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Insurance 101: MSU expert briefs House committee on risk, rates, reinsurance and consumer protections
Summary
Tom Humphreys of Michigan State University gave a high-level overview of insurance principles to the House Insurance Committee, covering risk transfer, underwriting, reinsurance, deductibles, uninsured/underinsured motorist coverage, claims handling and tools consumers can use to locate life insurance benefits.
Tom Humphreys, director of the insurance and risk management program at the Eli Broad College of Business at Michigan State University, told the House Insurance Committee that insurance "helps facilitate commerce" and that without it "our modern financial system really wouldn't work." He delivered a high-level "Insurance 101" presentation for new committee members and answered questions on deductibles, reinsurance and consumer tools.
Humphreys summarized core concepts for legislators: insurance pools risk and relies on the law of large numbers to predict losses; underwriting and risk selection combat adverse selection; indemnity aims to restore a policyholder to the financial position…
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