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Probability and Insurance Concept of probability began in 1660s Concept of probability grew from interest in gambling. Mahabarata story (ca. 400 AD) of Nala and Rtuparna, suggests some probability theory was understood in India then. Fire of London 1666 and Insurance

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Financial and Insurance as Powerful Forces in Our Economy and Society This course seeks to understand the full role of advanced risk management in our economy and society Finance, insurance, some public finance

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A variety of tax-sheltered opportunities are available for building retirement assets. Tax Sheltering – tax laws allow certain income to remain exempt from income taxes or permit an adjustment, reduction, deferral, or elimination of income tax liability. Retirement – time in life when most of one’s income changes from earned income to employer-ba...

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Mutual Fund = an investment vehicle offered by investment companies to those who wish to: Pool money Buy stocks, bonds, and other financial securities Have buy/sell decisions made by fund manager Many mutual funds chosen for inclusion in retirement account investments (e.g., 401(k)s)

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Stocks – shares of ownership in the assets and earnings of a business corporation. Common Stock – the most basic form of ownership of a corporation. Shareholder – the owner of a stock. Voting Rights – proportionate authority to express a choice in matters affecting the company. Proxy – written authorization given by shareholder to someone else ...

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People who invest very conservatively They do not get ahead financially over the long term because taxes and inflation offset most of their interest earnings Remember “The Rule of 72”? 72/4% = 18 years 72/8% = 9 years (money doubles much faster)

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Why People Invest To achieve financial goals, such as the purchase of a new car, a down payment on a home, or paying for a child’s education. To increase current income. To gain wealth and a feeling of financial security. To have funds available during retirement years.

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Primary Purpose of Life Insurance: Protect someone who depends on you from financial loss related to your death Reduces financial burdens of survivors Life insurance: Obtained by purchasing a policy The insurance company promises to pay a lump sum (death benefit) to a named beneficiary at the time of the policy holder’s death (or sometimes wh...

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Eases the financial burden people may experience as a result of illness or injury (pay a premium to transfer risk of loss) Medical expense insurance- pays actual medical costs Disability income insurance- provides replacement income Group and individual health insurance coverage available COBRA Requires many employers to offer employees and ...

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Insurance Protection against possible financial loss Provides peace of mind Insurance company (insurer) Risk-sharing firm that assumes financial responsibility for losses from an insured risk Procedure Purchase a policy known as coverage Insurance firm assumes a risk for a fee Insured policyholder pays a periodic premium

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