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width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master09.xml"> <p:shaperange href=3D"master09.xml#_x0000_s8193"/><![if !ppt]><p:shaperange href=3D"master09.xml#_x0000_s8213"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s8213,_x0000_s8194,_x0000_s8195" src=3D"master09_image0= 01.gif" style=3D'position:absolute;top:0%;left:0%;width:64.41%;height:100.5%'><![e= ndif]><p:shaperange href=3D"master09.xml#_x0000_s8210"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s8210,_x0000_s8204,_x0000_s8205" src=3D"master09_image0= 02.gif" style=3D'position:absolute;top:71.25%;left:39.7%;width:53.55%;height:5.0%'= ><![endif]><p:shaperange href=3D"master09.xml#_x0000_s8206"/> <div v:shape=3D"_x0000_s8206" class=3DO style=3D'text-align:right;position= :absolute; top:95.25%;left:27.71%;width:21.53%;height:2.25%'><span lang=3DEN-US style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta0'= >Monday, January 24, 2005</span><span style=3D'font-size:42%;color:white;mso-color-= index: 0;mso-special-format:lastCR;display:none'> </span></div> <p:shaperange href=3D"master09.xml#_x0000_s8207"/> <div v:shape=3D"_x0000_s8207" class=3DO style=3D'text-align:right;position= :absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>Copyright MacMinn.org</span><span style=3D'font-siz= e: 42%;mso-special-format:lastCR;display:none'> </span></div> <p:shaperange href=3D"master09.xml#_x0000_s8209"/> <div v:shape=3D"_x0000_s8209" class=3DO style=3D'position:absolute;top:95.= 5%; left:1.87%;width:4.49%;height:2.25%'><span style=3D'font-size:42%;color:wh= ite; mso-color-index:0;mso-field-code:meta16'><b>1</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> <![endif]><p:shaperange href=3D"master09.xml#_x0000_m8211"/><v:shape id=3D= "_x0000_s67590" type=3D"#_x0000_m8211" style=3D'position:absolute;left:54pt;top:78pt;widt= h:9in; height:150pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"centerTitle"/></v:shape><p:shaperange href=3D"master09.xml#_x0000_m8197"/><v:shape id=3D"_x0000_s67591" type=3D= "#_x0000_m8197" style=3D'position:absolute;left:368pt;top:330pt;width:316pt;height:44pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"subTitle" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s67590" class=3DCT><span style=3D'position:absolute; top:21.0%;left:10.48%;width:84.26%;height:7.75%'>Economics of Life and Hea= lth </span><span style=3D'position:absolute;top:28.24%;left:11.42%;width:82.39%;height:7.75= %'>Insurance</span></div> <div v:shape=3D"_x0000_s67591" class=3DCB style=3D'text-align:center;posit= ion:absolute; top:65.75%;left:52.05%;width:41.94%;height:3.25%'><span style=3D'font-size= :50%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://macminn.org/"/><a href=3D"http://mac= minn.org/" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;">Richard M= acMinn</a></span><span style=3D'font-size:50%;mso-special-format:lastCR;display:none'> </span= ></div> </p:slide></div> </body> </html> ------=_NextPart_01C50228.DA1517D0 Content-Location: file:///C:/8E87B125/economicsoflife_files/master09_image001.gif Content-Transfer-Encoding: base64 Content-Type: image/gif R0lGODlhWAGSAXcAMSH+GlNvZnR3YXJlOiBNaWNyb3NvZnQgT2ZmaWNlACH5BAEAAAAALAAAAABX AZABgQAAAJnMmf///wECAwL/jI+py+0Po5y02ouzlqD7D4biSJZmuaXqyrbuC6fnTNd2GOf6zve+ dgsKh52f8YhMKi3EphO1jEqnVNjzigVUt9yud5ENE7/ksvkoTt/O7LZbpY7P3vS6vSHPk+78/lsP COI3SOgVeKhVqLiohBjICBnJ4wgoaXnJQqmHydnJpCnnKTqKBxpHippqepra6rmq5iqLCZs2extZ 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mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO style=3D'position:absolute;top:95.= 5%; left:3.74%;width:2.8%;height:2.25%'><span style=3D'font-size:42%;color:whi= te; mso-color-index:0;mso-field-code:meta16'><b>2</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s70658" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s70658" class=3DT style=3D'position:absolute;top:18= .75%; left:10.11%;width:83.33%;height:7.75%'>Objectives</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s7= 0659" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s70659" class=3DB> <div id=3D"_x0000_s70659_0_111" style=3D'mso-line-spacing:"90 20 0";positi= on:absolute; top:35.0%;left:10.11%;width:97.0%;height:8.