Journal of Insurance and Finance 2021 KCI Impact Factor : 0.67

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2003, Vol.14, No.2

  • 1.

    A Study on the Legal Problemsof Variable Insurance System

    맹수석 | 2003, 14(2) | pp.3~45 | number of Cited : 17
    Abstract PDF
    Variable insurance has been offered on the domestic market since 2001 to meet the changing needs of financial environments, and is a financial product to which the principle of self-liability for the policy holder applies. In other words, variable insurance refers to insurance wherein the whole or portion of the premium paid by the policy holder is included in the special account. Underwriters for variable insurance invest the foregoing premium mainly in stocks or marketable securities, and pay out applicable proceeds to the insured out of the revenues derived from the foregoing investment. Since variable insurance is a product wherein the insurance proceeds vary with the outcome of asset operation, the policy holder runs the risk of incurring unforeseen loss, and therefore, some legal countermeasures are required to protect the policy holder of variable insurance. It seems, however, that the laws and regulations designed to protect the variable insurance policy holder in a contractual relationship have not yet been properly established in our country. Given such circumstances, I would like to attempt to compare and analyze the laws, regulations, and judicial precedents of those countries where variable insurances have long been sold, and search for countermeasures which will protect the policy holders of variable insurance in our country. Especially in respect to the problems of our legal system - firstly, the policy holder's obligation for declaration and principles of suitability, secondly, the liability for due diligence in asset management, and thirdly, the issue of bank liability in the event a bank is involved in asset management - I would like to present various approaches to improving these issues.
  • 2.

    보험종목별 소비자의컨조인트 선호 분석과 표적고객

    정세창 | 2003, 14(2) | pp.43~76 | number of Cited : 0
    The main purpose of this study is to provide useful implications for developing marketing strategies between insurance products such as the automobile insurance, the whole life insurance, the private health insurance, and the personal pension. It is expected to alter consumers' needs for the products due to the recent environmental changes such as price liberalization, financial convergence, and the advent of new distribution channels. The conjoint analysis and the correspondence analysis are employed to find out the conjoint preference for considerations in purchasing a product and a distribution channel, and target customers, respectively. The findings of this study are summarized as follows: Firstly, it is required to adapt a different marketing strategy between insurance products in order to use resources efficiently. The conjoint analysis, for example, shows that the marketing strategy focused on distribution is needed in the automobile insurance. On the contrary it is a better way to allocate resources to the product development, promotion, and pricing rather than distribution in the case of whole life insurance. Secondly, the correspondence analysis shows a great different conjoint preference between customers, which recommends the differentiation marketing strategy and a selection of target customers analytically and sophisticatedly. Finally, with regard to the new distribution channels internet is to be preferred in the automobile insurance and the private health insurance. The preference for banking and professional financial planner is to be high in the personal pension and the whole life insurance.
  • 3.

    The legal analysis on the concept of ‘operation ofthe car’and ‘causation between the accidents &operation of the car’under 「the Guarantee ofCompensation for Damages by Car Accident Act」

    박세민 | 2003, 14(2) | pp.47~74 | number of Cited : 4
    Abstract PDF
    Under the Guarantee of Compensation for Damages by Car Accidents Act, it is a reasonable interpretation that the person who operates a car is responsible for the victim of the car accident only caused by the operation of the car, instead of all accidents during the operation of the car. Although it is true that so-called 'theory of in&out garage' provides the widest range of the protection for the victim, this theory might cause an unreasonable effect as regarding the question of the causation between the accidents and the operation of the car. The 'theory of indigenous(native) equipment', which is currently supported by the Korean Supreme Court, has been thought to be originated from the former Guarantee of Compensation for Damages by Car Accidents Act. Therefore, it seems to be somewhat persuasive that this theory should be replaced by the 'theory of in&out garage' under the current Guarantee of 'theory of in&out garage' Compensation for Damages by Car Accidents Act which stipulates the concept of the operation of the car with wider range of wordings and expressions. However, considering the potential possibility of almost unlimited expansion of the concept of the operation of the car and the hidden purpose of the enactment of the Guarantee of Compensation for Damages by Car Accidents Act, it is submitted that a lot of caution is needed in application of the 'theory of in&out garage' in practice. In conclusion, 'theory of indigenous(native) equipment', is still the most persuasive and effective theory even under the current Act. In addition, it is submitted that this theory would provide the reasonable standard to decide the question of the causation between the accidents and the operation of the car.
  • 4.

