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Insurance mind map
About insurance mind map, the knowledge framework of insurance principles, essential for final review, including risk management insurance, insurance overview, basic principles of insurance, insurance contracts, etc.
Edited at 2023-11-04 12:43:20
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Insurance mind map
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- Outline
Multiple choice questions
Chapter 1 Risk Management Insurance
definition of danger
Uncertainty about the occurrence and extent of losses
dangerous properties
objectivity
lossy
Uncertainty
universality
Sociality
Testability
variability
elements of danger
risk factors
dangerous accident
dangerous loss
Danger vector
Dangerous types
Natural dangers and social dangers
Static danger and dynamic danger
Basic hazards and specific hazards
Property danger, personal danger, liability risk and credit risk
dangerous countermeasures
Controlled Risk Countermeasures
Financial Risk Countermeasures
Main methods of handling hazards
danger avoidance
damage control
danger transfer
risk retention
The relationship between risk and insurance
Impact of hazards on insurance
Danger is the prerequisite for the emergence and development of insurance
The Impact of Insurance on Risk Management
The relationship between mutual prime and mutual promotion
Insurable danger
Hazardous losses can be measured in currency
The occurrence of danger is accidental
Danger occurs unexpectedly
A large number of targets have the possibility of suffering losses from this hazard
Danger has the potential to cause significant losses
Chapter 2 Insurance Overview
insurance definition
Insurance is a financial risk transfer mechanism that collects similar risks and establishes a fund to provide economic protection for the consequences of specific risks.
Object of insurance
That is, the subject matter of insurance refers to the various risk carriers for which the insurer assumes insurance liability.
Impersonal objects
Houses, vehicles, ships, aircraft, cargo, furniture, crops, livestock, etc. Credit obligations, debts, etc.
personal target
Life and bodily functions of the insured
Classification of insurance
Different types of insurance
business insurance
social insurance
policy insurance
Different according to insurance subject matter
property insurance
Life Insurance
Liability Insurance
credit guarantee insurance
Classification according to risk transfer level
Primary insurance and reinsurance
Compound insurance and duplicate insurance
coinsurance
Classified by implementation
compulsory insurance
voluntary insurance
Other classification methods
Classification for profit or not
profit insurance
company insurance
personal insurance
non-profit insurance
social insurance
policy insurance
mutual insurance
cooperative insurance
Classification by business entity
public insurance
private insurance
Classification by insurance customers
personal insurance
group insurance
Look at the insured peril classification
single peril insurance
Comprehensive hazard insurance
All Risks
Classification according to the method of determining the insured amount
Fixed value insurance
Indefinite value insurance
Classification of whether the insurance is fully insured
Fully insured
under-insurance
excess insurance
insurance functions
Basic functions of insurance
sharing of dangerous functions
Compensation for loss function
Derivative functions of insurance
Financing function
Disaster and loss prevention functions
Assign functions
Chapter 3 Basic Principles of Insurance
The principle of utmost good faith
meaning
The parties must fully and accurately inform the other party of all important facts about the insurance, and no hypocrisy, deception or concealment is allowed.
reason
The particularity of insurance operations
Adherence to insurance contracts
The uncertainty inherent in insurance itself
Fundamental contents
inform
Notice to policy holder
Notice from the Insurer
ensure
express warranty
implied warranty
Waiver and Estoppel
as a result of
Legal Consequences of Policyholder’s Violation of Notification
missed report
Misinformation
hide
Fraud
Legal Consequences of Insurer's Breach of Disclosure Obligation
Legal consequences of breach of warranty
insurable interest principle
The meaning of insurance interest
Refers to the legally recognized interest that the policy holder or the insured has in the subject matter of the insurance.
Nature of insurable interest
Insurable interest is the object of an insurance contract
Insurable interests are usually the basis for an insurance contract to take effect.
Insurable interests are not interests of an insurance contract
The meaning of the insurable interest principle
It is the basic principle of insurance. Its essential content depends on the difference between personal insurance and property insurance.
proximate cause principle
meaning
If an insured accident occurs and the proximate cause of the loss of the insured subject falls within the insurance liability, the insurer shall be liable for loss compensation. If the proximate cause is excluded, the insurer is not liable for compensation.
loss compensation principle
meaning
It means that when the insured subject suffers a loss within the scope of insurance liability, the insured has the right to obtain insurance compensation in accordance with the contract to make up for the insured's loss, but the insured cannot gain additional benefit from loss
derivation principle
Loss allocation principle for duplicate insurance
meaning
It means that in the case of duplicate insurance, when an insured accident occurs, the liability for compensation is distributed among the various insurers through appropriate apportionment methods, so that the insured can be fully compensated and will not receive more than its actual loss. additional benefits
Loss allocation method for duplicate insurance
Proportional liability allocation method
Limit liability allocation method
Sequential responsibility allocation method
principle of subrogation
meaning
It means that after the insurer compensates the insured for the losses suffered in accordance with the law or the insurance contract, it legally obtains the right to recover from the third party responsible for the relative property losses or obtains the insured's ownership of the insured subject matter.
include
Subrogation
meaning
If an insured accident is caused by a third party's damage to the insured subject matter, the insurer shall exercise the right of the insured to request compensation from the third party by subrogation within the scope of the compensation amount from the date of compensation to the insured.
condition
The insured must have the right to claim compensation for losses from both the insurer and the third party.
