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An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and ...
Insurance Economics is a research programme set up by the Geneva Association, also known as the International Association for the Study of Insurance Economics.. It is dedicated to making an original contribution to the progress of insurance through promoting studies of the interdependence between economics and insurance, to highlight the importance of risk and insurance economics as part of ...
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
In economics, insurance, and risk management, adverse selection is a market situation where asymmetric information results in a party taking advantage of undisclosed information to benefit more from a contract or trade.
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
In economics, a moral hazard is a situation where an economic actor has an incentive to increase its exposure to risk because it does not bear the full costs of that risk. . For example, when a corporation is insured, it may take on higher risk knowing that its insurance will pay the associated co
The total amount paid by an insurance company on a claim may also involve other factors such as co-insurance or deductibles. One of the champions of the replacement cost method was the Dutch professor in Business economics Théodore Limperg .
Financial economics is the branch of economics characterized by a "concentration on monetary activities", in which "money of one type or another is likely to appear on both sides of a trade". [1] Its concern is thus the interrelation of financial variables, such as share prices, interest rates and exchange rates, as opposed to those concerning ...