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Acts of God and ManRuminations on Risk and Insurance$
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Michael Powers

Print publication date: 2014

Print ISBN-13: 9780231153676

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231153676.001.0001

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Trustworthy Transfer; Probable Pooling

Trustworthy Transfer; Probable Pooling

Financing Insurance Risks

(p.110) 7 Trustworthy Transfer; Probable Pooling
Acts of God and Man

Michael R. Powers

Columbia University Press

This chapter turns to the issue of what constitutes an insurance company. It begins by examining the basic organizational forms and operational functions of insurance companies as encountered in the most common institutional settings. An insurance company may have one of a variety of ownership structures: stock, mutual, reciprocal exchange, syndicate, or nonprofit. With regard to business operations, those that are intrinsic to the insurance business include writing contracts of insurance, bearing risk, complying with insurance regulation, pricing, underwriting, and claim management. The remainder of the chapter discusses enterprise risk management; the three tools of risk finance: diversification, hedging, and pacification; and federal tax policy for captive insurance companies.

Keywords:   insurance company, organizational forms, business operations, risk finance, diversification, hedging, pacification, tax policy, captive insurance

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