    The Comparison between Korean and ChineseAutomobile Insurance Policies

    남원식 | 2003, 14(2) | pp.75~106 | number of Cited : 0
    Abstract PDF
    Nowadays, it can be said that the Automobile Insurance System of a nation reflects its economic situation and Automobile culture. You can notice it simply by looking at development process of Chinese Automobile Insurance System. In recent years, China has made rapid progress in economy with its reformation and the open-door policy. With its rapid progress in economy, the number of its automobiles is also sharply increased and it resulted in a sudden increase of automobile accidents. In the face of the ill effect of automobile accidents, the government of China has recognized the importance of automobile insurance which indemnifies for the loss of life and property, and the necessity of the reform of legal systems about automobile insurance which can protect the injured effectively. But there are still many problems and tasks to resolve in Chinese legal systems for automobile insurance and policy. Although China is a Socialist state, as its economy and the standard of living grows and develops, the claims of the injured and demand for the appropriate compensation will get more strong. In such situations, I hope that this dissertation gives you a good grasp to understand the Chinese automobile insurance systems and policy and can be of great help to develop Chinese automobile insurance.
  • 5.

    A Study of an Effective Insurance FraudDetection Method Using Nonstatistical Link Analysis

    Kim Hunsoo | 2003, 14(2) | pp.107~146 | number of Cited : 8
    Abstract PDF
    The objectives of this paper are, first to document recent insurance fraud trend and insurance fraud literature, second to introduce the concept and basic rationale of the Link Analysis originated from the Social Network Theory, and finally to evaluate the effectiveness of the analysis method by empirically analyzing real claim data. With strong cracking down efforts by insurers against insurance fraud, insurance consumers complaints appear to increase. In order to control this side effect of the anti-fraud efforts, fraud detection techniques have to be not only effective but also scientifically persuasive. Most of previous literature on insurance fraud detection like Derrig(2002), however, have not explore more scientifically persuasive and more practical 'link analysis' approach but mainly focus on difference kinds of scoring models. Comparing to scoring models using attribute data, the link analysis employing relation data could be more effective and practical in assisting SIU(special investigate unit). Based on the empirical analysis both Emergent Group Algorithm and Step Link Analysis have demonstrated its effectiveness to detecting hard insurance fraud.
  • 6.

    국제기업 연금회계기준의 연금계리적 평가

    성주호 | 2003, 14(2) | pp.115~141 | number of Cited : 2
    The primary purpose of this paper is to derive actuarial challenging issues and to provide some actuarial notes on the International Accounting Standards on post-employment pension benefits issued by IASB(i.e. IAS 19). In particular, we examines 3 material regulations using actuarial approach - regulation for actuarial assumptions, regulation for pension funding method(including amortization method) and regulation for asset and liability valuation method. Actually, these parts have been systematically developed in the field of actuarial science since the International Actuarial Association was founded in 1895. In this respect, we point out that when setting up and then implementing Korea pension accounting standards, the actuarial comments and viewpoints should be properly taken in account. Through this paper, we are devoted to providing insight into actuarial approach, ultimately to how to harmonize the conflicting interests between employees, employers and government bodies involved in supervising company pension plans, when establishing our accounting standards in harmony with IAS 19. Lastly, I hope that this paper will contribute to bridging the gap between pension fund accounting issues and actuarial issues and furthermore be a starting point of doing reciprocal co-work between accountancy professions and actuarial professions.
  • 7.

    손해배상액의 정기금 지급방법에 관한 연구

    마승렬 | 2003, 14(2) | pp.143~170 | number of Cited : 1
    In some claimants cases, a structured settlement can be preferred to a lump sum settlement as a means of settling liability claims and with regard to the benefits received by insurers they should promote periodic payment settlement rather than lump sum cash settlement. In this study we analysed a viable alternative to the traditional method of settling bodily injury liability claims. From the result of this study we verified that a plan to apply 5 % of legal interest rate in the case of using periodic payment settlement will lead to underestimate the present value of lost earnings twice over. So we should calculate future lost earnings correctly using reasonable net discount ratio, and then device plans for structured settlements.
  • 8.

    A Comparison Study on Macroeconomic andActuarial Approaches to State Pension Financing- in view of the welfare position of each member -

    Sung Jooho , 최기홍 | 2003, 14(2) | pp.147~167 | number of Cited : 1
    Abstract PDF
    It can be shown that the welfare position of each member of the state pension system is varying depending on the socioeconomic environments such as demographic structure and macroeconomic variables as well as its financing method of defined benefit public pension plans(DBP). This kind of awareness stems from the ‘social insurance paradox’ that is raised by Samuelson(1958), Aaron(1966) and followed by subsequent numerous researches, which we call the macroeconomic approaches. This article, which follows those actuarial perspectives by Yarri(1965), Ferrara and Drouin(1996) and Hirose(1999), identifies those socio-economic factors that influence the difference of welfare level of covered members of the state pension system based on the comparison of three criteria such as the optimal premium rates, net life-time incomes, and the internal rate of returns. In case of our country, we could conclude that it is very urgent to set up and implement an actuarially sound financing system, in particular considering unprecedently rapid aging rate of population.