The insured claims compensation from a third party
The insurer fulfilled its liability for compensation
physical recovery
Chapter 4 Insurance Contract
insurance contract concept
Also known as an insurance contract, it is an agreement between the policyholder and the insurer in commercial insurance to stipulate the rights and obligations.
Characteristics of insurance contracts
The insurance contract is a named contract
The insurance contract is a free contract
The insurance contract is an adjunct contract
An insurance contract is a paid contract
An insurance contract is a bilateral contract
Insurance contracts are contracts of the utmost good faith
Elements of an insurance contract
The subject and object of an insurance contract
The subject of the insurance contract
parties to an insurance contract
Policyholder
Insurer
Relevant person to the insurance contract
Insured
beneficiary
policy owner
insurance contract assistant
insurance agent, insurance broker, insurance adjuster
object of insurance contract
It is the insurable interest that the policy holder or the insured has in the subject matter insured.
Conclusion of insurance contract
The procedure for entering into an insurance contract
offer
promise
The establishment and effectiveness of insurance contracts
Valid insurance contract, invalid insurance contract and undetermined insurance contract
Performance of insurance contract
Fulfillment of rights and obligations of parties
Fulfillment of the rights and obligations of the insurer
How to handle disputes in insurance contracts
Negotiate
mediate
arbitration
litigation
Chapter 6 Commercial Insurance One, Property Insurance
concept
It refers to a socialized economic compensation system that takes various properties, materials and related interests as the subject of insurance and has the basic purpose of compensating the economic losses of the policy holder or the insured.
Property insurance business system
property damage insurance
Various fire insurances, such as group fire insurance, home property insurance, etc.
fire insurance
meaning
Fire insurance in short refers to a type of property insurance that takes property and materials stored in a fixed place and in a relatively static state as the subject of insurance.
Basic Features
The subject matter of insurance is various property and materials that are relatively stationary on the road.
The storage address of insured property is fixed
Covered perils are quite broad
Group fire insurance
meaning
It is a fire insurance that targets enterprises and other legal entities, emphasizing the legal personality of insurance customers.
Special agreement on insurable property, insurable property and non-insurable property
Determination of insurance amount
Fixed asset insurance amount
Insure based on original book value
Insured at Replacement Reconstruction Value
Insure according to the actual value agreement at the time of insurance
Insurance amount for current assets
materialized current assets
Liquid assets in monetary form
Determination of insurance rates
industrial insurance rates
Warehousing insurance rates
General insurance rates
Determination of insurance liability coverage
Listed natural disasters such as lightning storms, wind and tornadoes, etc.
Listed accidents such as fires and explosions, etc.
Liability for special losses. Such as power supply, water supply, gas supply, etc.
When an insured accident occurs, the loss of the insured subject is caused by taking reasonable and necessary measures to rescue property or prevent the spread of the disaster.
When an insured accident occurs, in order to reduce the loss of the insured subject matter, the insured takes reasonable expenses to take rescue, protection and arrangement measures for the insured subject matter.
How compensation is calculated
Compensation calculation method for fixed assets
Compensation calculation method for current assets
Types of insurance included in group fire insurance
Property insurance basic money
Comprehensive property insurance
property insurance all risks
Machine damage insurance
Additional insurance
Home contents insurance
meaning
It is a kind of fire insurance that targets urban and rural residents.
feature
Business diversification is small, but volume is large
Dangerous structures are distinctive
Insurance compensation has special features
Flexible insurance design
General home insurance
Principal repayment home insurance
Other home contents insurance
Additional theft insurance
Various transportation insurance such as motor vehicle, insurance, aircraft insurance, ship insurance, cargo transportation insurance, etc.
Transportation insurance system
Transportation insurance
motor vehicle insurance
meaning
A type of transportation insurance that takes the motor vehicle itself and its third-party liability as the subject of insurance, including trams and battery cars.
feature
Insurance risks are uncertain and unpredictable
expanded insurable interests
It is only required that the driver is qualified to drive a motor vehicle, is insured, and has the consent of the insured
Pay attention to safeguarding public interests
vehicle damage insurance
Various motor vehicle bodies and their parts and equipment, etc.