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.86%;width:96.13%;height:52.94%'><= span style=3D'font-size:71%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-4.01%;top:.3em;font-family:Wingdings;font-size:75%'>l</span></span><= span style=3D'font-size:71%'>Draw distinctions between social and private insur= ance, as well </span></span><span style=3D'position:absolute;top:47.05%;left:3.8= 6%; width:80.88%;height:52.94%'><span style=3D'font-size:71%'>as between life = and health insurance products. </span></span></div> <div id=3D"_x0000_s70659_111_179" style=3D'mso-line-spacing:"90 20 0";posi= tion: absolute;top:44.0%;left:10.11%;width:89.7%;height:8.5%;white-space:nowrap'= ><span style=3D'position:absolute;top:0%;left:4.17%;width:95.82%;height:52.94%'><= span style=3D'font-size:71%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-4.35%;top:.3em;font-family:Wingdings;font-size:75%'>l</span></span><= span style=3D'font-size:71%'>Describe the conditions required for competitive insurance </span></span><span style=3D'position:absolute;top:47.05%;left:4= .17%; width:87.47%;height:52.94%'><span style=3D'font-size:71%'>markets. </s= pan></span></div> <div id=3D"_x0000_s70659_179_276" style=3D'mso-line-spacing:"90 20 0";posi= tion: absolute;top:52.75%;left:10.11%;width:95.88%;height:8.5%;white-space:nowra= p'><span style=3D'position:absolute;top:0%;left:3.9%;width:96.09%;height:52.94%'><s= pan style=3D'font-size:71%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-4.06%;top:.3em;font-family:Wingdings;font-size:75%'>l</span></span><= span style=3D'font-size:71%'>Describe market imperfections, giving examples of = each within </span></span><span style=3D'position:absolute;top:47.05%;left:3.9%; width:81.83%;height:52.94%'><span style=3D'font-size:71%'>life and health insurance markets. </span></span></div> <div id=3D"_x0000_s70659_276_383" style=3D'mso-line-spacing:"90 20 0";posi= tion: absolute;top:61.75%;left:10.11%;width:94.19%;height:8.5%;white-space:nowra= p'><span style=3D'position:absolute;top:0%;left:3.97%;width:96.02%;height:52.94%'><= span style=3D'font-size:71%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-4.14%;top:.3em;font-family:Wingdings;font-size:75%'>l</span></span><= span style=3D'font-size:71%'>Understand how economic theories of consumption ma= y help </span></span><span style=3D'position:absolute;top:47.05%;left:3.97%;width= :83.3%; height:52.94%'><span style=3D'font-size:71%'>explain the demand for life a= nd health insurance. </span></span></div> <div id=3D"_x0000_s70659_383_508" style=3D'mso-line-spacing:"90 20 0";posi= tion: absolute;top:70.5%;left:10.11%;width:85.2%;height:12.5%;white-space:nowrap= '><span style=3D'position:absolute;top:0%;left:4.39%;width:95.6%;height:36.0%'><sp= an style=3D'font-size:71%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-4.59%;top:.3em;font-family:Wingdings;font-size:75%'>l</span></span><= span style=3D'font-size:71%'>Describe the role of capital, financial management= , and </span></span><span style=3D'position:absolute;top:32.0%;left:4.39%;width:94.28%;height:36.0%'= ><span style=3D'font-size:71%'>distribution systems in the production of life and health </span></span><span style=3D'position:absolute;top:64.0%;left:4.39%; width:92.08%;height:36.0%'><span style=3D'font-size:71%'>insurance.</span>= </span></div> </div> </p:slide></div> <p:animation number=3D"314860587"/><oa:par id=3D"TimeNode0" dur=3D"indefini= te" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" next=3D"document.onpptnext" concurrent=3D"enabled" nextAction=3D"seek" p:nodeType=3D"mainSeq"> <oa:par id=3D"TimeNode2" begin=3D"indefinite" fill=3D"hold"> <oa:par id=3D"TimeNode3" begin=3D"0.0" fill=3D"hold"> <oa:par id=3D"TimeNode4" o:presetID=3D"ppt_2" o:presetClass=3D"entrance" o:presetSubType=3D"0x4" begin=3D"0.0" fill=3D"hold" o:groupID=3D"1" p:nodeType=3D"clickEffect"> <oa:set id=3D"TimeNode5" begin=3D"0.0" dur=3D"0.001" fill=3D"hold" targetElement=3D"_x0000_s70659_0_111" attributeName=3D"style.visibili= ty" to=3D"visible"/> <oa:animate id=3D"TimeNode6" 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id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"1/24/2005: Insurance defined"> <link rel=3DStylesheet href=3D"master08_stylesheet.css"> <![if !ppt]> <style media=3Dprint>  </style> <script src=3Dscript.js></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"93"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.74%;width:2.8%;height:2.2= 5%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>3</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s95234" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape><p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s95235" type=3D= "#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;width:605.75pt;height:293.