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Unlucky Or Risky? Unobserved Heterogeneity And Experience Rating In Insurance Markets, Levon Barseghyan, Francesca Molinari, Darcy Steeg Morris, Joshua C. Teitelbaum 2015 Cornell University

Unlucky Or Risky? Unobserved Heterogeneity And Experience Rating In Insurance Markets, Levon Barseghyan, Francesca Molinari, Darcy Steeg Morris, Joshua C. Teitelbaum

Georgetown Law Faculty Publications and Other Works

We investigate whether an insured's claims experience contains valuable information about its latent risk type. Using data on households' claims histories in auto and home insurance, we estimate the variance-covariance matrix of unobserved heterogeneity and utilize the estimates to update a priori predictions about the households' claim risk. The estimates reveal that unobserved heterogeneity is positively correlated across coverages. We then explore how households' demand for insurance would respond to experience rating under different theories of risky choice, and we discuss what our findings imply about the economic consequences of legal restrictions on experience rating.


Medicare Secondary Payer And Settlement Delay, Eric Helland, Jonathan Klick 2015 Claremont-McKenna College/RAND

Medicare Secondary Payer And Settlement Delay, Eric Helland, Jonathan Klick

Faculty Scholarship

The Medicare Secondary Payer Act of 1980 and its subsequent amendments require that insurers and self-insured companies report settlements, awards, and judgments that involve a Medicare beneficiary to the Centers for Medicare and Medicaid Services. The parties then may be required to compensate CMS for its conditional payments. In a simple settlement model, this makes settlement less likely. Also, the reporting delays and uncertainty regarding the size of these conditional payments are likely to further frustrate the settlement process. We provide results, using data from a large insurer, showing that, on average, implementation of the MSP reporting amendments led to ...


Thicker Than Water: America’S Addiction To Cheap Flood Insurance, Jeffrey Valacer 2015 Pace University

Thicker Than Water: America’S Addiction To Cheap Flood Insurance, Jeffrey Valacer

Pace Law Review

This paper is broken down into three parts. Part I traces the history and evolution of flood insurance in the United States, including the establishment of federal flood insurance and key reforms over the 20th and 21st centuries. Part II discusses the 2012 flood insurance reform package, subsequent legal challenges to the reforms, and the government’s response to political pressure over the reform. Part III concludes discussing the continued need for flood insurance reform, especially in a world of rising sea levels and more frequent, stronger weather events.


Inference Under Stability Of Risk Preferences, Levon Barseghyan, Francesca Molinari, Joshua C. Teitelbaum 2015 Cornell University

Inference Under Stability Of Risk Preferences, Levon Barseghyan, Francesca Molinari, Joshua C. Teitelbaum

Georgetown Law Faculty Publications and Other Works

We leverage the assumption that preferences are stable across contexts to partially identify and conduct inference on the parameters of a structural model of risky choice. Working with data on households' deductible choices across three lines of insurance coverage and a model that nests expected utility theory plus a range of non-expected utility models, we perform a revealed preference analysis that yields household-specific bounds on the model parameters. We then impose stability and other structural assumptions to tighten the bounds, and we explore what we can learn about households' risk preferences from the intervals defined by the bounds. We further ...


Drive At Your Own Risk: Uber’S Misrepresentations To Uberx Drivers About Insurance Coverage Violate California’S Unfair Competition Law, Jennie Davis 2015 Boston College Law School

Drive At Your Own Risk: Uber’S Misrepresentations To Uberx Drivers About Insurance Coverage Violate California’S Unfair Competition Law, Jennie Davis

Boston College Law Review

Ride-sharing services such as Uber and Lyft have revolutionized the private transportation market. Given the lack of clear regulations over these businesses, however, insurance industry experts disagree with Uber about the adequacy of uberX drivers’ existing insurance coverage. This Note asserts that Uber misleads uberX drivers about the type and amount of coverage available to them, as uberX drivers have no first-party protections in place while they drive around searching for fares. This Note further argues that based on these insurance misrepresentations, Uber may be liable to injured uberX drivers under California’s unfair competition law for engaging in unfair ...


No Good Options: Picking Up The Pieces After King V. Burwell, Nicholas Bagley, David K. Jones 2015 University of Michigan Law School

No Good Options: Picking Up The Pieces After King V. Burwell, Nicholas Bagley, David K. Jones

Articles

If the Supreme Court rules against the government in King v. Burwell, insurance subsidies available under the Affordable Care Act (ACA) will evaporate in the thirty-four states that have refused to establish their own health-care exchanges. The pain could be felt within weeks. Without subsidies, an estimated eight or nine million people stand to lose their health coverage. Because sicker people will retain coverage at a much higher rate than healthier people, insurance premiums in the individual market will surge by as much as fifty percent. Policymakers will come under intense pressure to mitigate the fallout from a government loss ...


