Some Muslims believe insurance is unnecessary, as society should help its victims. Muslims can no longer ignore the fact that they live, trade and communicate with open global systems, and they can no longer ignore the need for banking and insurance. Aly Khorshid demonstrates how initial clerical apprehensions were overcome to create pioneering Muslim-friendly banking systems, and applies the lessons learnt to a workable insurance framework by which Muslims can compete with non-Muslims in business and have cover in daily life. The book uses relevant Quranic and Sunnah extracts, and the arguments of pro- and anti-insurance jurists to arrive at its conclusion that Muslims can enjoy the peace of mind and equity of an Islamic insurance scheme.

This book provides one of the first systematic in-depth studies on regional catastrophe risk pools. It explores the various goals of these new financial instruments, illustrating how they function on a conceptual, technical and practical level, and reconstructs their political genesis. With climate-related disasters increasing in frequency and severity, Insuring Against Climate Change explores how affected countries, especially those in the Global South, have increasingly turned to innovative index insurance instruments, as demonstrated by the creation of the Caribbean Catastrophic Risk Insurance Facility (CCRIF), the African Risk Capacity (ARC) and the Pacific Catastrophe Risk Assessment and Financing Initiative Facility (PCRAFI Facility). Scherer scrutinizes the formation of this trend, exploring comparatively the goals, characteristics and histories of these tools, and argues that their attractiveness rests more on political than economic benefits and is, in fact, more supply than demand-driven. Making a significant contribution to current debates on the opportunities and limitations of what are sometimes described as indirect 'climate risk insurance', this book will be of great interest to political scientists with an interest in insurance instruments and climate-related disaster management politics as well as to practitioners working in the insurance, finance and the development sectors.

First published in 1998, this volume was formally completed in July 1994, but completing the structure of the market is not all the same thing as having a genuine Single Market. This book explores the difficulties inherent in the concept of the Single Market in Insurance, as well as the practical difficulties of implementation. It looks to the future of the Single Market as well as at the present. It should be of interest to lawyers studying law or EC law, as well as to economists and political scientists interested in the development of Project Europe.

Contents:
Introduction
1. The Meaning of Insurance in Islam
2. Riba (Usury) and Gharar (Risk)
3. Pre-modern and modern Jurists' Standing on Insurance
4. The Development of Mutual Insurance in the West
5. The Development of Islamic Banking and Insurance in Malaysia: A Case Study
6. The Development of Islamic Banking and Insurance in Saudi Arabia: A Case Study
7. Basic Principles for an Insurance Scheme Acceptable to the Islamic Faith
8. Conclusion
Bibliography
Appendix 1: Mudaraba for Investment and Savings and Takaful among Muslims
Appendix 2: Arabians Insurance Guide: Islamic Reinsurance Operating Principles
Appendix 3: Glossary of Mutual Insurance using Case Studies from the USA, Australia, Canada, Japan and Finland
Appendix 4: Glossary of Islamic Financial Terms

By the eve of the Great Depression, there existed in America the equivalent of a policy for every man, woman and child, and in Britain it grew from its narrow aristocratic base to cover all social classes. This primary resource collection is the first comparative history of British and American life insurance industries.

The future of the insurance regulation begins now For those involved with the insurance industry, from investment professionals to policy makers, and regulators to legislators, tremendous change is coming. With insurance premiums constituting an ever-growing portion of annual U.S. GDP and provisions of the Dodd-Frank Act specifically calling for modernization of insurance regulations, the issues at hand are pervasive. In Modernizing Insurance Regulation, these issues are described against a backdrop of the political and industry discussions that surround insurance, regulation, and systemic risk. Experts Viral V. Acharya and Matthew Richardson discuss a variety of issues with top thinkers in the fields of finance, derivatives, credit risk, and banking to bring to light the most germane elements of this ongoing discussion. In Modernizing Insurance Regulation, Acharya and Richardson call on the expertise of all the relevant stakeholders within government, academia, and industry to offer a well-rounded and independent view of insurance regulation and how the evolution of this key industry affects the U.S. economy now and in the future. * Provides an overview of the feasibility of maintaining a state-level regulatory structure * Offers a view of the issues from top academics, industry leaders, and state regulators * Explores the debate surrounding the insurance industry and systemic risk * Provides an in-depth look at upcoming changes under the Dodd-Frank Act Modernizing Insurance Regulation provides a look into the crucial changes coming to insurance regulation and an overview of how those changes will affect almost everyone.