= 25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s95234" class=3DT style=3D'position:absolute;top:18= .75%; left:10.11%;width:83.33%;height:7.75%'>Insurance defined</div> <div v:shape=3D"_x0000_s95235"> <div class=3DB style=3D'mso-line-spacing:"80 20 0";position:absolute;top:3= 4.5%; left:10.11%;width:82.2%;height:5.25%'><span style=3D'position:absolute; top:0%;left:4.55%;width:95.44%;height:100.0%'><span style=3D'font-size:86%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-4.77%;top:.3em; font-family:Wingdings;font-size:75%'>l</span></span><span style=3D'font-si= ze: 86%'>Economic perspective </span></span></div> <div class=3DB1 style=3D'mso-line-spacing:"80 20 0";position:absolute;top:= 39.75%; left:15.16%;width:77.34%;height:4.5%'><span style=3D'position:absolute; top:0%;left:4.11%;width:95.88%;height:100.0%'><span style=3D'font-size:83%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-4.29%;top:.3em; font-size:75%'>–</span></span><span style=3D'font-size:83%'>Insuranc= e is a service </span></span></div> <div class=3DB2 style=3D'mso-line-spacing:"80 20 0"'><span style=3D'positi= on:absolute; top:44.25%;left:22.65%;width:78.27%;height:4.0%'><span style=3D'font-size:= 90%'><span style=3D'mso-special-format:bullet;position:absolute;left:-3.11%;top:.3em; font-family:Wingdings;font-size:75%'>l</span></span><span style=3D'font-si= ze: 90%'>Individuals exposed to perils contribute to a pool and those </span><= /span><span style=3D'position:absolute;top:47.5%;left:22.65%;width:81.83%;height:4.0%'= ><span style=3D'font-size:90%'>who suffer the peril covered by the pool receive payment, i.e., </span></span><span style=3D'position:absolute;top:50.5%; left:22.65%;width:69.85%;height:4.0%'><span style=3D'font-size:90%'>indemn= ity. </span></span></div> <div class=3DB2 style=3D'mso-line-spacing:"80 20 0"'><span style=3D'positi= on:absolute; top:54.5%;left:22.65%;width:75.28%;height:4.0%'><span style=3D'font-size:9= 0%'><span style=3D'mso-special-format:bullet;position:absolute;left:-3.23%;top:.3em; font-family:Wingdings;font-size:75%'>l</span></span><span style=3D'font-si= ze: 90%'>In this perspective insurance is a contingent claim on the </span></s= pan><span style=3D'position:absolute;top:57.75%;left:22.65%;width:69.85%;height:4.0%= '><span style=3D'font-size:90%'>pool’s assets </span></span></div> <div class=3DB style=3D'mso-line-spacing:"80 20 0";position:absolute;top:6= 2.0%; left:10.11%;width:82.2%;height:5.25%'><span style=3D'position:absolute; top:0%;left:4.55%;width:95.44%;height:100.0%'><span style=3D'font-size:86%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-4.77%;top:.3em; font-family:Wingdings;font-size:75%'>l</span></span><span style=3D'font-si= ze: 86%'>Legal perspective </span></span></div> <div class=3DB1 style=3D'mso-line-spacing:"80 20 0";position:absolute;top:= 67.25%; left:15.16%;width:77.34%;height:4.5%'><span style=3D'position:absolute; top:0%;left:4.11%;width:95.88%;height:100.0%'><span style=3D'font-size:83%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-4.29%;top:.3em; font-size:75%'>–</span></span><span style=3D'font-size:83%'>Insuranc= e is a contract </span></span></div> <div class=3DB2 style=3D'mso-line-spacing:"80 20 0"'><span style=3D'positi= on:absolute; top:71.5%;left:22.65%;width:82.2%;height:4.0%'><span style=3D'font-size:90= %'><span style=3D'mso-special-format:bullet;position:absolute;left:-2.96%;top:.3em; font-family:Wingdings;font-size:75%'>l</span></span><span style=3D'font-si= ze: 90%'>The insurance is an agreement in which the policyholder pays </span><= /span><span style=3D'position:absolute;top:74.75%;left:22.65%;width:75.46%;height:4.0%= '><span style=3D'font-size:90%'>a stipulated consideration, i.e., premium, to the insurer in </span></span><span style=3D'position:absolute;top:78.0%;left:2= 2.65%; width:83.7%;height:4.0%'><span style=3D'font-size:90%'>return for which the insurer agrees to pay a defined amount if a </span></span><span style=3D'position:absolute;top:81.25%;left:22.65%;width:69.85%;height:4.0%= '><span style=3D'font-size:90%'>covered event occurs during the policy period = </span></span></div> <div class=3DB2 style=3D'mso-line-spacing:"80 20 0";position:absolute;top:= 85.25%; left:20.22%;width:72.28%;height:4.0%'><span style=3D'position:absolute; top:0%;left:3.36%;width:96.63%;height:100.0%'><span style=3D'font-size:90%; visibility:hidden'><span style=3D'mso-special-format:bullet;position:absol= ute; left:-3.48%;font-family:Wingdings;font-size:75%'>l</span></span><span style=3D'font-size:90%;mso-special-format:lastCR;display:none'> </span= ></span></div> </div> </p:slide></div> <![if !ppt]> <div id=3DNotesObj style=3D'display:none'> <table style=3D'color:white' border=3D0 width=3D"100%"> <tr> <td width=3D5 nowrap></td> <td width=3D"100%"></td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Consid= er the perils that individuals face such as property losses or the loss of life or heal= th due to fire, windstorm, earthquake, flood, epidemic, pandemic, etc.<span style=3D'mso-spacerun:yes'> </span>While these events cannot be for= eseen with certainty they can be managed.