Chapter 5 - Types of Insurers & Marketing Systems (2)

Chapter 5 - Types of Insurers & Marketing Systems (2) -...

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Types of Insurers and Marketing Systems Chapter 5
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Agenda Overview of Private Insurance in the Financial Services Industry Types of Private Insurers Agents and Brokers Types of Marketing Systems Group Insurance Marketing
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Overview of Private Insurance in the Financial Services Industry The financial services industry consists of: Commercial banks Savings and loan institutions Credit unions Life and health insurers Property and casualty insurers Mutual Funds Securities brokers and dealers Private and state pension funds Government-related financial institions
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Exhibit 5.1 Assets of Financial Services Sectors by Industry, 2005 ($billions, end of year)
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Overview of Private Insurance in the Financial Services Industry Changes in the financial services industry include: Consolidations The number of firms has declined due to mergers and acquisitions Convergence Existing financial institutions now sell a wide variety of financial products that earlier were outside their core business area
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Exhibit 5.2 Insurance Companies That Own OTS- Regulated Thrifts, by Assets, 2005a $000
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Types of Private Insurers Size of the insurance market, 2004 Life and health insurers: 1179 These insurers sell life and health insurance products, annuities, mutual funds, pension plans, and related financial products Property and casualty insurers: 3300+ These insurers sell property and casualty insurance and related lines, including marine coverages and surety and fidelity bonds
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Exhibit 5.3 Top Twenty U.S. Life/Health Insurance Groups and Companies by Revenues,2005 ($ millions)
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Exhibit 5.4 Top 20 U.S. Property/Casualty Companies by Revenues, 2005 ($millions)
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Types of Private Insurers Insurers can be classified by their organizational form: Stock insurers Mutual insurers Reciprocal exchanges Lloyd’s of London Blue Cross and Blue Shield Plans Health maintenance organizations (HMOs) Other types of private insurers
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Types of Private Insurers A stock insurer is a corporation owned by stockholders Objective: earn profit for stockholders Increase value of stock Pay dividends Stockholders elect board of directors Stockholders bear all losses Insurer cannot issue an assessable policy
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Types of Private
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This note was uploaded on 03/27/2012 for the course ACC 101 taught by Professor Smith during the Spring '12 term at Missouri State University-Springfield.

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Chapter 5 - Types of Insurers & Marketing Systems (2) -...

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