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Lecture

Lecture 1

2 Pages
192 Views

Department
Mathematics Electives
Course Code
MTHEL131
Professor
David Kohler

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Lesson 1
Primary financial concerns of Canadians
- Pension: fear that your life’s savings will be insufficient
living too long
- Life insurance: dying and leaving family without income
dying too soon
- Not being able to work
becoming disabled
Life insurance contract
- Insurer
- Policy owner
- Insured
- Face amount (payout)
- Premium (monthly payment)
It took a long time to instill life insurance because
1) people didn’t want to “bet” on their own lives
2) lack of mortality tables
3) plagues
The Old Equitable
- 1762 legislation finally passed, and it was the first life insurance company
1) policy would be enforced for entire life
2) premiums would stay level
3) premiums would be based on age of entry
- most companies today have similar terms
Most valuable assets of insurance company
- money
- human resources
- ability to predict death
- ability to compete with other firms
- reputation, ability to keep a promise
Expectations of clients
- to secure family
- fair premiums
- actual money at date of payout
Possible problems
- company takes premiums and invests. Economy could crash
- more people could die than expected
Possible solutions

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Description
Lesson 1 Primary financial concerns of Canadians - Pension: fear that your life’s savings will be insufficient  living too long - Life insurance: dying and leaving family without income  dying too soon - Not being able to work  becoming disabled Life insurance contract - Insurer - Policy owner - Insured - Face amount (payout) - Premium (monthly payment) It took a long time to instill life insurance because 1) people didn’t want to “bet” on their own lives 2) lack of mortality tables 3) plagues The Old Equitable - 1762 legislation finally passed, and it was the first life insurance company 1) policy would be enforced for entire life 2) premiums would stay level 3) premiums would be based on age of entry - most companies today have similar terms Most valuable assets of insurance company - money - human resources - ability to predict death - ability to compete with other firms - reputation, ability to keep a promise Expectations of clients - to secure family - fair premiums - actual money at date of payout Possible problems - company takes premiums and invests. Economy could crash - more people cou
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