Table Of Contents

PART A: A BRIEF HISTORY AND THE ESSENTIAL PRECEPTS OF LIFE INSURANCE

1. Life Insurance in Antiquity
2. Life Insurance in England
3. Life Insurance in the United States and Elsewhere around the world
4. Life Insurance in South Africa
5. Summary

1. How Insurance Works
2. The Nature of Risk
3. The Relationship between Risk and Insurance
4. The Insurability of Risks
5. Summary

1. Fundamental Types of Life Insurance Contracts
2. Funding Structures
3. The Life Insurance Equation
4. The Assessment Method of Premium Calculation
5. The Level Premium
6. Premium Formulation by Profit Testing
7. Risk Benefit Contracts
8. Uses of Life Insurance
9. Exclusion Clauses
10. Summary

1. The Law
2. Insurance and the Law
3. The Life Insurance Contract
4. The Duty to Act in Good Faith
5. Insurable Interest
6. Insurance Supervision and Consumer Protection
7. South African Life Assurance Legislation: A Brief History
8. Summary

PART B: MANAGING THE OPERATION OF A LIFE OFFICE

1. The Traditional Differences between Life Insurers and other Commercial Undertakings
2. Crucial Variables
3. Traditional Methods of Actuarial Valuation
4. Modern Valuation Practices
5. Measuring the Performance of a Developing Life Office
6. Methods for Estimating the Market Value of a Life Office
7. The Peculiar Problem of Life Insurance Company Taxation
8. Summary

1. Methods of Product Distribution
2. Risk Underwriting
3. Claims Management
4. Summary

1. A History of Life Reinsurance
2. The Need for Reinsurance
3. Forms of Reinsurance
4. Reinsurance Premium Bases
5. Treaty Arrangements
6. The Art of Retention
7. Reinsurance of Impaired Lives
8. Summary

PART C: INVESTMENT AND THE LIFE INSURANCE INDUSTRY

1. Some Essential Economic Concepts
2. Life Insurance and the Creation of Capital and Employment
3. Life Insurance and Savings
4. Life Insurance and Employment
5. The Investment of Life Insurance Funds
6. Investment Principles and Objectives in Practice
7. Four Investment Problems
8. Summary

1. Investment and Its Elements
2. Yield: Nature and Measurement
3. Risk: Nature and Measurement
4. Portfolio Analysis
5. Portfolio Management
6. Summary

1. The Money Market
2. The Capital Market
3. The Equities Market
4. The Fixed Property Market
5. Alternative Investments and Hedge Funds
6. International Investment
7. Summary

PART D: MANAGING FOR GROWTH AND PROFITS

1. Setting Objectives and Benchmarks
2. Marketing Essentials
3. Reinsurance Arrangements
4. Accounting and Actuarial Practices
5. Investment Operations and Management
6. Industry Bodies and Supervisory Interaction
7. The Publicly Listed Life Office: Additional Considerations
8. Summary

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Reviewed by Clive Ford-Haworth. Past president of agency management for major life companies and Executive Director of First Link (Pty) Ltd.

Reviewed by Peter Atkinson, Executive Internal Services, Insurance Institute.

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