Chép theo slideWd8042

Chapter 1: Overview of insurance.......................................................................................11.1.Risk and insurance.....................................................................................................11.2.Principles of insurance (nguyên tắc)..........................................................................11.3.Insurance market........................................................................................................1

Chapter 2: General insurance...............................................................................................12.1.Overview of general insurance..................................................................................12.2.Commercial general insurance..................................................................................12.3.Personal general insurance (BH con người PNT)......................................................2

Chapter 3: Life insurance.....................................................................................................23.1.Definition oflifeinsurance..........................................................................................23.2.The basic types of life insurance...............................................................................2

Chapter 4: Reinsurance........................................................................................................2

Chapter 1: Overview of insurance.......................................................................................21.1.Risk and insurance.....................................................................................................2

1.1.1.Concept of risk....................................................................................................2* Definition of risk...................................................................................................2* 2 elements of risk..................................................................................................2* The types of risk (4 methods to classify risk).......................................................2

1.1.2.Concept of risk management..............................................................................2* The process of risk management: 3 steps.............................................................2* The methods to treat the risk................................................................................2

1.1.3.Concept of insurance..........................................................................................3* Definition of insurance.........................................................................................3* Benefits of insurance (lợi ích)..............................................................................3

1.1.4.Insurance contracts.............................................................................................31.2.Principles of insurance (nguyên tắc).........................................................................31.3.Insurance market.......................................................................................................3

1.3.1.The buyers of insurance......................................................................................31.3.2.The intermediaries (trung gian)..........................................................................41.3.3.The sellers...........................................................................................................41.3.4.Other insurance related professions and bodies..................................................4

Chapter 2: General insurance...............................................................................................42.1.Overview of general insurance..................................................................................4

2.1.1.Concept of general insurance..............................................................................42.1.2.General insurance devision (Các nghiệp vụ BHPNT)........................................4

2.2.Commercial general insurance..................................................................................42.2.1.Marine insurance (BH hàng hải).........................................................................42.2.2.Oil and gas insurance (BH ga dầu).....................................................................52.2.3.Non-marine general insurance (BHPNT ngoài BH hàng hải)............................5

* Property insurance (BH tài sản)............................................................................5* Business interruption insurance (BH gián đoạn kd).............................................5* Motor vehicle insurance (Automobile or motor insurance).................................5* Construction and Erection insurances (BH xây dựng và lắp đặt).........................5

Chép theo slideWd8042

* Liability insurance................................................................................................6* Aviation insurance (BH hàng không)...................................................................6

2.3.Personal general insurance (BH con người PNT)....................................................6Chapter 3: Life insurance.....................................................................................................6

3.1.Definition oflifeinsurance..........................................................................................63.2.The basic types of life insurance................................................................................6

3.2.1.Term\Temporary term insurance (BH tử vong có thời hạn)...............................63.2.2.Whole life insurance (BH trọn đời)....................................................................73.2.3.Pure endowment insurance (BH sinh kỳ thuần túy)...........................................73.2.4.Annuities insurance (BH niên kim hoặc trợ cấp)...............................................73.2.5.Endowment insurance (BH hỗn hợp hoặc sinh kỳ)............................................73.2.6.Other types of life insurance polocies................................................................7

Chapter 4: Reinsurance........................................................................................................74.1.Overview....................................................................................................................7

4.1.1.Concept...............................................................................................................7* The definition stresses 2 important facts..............................................................7* The nature of insurance........................................................................................8* Particular elements of reinsurance........................................................................8* Other definition.....................................................................................................8* Other concept........................................................................................................8

Chapter 1: Overview of insurance1.1.Risk and insurance1.1.1.Concept of risk * Definition of risk

Risk is the probability of something happening that will have an unfavorable (bất lợi) outcome (hậu quả) or an unpredictable (không mong đợi) result.

