Academic journal article Journal of Risk and Insurance

Essentials of Insurance: A Risk Management Perspective

Academic journal article Journal of Risk and Insurance

Essentials of Insurance: A Risk Management Perspective

Article excerpt

Essentials of Insurance: A Risk Management Perspective, by Emmett Vaughan and Theresa Vaughan (John Wiley & Sons, Inc., 1995).

This book is a spin-off of Fundamentals of Risk and Insurance by Emmett Vaughan, a very successful text for the past two decades. Both authors of the book under review are well known as teachers and scholars. This book reflects their experience and knowledge. The authors state that the text is written in response to a need for a "briefer" version that is "consumer oriented" and is "within the risk management framework."

This well-written book is certainly briefer than its "big brother" version or most others in this variety. The text is divided into three sections. The first section includes a detailed discussion of risk, the nature of private insurance industry, the regulation of insurance, and the nature of risk management. The second section covers life and health insurance including a chapter on buying insurance. In addition to social security and other retirement plans, workers compensation is included in this section. The third section includes personal and commercial property and liability insurance. Major emphasis, understandably, is placed on personal insurance. The final chapter in this section is on the future of insurance in which the authors briefly but cogently discuss such trends as changes in the tort system and globalization of insurance. The authors end the chapter with career opportunities in insurance which might prove enlightening to students who believe sales is the only job offered by the insurance industry. Each chapter ends with a list of important concepts to remember and questions for review and questions for discussion. A combination of all three can certainly remind a student of what is of importance in the chapter, if he or she somehow missed the chapter objectives in the beginning. Each chapter also contains suggestions for additional readings, although I have always wondered as to its importance in an elementary book. Somehow, I cannot see students pursuing further reading after having finished the chapter on the fascinating subjects of social security and workers compensation in the middle of the night and just before the test. On the other hand, I might be wrong. Voluntary additional readings might just be the cure for insurance boredom!

The text ends with a comprehensive glossary and a detailed index which should prove to be very helpful to the readers. Naturally, any essentials' book has to leave out some topics. …

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