The insurance amount of motor vehicle loss insurance adopts the method of variable value insurance, and the insurance amount is determined according to the actual value of the insured motor vehicle at the time of insurance application.
Third party liability insurance
That is, an accident occurs when the insured or the qualified driver allowed by him or her is using the insured vehicle, resulting in direct damage to the person or property of a third party. And the amount of compensation that the insured should pay according to law
Additional insurance
boat insurance
meaning
Transportation insurance with various types of ships and their ancillary equipment as the subject of insurance, but ships under construction or repair are generally not eligible for ship insurance.
Limitation of Liability
Liability for damage to the ship itself
collision liability
Related fees
Ship insurance claims
Ship loss compensation
Compensation for loss of expenses
Collision Liability Compensation
aviation insurance
meaning
It is a kind of transportation insurance with aircraft and related legal liability risks as the subject of insurance. It is usually composed of several basic insurances and several additional insurances that can be independently underwritten.
Basic Features
Hazard distribution is time-sensitive
The subject value of aviation insurance is high and the risk of loss is high
Aircraft body insurance
Third party liability insurance
Passenger liability insurance
Other transportation insurance
Cargo transportation insurance
meaning
A kind of transportation insurance that takes various goods in transportation as the subject of insurance
Features
The insured subject matter is liquid
Insurance contracts can be transferred by endorsement
The insurance period is voyage-specific
Classification
According to whether the cargo transportation crosses the national border, it can be divided into international or foreign-related cargo transportation insurance and domestic cargo transportation insurance.
According to transport
air cargo transportation insurance
Waterway cargo transportation insurance
Land cargo transportation insurance and combined transportation insurance
According to the way insurance assumes liability
Basic cargo transportation insurance
Comprehensive cargo transportation insurance
Cargo transportation all risks and additional risks
Basic features of transportation insurance
The biggest feature is that the insurance subject matter is not stored in a fixed place, but is in a running state.
The insured subject’s place of occurrence is mostly in a different place
The occurrence of accidents is usually closely related to third parties other than the insurance parties.
Various engineering insurances such as construction engineering insurance, installation engineering insurance, technology engineering insurance, etc.
agricultural insurance
Liability Insurance
public liability insurance
product liability insurance
Employers Liability Insurance
professional liability insurance
Various means of transportation, third party liability insurance, etc.
credit guarantee insurance
Characteristics of property insurance
The subject matter of insurance is various properties, materials and related liabilities.
The nature of insurance business is to organize economic compensation
Business content is complex
A single insurance relationship has inequality in economic value
Chapter 7 Commercial Insurance Part 2, Personal Insurance
life insurance concept
An insurance that takes a person’s lifespan and body as the insurance subject
Characteristics of personal insurance
Characteristics of personal insurance accidents
The occurrence of personal insurance accidents is usually inevitable
Dispersion
The probability of fatal accidents increases with the age of the insured and is relatively stable.
Characteristics of personal insurance products
Broad demand and high elasticity of demand
The amount of insurance is determined based on many factors
Insurance payment is an agreed payment
Insurance benefits depend on the relationship between the policyholder and the insured
long term
Life insurance policies are savings
Characteristics of personal insurance business
Life insurance usually charges premiums based on annual equalized rates.
The insurer of life insurance withdraws reserves year by year for each life insurance policy.
Life insurance policyholders have more money to invest
Personal insurance policies are difficult to adjust
Personal insurance business management has continuity
Classification of life insurance
According to insurance coverage
life insurance
personal accident insurance
Health insurance
Term Insurance
long term insurance
One year warranty
short term insurance
Reasons for insurance
voluntary insurance
compulsory insurance
Number of insured persons
personal insurance
United Insurance
group insurance
Insurers have different likelihoods of accidents
health insurance
Weak body performance
According to the payment method of insurance benefits
lump sum insurance
Installment benefit insurance
According to whether the insured participates in the distribution of interests of the insurer
participating insurance
non-participating insurance
According to underwriting technology
General life insurance
Simple life insurance
Common Terms
incontestable clause
During the lifetime of the insurer, and after two years from the date of conclusion of the insurance contract, the insurer shall not claim to terminate the contract or refuse to pay the insurance premium on the grounds of the policyholder's misrepresentation, omission, concealment of facts, etc. when applying for insurance. The first two years after the conclusion of the contract are the defensible period
Misrepresentation of age clause
If the policy holder misrepresents the age of the insured when applying for insurance, resulting in the insurance premium paid by the policy holder being less than or more than the payable premium, the insurer has the right to make corrections and require the policy holder to pay back, and the insurance premium may be refunded to the policy holder in excess of the payable premium. premium paid Or adjust the insurance amount based on the insured’s true age at the time of application
grace period clause
It stipulates that if the renewal premium is not paid on time, the policy holder has a certain time grace period to pay the renewal premium. During the grace period, the contract remains valid even if the insurance premium is not paid. If the grace period is exceeded, the insurance contract becomes invalid and the grace period is agreed to be 60 days.