Originally published in 1985, Capital City: London as a Financial Centre proves in depth analytical description of the financial institutions of the City of London. The book describes in detail the operations of the banks, the stock market, the insurance world and other bodies that make up the world's largest international financial centre. The book also answers a series of questions on the City's performance, accountability and honesty and explains how the City reached its present position, discuss its future.

The enduring importance of his book The Golden Bough keeps J.G. Frazer's name prominent on the list of the most significant figures in modern religious studies. But by no means was Fraser the sole influence on the Cambridge-based school of thought - myth-ritualism - most often associated with him. In this intellectual history of the fellowship of scholars to which Frazer belonged, Robert Ackerman expands our acquaintance with the myth and ritual school to include Jane Harrison, Gilbert Murray, F.M. Cornford, and A.B. Cook. This book examines how all were instrumental in connecting the lines of thought in myth theory, classics, and anthropology that had begun to converge at the turn of the last century.

Originally published in 1987, British Non-Bank Financial Intermediaries the book is the diversification of and overlaps in the operations of UK financial intermediaries forms. The book provides a coherent analysis of the broader implications of ongoing developments in the financial services sector and an insight into the 'back-room activities of the non-bank institutions. The book also focuses on institutions offering some form of financial markets, within which many of the financial intermediaries operate. In doing this, the book outlines a theoretical framework of financial intermediation and provides an overview of the broader evolution of the UK financial system. This volume will be of use to students and practitioners studying in the financial services sector.

First published in 1998, this volume was formally completed in July 1994, but completing the structure of the market is not all the same thing as having a genuine Single Market. This book explores the difficulties inherent in the concept of the Single Market in Insurance, as well as the practical difficulties of implementation. It looks to the future of the Single Market as well as at the present. It should be of interest to lawyers studying law or EC law, as well as to economists and political scientists interested in the development of Project Europe.

with an autobiography from Ragnar NorbergThe Risk and Stochastics Conference, held at the Royal Statistical Society in April 2015, brought together academics from the worlds of actuarial science, stochastic calculus, finance and statistics to celebrate the achievements of Professor Ragnar Norberg as he turned 70. After the conference, Ragnar Norberg suddenly fell very ill and passed away; this book honours his life and work.This collection of articles is written by speakers of the conference, themselves respected academics who have influenced and been influenced by the life and work of Professor Norberg. His professional and academic achievements are celebrated here, most significantly the instrumental work he put into setting up the world-renowned Risk and Stochastics Enterprise at the London School of Economics (LSE). Subjects covered include discussion of risk measurements, ruin constraint, supporting stable pensions, filtration in discrete time, Riesz means and Beurling moving averages and orthonormal polynomial expansions. Also featured are notes from contributors giving account of their personal relations with Professor Norberg, as well as an autobiographical chapter from the man himself.Aimed at graduate level students and researchers interested in the life and work of Ragnar Norberg, this book provides a unique opportunity to reflect on and understand key findings and ground-breaking research in modern actuarial and financial mathematics and their interface, while giving intimate insights into the life of a leading academic mind.

A clear and accessible guide to finance, which provides the ideal introduction for the non-specialist. Packed with examples and case studies, the book features numerous real-world demonstrations of key concepts and ideas. This new edition includes coverage of ESG investing, a brand new chapter on digital currencies and electronic payments, and new case studies on sustainability versus profit maximization, environmental financing, socially responsible investing, the rise of fintech, the perils of cryptocurrency, global debt pressures and 'the rise of the South' in finance. The fourth edition will be supplemented by useful digital resources in the form of instructor PowerPoint slides and a testbank of questions for students.

In 1977 the average American spent $755 per year on health care, most physicians functioned as independent practitioners, and only 5.6 million people under the age of 65 were enrolled in HMOs. Twenty years later, per capita expenditures had more than tripled, most physicians practiced within a managed care environment, and HMO enrollment stood at 62 million. Keeping pace with these and other changes in the U.S. health system has been the job of the National Medical Expenditure Surveys (NMES). Since they were first started in the 1970s, these federal government surveys have defined our basic understanding of how individuals and families use and pay for America's health care systems and have directly influenced national policy changes, health care reform, and cost-control strategies.

