Introduction
Life insurance refers to a contract made between an insured party normally referred to as an insurance policy holder and the insurer normally the insurance company. In such a contract the insurer promises the insured to pay the beneficiary of the insured a sum amount of fund upon the death of the insured, in return the insured pays some amounts in the form of premium to the insurance company. The premium may be paid monthly or annually. The insured may also opt to pay the amount as a lump sum in that payment is only made once (McCarthy & Mitchell, 2012)
Life insurance and actuarial science
Insurance company is an investment company that plans on making profits and avoiding losses. In this case of a contract the company takes a risk that may lead to great losses. For this reason, the insurance company requires to make great risk analysis of the same contract to minimize the risk it undertakes in the contract. It also requires analyzing investments in the industry and thus taking the best investment that maximizes the returns of the premium paid by the insurance holder.
For the insurance to conduct the above analysis, it requires to conduct a lot of mathematical and statistical computation in relation to financial risk analysis and investment analysis, thus links the insurer with the actuarial science profession. Actuarial science is a field that studies that deals with mathematics and statistics associated with financial risk particularly in the pension firms and insurance firms. Here mathematics deals with the probability of uncertainty and statistics deal with modeling of processes based on observed data. This thus makes the actuarial science field the most applicable in the life insurance contract (Uratani, 2014). ...
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...ze the value of human life. Where the insured has not generated his expected specific amount that he expects for the beneficiary upon his death then the following to approaches are observed. The human life value approach may be adopted. This is whereby the value for the insured economic wealth at a given point in his life is generated. The second approach is the need analysis approach. The first approach does not project the actual needs that may arise upon the death of the insured and thus this method is applied to determine the claim of the insured. The two approaches require actuarial science basics.
Conclusion.
In conclusion, the insurance policy contract entirely depends on the actuarial profession for its analysis of the risk entailed in the process. This thus makes actuarial science a field that is most important in the conducting of life insurance contracts.
Underwriting is the assessment of risk that a potential customer may have, this allows the company to offer the customer a certain amount of coverage. This is something critical for
20th Century Insurance was established in 1958 and was the first company of its kind to sell automobile insurance without a middleman, known in the industry as a broker or agent. This direct sales approach allowed 20th to offer insurance at a much lower premium than its competitors. To date, 20th Century Insurance is still recognized as one of the most economical full service automobile insurers in the California market.
Allstate insurance is the second largest property and casualty insurance company by premiums in the United States. Allstate insurance handles about 12% of the U.S home and auto insurance market. (Allstate, 2014). Many of Allstate’s customers fall under what one could refer to as a traditional selection of insurance for automobiles. Recently, Allstate has noticed a major shortcoming in lifestyle insurance, which includes coverage for motorcycles, boats, and other recreational vehicles, in comparison to its competitors. The motorcycle insurance sector is a 10.4 billion dollar industry and growing (PRWEB, 2012). The U.S. Department of Transportation website reports some astounding figures, including that 5,370,035 motorcycles were registered three years before the article, 7,138,476 motorcycles registered at the time of the article, and grew to 9,477,243 registered motorcycles at the end of 2012 (NHTSA, 2013). It is obvious as to why Allstate would identify motorcycle insurance as a worthy lifestyle product to devote marketing research dollars into in order to develop new strategies for cornering a share of the market.
Billy Wilder’s Double Indemnity is one of the best representatives of the film noir era in Hollywood as it contains all the main characteristics of the genre. The general darkness present throughout the movie is embodied in the plot which reveals the moral bankruptcy of the main characters. It is also present in the mise-en-scene choices such as the dark costumes and modest lighting with the great emphasis on shadows. The main character’s voice-over, another important film noir characteristic, brings this darkness to life and communicates it to the audience with brutal honesty. One of the scenes of the film which contains all of these features is the one where the two main characters, Neff and Phyllis, meet for the first time. This scene will be analysed with respect to the main film noir elements and techniques that were used in the making of it – mainly mise en scene, the voice-over and the screenplay.