* 2 elements of risk- The likelihood (khả năng) of something happening (xảy ra sự cố) is uncertain

(không chắc chắn)- The consequence (hậu quả) if it happen is not favorable (mong đợi)

* The types of risk (4 methods to classify risk) - Speculative/Dynamic risk (rủi ro đầu cơ)

Pure/Static risk (rủi ro thuần túy)

- Particular risk (rủi ro riêng biệt) Fundamental risk (rủi ro cơ bản)

- Financial risk Non – financial risk

Chép theo slideWd8042

- Insurable risk Non – insurable risk

1.1.2.Concept of risk management * The process of risk management: 3 steps

- Identify risks or identify of the risks- Evaluate the risks- Decide treatment to the risks

* The methods to treat the risk- Avoidance (tránh né rủi ro)- Control (kiểm soát rủi ro)- Retention (chấp nhận)- Transfer

+ Non – insurance transfer of risk (chuyển giao rủi ro không sử dụng BH)+ Insurance

1.1.3.Concept of insurance * Definition of insurance

Insurance is a contract between to parties whereby one party (insurer) agrees to undertake the risks of another (insured) in exchange for “consideration” known as premium and promises to pay a fixed sum of money to the other party on the happening of uncertain event or after the expiry of a certain period in case of life insurance or to indemnify other parties on the happening of an uncertain event in case of general insurance

* Benefits of insurance (lợi ích)- Provide financial stability (đảm bảo ổn định về mặt tài chính)- Taking peace of mind (mang lại sự an tâm)- Stimulate business enterprise (kích thích hoạt động kinh doanh)- Encourages loss control (tăng cường phòng tránh rủi ro)- Encourages investment (tăng cường đầu tư)

1.1.4.Insurance contracts- The decleration page (bản kê khai thông tin)- Policy wording (HĐBH tóm tắt)- The insuring agreement or general insurance or conditions & exclusion (điều

khoản chung)- Extensions & modifications (điều khoản bổ sung)

1.2.Principles of insurance (nguyên tắc) * Insurable interest (quyền lợi có thể được BH) * Utmost good faith (trung thực, tin tưởng)

Chép theo slideWd8042

* Indemnify (bồi thường) * Subrogation (thế quyền) * Contribution (đóng góp bồi thường hay chia sẻ trách nhiệm trong trường hợp BH trùng)

1.3.Insurance market1.3.1.The buyers of insurance

- Individuals- Commercial enterprises- Government

1.3.2.The intermediaries (trung gian)- Insurance agents (đại lý BH)- Insurance brokers (môi giới BH)

1.3.3.The sellers- Direct insurers (người Bh trực tiếp)- Reinsurers (DN tái BH)- Protection and indemnify clubs (tổ chức bảo trợ và bồi thường)- Co – operatives (hợp tác xã) or Mutual (cổ phần) insurance companies (công ty

BH tương hỗ)

1.3.4.Other insurance related professions and bodies- Actuaries (chuyên gia, chuyên viên tính phí)- Loss adjusters (chuyên viên tính toán tổn thất)

Chapter 2: General insurance2.1.Overview of general insurance2.1.1.Concept of general insurance

General insurance comprises any insurance that is not determind to be life insurance

2.1.2.General insurance devision (Các nghiệp vụ BHPNT) * In USA

- Property insurance (BH tài sản)- Casualty insurance (BH trách nhiệm)

* In UK- Personal lines (Các nghiệp vụ BH cá nhân)- Commercial lines (Các nghiệp vụ BH thương mại)- London market

Chép theo slideWd8042

* In many DIM – development insurance market- Commercial general insurance- Personal general insurance

2.2.Commercial general insurance2.2.1.Marine insurance (BH hàng hải) * Several specific types of losses (những tổn thất riêng biệt)

- Total los (tổn thất toàn bộ)- Particular average ( (tổn thất riêng, tổn thất bộ phận)- General average (tổn thất chung)

* Types of marine property insurance- Cargo insurance (BH hàng hóa)- Hull and machinery insurance (BH thân và máy móc thiết bị tàu)- Loss of income (BH tổn thất thu nhập)

* Types of marine liability insurance (Các loại trách nhiệm)- Collision liability ínurance (trách nhiệm BH đâm va)- Protection and indemnity ínurance (trách nhiệm BH của hội)- Other liability insurances (trách nhiệm BH khác)