<span style=3D'mso-spacerun:yes'> </span>The function of insurance is to provide some security in the face = of these hazards.<span style=3D'mso-spacerun:yes'> </span>The insurance function is the creation of a pool of funds that allows individuals to sh= are; individuals contribute a small amount and those who suffer losses are pai= d a large amount.</font><br> </td> </tr> </table> </div> <![endif]> </body> </html> ------=_NextPart_01C50228.DA1517D0 Content-Location: file:///C:/8E87B125/economicsoflife_files/slide0014.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" <html xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office" xmlns:p=3D"urn:schemas-microsoft-com:office:powerpoint" xmlns:oa=3D"urn:schemas-microsoft-com:office:activation" xmlns=3D"http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii"> <meta name=3DProgId content=3DPowerPoint.Slide> <meta name=3DGenerator content=3D"Microsoft PowerPoint 11"> <link id=3DMain-File rel=3DMain-File href=3D"../economicsoflife.htm"> <link rel=3DPreview href=3Dpreview.wmf>  <title>Economic Security and the Economics of Life and Health Insurance</ti= tle> <![if IE]> <base href=3D"file:///C:\8E87B125\economicsoflife_files\slide0014.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"1/24/2005: Social versus private insura= nce"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"90"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.74%;width:2.8%;height:2.2= 5%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>4</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s92162" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s92162" class=3DT style=3D'position:absolute;top:18= .75%; left:10.11%;width:90.26%;height:7.75%'>Social versus private insurance</di= v> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s9= 2163" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s92163"> <div id=3D"_x0000_s92163_0_102" class=3DB style=3D'position:absolute;top:3= 5.5%; left:10.11%;width:83.14%;height:15.75%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.5%;width:95.49%;height:33.33%'><s= pan style=3D'font-size:86%'><span class=3DBB style=3D'position:absolute;left:-= 4.71%; top:.3em'>l</span></span><span style=3D'font-size:86%'>Governments provide various forms of social </span></span><span style=3D'position:absolute; top:33.33%;left:4.5%;width:94.36%;height:33.33%'><span style=3D'font-size:= 86%'>insurance to achieve equity through income </span></span><span style=3D'position:abs= olute; top:66.66%;left:4.5%;width:94.36%;height:33.33%'><span style=3D'font-size:= 86%'>redistribution </span></span></div> <div id=3D"_x0000_s92163_102_155" class=3DB style=3D'position:absolute;top= :52.5%; left:10.11%;width:94.0%;height:5.25%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.98%;width:96.01%;height:100.0%'><= span style=3D'font-size:86%'><span class=3DBB style=3D'position:absolute;left:-= 4.14%; top:.3em'>l</span></span><span style=3D'font-size:86%'>The types of social insurance include the following: </span></span></div> <div id=3D"_x0000_s92163_155_164" class=3DB1 style=3D'position:absolute;to= p:58.5%; left:15.16%;width:77.34%;height:4.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%;height:100.0%'><= span style=3D'font-size:83%'><span class=3DB1B style=3D'position:absolute;left:= -4.29%; top:.3em'>–</span></span><span style=3D'font-size:83%'>Survivor = </span></span></div> <div id=3D"_x0000_s92163_164_175" class=3DB1 style=3D'position:absolute;to= p:64.0%; left:15.16%;width:77.34%;height:4.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%;height:100.0%'><= span style=3D'font-size:83%'><span class=3DB1B style=3D'position:absolute;left:= -4.29%; top:.3em'>–</span></span><span style=3D'font-size:83%'>Retirement= 3;</span></span></div> <div id=3D"_x0000_s92163_175_186" class=3DB1 style=3D'position:absolute;to= p:69.25%; left:15.16%;width:77.34%;height:4.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%;height:100.0%'><= span style=3D'font-size:83%'><span class=3DB1B style=3D'position:absolute;left:= -4.29%; top:.3em'>–</span></span><span style=3D'font-size:83%'>Disability= 3;</span></span></div> <div id=3D"_x0000_s92163_186_199" class=3DB1 style=3D'position:absolute;to= p:74.5%; left:15.16%;width:77.34%;height:4.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%;height:100.0%'><= span style=3D'font-size:83%'><span class=3DB1B style=3D'position:absolute;left:= -4.29%; top:.3em'>–</span></span><span style=3D'font-size:83%'>Unemployment&= #13;</span></span></div> <div id=3D"_x0000_s92163_199_206" class=3DB1 style=3D'position:absolute;to= p:80.0%; left:15.16%;width:77.34%;height:4.