Liability Insurer Data As A Window On Lawyers’ Professional Liability, Tom Baker, Rick Swedloff 2015 University of Pennsylvania Law School

Liability Insurer Data As A Window On Lawyers’ Professional Liability, Tom Baker, Rick Swedloff

Faculty Scholarship

Using the best publicly available data on lawyers’ liability claims and insurance – from the largest insurer of large law firms in the U.S., the American Bar Association’s Standing Committee on Professional Liability, and a summary of large claims from a leading insurance broker–this article reports the frequency of lawyers’ liability claims, the distribution and cost of claims by type of practice, the disposition of claims, and lawyers liability insurance premiums from the early 1980s to 2013. Notable findings include remarkable stability over thirty years in the distribution of claims by area of practice among both small and ...


Free Riders On The Firestorm: How Shifting The Costs Of Wildfire Management To Residents Of The Wildland-Urban Interface Will Benefit Our Public Forests, Benjamin Reilly 2015 Boston College Law School

Free Riders On The Firestorm: How Shifting The Costs Of Wildfire Management To Residents Of The Wildland-Urban Interface Will Benefit Our Public Forests, Benjamin Reilly

Boston College Environmental Affairs Law Review

Since the early 1900s, the federal land management agencies—the Forest Service in particular—have focused their wildfire management efforts on suppression. A century of wildfire suppression policy has created a buildup of natural fuels in the Nation’s forests that contribute to larger, more damaging fires today. This, coupled with the rapid development of the Wildland-Urban Interface, makes today’s wildfires a greater threat to human life and property. As a result, the federal government’s annual expenditures for wildfire management have ballooned in recent years. Relying on the billions of tax dollars spent each year to fight wildfire ...


Strict Liability In Cycling Laws To Ready The Roads For Environmentally Friendly Commuting, Colleen Maker 2015 Boston College Law School

Strict Liability In Cycling Laws To Ready The Roads For Environmentally Friendly Commuting, Colleen Maker

Boston College Environmental Affairs Law Review

Because automobiles cause harmful effects on the environment, the United States should encourage bicycling as an alternative means of transportation to automobiles. Many Americans elect not to cycle as a means of transportation out of fear of a collision with an automobile. Such collisions can be devastating physically and financially, and yet, after a bicycle-automobile collision, cyclists often bear the burden of proving negligence in a suit against the driver, and are often left without a remedy for their injuries. Other countries, such as the Netherlands, use a form of strict liability in lawsuits concerning bicycle-automobile collisions, which shifts the ...


Compensation Of The Driver As A Motor Accident Victim In Cameroon: A Critical Appraisal Of The Cima Code, abue ako scott eke 2015 university of Dschang

Compensation Of The Driver As A Motor Accident Victim In Cameroon: A Critical Appraisal Of The Cima Code, Abue Ako Scott Eke

abue ako scott eke Mr.

In Cameroon, the law that governs the compensation of motor accident victims is the CIMA Code. This law fully recognizes the driver as being a victim that is liable to compensation in case he suffers from a motor accident. Equally at the same time, the law has put in place special modalities which the driver must fulfill in order to receive complete or partial compensation. This is particularly important because the same law provides for a different regime of compensation when it comes to the case of victims non-driver. A driver could therefore be described as a victim sui generis ...


Insuring Floods: The Most Common And Devastating Natural Catastrophes In America, Christopher French 2015 Penn State Law

Insuring Floods: The Most Common And Devastating Natural Catastrophes In America, Christopher French

Journal Articles

Flooding is the most common natural catastrophe Americans face, accounting for 90% of all damage caused by natural catastrophes. Hurricanes Katrina and Sandy, for example, collectively caused over $160 billion in damage, but only approximately 10% of the Hurricane Katrina victims and 50% of the Hurricane Sandy victims had insurance to cover their flood losses. Consequently, both their homes and lives were left in ruins in the wake of the storms. Nationwide, only approximately 7% of homeowners have insurance that covers flood losses even though the risk of flooding is only increasing as coastal areas continue to be developed and ...


Coverage For Ill - Gotten Gains? Discussing The (Un)Insurability Of Restitution And Disgorgement, Katherine C. Skilling 2015 Washington and Lee University School of Law

Coverage For Ill - Gotten Gains? Discussing The (Un)Insurability Of Restitution And Disgorgement, Katherine C. Skilling

Washington and Lee Law Review

No abstract provided.