2.2.2.Oil and gas insurance (BH ga dầu)- Property damage insurance (BH thiệt hại tài sản)- Hull and carro insurance (BH tàu và hàng hóa chở trên tàu)- Liability insurance (BH trách nhiệm)

2.2.3.Non-marine general insurance (BHPNT ngoài BH hàng hải) * Property insurance (BH tài sản)

- Fire and special peril policy (BH hỏa hoạn và các trường hợp đặc biệt)- Industrial all risks policy (BH mọi rủi ro công nghiệp)- Home insurance (BH nhà)

* Business interruption insurance (BH gián đoạn kd)- Tradition gross profit wordings (đơn BH lợi nhuận gộp truyền thống)- Gross revenue of fees wordings (đơn BH thu nhập gộp hoặc phí)- Gross rentals wordings (đơn BH cho thuê)

* Motor vehicle insurance (Automobile or motor insurance) BH xe cơ giới

- Motor vehicle physical damage insurance BH thiệt hại vật chất xe cơ giới- Motor vehicle owner’s third party liability insurance (liability to third party) BH trách nhiệm của chủ xe cơ giới với người thứ 3

Chép theo slideWd8042

- Motor vehicle owner’s civil liability to the passenger BH trách nhiệm dân sự của chủ xe cơ giới đối với hành khách- Motor vehicle owner’s civil liability to good in transit BH trách nhiệm dân sự của chủ xe đối với hàng hóa vận chuyển- Personal accident of driver, assistant driver and passenger (Applied to non-

passenger service car) BH lái, phụ xe và hành khách trên xe, áp dụng với xe không vận chuyển hành

khách

* Construction and Erection insurances (BH xây dựng và lắp đặt)

- Construction all risks insurance (BH mọi rủi ro xd)- Erection all risks insurance (BH mọi rủi ro lắp đặt)

* Liability insurance- General liability insurance (BH trách nhiệm tổng hợp)- Directors and Officers liability insurance (BH trách nhiệm cho những người chủ

chốt)- Employer liability insurance (BH trách nhiệm của người chủ sd với người lđ)- Professional liability insurance (BH trách nhiệm nghề nghiệp)- Public liability insurance (BH trách nhiệm chung)- Product liability insurance (BH trách nhiệm sản phẩm)

* Aviation insurance (BH hàng không)- Hull all risks (BH mọi rủi ro cho thân máy bay)- Spares insurance (BH thiết bị phụ tùng thay thế)- Hull war risks (BH mọi rủi ro chiến tranh cho thân máy bay)- Hull total loss only cover (BH tổn thất toàn bộ thân tàu)- Liability insurance + Liability insurance respect of passenger, baggage, cargo, mail carried on the

aircraft ( + Aircraft third party liability (BH trách nhiệm dân sự với người thứ ba)

2.3.Personal general insurance (BH con người PNT)- Personal accident insurance (Bh tai nạn cá nhân)- Medical and health insurance (BH chi phí y tế và sức khỏe)- Worker compensation insurance (BH giảm mất thu nhập cho người lđ)- Consumer credit insurance (BH tín dụng tiêu dùng)

Chapter 3: Life insurance3.1.Definition oflifeinsurance

Chép theo slideWd8042

Life insurance is a contrast between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual’s or individul’s death or other event, such as terminal illness (bệnh giai đoạn cuối) or critical illness (bệnh hiểm nghèo), and in return the policy owner (chủ hợp đồng) agrees to pay a stipulated amount of premium at regulary (khoảng thời gian như nhau) intervals (đều đặn) or in lump sum (phí trả 1 lần)

3.2.The basic types of life insurance3.2.1.Term\Temporary term insurance (BH tử vong có thời hạn)

- Level tẻm insurance (BH tử kỳ cố định tức STBH không đổi) - Renewed term insurance (BH tử kỳ có thể tái tục)- Convertible term insurance (BH tử kỳ có thể chuyển đổi)- Decreasing term insurance (BH tử kỳ giảm dần)- Increasing term insurance (BH tử kỳ tăng dần)

