Subject Code : FIN562
Country : Australia
FIN562 Accounting and Finance Insurance CompanyAssessment Answer
Assessment Task:

Question 1:

a. Explain the law of large numbers and how this mathematical principle is relevant to an insurer's operations.  Research an example to explain how this law applies.  How might an insurance company apply the law of large numbers?  

b. i)   List five examples of pure and speculative risks that occur in our personal everyday lives.

   (ii)  Explain why each is speculative or pure risk. 

   (iii) Are these risks insurable? Why?

Question 2:

Explain the rules of risk management.  Use examples to support your discussion.

Question 3:

Life insurance companies argue that genetic testing allows them to more accurately categorise applicants so that insureds without a genetic predisposition to potentially fatal diseases will not subsidise the premiums offered to those with the predisposition. Surely this conforms to the principles of risk classification. What arguments are there (if any) against genetic testing? Find articles to support your discussion and add full copies of articles as appendices to your submission.

 

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  • Posted on : August 28th, 2018
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