Informing American Health Care Policy is the definitive resource that analyzes the overall effect of the National Medical Expenditure Surveys. This important edited collection is written by an outstanding panel of experts from a variety of disciplines and includes contributions from nationally known economists, sociologists, and survey researchers. Rich in insights and lessons learned, Informing American Health Care Policy
Offers a critical assessment and a discerning overview of NMES' outcomes
Describes how the design strategies and methods evolved over the past two decades
Provides a detailed discussion about the collection of a wide range of data on health insurance and employment status
Addresses troublesome issues in defining and measuring access in vulnerable populations
Summarizes the multiple and complex issues of survey design, population sampling, and analytical method
Demonstrates the indispensability of NMES data in the health reform debates

The contributors examine how the current health care environment reflects the successes and failures of previous research and makes recommendations on how to adapt survey research to be more effective in the future.

The Important Lessons Learned from the National Medical Expenditure Surveys

Informing American Health Care Policy provides a critical perspective on the National Medical Expenditure Surveys (NMES) and how these surveys have responded to the sometimes conflicting challenges of policy and research. Sponsored by the Agency for Health Care Policy and Research and written by a stellar panel of interdisciplinary experts including contributions from nationally known economists, sociologists, and survey researchers, this essential resource is filled with lessons learned and emerging strategies for the future.

"I enjoyed reading this book. Thanks to the major investment in health expenditure and insurance surveys and the increasingly sophisticated analytic capacity described in this volume, policy officials now have a much more precise and up-to-date understanding of the implications of policy choices."--Karen Davis, president, The Commonwealth Fund; developed President Carter's 1977 national health reform proposal

"In this important book, the lead researchers associated with NMES describe the development of this rich data source and, in a series of well-crafted papers, illustrate the use of these data in informing major areas of health policy. It is a must read for anyone interested in American health policy-especially for younger professionals entering this growing field."--Uwe E.Reinhardt, James Madison Professor of Political Economy, Princeton University

"National health expenditure surveys have provided policymakers with the information they need to make informed decisions. This volume tells us about the evolution and contributions of the federal government's most ambitious health care survey. I recommend it for those interested in improving the quality of data available to those who formulate policy."--John K. Iglehart, founding editor, Health Affairs

"Thoughtful and informed reflections on the lessons learned by NMES. Provides sound guidance and procedures required to address the enduring policy questions of Who's covered? Who pays?, and How much? in the emerging U.S. health care environment of the future."--Lu Ann Aday, professor of behavioral sciences and management and policy sciences, the University of Texas School of Public Health; and author, Designing and Conducting Health Surveys, Fourth Edition

Workers' compensation causes headaches throughout all levels of an organization. Injuries affect production, costs, and morale. Managing Workers' Compensation: A Guide to Injury Reduction and Effective Claim Management lays out - in logical order - management and safety procedures that reduce injuries and the aggravation that follows. The authors cover hiring, training, and managing employees with injury avoidance in mind. They provide a blueprint for dealing with injured employees and their families, and for determining the correct time for the employee to return to work.

The book discusses the all-important issues of fraud, modified duty, substance abuse testing and accident investigations. It also provides guidance for managing your organization's safety efforts in a manner that targets workers' compensation cost control as one of its major objectives. In addition to comprehensive coverage of workers' compensation, the book gives you a thorough explanation of additional sources of assistance, including the availability and utility of Internet safety resources, a complete listing of state workers' compensation agencies, and sample checklists that help you evaluate your workplace.

Although workers' compensation laws vary from state-to-state, the principles behind the system and the ability of employers to influence their own premiums remain consistent. By gaining a thorough understanding of these principles and implementing proven cost control strategies, you can realize substantial savings. Managing Workers' Compensation: A Guide to Injury Reduction and Effective Claim Management explains the process by which premiums are calculated and shows how you can impact - favorably - the amount your organization pays in premiums.

As health care concerns grow in the U.S., medical anthropologist Linda M. Whiteford and social psychologist Larry G. Branch present their findings on a health care anomaly, from an unlikely source. Primary Health Care in Cuba examines the highly successful model of primary health care in Cuba following the 1959 Cuban Revolution. This model, developed during a time of dramatic social and political change, created a preventive care system to better provide equity access to health care. Cuba's recognition as a paragon of health care has earned praise from the World Health Organization, UNICEF, and the Pan American Health Organization. In this book, Whiteford and Branch explore the successes of Cuba's preventive primary health care system and its contribution to global health.

