Lesson 1

Types of Risk【风险种类】

Risk is the possibility of an unexpected result.

  • Speculative risk can result in a gain, a loss, or no change;

  • pure risk involves either a loss or no loss.

投机风险可能获利。纯风险没有获利，只有纯风险才能投保。

Risk Management【风险管理】

Four risk management techniques:

  • Avoid the risk：避免风险（比如当心亏钱而不投资股票）

  • Control the risk ：控制风险（比如安装烟雾探测器来防止或减少火灾的损失）

  • Accept the risk：接受风险（不通过其他方式管理风险：避免，控制或转移风险）

  • Transfer the risk：转移风险（比如通过购买保险将风险的经济责任转移给保险公司）

Life Insurance Terminology【人寿保险术语】

Two basic types of life insurance product:

  • Life insurance: The insurer promises to pay a death benefit when a named person dies. 寿险

  • Annuity: In return for receiving a premium, an insurer promises to make periodic payments. 年金

Parties involved in an insurance transaction:

  • Applicant: The person or entity that applies for an insurance policy. 申请人

  • Policyowner: The person or entity that owns the issued policy. 保单所有者

  • Insured: The person whose life or health the policy insures. 被保人

  • Beneficiary: The person named to receive the policy benefit. 受益人

  • Third-Party Policy: A policy purchased by one person or entity on the life of another person. 第三方保单

Insurable Risks【可保风险】

The characteristics of an insurable risk:

  • The risk must be a pure risk：必须是纯风险，不能是投资风险

  • The loss must occur by chance：损失一定是偶然发送

  • The loss must be definite in time and amount：损失必须在时间和金额上明确

  • The loss must be significant：损失必须很大

  • The loss rate must be predictable：损失率必须是可预测的

  • The loss cannot be catastrophic to the insurer：损失对保险公司来说不会是灾难性的

赔偿合同和定额合同：

contract of indemnity: An insurance policy under which the amount of the policy benefit payable for a covered loss is based on the actual amount of financial loss that results from the covered event, as determined at the time of the event.

  • 赔偿合同：一种保险单，根据该保险单，承保损失的应付保险金金额以承保事件造成的实际经济损失金额为基础，在事件发生时确定。

valued contract: An insurance policy that specifies the amount of the policy benefit that will be payable when a covered loss occurs, regardless of the actual amount of the loss that was incurred.

  • 定额合同：一份保险单，规定了承保损失发生时应支付的保单福利金额，而不考虑实际发生的损失金额。

face amount: The amount of the policy benefit that is payable if the insured dies while the policy is in force. Also known as face value. 跟定额合同相关

人寿保险单是一种定额合同，保单签发时规定了被保险人死亡时应支付的赔偿金金额。其他类型的保险单是赔偿合同，以实际经济损失金额为基础给付，但须遵守保险单中规定的最高限额。

Insurers minimize catastrophic losses by purchasing reinsurance—insurance for insurance companies.

Reinsurance allows the insurer—the direct writer or ceding company—to transfer (cede) risk above its retention limit to a reinsurer or assuming company. The reinsurer can accept all of the transferred risk, or it can cede some of the risk to a second reinsurer, known as a retrocessionaire.

每个保险公司都设定了一个保留限额，即保险公司愿意承担的最大风险金额。

保险公司可以将超过保留限额的风险转移（分出）给再保险人或承担公司。

Underwriters and Underwriting【承保人及承保】

Underwriters evaluate proposed risks and assign them to risk classes.

  • Underwriters evaluate applications for physical hazards and moral hazards.

  • Underwriters try to avoid antiselection.

medical risk factor: A physical or psychological characteristic that may increase the likelihood of loss.

医疗风险因素：可能增加损失可能性的身体或心理特征。

moral hazard: A characteristic that exists when the reputation, financial position, or criminal record of an applicant or a proposed insured indicates that the person may act dishonestly in the insurance transaction.

道德风险：当投保人或拟投保人的声誉、财务状况或犯罪记录表明此人可能在保险交易中做出不诚实行为时存在的一种特征。

antiselection: The tendency of individuals who believe they have a greater-than-average likelihood of loss to seek insurance protection to a greater extent than do other individuals.

反选择：认为自己遭受损失的可能性高于平均水平的个人比其他人更倾向于寻求保险保护。

Risk Classes【风险级别】

Individual life insurers usually identify at least four risk classes for proposed insureds.

  • Standard: Insurers classify proposed insureds whose likelihood of loss is not significantly greater than average as standard risks. The insurance company charges its standard premium rates.

    • 保险公司将损失可能性不显著高于平均水平的拟被保险人分类为标准风险。保险公司按标准费率收费。

  • Preferred: Insurers classify proposed insureds whose likelihood of loss is significantly lower than average as preferred risks. The insurance company charges these insureds preferred premium rates, which are lower than standard premium rates.

    • 保险公司将损失可能性显著低于平均水平的被保险人分类为优先风险。保险公司向这些被保险人收取比标准保险费率低的优先保险费率。

  • Substandard: Insurers classify proposed insureds whose likelihood of loss is significantly greater than average as substandard risks. The insurance company charges them substandard premium rates, which are higher than standard premium rates.

    • 保险公司将损失可能性明显大于平均水平的拟投保人分类为不合标准风险。保险公司向他们收取低于标准的保险费率，高于标准的保险费率。

  • Declined: Some proposed insureds present a risk that is too great for the insurer to cover. This might include people with a poor health history or those who engage in exceptionally risky activities, such as sky diving or mountain climbing.

    • 拒绝风险，一些被保险人提出的风险太大，保险公司无法承担。这可能包括健康史不佳的人或从事特别危险活动的人，如跳伞或登山。

interest is present: Laws in most states require insurable interest to be present at policy issue to prevent people from buying insurance to wager on other people s lives.