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%;height:100.0%'><= span style=3D'font-size:83%'><span class=3DB1B style=3D'position:absolute;left:= -4.29%; top:.3em'>–</span></span><span style=3D'font-size:83%'>Health </= span></span></div> <div class=3DB1 style=3D'position:absolute;top:85.25%;left:15.16%;width:77= .34%; height:4.5%'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.8= 8%; height:100.0%'><span style=3D'font-size:83%;visibility:hidden'><span class= =3DB1B style=3D'position:absolute;left:-4.29%'>–</span></span><span style=3D'font-size:83%;mso-special-format:lastCR;display:none'> </span= ></span></div> </div> </p:slide></div> <p:animation number=3D"314860587"/><oa:par id=3D"TimeNode0" dur=3D"indefini= te" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" next=3D"document.onpptnext" concurrent=3D"enabled" nextAction=3D"seek" p:nodeType=3D"mainSeq"> <oa:par id=3D"TimeNode2" begin=3D"indefinite" fill=3D"hold"> <oa:par id=3D"TimeNode3" begin=3D"0.0" fill=3D"hold"> <oa:par id=3D"TimeNode4" o:presetID=3D"ppt_2" o:presetClass=3D"entrance" o:presetSubType=3D"0x4" begin=3D"0.0" fill=3D"hold" o:groupID=3D"0" p:nodeType=3D"clickEffect"> <oa:set id=3D"TimeNode5" begin=3D"0.0" dur=3D"0.001" fill=3D"hold" targetElement=3D"_x0000_s92163_0_102" attributeName=3D"style.visibili= ty" to=3D"visible"/> <oa:animate id=3D"TimeNode6" dur=3D"0.5" fill=3D"hold" 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<![endif]> <![if !ppt]> <div id=3DNotesObj style=3D'display:none'> <table style=3D'color:white' border=3D0 width=3D"100%"> <tr> <td width=3D5 nowrap></td> <td width=3D"100%"></td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>While = the emphasis here may be on private insurance, no discussion is complete without considering the social insurance coverage.<span style=3D'mso-spacerun:yes'> </span>In planning for retirement, for example, the social retirement benefits constitute a portion of the retirement income that must be considered.</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Consid= er the social health insurance coverage provided in Canada, England and elsewhere by providing a link.<span style=3D'mso-spacerun:yes'> </span>Say somet= hing about the provision of ? in England and something about their superannuat= ion schemes.<span style=3D'mso-spacerun:yes'> </span>Have them search f= or descriptions of these social insurance plans in Canada and Europe.</font>= <br> </td> </tr> </table> </div> <![endif]> </body> </html> ------=_NextPart_01C50228.DA1517D0 Content-Location: file:///C:/8E87B125/economicsoflife_files/slide0015.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" <html xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office" xmlns:p=3D"urn:schemas-microsoft-com:office:powerpoint" xmlns:oa=3D"urn:schemas-microsoft-com:office:activation" xmlns=3D"http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii"> <meta name=3DProgId content=3DPowerPoint.Slide> <meta name=3DGenerator content=3D"Microsoft PowerPoint 11"> <link id=3DMain-File rel=3DMain-File href=3D"../economicsoflife.htm"> <link rel=3DPreview href=3Dpreview.wmf>  <title>Economic Security and the Economics of Life and Health Insurance</ti= tle> <![if IE]> <base href=3D"file:///C:\8E87B125\economicsoflife_files\slide0015.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"1/24/2005: Life versus non-life"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"91"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.74%;width:2.8%;height:2.2= 5%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>5</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s93186" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s93186" class=3DT style=3D'position:absolute;top:18= .75%; left:10.11%;width:83.33%;height:7.75%'>Life versus non-life</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s9= 3187" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s93187"> <div id=3D"_x0000_s93187_0_58" class=3DB style=3D'mso-line-spacing:"80 20 = 0"; position:absolute;top:34.75%;left:10.11%;width:82.2%;height:4.0%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%; height:100.0%'><span style=3D'font-size:64%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.77%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:64%'>The insurance = sector is divided between life and non-life </span></span></div> <div id=3D"_x0000_s93187_58_173" class=3DB1 style=3D'mso-line-spacing:"80 = 20 0"; position:absolute;top:38.75%;left:15.16%;width:80.89%;height:6.5%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.93%;width:96.29%; height:53.84%'><span style=3D'font-size:67%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.08%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:67%'>The non-life area is generally referred to as eith= er property/liability </span></span><span