致理科技大學
108
學年度第
2
學期課程教學計畫表
授課科目名稱
投資型保險商品
授課教師
張木根
課程時程
單學期-下學期
學分數
2.00
上課時數
2
開課系科
財務金融系
課程性質
選修
開課學制
夜四技
開課班級
夜金三A
開課教室
綜合教學大樓 E33 一般教室
(座位表查詢)
輔導時間
(每週4小時)
週別
主題與內容
週別
主題與內容
1
(含教育倫理主題)
10
保險成本
2
投資型保險種類
11
保單管理費
3
投資型保險費用
12
轉換投資標的費用
4
挑選投資型保險
13
理賠實務
5
壽險平台
14
日間部畢業班期末考週
6
年金平台
15
全權委託保單
7
前收型保費
16
類全委保單
8
後收型保費
17
基金平台
9
期中考週
18
期末考週
教材/課本
投資保險業務考試用書與題庫
敬請老師提醒同學遵守智慧財產權觀念,不得不法影印教科書!
授課方式
課堂教學
是否為全外語教學
否
輔導證照
是
輔導競賽
否
業師協同教學
無
是否為創新創業課程
否
是否為SDGs永續課程
否
成績比率
平時:
%
期中:
%
期末:
%
備註一
如因疫情臨時停課,線上同步教學網址:
備註二
若遇疫情隔離或停課時,實施遠距教學佔平時20%成績 數位教材於每周上課前上傳 同學需 至數位區完成教學影片閱讀 數位園區已上傳教材6篇檔案 期中或期末如遇停課或順延以線上測驗替代,各佔40% 除影片外另實施作業1次,依實際公告及題目再通知 數位園區若同學有學習問題可提出討論
聯絡方式
研究室位置:
研究(辦公)室電話:(02)2257-6167 轉
E-Mail:
課程名稱:
投資型保險商品
授課教師:
張木根
課程簡介(以100至200字為原則):
投資型保單是俗稱,也是一種統稱,其實可再區分為「投資型壽險」及「投資型年金」,由於大部分人接觸到的都是投資型壽險,此處就暫不討論投資型年金。 投資型壽險有三種類型,分述如下:變額壽險:固定繳費,通常有保證最低死亡給付。 變額萬能壽險:彈性繳費,死亡給付分甲乙兩型。 投資連結型壽險:大部分為躉繳,且連結標的為結構型債券。多數人購買的是變額壽險或變額萬能壽險 投資型壽險沒有問題,問題在於不適合「絕大多數」的人!如同一隻功能很複雜又昂貴的智慧型手機,使用者必須要清楚瞭解自己的需求,在年紀、責任和需求變化時懂得適時調整保額,又要學習讓自己具有投資獲利的能力,並且在保單連結的基金數有限的情況下,選擇適當的基金做配置,最後還要有耐性長期投資,長久持有保單。鑑於保險公司與從業人員總是以業績為考量,所以本科目將以投資人立場來看投資保單
Course Title:
Investment-Oriented Insurance Products
Instructor:
Brief Introduction of Course Contents:
The very best insurance companies will make money in two ways. First, insurers can make money by appropriately pricing their policies to reflect the risk of loss and the cost of finding and servicing the needs of their customers. Second, insurers make money by generating a profit from their investment portfolios. Extraordinarily good insurance companies regularly earn an underwriting profit, which occurs when they pay out less in claims and operating expenses than they earn in premiums. If a company earns $100 in premiums, earmarks $70 for loss reserves, and spends $20 on general and administrative functions, it would have a pre-tax underwriting profit of $10. A pre-tax operating profit margin of 10% is a very good result in the insurance industry, perhaps almost impossibly good. Realistically, a "great" insurance company is one that repeatedly earns an underwriting profit at all. Very few insurance companies will regularly earn an underwriting profit, but all insurance companies earn money from their investment portfolios. One of the beautiful things about insurance companies is that they collect premiums today for losses that will be paid later. This time difference creates what is known as "float," or cash that the insurance company can invest for its own profit in the meantime. P&C insurance companies typically invest their float in low-risk bonds, and may generate only generate income equal to a few percentage points of the company's total investment portfolio. That said, in a business where small profit margins are the norm, a few percentage points of investment income can add up. Ratios you should know Investors and analysts measure the performance of insurance companies with just three ratios that tell you a lot about the quality of an insurance company. These ratios are the "loss ratio" and the "expense ratio," which are added together to form another ratio called the "combined ratio." Most insurers calculate these ratios for you when they report earnings, but calculating them on your own is very easy. Here's an example: Suppose Foolish Insurance Inc. earns $100 of premiums in a given year. During the same year, it records $70 of loss and loss adjustment expenses related to customer claims, and $20 of operating expenses for advertising, utility bills, bookkeepers, and so on. We can calculate its loss ratio by dividing its insurance losses ($70) by its premiums earned ($100) to arrive at a loss ratio of 70%. The expense ratio is calculated similarly. We divide its operating expenses ($20) by premiums earned ($100) to arrive at the expense ratio of 20%. Finally, we add these two ratios together to arrive at a combined ratio of 90%. We know that for every dollar this insurer earned in premiums, it incurred losses of $0.70, operating expenses of $0.20, and thus generated a pre-tax operating profit of $0.10. Again, this is a very good result. Ratios do the heavy lifting Insurance is largely a commodity business. Buyers search for the lowest premium for a given risk, and generally care very little whether their car insurance cards say "Geico" or "Progressive" at the top. For this reason, insurance companies don't have much pricing power. That means only the best can reliably generate a profit from their underwriting. I use Geico and Progressive as examples because they are both very good insurance companies. They have consistently produced underwriting profits in an industry where most companies generate underwriting