Insurance Companies and Pension Plans
8 important questions on Insurance Companies and Pension Plans
What is an insurance company and what are the two main branches?
An insurance company is a company that, against the payment of one or more premia, provides protection against adverse events. The two main branches are life-insurance (including pensions and health insurance, which sometimes form a stand-alone branch) and non-life or property-casualty insurance. Re-insurance is a different field.
Why do insurers that offer life policies invest the premium at the start of the insurance
What are typical risks for insurance companies (explain them)?
1. Moral Hazard: the risk that an insured policyholder will behave differently, i.e. in a more risky way than what (s)he would do without being insured. A typical solution are deductibles.
2. Adverse selection: an insurance company that is not able to distinguish between good and bad risk and policyholders is likely to attract more the bad ones. This can't be totally overcome, but it can be reduced by information gathering.
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