style=3D'position:absolute;top:42.3= %; left:3.93%;width:91.66%;height:53.84%'><span style=3D'font-size:67%'>insur= ance or general insurance and covers: </span></span></div> <div id=3D"_x0000_s93187_173_182" class=3DB2 style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:45.0%;left:20.22%;width:72.28%;height:3.25%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.36%;width:96.63%; height:100.0%'><span style=3D'font-size:70%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.48%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:70%'>Property <= /span></span></div> <div id=3D"_x0000_s93187_182_192" class=3DB2 style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:48.0%;left:20.22%;width:72.28%;height:3.25%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.36%;width:96.63%; height:100.0%'><span style=3D'font-size:70%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.48%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:70%'>Liability = </span></span></div> <div id=3D"_x0000_s93187_192_214" class=3DB2 style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:51.24%;left:20.22%;width:72.28%;height:3.25%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:3.36%;width:96.63%; height:100.0%'><span style=3D'font-size:70%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.48%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:70%'>Worker’s compensation </span></span></div> <div id=3D"_x0000_s93187_214_259" class=3DB1 style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:54.5%;left:15.16%;width:77.34%;height:3.5%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%; height:100.0%'><span style=3D'font-size:67%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.29%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:67%'>The life area includes the following covers: <= /span></span></div> <div id=3D"_x0000_s93187_259_274" class=3DB2 style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:57.75%;left:20.22%;width:72.28%;height:3.25%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:3.36%;width:96.63%; height:100.0%'><span style=3D'font-size:70%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.48%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:70%'>Life assurance= </span></span></div> <div id=3D"_x0000_s93187_274_317" class=3DB3 style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:61.0%;left:25.09%;width:67.22%;height:2.75%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.89%;width:96.37%; height:100.0%'><span style=3D'font-size:67%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.04%;top:.22em;font-size:80%'>–</spa= n></span><span style=3D'font-size:67%'>Whole life, term life, endowment insurance </s= pan></span></div> <div id=3D"_x0000_s93187_317_340" class=3DB2 style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:63.74%;left:20.22%;width:72.28%;height:3.25%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:3.36%;width:96.63%; height:100.0%'><span style=3D'font-size:70%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.48%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:70%'>Annuities and pensions </span></span></div> <div id=3D"_x0000_s93187_340_404" class=3DB3 style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:66.75%;left:25.09%;width:67.22%;height:2.75%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:3.89%;width:96.37%; height:100.0%'><span style=3D'font-size:67%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.04%;top:.22em;font-size:80%'>–</spa= n></span><span style=3D'font-size:67%'>Life annuity, defined benefits plan, defined contributions plan </span></span></div> <div id=3D"_x0000_s93187_404_434" class=3DB2 style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:69.5%;left:20.22%;width:72.28%;height:3.25%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.36%;width:96.63%; height:100.0%'><span style=3D'font-size:70%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.48%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:70%'>Disability and long-term care </span></span></div> <div id=3D"_x0000_s93187_434_473" class=3DB2 style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:72.5%;left:20.22%;width:72.28%;height:3.25%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.36%;width:96.63%; height:100.0%'><span style=3D'font-size:70%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.48%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:70%'>Health, accide= nt and medical insurance </span></span></div> <div id=3D"_x0000_s93187_473_616" class=3DB style=3D'mso-line-spacing:"80 = 20 0"; position:absolute;top:75.75%;left:10.11%;width:91.38%;height:10.25%; white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.09%; width:95.9%;height:39.02%'><span style=3D'font-size:64%'><span