Insuring Floods: The Most Common And Devastating Natural Catastrophes In America, Christopher French 2015 Penn State Law

Insuring Floods: The Most Common And Devastating Natural Catastrophes In America, Christopher French

Christopher C. French

Flooding is the most common natural catastrophe Americans face, accounting for 90% of all damage caused by natural catastrophes. Hurricanes Katrina and Sandy, for example, collectively caused over $160 billion in damage, but only approximately 10% of the Hurricane Katrina victims and 50% of the Hurricane Sandy victims had insurance to cover their flood losses. Consequently, both their homes and lives were left in ruins in the wake of the storms. Nationwide, only approximately 7% of homeowners have insurance that covers flood losses even though the risk of flooding is only increasing as coastal areas continue to be developed and ...


Should The Law Preserve Party Control? Litigation Investment, Insurance Law, And Double Standards, Anthony J. Sebok 2015 College of William & Mary Law School

Should The Law Preserve Party Control? Litigation Investment, Insurance Law, And Double Standards, Anthony J. Sebok

William & Mary Law Review

Litigation investment, sometimes known as litigation finance, is increasingly accepted around the world. Once prohibited as champerty, litigation investment is now embraced in England, Canada, and Australia, as well as in many civil law nations. In the United States, the development of a robust market for investment in litigation has been met by various objections. One objection is that litigation investment interferes with the autonomy of lawyers. A second objection is that it promotes frivolous litigation.

This Article takes up a popular argument against litigation investment: the legal system should not encourage parties to sell their control over litigation that ...


The Family Llc: A New Approach To Insuring Dynastic Wealth, Evan M. Purcell 2015 George Mason University

The Family Llc: A New Approach To Insuring Dynastic Wealth, Evan M. Purcell

Evan M Purcell

No abstract provided.


Employing Disability: Deconstructing Insufficient Protections For "Non-Mainstream" Disabilities, Maia Abbas 2015 Western University

Employing Disability: Deconstructing Insufficient Protections For "Non-Mainstream" Disabilities, Maia Abbas

Western Journal of Legal Studies

This paper surveys leading and recent case law on disability with a specific focus on “non-mainstream” disabilities. Such disabilities are categorized according to the difficulty with which they can be medically diagnosed, their transient nature, and their fluctuations in severity. Jurisprudence on the duty to accommodate has been developed through what law professor Judith Mosoff classifies as “mainstream” disabilities. That is, disabilities that are better understood by employers and medical professionals, and to which the duty to accommodate more easily applies. In contrast, “non-mainstream” disabilities challenge the conventional understanding of the duty to accommodate. Standard accommodation practices do not necessarily ...


The Personal Liability Of Insurance Claims Adjusters For Insurance Bad Faith, Chad G. Marzen 2015 Florida State University

The Personal Liability Of Insurance Claims Adjusters For Insurance Bad Faith, Chad G. Marzen

Chad G. Marzen

One of the currents of change sweeping through the insurance industry is the rise of insurance bad faith liability. There is an emerging legal question today as to whether the individual employee adjusters of insurance companies can be subject to bad faith liability.

This article examines the question of whether employee-adjusters of insurance companies can and should be held liable for insurance bad faith liability. Early reported cases involving personal liability for bad faith generally held that insurance company employee adjusters were immune from bad faith claims as they were not in privity of contract with insureds. However, three significant ...


Can Tribal Courts Issue Domestic Relations Orders That Will Be Honored By Pension Plan Administrators Under Erisa?, Colin Osiecki 2015 Northwestern University School of Law

Can Tribal Courts Issue Domestic Relations Orders That Will Be Honored By Pension Plan Administrators Under Erisa?, Colin Osiecki

Northwestern University Law Review

No abstract provided.


Future Harm As A Current Disability: Insurance Coverage For A Risk Of Substance Abuse Relapse Under Erisa, Jonah Kind 2015 Northwestern University School of Law

Future Harm As A Current Disability: Insurance Coverage For A Risk Of Substance Abuse Relapse Under Erisa, Jonah Kind

Northwestern University Law Review

No abstract provided.


Predicting The Fallout From King V. Burwell - Exchanges And The Aca, Nicholas Bagley, David K. Jones, Timothy Stoltzfus Jost 2015 University of Michigan Law School

Predicting The Fallout From King V. Burwell - Exchanges And The Aca, Nicholas Bagley, David K. Jones, Timothy Stoltzfus Jost

Articles

The U.S. Supreme Court's surprise announcement on November 7 that it would hear King v. Burwell struck fear in the hearts of supporters of the Affordable Cara Act (ACA). At stake is the legality of an Internal Revenue Service (IRS) rule extending tax credits to the 4.5 million people who bought their health plans in the 34 states that declined to establish their own health insurance exchanges under the ACA. The case hinges on enigmatic statutory language that seems to link the amount of tax credits to a health plan purchased "through an Exchange established by the ...


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