大多数州的法律都规定，在购买保险时必须有可保险利益，这是为了防止人们以他人的生命为赌注购买保险。

可保险利益：如果赫克托耳死亡，投保人赫克托耳和受益人玛丽亚将遭受真正的损失，因此可保险利益是存在的。

课后习题

1.Risk is the possibility of an unexpected result. Risks can be speculative risks or pure risks.(Speculative/Pure) risk is an insurable risk because there is(a/no) possibility of gain.

风险是指意外结果的可能性。风险可以是投机风险，也可以是纯粹的风险。纯粹风险是一种可保险的风险，因为不存在收益的可能性。

2.The following statements describe individuals who are using various risk management techniques. From the answer choices below, select the response that correctly describes an individual who is transferring risk.

  • Lana installed a smoke detector in her new home to reduce the likelihood that it would be damaged or destroyed by a fire.
  • Josh does not own stock because he is afraid of losing money in the stock market.
  • Carol, who recently retired, purchased an annuity to provide her with retirement income for the rest of her life.
  • Amit, a small business owner, has set aside money to pay for his employees’ medical expenses.

以下陈述描述了使用各种风险管理技术的个人。从下面的回答选项中，选择正确描述转移风险的个人的回答。

  • 奥拉娜在她的新家里安装了一个烟雾探测器，以减少它被火灾损坏或摧毁的可能性。

  • Josh不持有股票，因为他害怕在股市上赔钱。

  • 最近退休的OCarol购买了一份年金，为她提供余生的退休收入。

  • Amit是一家小企业主，他已经留出资金来支付员工的医疗费用。

3.Barry applied for and was issued an insurance policy covering the life of his wife, Ina. Barry named his daughter, Gail, as the individual who will receive the policy benefit should Ina die while the policy is in force. With regard to basic insurance terminology in this situation, it is most likely correct to say that

  • the policy Barry applied for is a third-party policy
  • Barry is the beneficiary of this policy
  • Gail is the insured for this policy
  • Ina is the policyowner of this policy

巴里申请并获得了一份涵盖其妻子伊娜生命的保险单。巴里指定他的女儿盖尔为在政策生效期间伊娜去世时将获得政策福利的人。关于这种情况下的基本保险术语，这样说很可能是正确的

  • 巴里申请的保单是第三方保单

  • 巴里是这项政策的受益者

  • Gail是这份保单的被保险人

  • Ina是本保单的投保人

4.A risk, or potential loss, must have certain characteristics to be considered insurable. For example, to be insurable, a loss must

  • not occur by chance
  • be catastrophic to the insurer
  • be significant
  • have a rate of loss that is unpredictable

风险或潜在损失必须具有某些特征才能被视为可保险。例如，要想投保，损失必须

  • 不是偶然发生的

  • 对保险公司来说是灾难性的

  • 意义重大

  • 损失率是不可预测的

5.Carly Pavin, an underwriter for the Keen Insurance Company, has gathered the following information about Van Gregg, a proposed insured:

  • Fact A: Mr. Gregg is overweight and has high blood pressure【medical risk factor】
  • Fact B: Mr. Gregg was convicted of tax evasion five years ago 【moral hazard】

From the answer choices below, select the response that correctly indicates whether Ms. Pavin would correctly classify Facts A and B as moral hazards or medical risk factors.

Keen保险公司的保险人Carly Pavin收集了关于Van Gregg的以下信息，Van Gregg是一名拟议的被保险人：

  • 事实A：格雷格先生超重并且患有高血压

  • 事实B：Gregg先生五年前被判逃税罪。

从下面的答案中，选择正确表明Pavin女士是否会将事实A和B正确归类为道德风险或医疗风险因素的答案。

6.In assessing the degree of risk represented by a proposed insured, an underwriter must consider the tendency of individuals who have a greater-than-average likelihood of loss to seek insurance protection to a greater extent than do other individuals. This tendency is known, by definition, as

  • reinsurance
  • the law of large numbers
  • antiselection
  • riskpooling

在评估拟议被保险人所代表的风险程度时，保险人必须考虑损失可能性高于平均水平的个人比其他个人更大程度地寻求保险保护的趋势。根据定义，这种趋势被称为

  • 再保险

  • 大数定律

  • 反选举

  • 风险分担

7.The Nimble Life Insurance Company places proposed insureds into one of four risk classes: preferred, standard, substandard, and declined. An underwriter for Nimble determined that Hai Zhang,a proposed insured, presented a likelihood of loss that was not significantly greater than average. This information indicates that Nimble placed Mr. Zhang in the risk class known as the

  • preferred risk class
  • standard risk class
  • substandard risk class
  • declined risk class

灵活人寿保险公司将拟议的被保险人分为四个风险类别之一：首选、标准、不合格和拒绝。Nimble的一位保险人认定，被保险人张海（Hai Zhang）的损失可能性并不明显高于平均水平。这些信息表明，Nimble将张列入了被称为

  • 首选风险类别

  • 标准风险等级

  • 不合格风险等级

  • 拒绝风险等级

Lesson 2

Financial Institutions and the Insurance Industry【金融机构和保险业】

Types of Financial Institutions:

  • Depository institutions accept deposits and make loans.

  • Finance companies make short- and medium-term loans.

  • Securities firms buy and sell stocks, bonds, and other investments on behalf of investors. Mutual fund companies maintain a diversified portfolio by using investor’s funds to buy and sell a variety of securities.

  • Insurance companies issue products that cover personal risk, property damage risk, and liability risk.