Claims reserving is central to the insurance industry. Insurance liabilities depend on a number of different risk factors which need to be predicted accurately. This prediction of risk factors and outstanding loss liabilities is the core for pricing insurance products, determining the profitability of an insurance company and for considering the financial strength (solvency) of the company.

Following several high-profile company insolvencies, regulatory requirements have moved towards a risk-adjusted basis which has lead to the Solvency II developments. The key focus in the new regime is that financial companies need to analyze adverse developments in their portfolios. Reserving actuaries now have to not only estimate reserves for the outstanding loss liabilities but also to quantify possible shortfalls in these reserves that may lead to potential losses. Such an analysis requires stochastic modeling of loss liability cash flows and it can only be done within a stochastic framework. Therefore stochastic loss liability modeling and quantifying prediction uncertainties has become standard under the new legal framework for the financial industry.

This book covers all the mathematical theory and practical guidance needed in order to adhere to these stochastic techniques. Starting with the basic mathematical methods, working right through to the latest developments relevant for practical applications; readers will find out how to estimate total claims reserves while at the same time predicting errors and uncertainty are quantified. Accompanying datasets demonstrate all the techniques, which are easily implemented in a spreadsheet. A practical and essential guide, this book is a must-read in the light of the new solvency requirements for the whole insurance industry

Over the past two decades, the United States has successfully deregulated prices and restrictions on most previously-regulated industries, including airlines, trucking, railroads, telecommunications, and banking. Only a few industries remain regulated, the largest being the property-liability insurance business. In light of recent sweeping financial modernization legislation in other sectors of the insurance industry, this timely volume examines the basis for continued regulation of rates and forms of the U.S. property-liability insurance market. The book focuses on private passenger automobile insurance --the most important personal line of property-liability coverage, with annual premiums of about $120 billion. The authors analyze five state case studies: California, Massachusetts, and New Jersey --three of the most heavily regulated states --as well as Illinois, which has been deregulated for about 30 years, and South Carolina, which began to deregulate in 1997. The study also includes an econometric analysis based on all fifty states over a 25-year period that gauges the impact of regulation on insurance price levels, price volatility, and the proportion of automobiles insured in residual markets. The authors conclude that regulation does not significantly reduce long-run prices for consumers, and generally limits availability of coverage, reduces the quality and variety of services available in the market, inhibits productivity growth, and increases price volatility. Contributors include Dwight Jaffee (University of California, Berkeley), Thomas Russell (Santa Clara University ), Laureen Regan (Temple University), Sharon Tennyson (Cornell University), Mary Weiss (Temple University), John Worrall (Rutgers University), Stephen D'Arcy (University of Illinois, Urbana-Champaign), Martin Grace (Georgia State University), Robert Klein (Georgia State University), Richard Phillips (Georgia State University), Georges Dionne (University of Montreal), and Richard Butler (Brigham Young University).

This textbook provides a broad overview of the present state of insurance mathematics and some related topics in risk management, financial mathematics and probability. Both non-life and life aspects are covered. The emphasis is on probability and modeling rather than statistics and practical implementation. Aimed at the graduate level, pointing in part to current research topics, it can potentially replace other textbooks on basic non-life insurance mathematics and advanced risk management methods in non-life insurance. Based on chapters selected according to the particular topics in mind, the book may serve as a source for introductory courses to insurance mathematics for non-specialists, advanced courses for actuarial students, or courses on probabilistic aspects of risk. It will also be useful for practitioners and students/researchers in related areas such as finance and statistics who wish to get an overview of the general area of mathematical modeling and analysis in insurance.

Stochastic Processes for Insurance and Finance offers a thorough yet accessible reference for researchers and practitioners of insurance mathematics. Building on recent and rapid developments in applied probability the authors describe in general terms models based on Markov processes, martingales and various types of point processes. Discussing frequently asked insurance questions, the authors present a coherent overview of the subject and specifically address:

• the principal concepts of insurance and finance
• practical examples with real life data
• numerical and algorithmic procedures essential for modern insurance practices

