Insurance mathematics I. lecture Introduction References: - Arató Miklós: Általános biztosításmatematika (General insurance mathematics). ELTE, 2000 -George.

Slides:



Advertisements
Similar presentations
The Fundamentals of Insurance Ch.32 – South Western 1997.
Advertisements

Chapter Nineteen The American Economy Personal Finances ~~~~~ Insurance Against Hardship.
1 PROVISIONS FOR PROFIT AND CONTINGENCIES (MIS-35) Seminar on Ratemaking Nashville, TNRuss Bingham March 11-12, 1999Hartford Financial Services.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved. Chapter 7 Financial Operations of Insurers.
Lecture No. 3 Insurance and Risk.
Non-life insurance mathematics
Insurance mathematics III. lecture Solvency II – introduction Solvency II is a new regime which changes fundamentally the insurers (and reinsurers). The.
October 5, 2006Purdue University Reserves James Miles, FSA, MAAA October 5, 2006.
Insurance mathematics II. lecture Reserving – introduction I. One of the most important function of actuaries. Every year-end closure there is a requirement.
Life Insurance Life insurance is a contract that pays a beneficiary in the event of your death as long as the policy is in effect. Life insurance is something.
 I: Insurance: a contract(policy) where one party(insurer) agrees to pay another party (insured) of losses affecting the insured’s interests (the insurable.
REVISION OF INSURANCE IN GROUPS OF THREE COMPETITION.
Insurance Basics Sharing the Risk.
Equita Mortgage Group “Preserving Your Financial Future”
Unit 8: Insurance Section 14.1 – Insurance Basics.
Presenter: Amara Gondal General Insurance Balance Sheet October 28, 2010.
© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 20 SLIDE Vehicle Insurance Property Insurance.
Insurance and risk management Standard 11. What is risk? O the likelihood of loss or profit O from an investment O from some threat to your well-being.
Chapter 25 Introduction to Risk Management
Insurance: Risk Transferring Financial Literacy VTVLC – Fall 2013.
Pozavarovalnica Sava, d. d. Analyst Meeting Business Results of Sava Reinsurance Company FIRST QUARTER 2011 Maj 2011.
Chapter © 2010 South-Western, Cengage Learning Introduction to Risk Management Understanding Risk Managing Risk 25.
Insurance Jeopardy AutoInsuranceHomeownersLifeHealth
Insurance.  TEKS 8 – The student explains risk bearing devise. The student is expected to:  Identify the principles of insurance;  Review the types.
Chapter 25 Insuring Against Loss. Nature of Insurance Use insurance to protect themselves from risk due to fire, accident, or other catastrophes. People.
Miss Smith 7 th Grade Civics *pgs  Insurance- system of spreading risks over large numbers of people  People pay a small amount to the company.
Intensive Actuarial Training for Bulgaria January 2007 Lecture 5 – General Insurance Overview and Pricing By Michael Sze, PhD, FSA, CFA.
Non-life insurance services 1 UN STATISTICS DIVISION Economic Statistics Branch National Accounts Section UNSD/ECA National accounts workshop November.
Insurance Terms Business Essentials. Term Insurance An insurance policy that provides coverage for a limited period, the value payable only if a loss.
Insurance Take Charge of Your Finances G1.
Bernice S. Ofosu-Baadu Ghana statistical Service EN/ADM/2014/Pres/21.
Financial Sector (continued) Training Workshop on System of National Accounts for ECO Member Countries October 2012, Tehran, Islamic Republic of.
Types of Risk Risk Management Insurance Terminology Property & Liability Insurance Health and Life Insurance.
Chapter 2 Insurance and Risk
Insurance and Risk 2-1. Copyright © 2008 Pearson Addison-Wesley. All rights reserved. 2-2 Agenda Definition and Basic Characteristics of Insurance Requirements.
A Primer on Non-Life Insurance Ratios Craig Thorburn
Chapter 37 The Fundamentals of Risk. Risk Risk - can be thought of as the possibility of incurring a loss. There are 4 main types of Risk -  Economic.
Chapter 25 Introduction to Risk Management
Policy Reserve. Policy reserve also known as legal reserve are major liability of insurance company Under the level-premium method, premiums are overpaid.
Introduction to Risk Management © South-Western Educational Publishing What Is Insurance? What is risk? Risk Management.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved. Insurance Company Operations.
Ch. 18 Insurance Law Pages 318 – 339 Insurance Fundamentals
Chapter 7 Financial Operations of Insurers. Copyright ©2014 Pearson Education, Inc. All rights reserved.7-2 Agenda Property and Casualty Insurers Life.
Slide 1 INSURANCE BASICS 1.1Insurance and Risk 1.2Basic Policy Types 1.3Purchasing Considerations 1.
Introduction to Insurance Source of Lesson Resources: Next Gen Personal Finance.
 The forecasting and evaluation of financial risks  Identification of procedures to avoid or minimize their impact. Goals: ▪ Avoid or minimize losses.
Types of Insurance Essentials Economics Review: What is Insurance? Risk is the uncertainty about a situation’s outcome- may be an unpredictable.
Miss Smith 7 th Grade Civics *pgs  Insurance- system of spreading _____ over large numbers of ______  People pay a _____ amount to the _______.
Insurance: Your Protection Financial Literacy Mrs. Dayley.
What is Insurance? Insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined.
Chapter 6 Personal Risk Management. Slide 2 What Is Risk? 6-1 Risk Assessment and Strategies Risk is the chance of injury, damage, or economic loss. Probability.
INSURANCE TYPES AND CHARACTERISTICS. WHAT IS INSURANCE? We have insurance because life is full of different risks. Insurance – an agreement between an.
INSURANCE. INSURANCE – BASIC VOCABULARY HOW MANY WORDS DO YOU KNOW? ●INSURER ●INSURED ●COMPENSATION ●COVER ●REIMBURSE ●AGENT ●DAMAGES ●INSURANCE POLICY.
Basic Principles of Insurance Finance Investment Income (Income) Intt-Shareholders Fund (Income) Intt-PolicyholdersFund (Income) Underwriting Profits.
Intro to Business Chapter 34
Financial overview of Finnish insurance companies
Reserving – introduction I.
INSURANCE.
Insurance against Hardship
Introduction to Risk Management
Calculating Deductibles and Co-Insurance
Accounting for general insurance contracts
1.3 Purchasing Considerations
Understanding Types of Insurance
Calculating Deductibles and Co-Insurance
Dr.S.S.Jadhav Head, Dept of Commerce mrs.k.s.k. college beed
* Take Charge of Your Finances G1
Types of Insurance Advanced Level.
Calculating Deductibles and Co-Insurance
IBT Performance Based Objective Chapter 1 – Basic Insurance
Presentation transcript:

Insurance mathematics I. lecture Introduction References: - Arató Miklós: Általános biztosításmatematika (General insurance mathematics). ELTE, George E. Rejda: Principles of Risk Management and Insurance - Requirement: Elaboration of one task from appointed home works

Insurance mathematics I. lecture Basic definitions - Insurance - Policy - Insured - Signatory - Beneficiary - Duration of policy (definite or indefinite) - Premium - Sum insured - Claim payment - Claim event

Insurance mathematics I. lecture Basic question -Why do we take out a policy? One possible answer: there are a lot of such risk in our lives which – if it occurs – can cause a financial disruption of our family. For example: - fire regarding our home; - theft from our home; - car crash etc. Insurer can help us to avoid financial collapse.

Insurance mathematics I. lecture Example - policy Janos Kis works as a gatekeeper in Cerna manufactory. He is a member of Horgol Insurance Society. The Cerna takes out a disability policy with Horgol at The policy contains that if Janos will be disabled in 2013 then Horgol will pay proportional part of 1 million HUF to his wife, Janosne Kis. The premium is HUF.

Insurance mathematics I. lecture Example – claim event At Janos fell below a tram, because of that his right leg was amputated at After that he got a resolution for 50% disability. The Society paid HUF at to Janosne Kis.

Insurance mathematics I. lecture Example Insurer: Horgol Signatory: Cerna Insured: Janos Kis Beneficiary: Janosne Kis Duration: – Claim event: accidental disability of Janos Kis Sum Insured: HUF Premium: HUF Claim payment: HUF

Insurance mathematics I. lecture Classification of insurance Life insurance -Traditional life - Unit-linked Nonlife insurance - Accident - Health - Liability - Casco - MTPL - Fire

Insurance mathematics I. lecture Other basic definitions I. Reinsurance: insurance of insurance (risk transfer, capital need decreasing) Premium elements: - net premium (due to risk) - costs - safety plus - profit rate GP=NP+C+SP+PR Written premium and earned premium

Insurance mathematics I. lecture Other basic definitions II. Reserves: amount which insurer has to have to cover risks and claims. Now there are a lot of kind of reserves, for example: - Mathematical reserve - Outstanding claims reserve - IBNR reserve - Unearned premium reserve, etc. In the future (during Solvency II.) there are just one (two) type(s) of reserve.

Insurance mathematics I. lecture Often used ratios

Insurance mathematics I. lecture Other basic definitions III. Risk: amount which is covered by insurance, representing with one nonnegative probability variable Number of claim: representing with one nonnegative, integer probability variable Claim: representing with one nonnegative probability variable

Feedback: Privacy Policy Feedback
Do Not Sell My Personal Information
About project: SlidePlayer Terms of Service

© 2025 SlidePlayer.com. Inc. All rights reserved.