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Life insurance - textbook

Book May 2003

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Jzsef Banyr
Corvinus University of Budapest + Central Administration of National Pension Insurance, Hungary
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C:\USER\TANITAS\B 2002-ES_ANGOL.DOC

JZSEF BANYR:

LIFE INSURANCE

BUDAPEST, 2003.

JZSEF BANYR: LIFE INSURANCE


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The original, Hungarian version of the book was published with support from the Hungarian
Financial Supervisory Authority.

The original, Hungarian version revised by: Erzsbet Kovcs


Gergely Pataki

Dr. Jzsef Banyr, 2003. All rights reserved.

JZSEF BANYR: LIFE INSURANCE


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TABLE OF CONTENTS
Introduction _________________________________________________________________ 3
1. Basic Concepts of Demography________________________________________________ 3
Key Words_________________________________________________________________________ 3
1.1. Total Population _________________________________________________________________ 3
1.2. Composition of the Population by Age and Gender ______________________________________ 3
1.3. Life Expectancy, Probability of Death ________________________________________________ 3
1.4. The Analysis of the Life Table ______________________________________________________ 3
1.5. Statuses: Marital, Health, Economic__________________________________________________ 3
Test ______________________________________________________________________________ 3
2. The Individual Life Cycle ____________________________________________________ 3
Key Words_________________________________________________________________________ 3
2.1. Foresight_______________________________________________________________________ 3
2.2. The Human Life Cycle Throughout History____________________________________________ 3
2.3. Life Planning and Wealth __________________________________________________________ 3
2.4. Variations of the Life Cycle ________________________________________________________ 3
2.5. The Cash Flow of the Life Cycle ____________________________________________________ 3
2.6. The Structure of Cash Flow During the Life Cycle ______________________________________ 3
2.7. Risks Threatening the Cash Flow and the Methods of Defence _____________________________ 3
Test ______________________________________________________________________________ 3
3. The Large Social Security Systems _____________________________________________ 3
Key Words_________________________________________________________________________ 3
3.1. Social Institution System and Self-care _______________________________________________ 3
3.2. Institutions of Care and Self-care ____________________________________________________ 3
3.2.1. Institutional Care Throughout History ____________________________________________ 3
3.2.2. Main Institutions and Institution Systems __________________________________________ 3
3.2.2.1. Elements of the (Compulsory) Institution System Organized by the State ___________ 3
3.2.2.2. Elements of the Institutions of Self-care _______________________________________ 3
3.2.2.3. Transitions Between the Institution Systems ____________________________________ 3
3.2.3. Expectations Related to Institutions and Institution Systems ___________________________ 3
3.2.4. Functioning Principles of Different Institutions _____________________________________ 3
3.3. Social Position and Self-care _______________________________________________________ 3
Test ______________________________________________________________________________ 3
4. The Role, Concept and Main Types of Life Insurance _____________________________ 3
Key Words_________________________________________________________________________ 3
4.1. Financial Needs _________________________________________________________________ 3
4.1.1. The Logic of Changes in Financial Needs__________________________________________ 3
4.1.2. Financial Needs in the Life Cycle ________________________________________________ 3
4.2. The Relation of Life Insurance with Other Insurances, the Nature of Life Insurance Risk ________ 3
4.2.1. Insured Event _______________________________________________________________ 3
4.2.2. Claim and the Character of Reimbursement ________________________________________ 3
4.2.3. Life Insurance and Reserving ___________________________________________________ 3
4.2.4. The Characters of a Life Insurance Contract________________________________________ 3
4.3. Introducing the Most Important Life Insurances ________________________________________ 3
4.3.1. Term Insurance ______________________________________________________________ 3
4.3.2. Pure Endowment Insurance _____________________________________________________ 3
4.3.3. Endowment Insurance _________________________________________________________ 3
4.3.4. Whole Life Insurance _________________________________________________________ 3
4.3.5. Unit Linked Insurance _________________________________________________________ 3
4.3.6. Term Fix Insurance ( terme fix)_________________________________________________ 3
4.3.7. Annuities ___________________________________________________________________ 3