Actuarial Mathematics for Life Contingent Risks, 2nd edition, is the sole required text for the Society of Actuaries Exam MLC Fall 2015 and Spring 2016. It covers the entire syllabus for the SOA Exam MLC, including new sections for Spring 2016. It is ideal for university courses and for individuals preparing for professional actuarial examinations - especially the new, long-answer exam questions. Three leaders in actuarial science balance rigor with intuition and emphasize practical applications using computational techniques to provide a modern perspective on life contingencies and equip students for the products and risk structures of the future. The authors then develop a more contemporary outlook, introducing multiple state models, emerging cash flows and embedded options. The 210 exercises provide meaningful practice with both long-answer and multiple choice questions. Furthermore: * the book has been updated to include new material on discrete time Markov processes, on models involving joint lives, and on universal life insurance and participating traditional insurance * the Solutions Manual (ISBN 9781107620261), available for separate purchase, provides detailed solutions to the text's exercises.

Disability insurance, long-term care insurance, and critical illness cover are becoming increasingly important in developed countries as the problems of demographic aging come to the fore. The private sector insurance industry is providing solutions to problems resulting from these pressures and other demands of better educated and more prosperous populations. Actuarial Models for Disability Insurance examines the actuarial structure of disability insurance, long-term care insurance, and critical illness cover, including problems encountered in the design and development of such insurances. Actuarial problems such as pricing and reserving are considered within the context of multiple state modeling, providing a vigorous and sound framework for analyzing personal insurances.

This volume is an exploration of the ethical issues raised by health insurance, which is particularly timely in the light of recent advances in medical research and political economy. Focusing on a wide range of areas, such as AIDS, genetic engineering, screening and underwriting, new disability legislation and the ethics of private and public health insurance, this comprehensive and sometimes controversial book provides an essential survey of the key issues in health insurance. Divided into two parts, the first considers the ethics of underwriting, risk assessment and the acceptance and refusal of insurance risk by insurers. Discussing the unjust treatment of high-risk applicants, the authors identify sources of unfairness to both parties of the insurance contract, indicating how reasonable trade-offs can be made. The second part considers the argument for a mix of public and private insurance for acute and long-term care, offering recommendations for changes in the balance of social insurance, and discussing the shift toward long-term contracts in private health care and pension insurance.

This volume is an exploration of the ethical issues raised by health insurance, which is particularly timely in the light of recent advances in medical research and political economy. Focusing on a wide range of areas, such as AIDS, genetic engineering, screening and underwriting, new disability legislation and the ethics of private and public health insurance, this comprehensive and sometimes controversial book provides an essential survey of the key issues in health insurance. Divided into two parts, the first considers the ethics of underwriting, risk assessment and the acceptance and refusal of insurance risk by insurers. Discussing the unjust treatment of high-risk applicants, the authors identify sources of unfairness to both parties of the insurance contract, indicating how reasonable trade-offs can be made. The second part considers the argument for a mix of public and private insurance for acute and long-term care, offering recommendations for changes in the balance of social insurance, and discussing the shift toward long-term contracts in private health care and pension insurance.

Complete profiles of today's most successful annuities... Expert tips on how to maximize your returns...

Variable annuities now outpace mutual funds as the number one choice among street-smart investors—and it's easy to see why. Tax-deferred, commission-free, easy to purchase and redeem, carrying less risk than most other instruments, and exhibiting a superb overall performance, they are an indispensable addition to any low-risk, high-yield portfolio. Now, in the first book of its kind, financial planning expert Gordon Williamson demystifies annuities investing. Writing in a straightforward, down-to-earth style, he:

• Clearly explains how annuities work, profiles their return potential, and frankly assesses their relative advantages and disadvantages
• Steers you to the 100 best annuities for your investment dollar
• Emphasizes risk reduction without sacrificing returns
• Supplies complete annuity profiles, including average annual returns over the past 3, 5, and 10 years
• Ranks and evaluates today's entire spectrum of annuity products—aggressive growth/small cap, international, growth and income, balanced, money market, and more
• Pinpoints the best performing variable annuities
• Includes investment options within each annuity recommended

The word is out: variable annuities are one of the best investment instruments developed in this century. Now find out how you can take full advantage of their unprecedented earning potential with The 100 Best Annuities You Can Buy.

Concentrating on practical examples, this text is presented in the style of a workbook for anyone involved in reinsurance operations. It includes 33 slip examples complete with underwriting information and comment. Chapters include coverage of reinsurance line limits and retentions, expenses, accumulation and reinsurance protection, systems and controls, rescuing and underwriting examples.