By David F. Bradford
ISBN-10: 0226070263
ISBN-13: 9780226070261
ISBN-10: 0226070328
ISBN-13: 9780226070322
The first paper, on exterior financing and assurance cycles, features a wealth of knowledge on developments and styles within the industry's monetary constitution. The final essay, which compares functionality of inventory and mutual insurance firms, takes a clean examine the way in which a company's organizational constitution impacts its responses to assorted fiscal events. papers specialise in fee law within the vehicle assurance undefined, and supply extensive overviews of the constitution and economics of the coverage as a complete. additionally addressed are the process of regulating insurance firms within the usa, who insures the insurers, and the consequences of tax legislations alterations within the Nineteen Eighties at the costs of coverage policies.
Read or Download The Economics of Property-Casualty Insurance (National Bureau of Economic Research Project Report) PDF
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Additional resources for The Economics of Property-Casualty Insurance (National Bureau of Economic Research Project Report)
Sample text
38 David F. Bradford and Kyle D. Logue the insurer’s income would be positive, since it would have earnings on its assets and any loss payment would be associated with an offsetting reduction in the stock of unpaid losses, with a corresponding addition to statutory income at that point. Conversely, if the company started expanding its business, its nominal economic income would remain zero, but its statutory income would be negative. The inconsistencies between nominal economic accounting and statutory accounting are especially significant because, before TRA86, the federal income tax treatment of property-casualty insurance companies essentially replicated statutory accounting.
Stewart, Barbara D. 1984. Profit cycles in property-liability insurance. In Issues in insurance, vol. 2, ed. John D. Long and Everett D. Randall. : American Institute for Property and Liability Underwriters. van Aartrijk, Peter. 1985. 1984 Insurance stock trends. Best’s Review: PropertyCasualty Insurance Edition 85 (10): 13-15, 103-4. Winter, Ralph A. 1988. The liability crisis and the dynamics of competitive insurance markets. Yale Journal on Regulation 5455-500. 1991. The dynamics of competitive insurance markets.
Therefore, at the moment the standard policy is issued, the offsetting liability is the obligation to provide the implicit spot policies over time. Statutory accounting deals with this obligation through a balance sheet entry called the unearned premium reserve. By convention, the premium on a standard insurance policy is treated as earned, and the unearned premium reserve is correspondingly reduced, pro rata during the policy year. During that time, spot policy loss liabilities are incurred, giving rise to loss payments and loss reserves for unpaid losses.