style=3D'ms= o-special-format: bullet;position:absolute;left:-4.27%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:64%'>Some countries prohibit the same company to sell life and non-life </span></span><span style=3D'position:absolute;top:31.7%;left:4.09%;width:92.0%;height:39.02%'= ><span style=3D'font-size:64%'>while others allow the joint production via holding companies or </span></span><span style=3D'position:absolute;top:60.97%; left:4.09%;width:85.86%;height:39.02%'><span style=3D'font-size:64%'>affil= iates</span></span></div> </div> </p:slide></div> <p:animation number=3D"314860587"/><oa:par id=3D"TimeNode0" dur=3D"indefini= te" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" next=3D"document.onpptnext" concurrent=3D"enabled" nextAction=3D"seek" p:nodeType=3D"mainSeq"> <oa:par id=3D"TimeNode2" begin=3D"indefinite" fill=3D"hold"> <oa:par id=3D"TimeNode3" begin=3D"0.0" fill=3D"hold"> <oa:par id=3D"TimeNode4" o:presetID=3D"ppt_2" o:presetClass=3D"entrance" o:presetSubType=3D"0x4" begin=3D"0.0" fill=3D"hold" o:groupID=3D"0" 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dir=3Dltr align=3Dleft colspan=3D1><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Term l= ife provides coverage for a set term such as 5, 10, or 20 years, and pays a set death benefit</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Endowm= ent insurance is term insurance with an endowment or benefit that is paid if the insured survives the policy term.</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Find o= nline definitions of holding companies and affiliates.</font><br> </td> </tr> </table> </div> <![endif]> </body> </html> ------=_NextPart_01C50228.DA1517D0 Content-Location: file:///C:/8E87B125/economicsoflife_files/slide0008.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; 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top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.74%;width:2.8%;height:2.2= 5%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>6</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s78852" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s78852" class=3DT style=3D'position:absolute;top:19= .5%; left:10.11%;width:92.5%;height:6.75%'><span style=3D'font-size:89%'>Life a= nd health insurance categories</span></div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s7= 8897" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:296.875pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1" size=3D"half"/><p:animation n= umber=3D"3" delay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down" = flag=3D"0"/></v:shape> <div v:shape=3D"_x0000_s78897"> <div id=3D"_x0000_s78897_0_6" class=3DHB style=3D'mso-line-spacing:"90 20 = 0"; position:absolute;top:35.0%;left:10.11%;width:39.32%;height:4.5%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:9.52%;width:90.47%; height:100.0%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-10.52%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:83%'>Group </sp= an></span></div> <div id=3D"_x0000_s78897_6_92" class=3DHB1 style=3D'mso-line-spacing:"90 2= 0 0"; position:absolute;top:39.75%;left:15.16%;width:35.95%;height:8.75%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:8.85%;width:86.97%; height:37.14%'><span style=3D'font-size:70%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-10.17%;top:.3em;font-size:75%'>–</spa= n></span><span style=3D'font-size:70%'>This insurance is typically </span></span><span style=3D'position:absolute;top:31.42%;left:8.85%;width:91.14%;height:37.14= %'><span style=3D'font-size:70%'>purchased by employers for the </span></span><span style=3D'position:absolute;top:62.85%;left:8.85%;width:86.97%;height:37.14= %'><span style=3D'font-size:70%'>benefit of their employees </span></span></div> <div id=3D"_x0000_s78897_92_103" class=3DHB style=3D'mso-line-spacing:"90 = 20 0"; position:absolute;top:49.0%;left:10.11%;width:39.32%;height:4.5%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:9.52%;width:90.47%; height:100.0%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-10.52%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:83%'>Industrial = ;</span></span></div> <div id=3D"_x0000_s78897_103_167" class=3DHB1 style=3D'mso-line-spacing:"9= 0 20 0"; position:absolute;top:53.5%;left:15.16%;width:36.89%;height:6.0%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:8.62%;width:91.87%; height:54.16%'><span style=3D'font-size:70%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-9.39%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:70%'>Life and health policies issued to </span></span><= span style=3D'position:absolute;top:45.83%;left:8.62%;width:84.77%;height:54.16= %'><span style=3D'font-size:70%'>individuals