Premium automatic advance payment terms
If the policyholder fails to pay the insurance premium within the grace period for some reason after paying the insurance premium for a certain period of time, the insurer can use the cash value of the policy to automatically advance the premium owed by the policyholder so that the policy remains valid. The premise is that the cash value of the policy is sufficient to pay the insurance premiums owed, and the policyholder has no statement of objection.
Reinstatement Clause
The policy expires due to the policyholder's failure to pay the insurance premium. The policyholder applies to restore the validity of the original insurance contract within a certain period of time.
condition
The reinstatement application cannot exceed the prescribed time limit, which is usually two years. If this period is exceeded, the policy holder will lose the right to apply for reinstatement.
The insured must meet the insurability conditions. During the expiry of the policy, the insured's health, life, occupation and other conditions will change.
When the policy holder applies for reinstatement, he or she shall pay the unpaid insurance premiums and interest during the expiration period.
Ownership Terms
no loss of value clause
Policy loan terms
Policy transfer clause
beneficiary clause
Bonus optional terms
Insurance benefit payment optional terms
suicide clause
If the insured commits suicide from the date of establishment of the insurance contract and within a period of time after the reinstatement of the insurance contract, the insurer shall not be liable to pay the insurance premium. However, for the insurance premiums paid by the policy holder, the insurer will refund the cash value or premiums paid according to the insurance policy.
After this period of time, if the insured commits suicide, the insurance company can pay the insurance money according to the contract, provided that it exceeds two years.
war exception
Common disaster jokes
life insurance
Traditional life insurance
death insurance
term death insurance
lifetime death insurance
survival insurance
simple survival insurance
annuity insurance
Endowment insurance
life insurance rider
Guaranteed Insurability Additional Special
Premium exemption special offer
Loss of working ability, income compensation additional special contract
Accidental Death Special
Spouse and children insurance additional special offer
Cost of Living Adjustment Plus Special
Innovative life insurance
Participating life insurance
variable life insurance
Universal life insurance
Variable universal life insurance
personal accident insurance
Health insurance
Chapter 8 Commercial Insurance Part 3, Reinsurance
concept
Reinsurance, also known as reinsurance, is insurance that provides protection for the risk liability borne by the insurer.
In the reinsurance business, the insurer who cedes the business is called the original insurer or the ceding company, and the cedant is called the reinsurer or the ceding company's cedant.
The insurer does not directly compensate for the loss of the subject matter of the original insurance contract, but compensates the original insurer for the liability assumed.
Dangerous unit retention amount and reinsurance amount
dangerous unit
It is the maximum range of losses that may be affected if a dangerous accident occurs to the insured subject matter. For example, in automobile insurance, each vehicle is regarded as a risk unit.
Self-retention quota
Also known as self-responsibility, it refers to the allocation of responsibilities or losses for each dangerous unit or a series of dangerous units. The company determines the limit it can bear based on its own financial resources
Reinsurance amount
Also known as reinsurance acceptance amount or reinsurance liability amount, it refers to the maximum limit of reinsurance liability that the reinsurance recipient can bear.
Application of insurance principles in reinsurance
insurable interest principle
Principle of good faith
compensation principle
Principle of existence of insured subject matter
The functions of reinsurance
Diversify the huge risks posed by insurance companies due to specific businesses
Dispersion of hazards within a specific area
Spread the insurance company’s cumulative liability risk
Dispersion of hazards for a specific period of time
proportional reinsurance
meaning
Also known as insured amount reinsurance, when using this reinsurance method, the insurance parties determine a liability sharing ratio in advance based on the total insurance amount and the original insurer's retained share. Both parties determine their respective liability amounts based on this ratio. After a dangerous accident occurs, both parties share the compensation based on this ratio.
Classification
percentage reinsurance
excess reinsurance
excess hybrid reinsurance
non-proportional reinsurance
excess loss reinsurance
Accident Excess Reinsurance
Excess of loss ratio reinsurance
form of reinsurance
Temporary reinsurance
Contract reinsurance
Reservation of reinsurance
Determination of self-retention amount
capital
Business volume
Possibility of dangerous accidents
insurance rate
Insurance amount
property insurance reinsurance
fire insurance reinsurance
marine reinsurance
car insurance reinsurance
liability reinsurance
life insurance reinsurance
Life insurance reinsurance
Accident insurance and health insurance reinsurance