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Death spiral is a condition where the structure of insurance plans leads to premiums rapidly increasing as a result of changes in the covered population. It is the result of adverse selection in insurance policies in which lower risk policy holders choose to change policies or be uninsured. The result is that costs supposedly covered by ...
Vernon Lomax Smith (born January 1, 1927) is an American economist who is currently a professor of economics and law at Chapman University. [1] He was formerly the McLellan/Regent’s Professor of Economics at the University of Arizona, a professor of economics and law at George Mason University, and a board member of the Mercatus Center. [1]
The balance of power can, however, also be in the hands of the buyer. When buying health insurance, the buyer is not always required to provide full details of future health risks. By not providing this information to the insurance company, the buyer will pay the same premium as someone much less likely to require a payout in the future. [5]
Supplemental life insurance is designed to boost the coverage your employer’s basic group life policy provides, allowing you to secure a higher death benefit than the base policy alone. Many ...
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 least expensive type of life insurance is usually term life insurance. It provides coverage for a specific period — often 10, 20 or 30 years — and is typically much cheaper than permanent ...
Guaranteed issue life insurance, also known as guaranteed life insurance or guaranteed acceptance life insurance, is a type of policy that does not require any health questionnaires or medical ...
Managerial economics deals with the problems individual organisations face, such as the organisation's main objectives, the demand for its products, the organisation's price and output decisions, available substitutes and giveaways, the supply of inputs and raw materials, the target or potential consumers of its products, etc. [3]