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Abstract: Such arrangements are known as bottomry or respondentia bonds. Early insurance arrangements reflected poor understanding of insurance theory. For example, in 1692, England offered life annuities for sale at a fixed price, independent of age. Not surprising, healthy young people bought the policies, and the treasury lost heavily. Mortality tables had not yet been conceived. Indeed, Edmond Halley (from Halley’s comet) produced the first life table in response to this event. Still, many of the modern problems had been anticipated. Understanding of moral hazard dates back to second-century Roman Palestine. For more on this and a detailed description of insurance as understood 100 years ago, see the famed ... Read More PubDate: 2020-04-29T00:00:00-05:00
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Abstract: General Accounting Office (2003a, pp. 5, 12, 13). A claims-made policy covers all claims filed in the year that the policy is written, provided that the policyholder had coverage with this insurer during the year in which the incident occurred. An occurrence policy covers all claims related to incidents in the year in which the policy is written. Thus if a physician with claims-made coverage switches insurers or retires, he or she generally buys “tail coverage" to cover any future claims that may be filed related to his or her prior practice. Danzon (1984); Doherty and Dionne (1993). General Accounting Office (2003b, p. 10). Grøn (1989, 1994); Winter (1994). Cummins and Danzon (1997). ... Read More PubDate: 2020-04-29T00:00:00-05:00
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Abstract: Abraham (2002); Stewart and Stewart (2001). The idea of a forfeit is an example of what has been colorfully referred to as the “ugly princess hostage" (Schelling 1960; Williamson 1985). An example noted by Holmstrom and Roberts (1998) is that Northwestern and KLM chose to rely on single support operations, which increases the costs of a holdup and so gives them an incentive to work together more effectively. Grossman and Hart (1986); see Hart (1995) for a summary. Anderlini, Felli, and Postlewaite (2003a, 2003b). Some policies specify the perils and losses that are covered. If a loss occurs that is not specified, then it is not covered. Other policies work in the opposite direction, covering ... Read More PubDate: 2020-04-29T00:00:00-05:00
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Abstract: Parts of this discussion draw from Harrington and Niehaus (2000) and Harrington and Danzon (2001). I address many similar issues in my 1988 Brookings paper on the liability insurance crisis (also see Harrington and Litan 1988). All general liability insurance results reported in this paper include separately reported product liability coverage, unless otherwise indicated. Because the data source used—Best’s Aggregates & Averages (A. M. Best, various issues)—ceased reporting Schedule P information by line of business in the 2003 edition, I did not have access to data on accident-year losses for general liability insurance in 2002 at the time this paper was prepared. The figures that show values for 2002 ... Read More PubDate: 2020-04-29T00:00:00-05:00
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Abstract: Moss (1999, 2002). Nishiyama and Smetters (2003). Riddiough and Chiang (2003). Real Estate Roundtable (2002a). Buffett (2001). Pan American World Airways, Inc. v. Aetna Casualty & Surety Company, 505 F.2d 989 (2d circuit 1974), applying New York law; Holiday Inns, Inc. v. Aetna Insurance Company, 571 F. supp. 1460, 1499-503 (S.D.N.Y. 1983).Pan American World Airways, Inc. v. Aetna Casualty & Surety Company505F.2d9892d circuit1974applying New York lawHoliday Inns, Inc. v. Aetna Insurance Company571F. supp.146014991503S.D.N.Y.1983 Pan American World Airways, Inc. v. Aetna Casualty & Surety Company, at 1015; upheld on appeal.Pan American World Airways, Inc. v. Aetna Casualty ... Read More PubDate: 2020-04-29T00:00:00-05:00
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