurancecoveragetohigh-riskdrivers.Theyare,however,fundamentallydifferentintheirstructureandoperation.Thisarticleanalyzesthedifferencesinclaimspaymentpracticesbetweenth
3、esetwoformsofautomobileresidualmarketfacilityusedintheUnitedStates.Thisstudypredictsthat,duetodifferencesinincentives,JUAresultinhigherclaimspaymentsonthepartofinsurers.Theempiricalresultsareconsistentwiththeprediction.INTRODUCTIONThisstudyanalyzesthedifferencesbetweenthetwomajorformsofautomobi
4、leresidualmarketfacilityusedintheUnitedStates:assignedriskplans(ARP)andjointunderwritingassociations(JUA).Itspurposeistodetermineiftheformoftheresidualmarketfacilityaffectsclaimspayments.Duetodifferencesinincentives,theauthorspredictthatJUAresultinhigherclaimspaymentsonthepartofinsurers,andther
5、esultsareconsistentwiththeprediction.Althoughtheempiricalanalysisisrestrictedtoautomobileinsurance,thestudy'shypothesisthatjointunderwritingassociationsresultinhigherlosspaymentsthanassignedriskplansisapplicabletootherlinesofinsurance.Avarietyofgovernmentprogramsexistthatprovideinsurancetohigh-
6、riskconsumers,includingproperty,liability,andhealthcoverage.Foramandatoryinsurancecoveragesuchasautomobileinsurance,theconsumerrated"uninsurable"bytraditionalunderwritingstandardsisataseriousdisadvantagewithoutsomeformofgovernmentalintervention.Manystatesrequirethatdriverspurchaseautomobileliab
7、ilityinsurance.Inthesestatesifadriverisunabletoobtaininsuranceintheprivatemarket,theresidualmarketmechanismprovidesthenecessarycoverage.Withoutaresidualmarkettheindividualwouldeitherhavetoforgodriving,whichmayinterferewiththeabili