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Essential of Risk Management and Insurance

As its tide indicates, this book covers the essentials of risk management and insurance. It evolved from the sixth edition of Fundamentals of Risk and Insurance, an advanced-level general insurance text that has been used by college and university students for more than nearly three decades. Over the years, some users of Fundamentals of Risk and Insurance had asked for a briefer version of the book, which admittedly tends to be somewhat encyclopedic. In response to these requests, in 1995, we created a brief edition of Fundamentals by eliminating some of the detail in the book that did not seem to us to be essential. The result was the first edition of Essentials of Insurance. In this second edition, in response to the recommendations of users, we have expanded the discussion of risk management, while retaining the original emphasis on the insurance product and the use of insurance within the risk management framework. To reflect the increased emphasis on risk management, we have changed the tide to Essentials of Risk Management and Insurance. As this title indicates, this second edition is about risk management and it is about insurance. Although one can study risk management with little more than a passing reference to insurance and while generations of students studied insurance before the concept of risk management was introduced, we believe that it makes sense to combine the study of the two fields, especially when the student is likely to take a single course that deals with the risk financing problem. As an introduction to the subject, it is intended for students who have had little or no prior education in risk management or insurance. It may serve as the basis for more advanced texts for those students who intend to specialize in the field of insurance, and at the same time it constitutes a compendium of the things an informed citizen and consumer should know about the subject.

Why Study Risk Management and Insurance?

The reasons for studying risk management and insurance are varied. For some, the study is undertaken in preparation for a career in the field. Others study to improve their knowledge of the subject to become more knowledgeable consumers. The average individual will spend a significant percentage of his or her disposable income on insurance over a lifetime, and one of the logical reasons for studying insurance is to learn how it can be used in personal financial planning. Still others study insurance as a part of the discipline of risk management, the managerial function that aims at preserving the operating effectiveness of the organization.

Finally, the study of risk management and insurance is a fertile field for considering the subject of ethics in business and in society. Indeed, the ubiquitous presence of ethical problems in the field of insurance transactions raises an important question: Is ethics something to be studied and learned, or is it something innate in the individual? Although practices within the insurance industry provide one venue for exploring the subject of ethics, personal insurance buying provides an even better one. Insurance buyers face ethical issues that provide a personal backdrop for the examination of ethics in personal conduct. We have attempted to provide a framework for exploring ethical issues in the Questions for Discussion at the end of several chapters.

Organization of the book

The book is divided into three major sections. In the first section, we examine the concept of risk, the nature of the insurance device, and the principles of risk management. This section also provides an overview of the insurance industry and the manner in which it operates.

The second section examines the traditional fields of life and health insurance as Solutions to the risks connected with theirs of-income. The Social Security system, workers compensation, and other social insurarance coverages are discussed in this section to permit the student to integrate the coverage under these programs planning income protection

The book is designed to fit a One-semester or wo-quarter course. We have composed what we onsider to be a logical sequence for the subject natter, but the book can be used flexibly. Sections Wo and Three in particular may be taken in dif-irent order. In addition, several of the chapters in ection One can be eliminated or deferred until - Sections Two and Three have been discussed.

640 pages