1991-12-05 — Page 30

港中

育教

日十三月十年未辛曆算

186 180

53400

149001

C4280

$3960

13600

、加灣

201

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0307

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1992 中學會考預習專欄 明德出版社

Insurance

MILL & DALE PRESS

Commerce (9)

1. 'Studying Areas

`S.K. LAI

The main studying areas in this

unit include:

a. nature

and

insurance terms.

TEL.Meaning of Some Insurance Terms

The following pairs of terms with respect to insurance are described: a. insurance and assurance, b.insurabte risks and non-

insurable risks,

over-

c. a policy and a proposaland. d. under-insurance and

insurance.

(a)Insurance and Assurance.

Insurance provides Cover or compensatory payment on the happening of certain events which may happen.

Assurance is applied to those policy which guarantee the payment of a certain sum on the happening of a specified event which will happen.

(b)Insurable Risks

Non-

meaning

of some

insurable Risks

of

on

to

modern

The non-insurable risks are those which cannot be calculated basis the

of

.past probabilities.

b. fundamental principles

insurance.

c.its

importance

business. and

d. kinds of insurance.

II. Nature of Insurance

The insurance is an undertaking by an insurance company to provide safeguard against loss in return for regular payment of premium. The insurance company is to charge the many' and 'pay the few'.

The insurance is the pooling of risks', A. ‘pooling' is a collection of money contributed by interested parties for a specified purpose. Why would an insurance company agree to assume a $50,000 risk for a premium-of-only $200? The answer fes in the Jaw of large tumbers. It is a statistical concept which states that over a period of time, many kinds of losses are predictable. The monetary losses must occur only at random.

How does the 'insurance pool' work?- The successful operation of

ar

insurance pool system depends an the following three conditions: a. the contributions to the pool, must be large enough to provide covers or claims made by those who suffer a loss;

b. the pool itself must be managed careful}y: and wisely invested,

thus enjoying yearly increments in the fund;

c. the just claims made by those.

who suffer a. lass must be paid promptly and properly.

財團高價收購 不交吉樓或交吉樓舖 全糧或一批大小樓舖 「港九均合·無須睇樓

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Risks which cannot be assessed in value will not be insured.

A risk can only be insured if statistical basis of insurance exists.

Risks which can be insured are called, insurahìe risks.

difference between the Thus, these two .types: 15 that insurable risks are calculable. measurable or predictable, while non-insurable risks are not.

The suggested examples of nan- insurable risks include:

1. those arising from a sudden

change in fashion,

2. risks arising from war,

3. the risk of a Company not

being able to sell

model of microcomputer,

a

new

the insured has no insurable interest and would not suffer loss in the happening of the event.

of

(c)A Policy and A Proposal

A policy is a contract insurance between the insured and the insurance company.

It states the terms under which the insurer has agreed to cover the 'Insured. This includes: the

risks to be covered, the way of claiming indemnity, the amount of the premium to be paid.

高價收購 不交吉樓交吉亦可 全幢分層或一批樓 舖大小更佳即成交 中港投資公司

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a

A proposal form includes

of number

questions to bė completed by the proposer, who must fill in and disclose all relevant information in the utmost good faith.

The form must be completed and signed by the proposer. It stands for an application and a proposition to the insurer.

(d)Under-insurance

· insurance

and

Over-

An insured property is said to be under-insured when it is covered less than its actuül: value.

An insured property is said to be over-insured

it is when covered greater then the value of the risk.

For example, if you insured the contents of your house.

for $30,000 in 1980, in the event of a claim being made, the maximum, indemnity would be limited to $30,000..

Suppose that the contents are "now worth $40,000. In the event of a fire, it destroys $10,000 of the value.

If the insurance policy does not include an average clause, the full amount insured should be paid to you in accordance, with the principle of indemnity.

However, the average clause is usually included in the policy to protect. the insurer, Under the clause, the insurer 15. liable for only a proportion of the damage.

The amount of the compensation would be:

$10,000.x

= $7,500

30,000 10,000

Obviously, the clause prevents the insured from gaining. a profit from under-insurance.

IV. Fundamental Principles of Insurance The fundamental principles underlying an insurance

include:

instrable interest,

d.utmost good faith.

c. indemnity, and

d.proximate cause..

policy.

The principles are described follows:

(a) Insurable interest

This

means

as

that the insured

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cannot insure against any risk

will he

suffer unless financial loss if the insured perils occurred.

For example, a person may not insure his neighbour's house for he has no insurable interest in

it-

(b)Utmost good faith (uberrimae

fides)

This means that each party to the contract must disclose all material facts to the other party) whether requesting .or

not.

The insured .cannot withhold material facts, otherwise. the contract will be voidable.

A fact is material if it would 辛勤 influence prudent insurers accepting the policy. determining the premium.

For example, in life assurance, the assured must declare whether

had or not he has

any bad records on health.

(c) indemnity

The effect of the principle should be to place the insured in the same financial position he was. in at the moment. that the risk occurred.

It does not apply to. life assurance and personal accident. insurance. The reason is that

be restored to you cannot better position than you were in at the time of the loss, otherwise malpractices would be encouraged...tatt

an

For example, a 5-year-old car is destroyed. totally

in accident, in the event of the total loss, the owner will only reimburse the market. value of an equivalent 5-year-old car; There are two underlying principles to be involved in the indemnity:

Subragation: The right. of the yowership of the damaged' items *should transfer to the insurer the. insured, has received fover. from the insurer. Contribution: The effect is to ensure that the insured cannot make a profit from the loss. When the policies are taken out to cover the same peril, the of compensation total amount will

contributed

be

insurers involved?

WO

(d)Proximate cause

Proximate means

'closest'.

immediate or

It states that the compensation will be payable only if the loss suffered was a direct result of the insured. peril happening. Compensation

for the 105S arising from the water to be used in putting out a fire is an example..

V. The Importance of Insurance to

Modern Business

收購不交吉

全幢舊樓 吉亦可 無須睇樓 大量買家

As an aid to trade, insurance makes an essential contribution to the economic operation of the business world. Its significances to modern business are described below:

a. risk transfer

а

Insurance is risk transfer mechanism whereby individuals or companies can shift some of the uncertainty onto the shoulders of the insurance companies.

b. stimulus to business enterprise

With the risk transfer device, companies ' are more. willing to undertake: 1òng-term risky projects. This stimulates the investment of

我 Fund plants.

new

c. provision of long-term capital

in the financial market

are

'sources.

The huge funds from pooling. invested in the financial market its major capital. They contribute to the Tong-term capital to business economy.

to

foss-prevention

d. stimulus

devices In order to assess the degree of risk, the insurer will usually conduct a survey in the property Insurance insured. of the companies would recommend some loss-prevention measures must be adopted by the insured. before any policy is to be accepted. The incidence of loss is to be reduced. Moreover, insurer's make the essential contribution . to. research on the prevention of loss.

e. social service

分層樓舖

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「雪岳山、漢城五天

By channelling funds to the unfortunate, insurance provides a form of social service to individuals, thus · preventing individuals from experiencing the events great hardship. in

of accidental loss.

物業代理

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分類廣告

大字四個 小字卅四個

每天二十元——

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