Journal of Risk and Insurance

This academic risk management and insurance journal provides research in industrial organization of insurance markets, management of risks in the private and public sectors, insurance regulation and more.

Articles from Vol. 65, No. 3, September

A Practical Guide to Finite Risk Insurance and Reinsurance
A Practical Guide to Finite Risk Insurance and Reinsurance, by R. George Monti and Andrew Barile (John Wiley & Sons, Inc., 1994). Reviewer: Kenneth C. Froewiss New York University This book is an expanded and updated version of the authors' Practical...
Can Americans Afford to Retire? New Evidence on Retirement Saving Adequacy
INTRODUCTION The United States experienced a substantial risk transfer from the individual to the group in the retirement arena over the last half century, with the development of massive government institutions such as social security and employer...
Carbon Monoxide Poisoning in Trailer Attached to Car Does Not "Arise" from Use of Motor Vehicle within the Meaning of State No-Fault Automobile Insurance Law and Policy
McKenzie v. Auto Club Insurance Association, 458 Mich. 214, 580 N.E. 2d 424, 1998 Mich. LEXIS 1644 (Michigan Supreme Court July 14, 1998). On a hunting trip, Francis and Hughie McKenzie slept in a camper/trailer attached to the back of Francis McKenzie's...
Controlling Unemployment Insurance Costs: The Employer's Comprehensive Guide to the UIC System
Controlling Unemployment Insurance Costs: The Employer's Comprehensive Guide to the UIC System, by Gabe Donnadieu and Robert A. Schuler (Quorum Books, 1994). Controlling Unemployment Insurance Costs is an authoritative, useful guide to the UIC system....
ERISA Preemption Does Not Apply to Bar Application of State Community Property Law to Force Redistribution of Life Insurance Proceeds despite Beneficiary Designation on Face of Policy
Emard v. Hughes Aircraft Company, __ F.3d __, 1998 U.S. App. LEXIS 20294 (United States Court of Appeals for the Ninth Circuit, August 20, 1998)(applying California law and federal law of ERISA preemption). Ginger Emard was an employee at Hughes...
Essentials of Risk Management
Essentials of Risk Management, Third Edition, by George L. Head and Stephen Horn II (Insurance Institute of America, 1997) Students should have great success with this two-volume set due to the many excellent design features that enhance the learning...
Federal Court Interprets Wyoming Law as Not Incorporating Life Insurance Sales Illustrations into the Insurance Contract Itself; Policy Language Controls over Contrary Illustrations and Insurer Not Stopped from Invoking Policy Language despite Policyholder Assertion of Having Been Misled by Illustration
Brown v. Royal Maccabees Life Insurance Company, 137 F. 3d 1236 (United States Court of Appeals for the Tenth Circuit, March 3, 1998)(applying Wyoming Law). A group of plaintiffs sought to bring a class action complaint against the insurer for allegedly...
Financial Risk Management for Natural Catastrophes
Financial Risk Management for Natural Catastrophes, edited by Neil R. Britto and John Oliver (Aon Group Australia, 1997). Reviewer: David T. Russell, Illinois State University Financial Risk Management for Natural Catastrophes compiles the proceedings...
Insuring Quality: How to Improve Quality, Compliance, Customer Service, and Ethics in the Insurance Industry
Insuring Quality: How to Improve Quality, Compliance, Customer Service, and Ethics in the Insurance Industry, by Hedy Abromovitz and Les Abromovitz (CRC/St. Lucie Press, 1998). Reviewer: William L. Ferguson, The University of Southwestern Louisiana....
Market Structure and Performance in Private Passenger Automobile Insurance
INTRODUCTION Despite the proliferation of research on the relationship between concentration and profitability in many industries,(1) the existence of such a relationship in the property and liability insurance sector has not received much attention...
Medical Malpractice Insurance: The Reputation Effect and Defensive Medicine
INTRODUCTION Unlike many types of insurance, such as automobile insurance, medical malpractice insurance is generally not experience rated, but rather adheres to a type of community rating. For the most part, insurance companies set malpractice...
New Jersey Joins Jurisdictions Applying Employment Exclusion in CGL Policy to Bar CGL Coverage for Discrimination and Harassment Claims
American Motorists Insurance Co. v. L-C-A Sales Co., 155 NJ 29, 713 A.2d 1007, 1998 NJ LEXIS 600 (New Jersey Supreme Court, June 15, 1998). The American Motorists decision makes clear that the Schmidt decision discussed above was based not on the...
New Jersey Voids Sexual Harassment Exclusion in Employer's Liability Policy Compared with Public Policy
Schmidt v. Smith, 155 NJ 44, 713 A.2d 1014, 1998 NJ LEXIS 601 (New Jersey Supreme Court, June 15, 1998). Linda Schmidt filed a complaint against her employer Personalized Audio Visual, Inc. (PAV) and its president, Dennis Smith, alleging hostile...
Of Insurer and Policyholder Responsibility New Jersey Supreme Court Clarifies Its Views on Allocation for Multiple Years, Multiple Policies Occurrences
Carter-Wallace, Inc. v. Admiral Insurance Company, 154 NJ 312, 712 A.2d 1116, 1998 NJ LEXIS 603 (New Jersey Supreme Court - July 8, 1998) In Owens-Illinois, Inc. v. United Insurance Co., 138 NJ 437,650 A.2d 974 (1994), the New Jersey Supreme Court...
Optimal Asset Allocation towards the End of the Life Cycle: To Annuitize or Not to Annuitize?
INTRODUCTION "...It is a well known fact that annuity contracts, other than in the form of group insurance through pension systems, are extremely rare. Why this should be so is a subject of considerable current interest. It is still ill-understood....
Pension Plan Funding and Corporate Debt Ratings
INTRODUCTION Both the academic and practitioner literature indicate that bond ratings are an important source of information to investors and are of concern to corporate managers (Ederington 1992). Not surprisingly, a number of research papers have...
Recent Court Decisions
OF INSURER AND POLICYHOLDER RESPONSIBILITY NEW JERSEY SUPREME COURT CLARIFIES ITS VIEWS ON ALLOCATION FOR MULTIPLE YEARS, MULTIPLE POLICIES OCCURRENCES Carter-Wallace, Inc. v. Admiral Insurance Company, 154 NJ 312, 712 A.2d 1116, 1998 NJ LEXIS 603 (New...
Regulatory Stringency and New York Licensed Life Insurers
INTRODUCTION The state of New York is generally acknowledged to have the most rigorous insurance regulatory scheme of any jurisdiction in the United States (Meier 1988; Cummins and Sommer 1996). Besides general stringency, a unique feature of New...
Techniques of Medical Litigation: A Professional's Handbook for Plaintiffs, Defendants, and Medical Consultants
Techniques of Medical Litigation: A Professional's Handbook for Plaintiffs, Defendants, and Medical Consultants, by Randine A. Lewis (Quorum Books, 1997). In an excellent and concise presentation, this book familiarizes the reader with the steps necessary...
The Economics of Incentive-Based Health Care Plans
BACKGROUND Comprehensive plans to overhaul the health care system have given way to "incremental" reforms, such as those designed to increase the portability of employment-based health insurance and protection for persons with pre-existing conditions....
Underwriting Commerical Liability
Underwriting Commercial Liability, First Edition, by Joseph F. Mangan and Connor M. Harrison (Insurance Institute of America, 1995). Reviewer: Andrew Kuchar, University of Georgia, Terry College of Business. Underwriting Commercial Liability is one four...