Dedications

About the Authors
Acknowledgments
Dedications
Preface
Chapter 1: The Nature of Risk: Losses and Opportunities
- Section 1: The Notion and Definition of Risk
- Section 2: Attitudes toward Risks
- Section 3: Types of Risks—Risk Exposures
- Section 4: Perils and Hazards
- Section 5: Review and Practice
Chapter 2: Risk Measurement and Metrics
- Section 1: Quantification of Uncertainty via Probability Models
- Section 2: Measures of Risk: Putting it Together
- Section 3: Review and Practice
Chapter 3: Risk Attitudes: Expected Utility Theory and Demand for Hedging
- Section 1: Utility Theory
- Section 2: Uncertainty, Expected Value, and Fair Games
- Section 3: Choice Under Uncertainty: Expected Utility Theory
- Section 4: Biases Affecting Choice Under Uncertainty
- Section 5: Risk Aversion and Price of Hedging Risk
- Section 6: Information Asymmetry Problem in Economics
- Section 7: Why Corporations Hedge
- Section 8: Review and Practice
Chapter 4: Evolving Risk Management: Fundamental Tools
- Section 1: The Risk Management Function
- Section 2: Beginning Steps: Communication and Identification
- Section 3: Projected Frequency and Severity and Cost-Benefit Analysis—Capital Budgeting
- Section 4: Risk Management Alternatives: The Risk Management Matrix
- Section 5: Comparisons to Current Risk-Handling Methods
- Section 6: Appendix: Forecasting
- Section 7: Review and Practice
Chapter 5: The Evolution of Risk Management: Enterprise Risk Management
- Section 1: Enterprise Risk Management within Firm Goals
- Section 2: Risk Management and the Firm’s Financial Statement—Opportunities within the ERM
- Section 3: Risk Management Using the Capital Markets
Chapter 6: The Insurance Solution and Institutions
- Section 1: Nature of Insurance
- Section 2: Ideal Requisites for Insurability
- Section 3: Types of Insurance and Insurers
- Section 4: Appendix: More Exposures, Less Risk
- Section 5: Review and Practice
Chapter 7: Insurance Operations
- Section 1: Insurance Operations: Marketing, Underwriting, and Administration
- Section 2: Insurance Operations: Actuarial and Investment
- Section 3: Insurance Operations: Reinsurance, Legal and Regulatory Issues, Claims, and Management
- Section 4: Appendix: Modern Loss Reserving Methods in Long Tail Lines
- Section 5: Review and Practice
Chapter 8: Insurance Markets and Regulation
- Section 1: Insurance Market Conditions
- Section 2: Insurance Regulation
- Section 3: Review and Practice
Chapter 9: Fundamental Doctrines Affecting Insurance Contracts
- Section 1: Agency Law: Application to Insurance
- Section 2: Requirements of a Contract
- Section 3: Distinguishing Characteristics of Insurance Contracts
- Section 4: Review and Practice
Chapter 10: Structure and Analysis of Insurance Contracts
- Section 1: Entering into the Contract
- Section 2: The Contract
- Section 3: Review and Practice
Chapter 11: Property Risk Management
- Section 1: Property Risks
- Section 2: E-Commerce Property Risks
- Section 3: Global Property Exposures
- Section 4: Review and Practice
Chapter 12: The Liability Risk Management
- Section 1: Nature of the Liability Exposure
- Section 2: Major Sources of Liability
- Section 3: Possible Solutions
- Section 4: Review and Practice
Chapter 13: Multirisk Management Contracts: Homeowners
- Section 1: Packaging Coverage, Homeowners Policy Forms, and the Special Form (HO-3)
- Section 2: Endorsements
- Section 3: Other Risks
- Section 4: Personal Umbrella Liability Policies
- Section 5: Shopping for Homeowners Insurance
- Section 6: Review and Practice
Chapter 14: Multirisk Management Contracts: Auto
- Section 1: The Fault System and Financial Responsibility Laws
- Section 2: Ensuring Auto Insurance Availability
- Section 3: Types of Automobile Policies and the Personal Automobile Policy
- Section 4: Auto Insurance Premium Rates
- Section 5: Review and Practice