  • 存款机构接受存款并发放贷款。

  • 金融公司提供短期和中期贷款。

  • 证券公司代表投资者买卖股票、债券和其他投资。共同基金公司通过利用投资者的资金买卖各种证券来维持多元化的投资组合。

  • 保险公司发行的产品涵盖个人风险、财产损失风险和责任风险。

Deregulation and other factors have contributed to the removal of barriers that historically prevented different financial institutions from competing with each other. This evolution of the insurance industry is characterized by

  • Convergence 融合，向能够满足客户银行、保险和证券需求的单一金融机构的转变。

  • Consolidation 合并，主要通过兼并(merger)和收购(acquisition)进行，导致传统金融服务机构减少。

  • Globalization 全球化，商业、技术或哲学向全世界传播的趋势

People and businesses purchase insurance products to cover three types of risk:

  • Personal risk: Risks arising from the possibility of death, illness, injury, inability to work, or outliving one’s savings
  • Property damage risk: Risks occurring from damage to, destruction of, or the disappearance of real property such as a home, an automobile, or personal belongings
  • Liability risk: Risks occurring from acts or omissions that result in harm to others or their property

Life and health insurers protect against financial losses from death, disability, illness, accident, and outliving one’s savings.

Life and Health Products:

  • Life insurance
  • Medical expense insurance
  • Disability insurance
  • Annuities

Property/casualty insurers insure against losses to your property and from your unintentionally harming others.

Property/Casualty Products:

  • Automobile insurance
  • Homeowners insurance
  • Liability insurance

Insurance Company Organization【保险公司组织】

Typically, insurance companies are organized as stock insurance companies, mutual insurance companies, or fraternal benefit societies.

  • stock insurer 股票保险公司
    • Can issue shares of stock 发行股票
    • Owned by stockholders, who have voting rights in the company 由在公司拥有投票权的股东所有
    • Stockholders may receive shares of operating profits known as stock dividends 股东可以获得股票分红
  • mutual insurer 共同保险公司
    • Owned by policyowners 保单持有人所有
    • Policyowners have membership rights (voting rights in the company) 保单持有人拥有会员权（公司投票权）
    • Policyowners may periodically receive an amount of money known as a policy dividend 保单持有人可能会定期收到保单红利
  • fraternal benefit societies 兄弟福利协会
    • Owned by members of a fraternal lodge system 由兄弟会的成员拥有的
    • Provides social and insurance benefits only to fraternal members and their families 只向兄弟成员及其家庭提供社会和保险福利
    • Legally required to have a representative form of government 法律上要求有一个代议制的政府

Insurance Regulation【保险监管】

Two Goals of Insurance Regulation

  • Solvency Regulation 偿付能力监管

    • Solvency regulation is known as prudential regulation in many countries.
    • 偿付能力监管在许多国家被称为审慎监管。

  • Market Conduct Regulation 市场行为监管

Federal laws pertaining to insurance industry: McCarran-Ferguson Act and Dodd-Frank Act, which established the Federal Insurance Office (FIO).

与保险业有关的联邦法律：麦卡兰-弗格森法案和多德-弗兰克法案，后者建立了联邦保险办公室（FIO）

  • 州政府：In the United States, insurance is regulated mainly by state insurance departments. States oversee insurers’

    • Market conduct practices 市场行为实践

    • Financial condition 财务状况

    • Policy forms 保单表格

  • 联邦政府：The federal government regulates

    • Sales of variable life insurance and annuities 可变人寿保险和年金的销售

      • Variable life insurance and variable annuities are considered to be investment products and so are regulated by the U.S. Securities and Exchange Commission(SEC). The owner, not the insurer, assumes most, if not all, of the investment risk for a variable product. Individuals selling variable insurance products must obtain both a state insurance license and a Financial Industry Regulatory Authority(FINRA) license to sell investment securities.
      • 可变人寿保险和可变年金被视为投资产品，因此受到美国证券交易委员会的监管。可变产品的大部分（如果不是全部的话）投资风险由所有者而非保险公司承担。销售可变保险产品的个人必须同时获得州保险许可证和美国金融业监管局许可证才能销售投资证券。

    • Consumer protections 消费者保护

    • Consumer privacy 消费者隐私

    • Income taxes 所得税

    • Antiterrorism 反恐怖主义

  • 联邦保险办公室：FIO with authority to monitor the insurance industry, identify areas with inadequate state regulation, and handle international insurance issues.

    • FIO有权监督保险业，确定国家监管不足的领域，并处理国际保险问题。

  • 全国保险专员协会：National Association of Insurance Commissioners (NAIC) helps standardize regulations among the states.

    • NAIC帮助各州规范法规。

课后习题

1.The Purslane Company is a type of financial institution that specializes in the purchase and sale of certificates, such as shares of stock, which represent an ownership interest, or bonds, which represent a debt owed. This information indicates that Purslane is the type of financial institution known as

  • a depository institution
  • a securities firm
  • an insurance company
  • a finance company

Purslane公司是一种专门从事证书买卖的金融机构，如代表所有权权益的股票或代表所欠债务的债券。这些信息表明，Purslane是一种被称为

  • 储蓄机构
  • 证券公司
  • 保险公司
  • 金融公司

2.The Steady Insurance Company operates in a competitive climate in which a single financial services institution often sells a wide range of banking, insurance, and investment products and services. Such a competitive climate is best described by the term known as

  • acquisition
  • consolidation
  • globalization
  • convergence

Steady Insurance Company在竞争激烈的环境中运营，一家金融服务机构通常销售广泛的银行、保险和投资产品和服务。这种竞争性的气候最好用以下术语来描述：

  • 收购
  • 合并
  • 全球化
  • 融合

3.All insurance companies are corporations. Characteristics of corporations include that they (are/are not) distinct from their owners and that they(do/do not) extend beyond the deaths of their owners.