Excellent life insurance benefits with the basic plan paid by the Postal Service and the opportunity to purchase additional coverage
There are three types of life insurance that most insurance companies offer, which are, universal, whole, and term. Universal life insurance is a permanent policy consisting of two parts, which are term insurance and an investment/cash value feature-which is interest bearing. The premiums for the plan allow the policyholder to pay a minimum rate when necessary or to pay the maximum and provide funds to the cash value of the policy. The more that’s paid into it, the bigger the investment/return. With the cash value of the plan, fees are deducted for the costs of the plan and the policyholder receives payment from the interest of the remaining balance. Universal offers clients a definite minimum interest rate on the cash value. Some insurance companies offer a tiered interest rate that pays policyholders a fixed percentage up to a certain amount, then a higher interest rate on balances above that threshold.
Insurance companies exist to make money. They are not concerned with your needs which include great coverage at an affordable price. Their agenda consists of offering superfluous offers, causing you as a customer to lose money on frivolous items that won’t ever benefit you.
In A Defense of Abortion, Judith Thomson argues that abortion is permissible even in cases when a mother’s life is not in danger. Thomson starts her argument by mentioning the classic defenses of abortion which are focused on “drawing the line” of when a fetus can be considered a human. Thomson argues that this argument is weak and oversimplified in arguing the moral rightness of abortion (p.817). She believes that the abortion argument is centered on the fetus’s right to life and a woman’s right to control her own body. She states, “Every person has a right to life. So the fetus has a right to life. No doubt the mother has a right to decide what shall happen in and to her body…” (p.818). However, these two rights conflict when a fetus interferes the woman’s right to her own body. A specific example would be when a woman does not want to carry her fetus to term, or in carrying the unborn fetus, it endangers her life. In considering this, Thomson asks if the fetus’s rights are weightier than the woman’s right to her own body. Thomson concludes that the fetus is not entitled to a woman’s body. Termination of a fetus is not a betrayal of a moral obligation, while carrying a
Rousmaniere, Peter. “Facing a tough situation.” Risk & Insurance 17.7 (June 2006): 24-25. Expanded Academic ASAP. Web. 23 March 2011.
It is one of the world’s largest international insurance markets, with a leading share
There are many arguments surrounding the controversial topic of abortion, which for the purpose of this paper is taken to mean the intentional killing of a human fetus. On the one hand, I and many others argue that a fetus has the same right to life as an adult human and therefore abortion is immoral. On the other hand, others argue that this is not the case and that the fetus either doesn’t have the same right to life as an adult or that this right is of secondary importance to the rights of the mother. They therefore believe that abortion is not immoral.
During pregnancy, a woman’s body acts as a vessel that holds the fetus, causing the woman’s body to be its main source of life support. However, because on being has the right, does not give the being permitted to use another’s resources in order to stay alive. Thompson displays this in her work as she gives the example of a violinist. The example Thompson uses asks if a woman was to awake with a world-famous violinist attached to her body in order to survive, would it be wrong for her to detach herself to continue her life? The answer is no, because the violinist, though he has a right to life, has no right to the cohabitate the body of the woman. Let us apply this to abortion, the fetus limits on the right to life of the mother, and so by aborting the fetus, it limits its access to the mother’s body. Using a Utilitarian model on the levels of pleasure, by aborting the fetus the woman’s right of her body is secured, knowing that another person will not threaten her right over her body leading to the highest level of the pleasure of
External pressure from our Life Insurance partners wanted us to commit to using their services. Life Insurance had designed and implemented an accounting system a few years ago that provided wonderful functionality. This system is being used by most of the enterprise although there is no corporate mandate requiring administration areas to use it. While the functionality of this system is quite detailed and impressive, it fails to meet all of the needs of the annuity business customers. Because the annuity business requirements were quite extensive, the life insurance group could not commit to the necessary enhancements that would be required to their system to satisfy annuity users. Because of these business requirements, we then conducted an extensive analysis to determine what Annuities IT could do to satisfy the business requirements. The analysis revealed that we could build our own accounting system for only 25% of the cost of using the life insurance system.
Ravi, Sreenivasan. "Statistical And Probabilistic Methods In Actuarial Science." Journal Of The Royal Statistical Society: Series A (Statistics In Society) 172.2 (2009): 530. Business Source Premier. Web. 25 Oct. 2013.
J. David Cummins, A. S. (1999). Changes in the Life Insurance Industry: Efficiency, Technology and Risk Management: Efficiency, Technology, and Risk Management. Springer.