Chapter 15: Multirisk Management Contracts: Business
- Section 1: Commercial Package Policy and Commercial Property Coverages
- Section 2: Other Property Coverages
- Section 3: Commercial General Liability Policy and Commercial Umbrella Liability Policy
- Section 4: Other Liability Risks
- Section 5: Review and Practice
Chapter 16: Risks Related to the Job: Workers’ Compensation and Unemployment Compensation
- Section 1: Workers’ Compensation Laws and Benefits
- Section 2: How Benefits Are Provided
- Section 3: Workers’ Compensation Issues
- Section 4: Unemployment Compensation
- Section 5: No Title
Chapter 17: Life Cycle Financial Risks
- Section 1: The Risks Related to Mortality
- Section 2: The Risks Related to Longevity
- Section 3: The Risks Related to Health and Disability
- Section 4: Global Trends and their Impact on Demography and the Life Cycle Risks
- Section 5: Appendix: How Much Life Insurance to Buy?
- Section 6: Review and Practice
Chapter 18: Social Security
- Section 1: Definition, Eligibility, Benefits, and Financing of Social Security
- Section 2: Medicare
- Section 3: Issues and Global Trends in Social Security
- Section 4: Review and Practice
Chapter 19: Mortality Risk Management: Individual Life Insurance and Group Life Insurance
- Section 1: How Life Insurance Works
- Section 2: Life Insurance Market Conditions and Life Insurance Products
- Section 3: Taxation, Major Policy Provisions, Riders, and Adjusting Life Insurance for Inflation
- Section 4: Group Life Insurance
- Section 5: Review and Practice
Chapter 20: Employment-Based Risk Management (General)
- Section 1: Overview of Employee Benefits and Employer Objectives
- Section 2: Nature of Group Insurance
- Section 3: The Flexibility Issue, Cafeteria Plans, and Flexible Spending Accounts
- Section 4: Federal Regulation Compliance, Benefits Continuity and Portability, and Multinational Employee Benefit Plans
- Section 5: Review and Practice
Chapter 21: Employment-Based and Individual Longevity Risk Management
- Section 1: The Nature of Qualified Pension Plans
- Section 2: Types of Qualified Plans, Defined Benefit Plans, Defined Contribution Plans, Other Qualified Plans, and Individual Retirement Accounts
- Section 3: Annuities
- Section 4: Pension Plan Funding Techniques
- Section 5: Review and Practice
Chapter 22: Employment and Individual Health Risk Management
- Section 1: Group Health Insurance: An Overview, Indemnity Health Plans, Managed-Care Plans, and Other Health Plans
- Section 2: Individual Health Insurance Contracts, Cancer and Critical Illness Policies, and Dental Insurance
- Section 3: Disability Insurance, Long-Term Care Insurance, and Medicare Supplementary Insurance
- Section 4: Review and Practice
Chapter 23: Cases in Holistic Risk Management
- Section 1: Case 1: The Smith Family Insurance Portfolio
- Section 2: Case 2: Galaxy Max, Inc., Employee Benefits Package
- Section 3: Case 3: Nontraditional Insurance Programs and Application to the Hypothetical Loco Corporation
- Section 4: Review and Practice
- Section 5: Chapter Bibliography
Appendix A
Appendix B
Appendix C
Appendix D

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Etti Baranoff

To my family, to Steve, Dalit and Josh, Liat and Jeremy, Aviva, Sammy, Elie and Mia for making it all so wonderfully possible.

Pat Brockett

To Linda Golden, Angela Brockett, and Russell Brockett with all my love.

To my family, colleagues, and students all around the world. Let us create a safe, healthy, just, and sustainable world, with a healthy economy and ecology, while everybody is enjoying the process of change. The key to success is to have successors!

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Pat Brockett

Yehuda Kahane

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Yehuda Kahane

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