The Power of the Collective; The Death of the Collective
It is this use of the collective that makes insurance work. And it is a miraculous financial instrument. But, modern reality is significantly different than the insurance nirvana outlined above. Today there is a strongly increased focus on individual equity that erodes the principles of collective risk sharing. This has been aided and abetted by the acumen of actuaries.
The paper will now discuss this philosophical transition one line of business at a time.
*Brown Paper Awarded Professionalism/Education Track Prize
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