chapter 19 insurance companies and pension fund 上课用.pptVIP

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chapter 19 insurance companies and pension fund 上课用.ppt

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Chapter Summary (cont.) Growth and Organization of Insurance Companies: the changes in growth patterns over the last several decades was reviewed, including both assets and number of companies. Types of Insurance: the variety of insurance policies available covering life, health, etc., were presented. Chapter Summary (cont.) Pensions: the general idea and growth in pension funds was presented. Types of Pensions: the various forms, from defined-benefit to defined-contribution, were reviewed and compared. Chapter Summary (cont.) Regulation of Pension Plans: ERISA and other laws that govern pension funds was discussed. The Future of Pension Funds: we should expect their popularity, size, and power to continue to grow as the population ages. Copyright ? 2006 Pearson Addison-Wesley. All rights reserved. Chapter 22 Insurance Companies and Pension Funds Chapter Preview We look at two nonbank institutions: insurance companies and pension funds. We view them in a similar light as other financial intermediaries because they take funds from one sector and invest them in another. Topics include: Insurance Companies Fundamentals of Insurance Growth and Organization of Insurance Companies Types of Insurance Chapter Preview Pensions Types of Pensions Regulation of Pension Plans The Future of Pension Funds Insurance Companies Insurance companies assume the risk of their clients in return for a fee, called the premium. Most people purchase insurance because they are risk-averse—they would rather pay a certainty equivalent (the premium) than accept a gamble Fundamentals of Insurance Although there are many types of insurance and insurance companies, there are seven basic principles all insurance companies are subject to: There must be a relationship between the insured and the beneficiary. Further, the beneficiary must be someone who would suffer if it weren’t for the insurance. Fundamentals of Insurance The insured must provide full and accurate information to the insurance c