3.2.2.Whole life insurance (BH trọn đời) - Non – profit whole life insurance (BH trọn đời không chia lãi)- With profit whole life insurance (BH trọn đời có chia lãi)

3.2.3.Pure endowment insurance (BH sinh kỳ thuần túy)

3.2.4.Annuities insurance (BH niên kim hoặc trợ cấp)- Immediate annuity (Niên kim trả ngay)- Deferred annuity (Niên kim trả sau)- Temporary annuity (Niên kim tạm thời)- Guaranteed annuity (Niên kim đảm bảo)- Increasing annuity (Niên kim tăng dần)

3.2.5.Endowment insurance (BH hỗn hợp hoặc sinh kỳ)- Non – profit endowment- With profit endowment

3.2.6.Other types of life insurance polocies- Unit linking (BH liên kết đơn vị)- Investment linked insurance (BH klieen kết đầu tư)- Universal life policies (BH phổ cập hoặc liên kết chung)- Contigent policies (Đơn BH có điều kiện)- Bolt - on policies (Các đơn BH bổ sung)

Chapter 4: Reinsurance4.1.Overview

Chép theo slideWd8042

4.1.1.ConceptReinsurance is an arrangement in which a company, the reinsurer (người nhận

tái), agrees to indemnify an insurance company, the ceding company (công ty nhượng tái), against all or a portion of the primary insurance risks underwritten by the ceding company under one or more insurance contracts

Reinsurance is the insurance of the risk assumred by the insurer

* The definition stresses 2 important facts- There is a new contract – the reinsurance contract which does not modify (sửa

đổi) the insurance contract in anyway- The reinsurance contract does not establish any kind of legal link between the

insured and the reinsurer for this reason, the insured can take no legal action against the reinsurer

* The nature of insuranceReinsurance is always a contract of indemnity, even in life and accident

insurance, because it protect the insurer from diminution (sự giảm) of his property, caused by insurance policy obligations (nghĩa vụ, trách nhiệm)

* Particular elements of reinsurance- Reinsurance is a distinct and separate (riêng biệt) contract from the original

insurance and itself takes the form of a contract of insurance- Reinsurance need not cover the insured’s entire obligation under the original

contract of insurance, either in terms of the sums payable or in terms of the perils covered- The insurance contract must cover the same risk as the original insurance- The insurance contract and the reinsurance contract must exist at the same time

with the insurance contract proceding the reinsurance contract

* Other definition- Ceding company (cedant, insured, reassured): the insurer which cedes all or part

of insurance risk written to another - The reinsurer: the insurance company that accepts the transference- Cession (phần nhượng tái): the amount of insurance risk transferred to a new

reinsurer by a ceding company

* Other concept- Retrocession (sự nhượng lại): a insurance transaction (sự giao dịch) whereby a

reinsurer – the retrocedent – cedes all or part of insurance risk to another reinsurer – retrocessionaire

- Retrocessionaire: the reinsurer of reinsurance company- Retrcedent: a insurance company that buys reinsuranceA -> B -> C => B: retrocedent; C: retrocessionaire

- Retentionans (deductible, franchise, ceding company’s net liability, retained line): is the part of the risk that is not ceded and is kept for own account of the insurer

Chép theo slideWd8042

- The retention: can be given either as a percentage or an amount of the sum insured

Ex: a company retains 30% of all sum insured in the plate glass branch, an amount of 100.000 of particularly well constructed private house fire policies

- Priority: is the maximum part of the loss incurred which is covered by the insurer

- Profit commission (hoa hồng theo lãi): is a contractually agreed commission (hoa hồng thỏa thuận theo HĐ) paid by the reinsurer to the insurer in poportion (tỷ lệ) to reinsurer profits in the given reinsurance business

- Commission: is a remuneration paid by the reinsurer to the insurer for insurer’s costs related to the reinsurance business (HĐ KD TBH)

4.2.Function of Reinsurance- Risk transfer- Income smoothing- Reinsurer expertise- Creating a manageable and profitable portfolio of insured risks- Surplus relief and Managing cost of capital for an insurance company