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Essay / Research Paper Abstract
This 3 page paper discuses the impact of diversity, technology, business cycles and government regulation on the insurance industry. Bibliography lists 3 sources.
Page Count:
3 pages (~225 words per page)
File: D0_HVInsInd.rtf
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Unformatted sample text from the term paper:
and mutual funds". From the description, it seems clear that the business is an insurance company. Insurance companies are regulated at the state level by insurance commissioners; every state
is different. Using Idaho as an example, we can get an idea of what stage insurance departments do. The web site has a huge amount of information on
it, including the definitions of various types of insurance policies; filing requirements for various company forms; and forms for reporting insurance fraud (Idaho Department of Insurance). It also includes
a copy of the Idaho Insurance Code, a document that has 57 chapters. The Department of Insurance falls under that code, and its duties are spelled out: one
of the most important is to examine insurers. Under Idaho law, the Department of Insurance can conduct an examination of an insurer: "(1) For the purpose of
determining its financial condition, ability to fulfill and manner of fulfillment of its obligations, the nature of its operations, and compliance with the law" (Title 41, Insurance). Thus we
can immediately see that government regulation will have a lasting impact on the insurance industry, since the industry is regulated to the point where it is subject to examination by
the state. There are several reasons why business cycles impact the insurance industry. First, insurers price and sell products "the cost of which is not known for several years"
(Hogan, 2005). There is also "a lag in assessing price adequacy and reacting with appropriate price adjustments"; the lag "causes results to change slowly as insurers continuously re-measure their
costs" (Hogan, 2005). It can take several years before insurers have a true picture of the cost and frequency of claims, which makes it impossible to predict future trends
...