Insurance as a Transfer Mechanism

This paper views the typical insurance arrangement as a transfer mechanism. In addition to the primary "risk transfer" by which insurance systems can be distinguished from other financial systems, the paper identifies three secondary transfers and four other transfers that the author views...

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Bibliographic Details
Published in:The Journal of risk and insurance 1975-03, Vol.42 (1), p.1-15
Main Author: Trowbridge, C. L.
Format: Article
Language:English
Subjects:
Employee insurance
Employer contributions
Employer provided health insurance
Group health insurance
Group life insurance
Health insurance
Insurance
Liability insurance
Life insurance
Risk
Self insurance
Social insurance
Transfer
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Summary:This paper views the typical insurance arrangement as a transfer mechanism. In addition to the primary "risk transfer" by which insurance systems can be distinguished from other financial systems, the paper identifies three secondary transfers and four other transfers that the author views as associated with insurance but incidental to it. The paper then analyzes four different insurance systems in accordance with the transfers that take place within such system, and the relative importance of each to the particular system examined. The insurance systems subjected to this analysis are (1) automobile liability insurance, (2) group medical expense insurance, (3) the private pension plan, and (4) the OASDI social insurance system.
ISSN:0022-4367
1539-6975
DOI:10.2307/251584