losses. How GEICO earns its underwriting profit, however, is actually very different than how Progressive does. Geico is very good at controlling its expenses, but isn't as good at measuring or pricing risk as Progressive. The latter is better than Geico at measuring and pricing risk, but it isn't as good at controlling its operating expenses, in part because it gets a lot of its business from costly insurance agents. To be clear, I don't know this because I'm an expert on every single insurance line and insurance company. I know this because the loss ratio, expense ratio, and combined ratio I calculated from 2008 through the first nine months of 2017 tell the story for me. (These ratios really are important.) Table comparing loss, expense, and combined ratios for Geico and Progressive IMAGE SOURCE: AUTHOR, WITH DATA FROM SEC FILINGS. Over a period spanning nearly one decade, Geico always had a lower expense ratio than Progressive. On the other hand, Progressive always had a lower loss ratio than Geico. The three ratios -- loss, expense, and combined ratios -- can do a lot of heavy lifting when it comes to analyzing insurance companies for investment purposes. Where the money is Car insurance is an easy example because most people are somewhat familiar with it, but it's a very competitive corner of the insurance world. State regulators often dictate how policies have to be structured and even how they can be priced. Geico's and Progressive's outsize underwriting profits are not the norm. State Farm, the largest U.S. auto insurer, lost $7 billion from underwriting in 2016 alone. Not all insurance lines are as competitive as car insurance. So-called "specialty" insurance lines are less regulated, and tend to be more profitable for insurers than admitted lines of insurance like car or homeowners insurance. Insurance companies that underwrite specialty insurance lines are a good cohort for investment because they tend to write more difficult risks where relationships and familiarity with the risks matter. Steve Markel, vice chairman of Markel Insurance, summed up the specialty business better than I ever could in a comment about how Markel works. If you can think of some insurance product that you need, and you could get a policy for it quickly and easily, well Markel doesn't do that. On the other hand, if you were to answer "no" two or three times to an insurance questionnaire, now that's getting closer to what we like to do. What we do is insure things that are rather complicated and unusual, like children's summer camps, bass boats with overpowered engines, weddings and event cancellations, vacant properties, new medical devices, new technology, or the red slippers Judy Garland wore in the Wizard of Oz. [Emphasis mine.] He's not joking about the red slippers, by the way. His company really did insure them. That Markel has historically operated in specialty lines of business is pretty evident from its loss, expense, and combined ratios. In the 30 years since 1986, the year in which it went public, Markel has generated an underwriting profit in all but nine years. In eight years, it booked double-digit underwriting margins. Markel is just one of many companies earning astounding profits in specialty business lines. RLI Corp. may be the world's best insurance company that few people have ever heard of. It started out in 1965, when it operated as Replacement Lens, Inc., an insurance company for contact lenses. It sounds crazy today, but at the time, contact lenses were expensive enough that consumers wanted to insure them. Today, RLI specializes in all kinds of specialty insurance lines and hard-to-place risks, but the results have been extraordinary, thanks to low loss ratios. In a typical year, it will incur losses of less than 50% of premiums earned. Of course, turning over a lot of rocks to find good risks is not an inexpensive activity. RLI Corp.'s expense ratio has typically been in the neighborhood of 40% of earned premiums. (Curiously, Markel, through its investment portfolio, actually owns about 2.7% of RLI Corp.) When thinking about where to invest in insurance, less competitive specialty insurance lines are a great place to look for market-beating stocks, as they are more likely to generate underwriting profits to augment the investment income earned on their float. Jordan Wathen has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Markel. The Motley Fool has a disclosure policy.
課程專業英文關鍵字:
earning ratio insuarance loss investing benefit analsst portfolio long-term income report margin underwriting percentage variable calculate combine
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