Class Notes (838,382)
United States (325,381)
Finance (30)
FIN 3440 (15)
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Lecture 3

Lecture 3 ISO

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Department
Finance
Course
FIN 3440
Professor
All Professors
Semester
Fall

Description
EvolutionofPropertyCasualtyInsuranceIndustryContractsUSVirtuallyallinsurancepoliciesarestandardcontractsAbsenceofindividualnegotiationtakeitorleaveitoffersThesamestandardcontractsoftenareusedbymanyinsurancecompaniesIntheextremeinsurancestandardizationisatakeitorleaveitofferofthesamepolicytoallcustomersbyallcompaniesPropertyCasualtyInsuranceContractStandardizationAutoHomeownersFireInsuranceOriginsLondonFireof1666PhiladelphiaContributorshipin1752BenjaminFranklinwediscussedtheseduringlastclassButtheyhadnoreliablestatisticsontheprobabilityoflossfromfireandtheydidntknowwhattochargeforfireinsuranceResultabsenceoflossdataforcesofcompetitionhumannaturepricewarswhichledtoinsurerinsolvenciescompanyfailuresandpolicyholderswhogotnopaymentstocovertheirlossesModernsolutiontoabovewesawinRegulationdiscussionwassolvencyregulationandguaranty
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