JZSEF BANYR: LIFE INSURANCE


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4.3.7.1. Single Life Annuity Single Premium, Immediate Lifetime Annuity _________________ 3
4.3.7.2. Joint Life Annuities _______________________________________________________ 3
4.3.8. Pension Insurance ____________________________________________________________ 3
4.3.9. Complementary Risks Insurance Riders__________________________________________ 3
5. Categorisation of Life Insurance_______________________________________________ 3
Key Words_________________________________________________________________________ 3
5.1. Usual Classification of Life Insurances _______________________________________________ 3
5.1.1. Categorisation of Life Insurance in the Hungarian Literature ___________________________ 3
5.1.2. Life Insurance Classification in the English Literature ________________________________ 3
5.1.3. General Features of the Categorisations ___________________________________________ 3
5.2. Practical Classification of Life Insurance by Different Aspects _____________________________ 3
5.2.1. From the Aspect of the Historical Order of Development Traditional and Modern Life
Insurances ________________________________________________________________________ 3
5.2.2. By the Logic of the Internal Structure, and the Type of Benefit _________________________ 3
5.2.3. From the Administrative and Legal Aspect Main Policies and Riders ___________________ 3
5.2.4. By the Relation of the Status of the Policyholder and the Insured Individual and Group
Insurance _________________________________________________________________________ 3
5.2.5. By the Number of Insured Persons Single Life or Joint Life Insurance __________________ 3
5.2.6. By Premium Term and Premium Frequency ________________________________________ 3
6. Comparing Modern and Traditional Life Insurances _____________________________ 3
6.1. Modern Life Insurance in General ___________________________________________________ 3
6.2. Life Insurance Before the Appearance of Unit Linked ____________________________________ 3
6.3. The Development and Circumstances of Development of Unit Linked Insurance _______________ 3
6.4. Similarities with Endowment Insurance Definition Arguments____________________________ 3
6.5. Major Changes Brought by Unit Linked Insurance ______________________________________ 3
6.5.1. Changes Regarding the Client ___________________________________________________ 3
6.5.2. Changes in the Relationship of the Insurer and the Client______________________________ 3
6.5.3. Changes in Insurance Technique_________________________________________________ 3
6.5.4. Expected Further Changes______________________________________________________ 3
7. Comparing Different Investment Forms ________________________________________ 3
Kew Words ________________________________________________________________________ 3
7.1. Principles of Comparing Life Insurances ______________________________________________ 3
7.1.1.Comparing Benefits ___________________________________________________________ 3
7.1.2. Differentiating Among Customers________________________________________________ 3
7.1.3. Comparison of Expenses _______________________________________________________ 3
7.1.4. Inflation Handling and Profit Sharing _____________________________________________ 3
7.2. Comparing Life Insurance and Other Saving Forms______________________________________ 3
7.2.1. General Aspects _____________________________________________________________ 3
7.2.2. Comparing Endowment Insurance and Long Term Deposit ____________________________ 3
7.2.3. Comparison of Unit Linked Life Insurance and Investment Funds _______________________ 3
7.2.4. Comparison of Interest and Annuity ______________________________________________ 3
7.3. Regulation Concerning the Investment of Life Insurance__________________________________ 3
8. Theoretical Construction of Life Insurance______________________________________ 3
Key Words_________________________________________________________________________ 3
8.1. The Most Important Elements of Life Insurance ________________________________________ 3
8.2. The Construction of Traditional and Modern Life Insurance _______________________________ 3
9. The Premium of Life Insurance _______________________________________________ 3
Kew Words ________________________________________________________________________ 3
9.1. Parts of the Premium _____________________________________________________________ 3
9.2. Premium Calculation _____________________________________________________________ 3
10. The Premium Calculation of Life Insurance ____________________________________ 3
10.1. The Premium of Single Premium Insurance ___________________________________________ 3
10.1.1. The Single Premium of Term Insurance __________________________________________ 3

JZSEF BANYR: LIFE INSURANCE