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Fundamentals of Risk and Insurance, 11th Edition by Therese M. Vaughan, Emmett J. Vaughan

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CHAPTER OBJECTIVES

When you have finished this chapter, you should be able to:

  • Outline the most likely changes in the future environment of insurance
  • Identify the continuing problems of the insurance industry and the possible solutions to those problems
  • Describe important trends affecting insurance globally and how those might affect the U.S. industry
  • Discuss career opportunities in insurance and the necessary training to prepare for those opportunities

Since the end of World War II, the insurance industry has experienced remarkable growth. Along with this growth has come dramatic change. The multiple-line transition, the introduction of package policies, the variable annuity and variable life insurance, universal life, changes in the regulatory framework, adoption of automobile no-fault laws, continued expansion of the Social Security system, the involvement of government as a provider of private insurance, health insurance reform, and new mechanisms for transferring risk are all a part of the changing environment in which insurance operates. This final chapter examines the implications of future economic and social changes for the insurance industry. Just as the industry has had to adjust in the past to developments in its environment, future changes undoubtedly will be demanded.

Projecting past trends to predict a future environment is always subject to error, for things may ...

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