Insurance Mechanism

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Level: Intermediate

Why you need this course:
After completing this course, you’ll be able to consider the strategies an insurer might use to deal with inadequate organizational performance.

Upon successful completion of this course, you should be able to:

  • Explain how insurance benefits individuals, organizations, and society.
  • Describe the core and supporting functions performed by insurers.
  • Explain the dynamics of supply and demand in establishing product prices and the factors that affect the supply and demand for insurance.
  • Describe the following economic issues related to insurance pricing:
    • Adverse selection
    • Moral and morale hazard
    • Actuarial equity compared with social equity
    • Timing
  • Describe the main sources of revenues and expenses for insurers.
  • Explain how the profitability of insurers is measured.
  • Explain how pooling reduces risk in society.
  • Compare pooling and insurance.

Cost: $20 per Professional Development Hour (PDH). Information on Professional Development Hours (PDH) provided can be found here.

Insurance Mechanism Topics Include:

  • How insurance benefits individuals, organizations, and society
  • The core and supporting functions performed by insurers
  • The dynamics of supply and demand in establishing product prices and the factors that affect the supply and demand for insurance
  • Adverse selection, moral and morale hazard, actuarial equity compared with social equity, and timing as related to insurance pricing
  • The main sources of revenues and expenses for insurers
  • How the profitability of insurers is measured
  • How pooling reduces risk in society
  • Pooling in comparison to insurance

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