公司是由政府单位的权力创建的法人实体，与拥有该公司的人分开且不同。公司提供了稳定性和持久性的要素，使其成为保险公司的理想结构，保险公司的合同义务可以延续多年。

4.The Yarrow Insurance Company is organized as a stock insurer. Therefore, one characteristic of Yarrow is that

  • it operates through a lodge system
  • it is owned by its policyowners
  • its stockholders have voting rights in Yarrow
  • its policyowners may receive shares of its operating profits in the form of stock dividends

雅罗保险公司是一家股票保险公司。因此，雅罗的一个特点是

  • 它通过帮会运作

  • 它由保单持有人所有

  • 其股东在雅罗拥有投票权

  • 其保单持有人可以以股票股息的形式获得其经营利润的份额

5.One primary focus of insurance regulation is to ensure that insurance companies conduct their businesses fairly. This type of insurance regulation is known, by definition, as

  • market conduct regulation

  • solvency regulation

  • prudential regulation

  • securities regulation

保险监管的一个主要重点是确保保险公司公平地开展业务。根据定义，这种类型的保险监管被称为

  • 市场行为监管

  • 偿付能力监管

  • 审慎监管

  • 证券监管

6.The following statements are about the regulation of insurance companies in the United States. Select the answer choice containing the correct statement.

  • Insurance companies in the United States are primarily regulated by the federal government.
  • The U.S. McCarran-Ferguson Act created the Federal Insurance OfCE(FlO) with authority to monitor the insurance industry.
  • If an insurance company operating within a state is unable to pay its policy benefits, the National Association of Insurance Commissioners (NAIC) provides funds to cover a specified portion of the company’s benefit payments.
  • To ensure compliance with solvency legislation, state regulators conduct formal investigations of an insurer’s financial condition at least every three to five years.

以下声明是关于美国保险公司的监管。选择包含正确陈述的答案。

  • 美国的保险公司主要由联邦政府监管。

  • 美国《麦卡伦-弗格森法案》设立了联邦保险管理局，有权监督保险业。

  • 如果在一个州内经营的保险公司无法支付其保单福利，全国保险专员协会（NAIC）将提供资金来支付公司福利金的特定部分。

  • 为了确保遵守偿付能力立法，州监管机构至少每三到五年对保险公司的财务状况进行一次正式调查

Lesson 3

Insurance Contracts【保险合约】

An insurance policy is a legally enforceable contract between a policyowner who applies for and owns the policy and the insurer that issues the policy.

保险单是申请并拥有该保险单的投保人与签发该保险单的保险人之间的一种具有法律强制执行效力的合同。

Types of Contracts【合同类型】

Contracts can be divided into types depending on their characteristics.

  • Bilateral contract: Both parties make legally enforceable promises.

    • 双边合同：双方作出具有法律效力的承诺。

  • Unilateral contract: Only one party’s promise is legally enforceable.

    • 单方面合同：只有一方的承诺具有法律效力。

  • Commutative contract: The parties to the contract exchange items or services that are relatively equal in value.

    • 交换合同：合同双方交换价值相对相等的物品或服务。

  • Aleatory contract: One party provides something of value to another in exchange for a conditional promise.

    • 选择性合同：一方向另一方提供有价值的东西以换取有条件的承诺。

  • Bargaining contract: Both parties, as equals, set the terms and conditions of the contract.

    • 议价合同：双方平等地制定合同的条款和条件。

  • Contract of adhesion: One party prepares the contract for the other party to accept or reject as a whole, without any bargaining.

    • 附意合同：一方准备合同，供另一方作为一个整体接受或拒绝，无需任何讨价还价。

  • Informal contract: Enforceable because the parties to the contract met the requirements concerning the substance of the agreement.

    • 非正式合同：可强制执行，因为合同各方符合协议实质的要求。

  • Formal contract: Enforceable because the parties to the contract met requirements concerning the form of the contract itself.

    • 正式合同：可强制执行，因为合同各方符合合同形式本身的要求。
    • 一份正式的合同要求双方履行一定的手续，比如聘请法律顾问创建合同，或者由公证人验证合同。房地产买卖合同是一种正式合同。

the characteristics of an insurance contract:

  • Aleatory contract
  • Contract of adhesion
  • Informal contract
  • Unilateral contract

  • Valid Contract: A contract that satisfies all the legal requirements and is enforceable by law.

    • 有效合同：满足所有法律要求并可依法执行的合同。

  • Void Contract: A contract that does not meet one or more of the legal requirements to create a legally enforceable contract.

    • 无效合同：不符合一项或多项法律要求的合同，不能成为具有法律效力的合同。

  • Voidable Contract: A contract in which a party has the right to reject her obligations under the contract.

    • 可撤销合同：一方有权拒绝履行其在合同项下的义务的合同。

A Valid Contract【一张有效合同】

Remember that the requirements for a valid contract are

  • Mutual assent: The parties reach a meeting of the minds about the terms of a contract when 相互同意
    • One party makes an offer and the other party accepts that offer
    • All parties express intent to be bound by the terms of the contract
  • Legally adequate consideration: The parties must exchange consideration; each must give a promise or something of value to the other party. 法律上适当报价
    • Applicant’s Consideration: Completed insurance application and the initial premium payment
    • Insurer’s Consideration: Promise to pay policy benefits if the conditions stated in the policy occur
  • Lawful purpose is satisfied by the presence of insurable interest in the life of the insured 合法的目的
    • Shown if the insured’s death creates a significant loss
    • Generally needed by the policyowner and the policy beneficiary; may be assumed because of bonds of affection or financial dependence
    • Insurable interest must exist only at the time of policy issue.
  • Contractual capacity 契约能力
    • Contractual Capacity for Insurance Companies
    • Contractual Capacity for Individuals

Insurable interest is the interest that an insurance policyowner or beneficiary has in the risk that is insured. A policyowner or beneficiary has an insurable interest if he is likely to suffer a genuine loss or detriment if the event insured against occurs.

可保利益是投保人或受益人对所投保的风险所具有的利益。如果投保人或受益人在保险事件发生时可能遭受真正的损失或损害，那么他就具有可保利益。

Insurable Interest Relationships: The bonds of affection and financial dependence between certain family members are assumed by law to create an insurable interest between an insured and a policyowner or beneficiary.

