风险与保险原理课件_ch12 人寿保险的独特特征（24页）ppt.pdf

1.The event insured is an eventual certainty and 

the probability of loss increases from year to year.

2.Life insurance does not violate requisites of an 

insurable risk; it is not the possibility of death 

that is insured, but of untimely death.

3.There is no 

possibility of partial loss.  Therefore all policies

are cash payment policies.

Life Insurance - Not a Contract of Indemnity

1.Principle of indemnity applies on a modified basis in 

the case of life insurance.

2.When person taking out the 

policy is the insured, insurable interest is not an issue.

every individual has an unlimited insurable interest in his 

or her own life 

that insurable interest may be freely assigned

3.Persons other than insured must have an insurable interest 

only at inception of policy.

Types of Life Insurance

Term InsuranceCash Value InsurancePure ProtectionInsurance 

and Savings

Term InsuranceWhole Life Insurance

Endowment 

Insurance

Universal Life Insurance

Adjustable Life 

Insurance

Variable Life Insurance

Rationale for Different Forms

1.Simplest form of life insurance is yearly renewable term.  

Provides coverage for one year only

Permits insured to renew 

for successive years at higher premium

Increasing mortality 

produces increasing rates as the insured grows older

Rationale for Different Forms