我国保险法2015年10月28)第二条本法所称保险.pptVIP

Lecture Three： Insurance and Its Functions Learning objectives Defining insurance and explain the basic characteristics of insurance Explain the law of large numbers Describe the requirements of an insurable risk Describe the major types of insurance Explain the functions of insurance Main Contents Definition of insurance Basic characteristics of insurance Insurable risk Adverse selection and insurance Insurance and gambling Types of insurance Insurance functions Insurance – what is it? Definition of insurance  There is no single definition of insurance. Insurance can be defined from the viewpoint of several disciplines, including law, economics, history, actuarial science, risk theory, and sociology. Definition of insurance  Different definitions given by scholars from both abroad and home Financial definition Insurance is a financial arrangement that redistributes the costs of unexpected losses. Insurance involves the transfer of potential losses to an insurance pool, the pool combines all the potential losses and then transfers the cost of the predicted losses back to those exposed. Thus, insurance involves the transfer of loss exposures to an insurance pool, and redistribution of losses among the members of the poolby Mark S. Dorfman Financial Definition (Page 16 of textbook) Insurance is the pooling of fortuitous losses by transfer of such risks to insurers, who agree to indemnify insureds for such losses, to provide other pecuniary benefits on their occurrence, or to render services connected with the risk. Legal definition Insurance is a contractual arrangement whereby one party agrees to compensation another party for losses. We call the party agreeing to pay for the losses the insurer, call the party whose loss causes the insurer to make a claims payment the insured. We call the payment the insurer receives a premium, call the insurance contract a policy. Call the insured’s possibility of loss the insured’s exposure to los