Insurable interest is assumed for the insured’s spouse, child, parent, grandparent, grandchild, and sibling

可保利益亲属关系：法律规定，某些家庭成员之间的情感纽带和经济依赖关系在被保险人与投保人或受益人之间产生保险利益。

被保险人的配偶、子女、父母、祖父母、孙子女和兄弟姐妹享有保险权益

Insurable Interest - Step Relative: When a policyowner or beneficiary is a step relative (stepfather, stepdaughter, etc.), distant relative, business partner, or friend, the bonds of affection and financial dependence may not be so clear.

可保利益继亲属关系：当投保人或受益人是继亲属（继父、继女等）、远房亲戚、商业伙伴或朋友时，感情和经济依赖的纽带可能并不那么明确。

Contractual Capacity for Insurance Companies:

An insurance company acquires the contractual capacity to issue an insurance policy by being licensed or authorized to do business by the proper regulatory authority. A company that is not licensed or authorized does not have the legal capacity to make an insurance contract.

保险公司的合同能力：保险公司通过获得适当监管机构的许可或授权开展业务，获得签发保险单的合同能力。未经许可或授权的公司没有订立保险合同的法律能力。

Contractual Capacity for Individuals:

The law generally presumes that individuals who apply for insurance have the contractual capacity to enter into a contract. However, a lack of full contractual capacity is assumed when those individuals

  • Are minors
  • If a minor is issued an insurance policy, the policy is voidable by the minor, which means that the minor can later decide to disaffirm the policy, and the insurer will have to return the premiums the minor paid for the policy.
  • Lack mental capacity
  • People who lack mental capacity (for example, declared insane or mentally incompetent by a court of law) or whose mental capacity is impaired (for example, intoxicated or mentally ill) typically do not have full contractual capacity.
  • A person without mental capacity cannot enter into a valid insurance contract. Thus, any such contract would be void. A person with impaired mental capacity is like a minor in that an impaired person who later regains competency may be able to avoid the insurance contract and receive a return of premiums.

个人的合同能力：法律通常假定申请保险的个人具有订立合同的合同能力。然而，当这些人

  • 是未成年人

  • 如果未成年人被签发了保险单，该保险单可由未成年人撤销，这意味着该未成年人稍后可以决定撤销该保险单，保险公司将不得不退还该未成年人为该保险单支付的保费。

  • 缺乏心理能力

  • 缺乏精神能力的人（例如，被法院宣布为精神错乱或精神无行为能力的人）或精神能力受损的人（如醉酒或精神病患者）通常没有完全的合同能力。

  • 没有精神能力的人不能订立有效的保险合同。因此，任何此类合同都是无效的。精神能力受损的人就像未成年人一样，因为后来恢复能力的受损人可能能够逃避保险合同并获得保费回报。

课后习题

1.Because only the insurer makes a legally enforceable promise in a typical life insurance contract, the contract is an example of a (unilateral/bilateral) contract. Because the policyowner exchanges something of value-the premium-for the insurer’s conditional promise to pay benefits if the insured dies while the policy is in force, a life insurance contract is an example of (a commutative/an aleatory) contract.

因为在典型的人寿保险合同中，只有保险人做出了可依法执行的承诺，所以该合同是单方面合同的一个例子。因为投保人用有价值的保险费来换取保险人有条件的承诺，如果被保险人在保单有效期间死亡，保险人将支付保险金，所以人寿保险合同就是可选择性合同的一个例子。

2.Lila Tabak is the policyowner-insured of a life insurance contract with the EIM Insurance Company. The following statement(s) can correctly be made about this insurance contract:

A. Ms. Tabak’s contract with Elm is an example of a formal, rather than an informal, contract.
B. If any provision in this contract is ambiguous, the courts most likely will interpret that provision against Elm.

  • Both A and B
  • A only
  • B only
  • Neither A nor B

Lila Tabak是EIM保险公司人寿保险合同的投保人。关于本保险合同，可以正确地作出以下声明：

A.塔巴克女士与ElM签订的合同是一份正式合同，而非非正式合同。

B.如果本合同中的任何条款不明确，法院很可能会对Elm不利地解释该条款。

  • A和B

  • 仅A

  • 仅限B

  • 既不是A也不是B

3.The following information describes two contracts:

  • Contract A-one of the parties has the legal right to reject her obligations under the contract without incurring legal liability [voidable]
  • Contract B-does not meet one of the legal requirements to create a legally enforceable contract [void]

以下信息描述了两个合同：

  • 合同A—一方有权拒绝履行其在合同项下的义务，而无需承担法律责任**[可撤销]**

  • 合同B不符合创建具有法律效力的合同的法律要求**[无效]**

4.When Pam Store applied for a life insurance policy from the Birch Insurance Company, she submitted legally adequate consideration for the policy. This consideration most likely consisted of

  • a completed insurance application, the initial premium payment, and a promise to pay all renewal premiums
  • a completed insurance application and the initial premium payment only
  • the initial premium payment and a promise to pay all renewal premiums only
  • the completed insurance application only

当Pam Storr向Birch保险公司申请人寿保险时，她提交了法律上充分的对价。这种考虑很可能包括

  • 已完成的保险申请、首次保费支付以及支付所有续保保费的承诺

  • 已完成的保险申请和首次保费支付

  • 首次保费支付和仅支付所有续保保费的承诺

  • 仅填写完整的保险申请

5.The bonds of affection and financial dependence between certain family members are assumed by law to create an insurable interest between an insured and a policyowner or beneficiary. All of the following individuals generally would be presumed to automatically satisfy the insurable interest requirement EXCEPT for an insured’s

  • spouse
  • brother
  • grandmother
  • cousin

法律认为，某些家庭成员之间的情感纽带和经济依赖关系在被保险人和投保人或受益人之间产生了可保利益。除被保险人的

  • 配偶

  • 兄弟

  • 祖母

  • 表亲

6.The following statements are about contractual capacity in the formation of insurance contracts. Select the answer choice containing the correct statement.

