Fundamentals of Risk and Insurance

This revised edition of an established insurance textbook incorporates changes that have taken place in the American insurance industry such as the Risk Retention Act, the Tax Reform Act, the Revenue Act and the Medicare Expansion Act.

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The fifth edition of this standard insurance text has been revised to reflect changes that have occured in the insurance industry and its environment since 1986. It incorporates changes wrought by the Risk Retention Act of 1986, the Tax Reform Act of 1986, the Revenue Act of 1987, and the Medicare Expansion Act of 1988. Legal changes, revisions in policy forms, and the introduction of new forms of insurance are covered. As in previous editions, the emphasis is on the insurance product and its use within a risk-management framework. The three sections cover the concept of risk, the nature of the insurance device, and the principles of risk management. To illustrate insurance principles in action, in several chapters, specific contracts are examined in detail.