米什金货币金融学(商学院版)第12章课件说课讲解.pptVIP

Chapter 12 Nonbank Finance 第一页，共20页。 12.1 Insurance Companies 12.1.1 Life Insurance Companies -The first life insurance company was established in 1759 and there are currently about 1700 companies. -Regulated by states, not federal government. -Hold illiquid long-term assets -Poor returns caused insurance demand ? -Became managers of pension funds * 第二页，共20页。 12.1.2 Property Casualty Insurance Companies -Regulated by states -Hold more liquid assets -Insure against losses from almost any type of event. If a possible loss is too large, several firms may join together to write a policy or reduce their risk by obtaining reinsurance. * 第三页，共20页。 Table 1 Relative Shares of Total Financial Intermediary Assets, 1970–2008 (percent) * 第四页，共20页。 Insurance Management Screening: Try to screen out good insurance risks from poor ones. 2. Risk-based premiums: Charging insurance premiums on the basis of how much risk a policyholder poses for the insurance provider. 3. Restrictive provisions: discourage policyholders from engaging in risky activities that make an insurance claim more likely. 4. Prevention of fraud: Conduct investigations to prevent fraud so that only policyholders with valid claims receive compensation. * 第五页，共20页。 5. Cancellation of insurance: Being prepared to cancel policies. 6. Deductibles: is the fixed amount by which the insured’s loss is reduced when a claim is paid off. 7. Coinsurance: A policyholder shares a percentage of the losses along with the insurer. 8. Limits on amounts of insurance * 第六页，共20页。 12.2 Pension Funds Pension funs provide the public with another kind of protection: regular income payments during retirement. 1. Rapid growth: encouraged by tax policy 2. Bigger role in stock market 3. Problem of underfunding 4. Private Pension Plans: administered by a bank, a life insurance company, or a pension fund manager. 5. Public Pension Plans Social Security: covers virtually all individuals employed in the private sector. * 第七页，共20页。 12.3