  • An insurer acquires its legal capacity to issue an insurance contract by being licensed or authorized to do business by the proper regulatory authority.
  • If an insurer issues a policy to a person who is younger than the permissible age to purchase insurance, the insurer can avoid the policy.
  • An insurance contract entered into by a person when the person’s mental competence is impaired, but who has not been declared insane or mentally incompetent by a court, is a valid contract.
  • An insurance contract entered into by a person after a court has declared the person to be insane or mentally incompetent is a voidable contract.

以下是关于保险合同订立中的合同能力的陈述。选择包含正确陈述的答案。

  • 保险人通过获得适当监管机构的许可或授权开展业务，获得了签发保险合同的法律能力

  • 如果保险公司向低于允许购买保险年龄的人签发保单，保险公司可以回避该保单。

  • 当一个人的精神能力受到损害，但没有被法院宣布为精神失常或精神无行为能力时，该人签订的保险合同是有效的合同。

  • 一个人在法院宣布其精神失常或无行为能力后订立的保险合同是可撤销的合同。

Lesson 4

Actuaries and Premium Rates【精算师和保险费率】

In an insurance transaction, the policyowner pays premiums to the insurer in exchange for the insurer’s promise to pay benefits when they become due.

• For the customer, the value of the exchange is the opportunity to transfer risk to the insurer and gain peace of mind.

• For the insurer, the value of the exchange is the opportunity to collect premiums and grow the company’s business.

精算师Actuaries specialize in calculating the financial impact of risk and uncertainty. They rely on the mathematics of insurance to determine how much insurers should charge customers so that the company can

  • Pay all future benefits 支付所有未来福利
  • Cover operating expenses 支付运营费用
  • Make a reasonable profit 赚取合理利润

Actuaries determine premium rates per unit of coverage. These rates must be

  • Adequate: The company will have enough money to pay policy benefits. 足够的

  • Equitable: Each policyowner pays a premium that reflects the degree of risk he presents to the insurer 公平的

Developing Premium Rates【制定保险费率】

To determine adequate and equitable premium rates, actuaries take into account

  • the cost of benefits 福利成本

    • The cost of benefits equals all of the insurer’s potential benefit payments multiplied by the expected probability that each benefit will be payable. 福利成本等于保险人的所有潜在福利付款乘以每项福利应支付的预期概率。
    • Mortality rate, cost of benefits, and premium rate all move in the same direction. As the mortality rate rises, so do the cost of benefits and the premium rate. 死亡率、福利成本和保险费率都朝着同一个方向发展。随着死亡率的上升，福利成本和保险费率也在上升。
    • Death benefits payable when the insured dies. Death benefits are based onmortality rates. 被保险人死亡时应支付的身故保险金。死亡抚恤金基于死亡率。
    • Surrender benefits payable when a policyowner surrenders a policy for its cash surrender value. Surrender benefits and costs of lapses are based on **lapse rates. **当保单持有人为其现金退保价值而放弃保单时，应支付的退保福利。退保福利和失效成本（没有现金价值）基于失效率。

  • investment earnings 投资收益

    • The principal is the sum of money originally invested, loaned, or borrowed. 本金是最初投资、借出或借来的钱的总和。
    • Simple interest is interest on the original principal only. 单利是对原始本金的利息。
    • Interest on both the principal and the accrued interest is called compound interest. 本金和应计利息的利息叫做复利。

  • operating expenses 营业费用

    • Taxes, licenses, and fees 税收、执照和费用
    • Salaries and commissions 工资和佣金
    • Costs associated with developing new products 与开发新产品相关的成本
    • Costs associated with operating and maintaining the home office, regional offices, and/or sales offices 与运营和维护总部、区域办事处和/或销售办事处相关的成本

  • profit 利润

The lapse rate represents the annual percentage of policies that don’t remain in force until the end of a given policy year because the policyowner stops paying premiums.

失效率是指由于投保人停止支付保险费而在特定保险年度结束前失效的保险的年百分比。

The mortality rate reflects how many people in a group will die at each age.

死亡率反映了一个群体在每个年龄段会有多少人死亡。

Investment Earnings and Pricing Products【投资收益和定价产品】

Simple interest is interest on the original principal only.

Example: Luther Odom loaned Peggy Sims $1,000 for one year at an annual interest rate of 10 percent. A 10 percent interest rate on a loan indicates that the borrower must pay the lender the amount originally borrowed, plus an additional 10 percent of that amount.

Analysis: At the end of one year, Peggy owed Luther $1,100: the $1,000 Luther loaned Peggy originally plus $100 interest ($1,000 x 0.10 = $100).

单利仅为原始本金的利息。

实例：卢瑟·奥多姆以10%的年利率借给佩吉·西姆斯1000美元，为期一年。贷款利率为10%表示借款人必须向贷款人支付最初借款的金额，再加上该金额的10%。

分析：一年结束时，佩吉欠路德1100美元：路德最初借给佩吉的1000美元加上100美元的利息（1000美元x 0.10=100美元）。

Interest on both the principal and the accrued interest is called compound interest.

Example: Marcia Woodson loaned Bernard Carter $1,000 at an annual interest rate of 10 percent. Bernard did not repay any of the principal or interest on the loan for two years.

Analysis:

At the end of the first year, Bernard owed Marcia $1,100, calculated as

$1,000 principal + ($1,000 principal x 0.10) = $1,100

At the end of the second year, Bernard owed Marcia $110 in interest, calculated as

$1,100 principal and accrued interest x 0.10 = $110

Thus, at the end of the second year, Bernard owed Marcia a total of $1,210, calculated as

$1,100 + $110 = $1,210

本金和应计利息的利息称为复利。

例如：Marcia Woodson以10%的年利率借给Bernard Carter 1000美元。Bernard在两年内没有偿还任何贷款本金或利息。

分析：

第一年年底，Bernard欠Marcia 1100美元，按

1000美元本金+（1000美元本金x 0.10）=1100美元

第二年年底，Bernard欠Marcia 110美元的利息，按

1100美元本金和应计利息x 0.10=110美元

因此，在第二年年底，Bernard总共欠Marcia 1210美元，计算如下

1100美元+110美元=1210美元

课后习题

1.To develop adequate and equitable premium rates, actuaries take into account the following factors:

A. Cost of benefits

B. Investment earnings

C. Operating expenses

D. Profit

  • A,B,C, and D
  • A,B, and C only
  • A,C, and D only
  • B and D only

1.为了制定适当和公平的保险费率，精算师会考虑以下因素：

A.福利成本

B.投资收益

C.营业费用

D.利润

  • A、B、C和D

  • 仅限A、B和C

  • 仅限A、C和D

  • 仅限B和D

2.Kay Vale is a 32-year-old proposed insured whose likelihood of loss is significantly greater thin average but is still insurable. Ms. Vale applied for $150,000 of life insurance coverage with the Red Insurance Company. Red would charge the following premium rates for a 32-year-old woman based on her risk class:

  1. $1.25 per $1,000 of coverage for preferred risks

  2. $2.00 per $1,000 of coverage for standard risks

  3. $3.25 per $1,000 of coverage for substandard risks

This information indicates that Ms. Vale’s annual premium amount will be

  • $150.00
  • $187.50
  • $300.00
  • $487.50

Kay Vale是一名32岁的拟投保人，其损失可能性明显高于平均水平，但仍可投保。Vale女士向Red Insurance公司申请了150000美元的人寿保险。Red将根据32岁妇女的风险等级收取以下保费：

1.优先风险的保险范围为每1000美元1.25美元

2.标准风险的保险范围为每1000美元2.00美元

3.不合格风险的保险范围为每1000美元3.25美元

该信息表明，Vale女士的年度保费金额为

  • 150.00美元

  • 187.50美元

  • 300.00美元

  • 487.50美元

3.Actuaries at the Retreat Insurance Company are developing a new term life insurance product. They project that 5 of each 1,000 insureds will die before the end of the product’s first year. If the actuaries had projected that 7 out of each 1000 insureds would die before the end of the product’s first year, then the projected cost of benefits for this product would be (lower / higher).thereby allowing their coverage to terminate. For this product’s second year, the (lapse / surrender) rate is They also project that 120 of each 1,000 insureds will not pay the second year’s premium expected to be 12%.

Retreat保险公司的精算师正在开发一种新的定期人寿保险产品。他们预计，每1000名被保险人中就有5人将在产品的第一年结束前死亡。如果实际情况预测，每1000名被保险人中就有7人将在产品的第一年结束前死亡，那么该产品的预计福利成本将为（较低/较高）。从而允许他们的保险范围终止。对于该产品的第二年，（失效/退保）率为。他们还预测，每1000名被保险人中有120人将不会支付第二年预计为12%的保费。

4.The following statements can correctly be made about the relationship between mortality rates and premium rates for a block of Life insurance policies:

A. An insurer applies different premium rates to insureds who fit into the same block of policies

B. Generally, the lower the mortality rate, the lower the cost of benefits and premium rate.

  • Both A and B
  • A only
  • B only
  • Neither A nor B

以下陈述可以纠正一组人寿保险单的死亡率和保险费率之间的关系：

A.保险公司对符合同一保单组的被保险人适用不同的保险费率

B.一般来说，死亡率越低，福利成本和保险费率就越低。

  • A和B

  • 仅A

  • 仅限B

  • 既不是A也不是B

5.Ron Houk loaned 510,00 to his lister, Fona Wymn. Mr. Houk charged his sister a 5% interest rate, compounded annually. At the end of two years, Ms. Wymn wanted to pay back the entire loan plus the total interest accrued on the loan. This information indicates that Ms. Wynn should pay Mr. Houk a total of

  • $10,000
  • $10,500
  • $10,525
  • $11,025

罗恩·霍克借了510,00给他的经纪人Fona Wmn。欧向他的妹妹收取5%的利息，并以大赦的形式复利。两年结束时，Wmn女士想向巴德支付全部贷款加上贷款的总利息。该信息表明，Wynn女士应向Houk先生支付总计

  • 10000美元

  • 10500美元

  • 10525美元

  • 11025美元

6.The Misty Insurance Company noted the following results on a block of life insurance policies, compared to what Misty had assumed when Misty originally priced the block of policies:

  1. Result A-Operating expenses were higher
  2. Result B-Investment earnings were higher
  3. Result C-Mortality experience was lower

Of these results, those that would tend to increase Misty’s profits include

  • all of these results

  • Result A and Result B only

  • Result B and Result C only

  • Result C only

Misty保险公司注意到，与Misty最初为保单定价时的假设相比，一组人寿保险单的结果如下：

  1. 结果A-运营费用较高

  2. 结果B-投资收益更高

  3. 结果C-死亡率经验较低。

在这些结果中，那些倾向于增加Misty利润的结果包括

  • 所有这些结果

  • 仅结果A和结果B

  • 仅结果B和结果C

  • 仅结果C

考试

1.The Chetola Insurance Company noted the following results on a block of insurance policies

Result A: Investment earnings were higher than Chetola had assumed when it priced the block of policies

Result B: Mortality experience was lower than Chetola had assumed when it priced the block of policies.

Result C: Operating expenses were lower than Chetola had assumed when it priced the block of policies.

