Insurance Handbook - Insurance Information Institute
Insurance Handbook
A guide to insurance: what it does and how it works
Insurance Handbook
A guide to insurance: what it does and how it works
?2010 Insurance Information Institute. 978-0-932387-47-9
Insurance Information Institute 110 William Street New York, NY 10038 Tel. 212-346-5500. Fax. 212-732-1916.
President ? Robert P. Hartwig, Ph.D., CPCU ? bobh@ Executive Vice President ? Cary Schneider ? carys@ Senior Vice President ? Public Affairs ? Jeanne Salvatore ? jeannes@ Senior Vice President and Chief Economist ? Steven N. Weisbart, Ph.D., CLU ?
stevenw@
Research Vice President ? Global Issues ? Claire Wilkinson ? clairew@
Publications Vice President ? Publications and Information Services ? Madine Singer ? madines@ Managing Editor ? Neil Liebman ? neill@ Research and Production ? Mary-Anne Firneno ? mary-annef@ Director ? Technology and Web Production ? Shorna Lewis ? shornal@ Production Assistant ? Katja Charlene Lewis ? charlenel@ Information Specialist ? Alba Rosario ? albar@ Special Consultant ? Ruth Gastel, CPCU ? ruthg@
Media New York:
Vice President ? Media Relations ? Michael Barry ? michaelb@ Vice President ? Web and Editorial Services ? Andr?a C. Basora ?
andreab@ Vice President ? Communications ? Loretta Worters ? lorettaw@
Web/Media Producer ? Justin Shaddix ? justins@
West Coast: Insurance Information Network of California:
Executive Director ? Candysse Miller ? cmiller@ Tel. 213-624-4462. Fax. 213-624-4432.
Northern California: Communications Specialist ? Tully Lehman ? tlehman@ Tel. 925-300-9570. Fax. 925-906-9321.
Representatives Davis Communications ? William J. Davis, Atlanta ? billjoe@ Tel. 770-321-5150. Fax. 770-321-5150. Hispanic Press Officer ? Elianne Gonz?lez, Miami ? elianneg@ Tel. 954-389-9517. Florida Representative ? Lynne McChristian, Tampa ? lynnem@ Tel. 813-480-6446. Fax. 813-915-3463.
Insurance Handbook
A guide to insurance: what it does and how it works
?2010 Insurance Information Institu?te. 978-0-932387-47-9
To The Reader
For over 50 years, the Insurance Information Institute (I.I.I.) has provided information to help consumers, reporters, insurance companies and researchers understand how insurance works and what it does. The Insurance Handbook is the latest addition to I.I.I.'s vast arsenal of resources, including books, brochures, newsletters and videos.
Long a primary source of information, analysis and referral on property/casualty insurance issues, the I.I.I. has broadened its reach over the years. Today, the I.I.I. is also a leading source for clear, comprehensive information on annuities, retirement and other life/health insurance concerns. The Insurance Handbook reflects this diversity of subjects and issues.
The book begins with basic information on the various types of insurance, including auto, home, life, annuities and long-term care. A glossary section contains over 500 entries, including over 100 life insurance definitions provided by LOMA, a worldwide association of life and financial services companies. A directory lists a wide range of insurance organizations, including national, state and specialty associations. Issues briefs provide overviews of the trends and developments shaping the insurance industry from natural catastrophes to terrorism to workplace safety.
The Handbook is designed to be used in conjunction with the Institute's other information resources: our Web site (), which provides comprehensive information on all aspects of insurance, and our various publications, including the Insurance Fact Book, the Financial Services Fact Book and A Firm Foundation: How Insurance Supports the Economy.
Its scope and clarity make it an ideal source for a wide variety of audiences, including:
? Reporters ? Public policymakers ? Regulators ? Students ? Insurance company employees ? Academics We believe this Handbook will prove a source of vital information to the media and others who have long relied on the I.I.I.'s spokespersons and resources for creditable, timely information. We appreciate your comments.
Robert Hartwig, Ph.D., CPCU President Insurance Information Institute
Contents
Insurance Basics ..............................................................................1
Overview
1
Auto Insurance
3
Homeowners Insurance
5
Business Insurance
10
Life Insurance
16
Annuities
19
Long-Term Care Insurance
22
Disability Insurance
24
Insurance Topics ........................................................................... 27
Captives and Other Risk-Financing Options
29
Catastrophes: Insurance Issues
32
Cellphones and Driving
34
Climate Change: Insurance Issues
35
Credit Scoring
39
Earthquakes: Risk and Insurance Issues
43
Financial and Market Conditions
45
Flood Insurance
47
Insurance Fraud
50
The Liability System and Medical Malpractice
Insurance Issues
52
Microinsurance
54
No-Fault Auto Insurance and Other Auto Liability Systems 55
Regulation
57
Reinsurance
60
Residual Markets
62
Terrorism Risk and Insurance
69
Workers Compensation
73
Glossary ......................................................................................... 78
Directories ...................................................................................128
Property/Casualty Insurance Industry Organizations
128
Life/Health Insurance Industry Organizations
132
Financial Services Industry Organizations
134
Agents and Brokers
141
Regulatory/Legislative Organizations
142
Educational Organizations
143
Specialty Organizations
145
Actuarial/Accounting
145
Adjusters
146
Alternative Markets
146
Auto/Auto Insurance
146
Automation and Claims Services
147
Aviation
147
Community Development
147
Crime/Fraud
147
Crop Insurance
148
Flood Insurance
149
International
149
Legal Issues and Services
152
Marine and Ground Transportation
152
Medical Malpractice/Professional Liability
153
Nuclear Insurance
153
Professional
153
Property Insurance Plans
154
Reinsurance
154
Risk Management
154
Safety/Disaster Mitigation
155
Surety, Financial Guaranty and Mortgage
157
Title Insurance
158
Weather
158
Workers Compensation
158
Research and Ratings Organizations
159
Alphabetical Index of Associations..........................................162
State Organizations ...................................................................166
Brief History ................................................................................190
I.I.I. Resources .............................................................................193
I.I.I. Member Companies ............................................................195
I.I.I. Staff ............................................................... Inside back cover
InBsausriacnsce
Overview
The insurance industry safeguards the assets of its policyholders by transferring risk from an individual or business to an insurance company. Insurance companies act as financial intermediaries in that they invest the premiums they collect for providing this service. Insurance company size is usually measured by net premiums written, that is, premium revenues less amounts paid for reinsurance. There are three main insurance sectors: property/casualty, life/health and health insurance. Property/casualty (P/C) consists mainly of auto, home and commercial insurance. Life/health (L/H) consists mainly of life insurance and annuity products. Health insurance is offered by private health insurance companies and some L/H and P/C insurers, as well as by government programs such as Medicare.
Regulation All types of insurance are regulated by the states, with each state having its own set of statutes and rules. State insurance departments oversee insurer solvency, market conduct and, to a greater or lesser degree, review and rule on requests for rate increases for coverage. The National Association of Insurance Commissioners develops model rules and regulations for the industry, many of which must be approved by state legislatures. The McCarran-Ferguson Act, passed by Congress in 1945, refers to continued state regulation of the insurance industry as being in the public interest. Under the 1999 Gramm-Leach-Bliley Financial Services Modernization Act, insurance activities--whether conducted by banks, broker-dealers or insurers--are regulated by the states. However, there have been, and continue to be, challenges to state regulation from some segments of the federal government as well as from some financial services firms.
I.I.I. Insurance Handbook insurancehandbook 1
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