Preface

The intention of this short work is to introduce the student of life insurance to the range and complexity of issues that pertain to the management and development of a life insurance company and to equip insurance company managers with a ready reference to the fundamental aspects of those facets and disciplines of the business with which they may not be familiar.

Much material on life insurance subjects is available to the specialised reader. The aim of this book is to reach those with limited knowledge of the industry and to rolex replica uk provide a comprehensive picture of the operation, management and development of a life insurance company as a whole.

Insurance managers often rise to levels of considerable seniority before having to confront the details of disciplines and issues with which they need to be competent. This work seeks to impart succinct insights into the central issues of each of the disciplines applied to the management of a life office in such a way as to dispose of the clutter which often surrounds the expert’s understanding and yet lose little of the key ingredients required for a rapid assimilation of the subject.

The book recognises that some readers may merely wish to dip into it from time to time to refresh their insight into the essence of a particular aspect of life office management. It also affords a logical progression of topics for those who wish to embark upon a more complete and systematic study of the subject.

Starting with the history of the industry, progress is made through a course that might often be followed during the establishment of a new life office. First the essential nature of insurance is dealt with. This is followed by an exposition of the fundamental types of life insurance contracts, limiting discussion to the major categories of products only. The almost infinite permutations and variations of product that have emerged across the globe have not been dealt with but one hopes that having mastered the first principles, a more ready replica watches sale understanding will be obtained of those permutations that readers may subsequently come upon.

Product construction is followed by a discussion of the methods by which they may be distributed to clients and this leads naturally to an exposition of all the activities which follow the sale of a life insurance policy: Insurance law, life office accounting, the emergence of actuarial surplus, the principles of life office taxation, reinsurance arrangements and their significance, the investment of life rolex replica uk insurance funds and the payment of claims. Each is dealt with comprehensively and yet compendiously and each is accorded appropriate significance in the Summary that appears at the end of every chapter.

The breadth of knowledge contained in this work, rather than its depth, is arguably its greatest asset. It is designed to furnish students with the ability to describe not only what is, but also to know ‘why things are?and why they may be important, without having to come to a complete mastery of each of the topics. Knowledge of where they fit in, their role and significance in the chain of events rolex replica that makes up the operation of a life insurance business, is where the emphasis is placed. Armed with this perspective, those who go on to become actuaries, investment managers, life office accountants, sales and marketing specialists, reinsurance experts, general managers or the like, will do so with a far greater appreciation of the significance of their role and how it interacts with those of the other role players in the business.

With these objectives stated, I would welcome readers?comments whether specific or general in nature, in order that subsequent editions might be improved for the benefit of future readers.


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