Chetola’s profits likely increased because of

  • all of these results
  • Result A and Result C only
  • Result B and Result C only
  • Result C only

Chetola保险公司注意到一组保单的结果如下

结果A：投资收益高于Chetola对保单定价时的假设

结果B：死亡率经验低于Chetola在对政策块进行定价时的假设。

结果C：运营费用低于Chetola为保单定价时的假设。

Chetola的利润可能因此增长

  • 所有这些结果

  • 仅结果A和结果C

  • 仅结果B和结果C

  • 仅结果C

2.Life insurance companies usually identify at least four risk classes for proposed insureds: standard risks, preferred risks, substandard risks, and declined risks. A proposed insured for life insurance who presents a significantly lower-than-average likelihood of loss typically is classified as a

  • preferred risk and charged a lower-than-standard premium rate
  • standard risk and charged a standard premium rate
  • substandard risk and charged a higher-than-standard premium rate
  • declined risk and denied the requested life insurance coverage

人寿保险公司通常为被保险人确定至少四种风险类别：标准风险、首选风险、不合标准风险和拒绝风险。人寿保险的拟议被保险人，其损失可能性明显低于平均水平，通常被归类为

  • 优先风险，并收取低于标准的保险费率

  • 标准风险并收取标准保险费率

  • 低于标准的风险并收取高于标准的保险费率

  • 拒绝风险并拒绝所要求的人寿保险

3.Nicole Dior is the policyowner-insured of a $250,000 term life insurance policy. Because Ms. Dior’s policy specifies the amount of the benefit payable should she die while the coverage is in force, her life insurance policy is a type of contract known as a

  • voidable contract
  • void contract
  • contract of indemnity
  • valued contract

妮可·迪奥是一份价值25万美元的定期人寿保险的投保人。由于迪奥女士的保单规定了在保险有效期内死亡时应支付的福利金额，她的人寿保险单是一种被称为

  • 可撤销合同

  • 无效合同

  • 赔偿合同

  • 有价合同

4.Risks can be classified as either speculative risks or pure risks. The type of risk that can be insured is a

  • pure risk, which is a risk that involves either a loss, a gain, or no change

  • pure risk, which is a risk that involves either a loss or no loss

  • speculative risk, which is a risk that involves either a loss, a gain, or no change

  • speculative risk, which is a risk that involves either a loss or no loss

风险可分为投机风险或纯粹风险。可以投保的风险类型是

  • 纯粹风险，是指损失、收益或没有变化的风险

  • 纯粹风险，即涉及损失或无损失的风险

  • 投机风险，这是一种涉及损失、收益或没有变化的风险

  • 投机风险，这是一种涉及损失或无损失的风险

5.Nancy Xiong is an underwriter for the Limelight Insurance Company. As an underwriter, Ms. Xiong primarily is responsible for

  • setting the premium rates for Limelight’s insurance products

  • evaluating claims submitted by Limelight’s customers

  • evaluating proposed risks for Limelight’s insurance products

  • submitting financial statements to Limelight’s regulators

熊是黎明保险公司的保险人。作为承销商，熊女士主要负责

  • 设定Limelight保险产品的保险费率

  • 评估Limelight客户提交的索赔

  • 评估Limelight保险产品的拟议风险

  • 向Limelight监管机构提交财务报表

6.When Patrick Bergeron applied for a life insurance policy from the McAvoy Insurance Company, he submitted legally adequate consideration for the policy. This consideration most likely consisted of

  • a completed insurance application, the initial premium payment, and a promise to pay all renewal premiums

  • the initial premium payment and a promise to pay all renewal premiums only

  • a completed insurance application and the initial premium payment only

  • a completed insurance application only

当Patrick Bergeron向McAvoy保险公司申请人寿保险时，他为该保单提交了法律上充分的对价。这种考虑很可能包括

  • 已完成的保险申请、首次保费支付以及支付所有续保保费的承诺

  • 首次保费支付和仅支付所有续保保费的承诺

  • 已完成的保险申请和首次保费支付

  • 仅填写完整的保险申请

7.In the United States, insurance is primarily regulated by the

  • federal government
  • Securities and Exchange Commission(SEC)
  • Financial Industry Regulatory Authority(FINRA)
  • state governments

在美国，保险主要由

  • 联邦政府

  • 美国证券交易委员会

  • 金融业监管局

  • 州政府

8.Mortality rates affect premium rates and the cost of benefits for a block of life insurance policies. With respect to the difference between the mortality rates of men and women of the same age, mortality tables show that(women /men) live longer and thus are charged lower premium rates for equivalent life insurance policies. In general, the higher the mortality rate for a group of insureds of the same age and sex, the (higher /lower) the cost of benefits and the premium rate.

死亡率影响一组人寿保险单的保险费率和福利成本。关于同龄男性和女性死亡率之间的差异，死亡率表显示，（女性/男性）寿命更长，因此同等人寿保险的保费更低。一般来说，一组年龄和性别相同的被保险人的死亡率越高，福利成本和保险费率就越高。

9.Brock Mutual Company is organized as a mutual insurer. As a mutual insurer, Brock most likely

  • is a non-profit organization
  • is owned by its policyowners
  • operates through a lodge system
  • has stockholders who have voting rights in Brock

布洛克互惠保险公司是作为一家共同保险公司成立的。作为共同保险人，Brock很可能

  • 是一个非营利组织

  • 由保单持有人所有

  • 通过兄弟会运行

  • 在布洛克拥有投票权的股东

10.The different categories of contracts include commutative contracts, bargaining contracts, formal contracts, and unilateral contracts. When Shelby Miller purchased a life insurance policy from the Meadowwiew Insurance Company, she entered into the type of contract known as a

  • commutative contract, because Ms. Miller and Meadowiew have agreed to exchange items or services that are equal in value
  • bargaining contract, because Ms. Miller and Meadowwiew, as equals, set the terms and conditions of the contract
  • formal contract, because Ms. Miller and Meadowwiew met certain formalities concerning the form of the agreement between them
  • unilateral contract, because only Meadowwiew made a promise that is legally enforceable

不同类别的合同包括交换合同、议价合同、正式合同和单方面合同。当Shelby Miller从Meadowwiew保险公司购买人寿保险时，她签订了一份被称为

  • 交换合同，因为Miller女士和Meadowiew已经同意交换价值相等的物品或服务

  • 谈判合同，因为Mller女士和Meadowwiew平等地设定了合同的条款和条件

  • 正式合同，因为Miller女士和Meadowwiew满足了关于他们之间协议形式的某些手续

  • 单方面合同，因为只有Meadowwiew做出了法律上可执行的承诺