hotel law Essay

Submitted By Julie-Alysee
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HRT 244B
Professor Frye
Managing Insurance HomeworkDescribe the importance of mathematics and statistics to the insurance industry. Be sure to explain the roles that underwrites, agents, actuaries, premiums, and risk play in the insurance process.
The use of mathematics and statistics is utilized in the insurance industry in order to be protected against financial risk. An insurance industry is built on the use of the following fundamental premises: underwrites, actuaries, agents, premiums, and risk play. First, underwrites must be faced by a large enough number of individuals or businesses so that statisticians can use actuary methods. Next, there are actuary methods; these methods are used to predict the average frequency of loss involved in the risk. An agent is the next big premise; agents are people authorized to act for or to represent another, usually referred to as a principal. Premiums are fees; they must be low enough to attract those who seek to be insured but high enough to support the number of losses that will be incurred by the insurer. Lastly, there is the premise of risk play; risk play is evaluating a situation for an insurance company, it makes sure the any risk is not occurring so frequently during any given period that the insurer cannot pay all legitimate claims.
As discussed in the chapter, identify at least five types of insurance that would be needed by a nightclub or bar owner, and discuss the importance of each.
Five main insurance types that would be needed by a nightclub owner or bar owner include the following: Property-Casualty insurance, Liability insurance, Employee Liability insurance, Dram Shop insurance, and Health/Dental/Vision insurance. First, they would need Property-Casualty insurance, this insurance is important because it is used to protect a business against property damages. Next, there is Liability insurance, this insurance is important because a business will want to protect themselves against injuries to other people resulting from the operation of their own facilities. It is also important for a business of this kind to have Employee Liability insurance. This insurance is important because, as an owner or manager, you wish to supplement your general liability coverage with additional coverage for any harmful acts your employees may commit in the course of their employment. Next, a business will want to have Dram Shop insurance because it is a liquor liability. This insurance provided establishments that sell alcohol with coverage for bodily injury or property damage that may result from any or all of the following acts: causing or contributing to intoxication of a person, serving alcoholic beverages to a person under the legal drinking age, serving to an intoxicated person, and violating any statute, ordinance, or regulation relating to sale, gift, distribution, or use of alcoholic beverages. Lastly, a business of this type should have Health/Dental/Vision insurance. This insurance allows the manager to retain and maintain a quality workforce.
Assess the pros and cons of self-insurance in the area of Workers’ Compensation.
There are both pros and cons to self-insurance in the area of Workers’ Compensation. First there are a few pros; primarily, it is beneficial that compensation policies provide payments to workers or their families in the event of an employee’s injury. Also, lump-sums can be made to those who have been partially or permanently disabled. In addition, if a worker is killed while on the job, payments may be made to the worker’s family. Then there are cons to this type of insurance; primarily, injured employees are not allowed to sue employers for damages beyond those awarded by workers’ compensation. Also, an injured employee must be examined by a specific doctor, not their own. Lastly, in some cases where another employee or third party has caused a worker injury, or when the employee challenges the legality of a worker’s
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