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California Insurance Continuing Education – Property & Casualty Coverages

In reality, the insurance professionals and agents have a lot to do with the projection of a certain image toward the public. Mainly because the insurance professional initiates contact with a prospect, determines the prospect’s need for insurance, recommends and then implements the proposed plan. The first impression is always the most lasting. Coupled with the opportunity for a long-lasting relationship with the client, the first impression becomes that much more critical. The insurance professional represents an industry that is loaded with technical information. Public perception will be severely hampered by unethical agents. The insurance professional has two basic ethical responsibilities to the public: ” To inform the public about insurance with the utmost, highest level of professional integrity; and ” To strive for the highest level of professionalism in all public contacts in order to create and maintain a strong positive image of the industry. We will focus on the above responsibilities and look at some of ethical practices, which have tarnished the industry. We will also discuss property and casualty insurance, and the manner in which it is marketed to the public. Property and Casualty Insurance Coverage Property casualty insurance is usually classified by several major lines of insurance: fire insurance and allied lines, marine insurance, casualty insurance, multiple line insurance and fidelity and surety bonds. Property insurance, such as fire or homeowners policies, covers the loss or damage to real estate or personal property from fire, lighting or other covered perils. Marine insurance (also called transportation insurance) covers goods in transit against pure risks related to transportation, whether those goods are shipped over land (inland marine) or water (ocean marine). A broad field of insurance called casualty insurance encompasses almost everything not covered by fire or marine insurance: automobile insurance, general liability, burglary and theft, worker’s compensation, glass coverage and other miscellaneous lines The agent may also sell multiple-line or package policies that combine property and liability coverages. Finally, an agent may sell fidelity and surety bonds that provide the insured with protection against losses caused by the dishonest or fraudulent acts of employees or that provide monetary compensation in the case of a bonded person’s inability to perform certain acts, such as the completion of the construction of a building.

California Insurance Continuing Education

Insurance Continuing Education

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ECON homework question please help?

I dont know what to answer for these question. Can you help me??

1. (Bounds of the Firm) Ashland Oil, Inc., buys its crude oil in the market. Larger oil refiners, such as Texaco, drill for their own crude oil.Why do some oil companies drill for their own crude oil and others buy crude oil in the market?

5. (Adverse Selection and Moral Hazard) Describe the problems faced by health insurance companies as a result of adverse selection and moral hazard. How do insurance companies try to reduce these problems?

6. (Signaling) Give an example of signaling in each of the following situations.
a. Choosing a doctor
b. Applying to graduate school

Just my suggestions:

1.
- if you want to drill oil, you need a oil-field, so if you have none and have just refinery, you have to buy crude oil on the market
- oil drilling is capital and technological demanding and licenses are only on large fields
So, in my opinion, small company can run refinery only, and large one oil drilling or both

2. some examples
moral hazard – if you are insured you can smoke or do adrenaline sports, because you know that insurace company bears costs in troubles…
IC can offer you some bonus or discount if you don’t smoke or except injury during sport from insurance
adverse selection – if you are health, you have small motivation to insure yourself, so in IC only goes people who are not so health, they are costly for the comany, so it must increase rates which demotivate another almost healty persons
solving of this is to do screening of insuree and differentiate Insurance Rates

3.
Signal of doctor is diploma on his wall
Applying to g s: if you have had some good results (in some competitions or so) you can mantion it in your CV or motivation letter, if poor you don’t mention you take a part on it at all

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