in small amounts </span></span></d= iv> <div id=3D"_x0000_s78897_167_176" class=3DHB style=3D'mso-line-spacing:"90= 20 0"; position:absolute;top:60.0%;left:10.11%;width:39.32%;height:4.5%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:9.52%;width:90.47%; height:100.0%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-10.52%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:83%'>Ordinary <= /span></span></div> <div id=3D"_x0000_s78897_176_249" class=3DHB1 style=3D'mso-line-spacing:"9= 0 20 0"; position:absolute;top:64.75%;left:15.16%;width:38.01%;height:6.0%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:8.37%;width:88.17%; height:54.16%'><span style=3D'font-size:70%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-9.49%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:70%'>Individual life and health policies </span></span>= <span style=3D'position:absolute;top:45.83%;left:8.37%;width:91.62%;height:54.16= %'><span style=3D'font-size:70%'>with larger benefits than industrial </span></= span></div> <div id=3D"_x0000_s78897_249_256" class=3DHB style=3D'mso-line-spacing:"90= 20 0"; position:absolute;top:71.25%;left:10.11%;width:39.32%;height:4.5%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:9.52%;width:90.47%; height:100.0%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-10.52%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:83%'>Credit </s= pan></span></div> <div id=3D"_x0000_s78897_256_381" class=3DHB1 style=3D'mso-line-spacing:"9= 0 20 0"; position:absolute;top:75.75%;left:15.16%;width:40.07%;height:11.5%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:7.94%;width:78.03%; height:28.26%'><span 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h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s100354" class=3DT><span style=3D'position:absolute; top:13.25%;left:10.11%;width:93.63%;height:6.75%'><span style=3D'font-size= :89%'>Economic overview of life and health </span></span><span style=3D'position:absolute; top:19.5%;left:10.11%;width:83.33%;height:6.75%'><span style=3D'font-size:= 89%'>markets</span></span></div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 00355" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down" flag=3D"0"/>= </v:shape> <div v:shape=3D"_x0000_s100355"> <div id=3D"_x0000_s100355_0_30" class=3DB style=3D'mso-line-spacing:"80 20= 0"; position:absolute;top:34.5%;left:10.11%;width:82.2%;height:5.25%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%; height:100.0%'><span style=3D'font-size:86%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.77%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:86%'>Competitive insurance markets </span></span></div> <div id=3D"_x0000_s100355_30_41" class=3DB1 style=3D'mso-line-spacing:"80 = 20 0"; position:absolute;top:39.75%;left:15.16%;width:77.34%;height:4.5%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%; height:100.0%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.29%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'>Conditions </span></span></div> <div id=3D"_x0000_s100355_41_65" class=3DB2 style=3D'mso-line-spacing:"80 = 20 0"; position:absolute;top:44.25%;left:20.22%;width:72.28%;height:4.0%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.36%;width:96.63%; height:100.0%'><span style=3D'font-size:90%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.48%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:90%'>Many buyers and sellers </span></span></div> <div id=3D"_x0000_s100355_65_91" class=3DB2 style=3D'mso-line-spacing:"80 = 20 0"; position:absolute;top:48.25%;left:20.22%;width:72.28%;height:4.0%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.36%;width:96.63%; height:100.0%'><span style=3D'font-size:90%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.48%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:90%'>Freedom of ent= ry and exit </span></span></div> <div id=3D"_x0000_s100355_91_110" class=3DB2 style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:52.25%;left:20.22%;width:72.28%;height:4.0%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.36%;width:96.63%; height:100.0%'><span style=3D'font-size:90%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.48%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:90%'>Homogenous product </span></span></div> <div id=3D"_x0000_s100355_110_130" class=3DB2 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:56.25%;left:20.22%;width:72.28%;height:4.0%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.36%;width:96.63%; height:100.0%'><span style=3D'font-size:90%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.48%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:90%'>Perfect information </span></span></div> <div id=3D"_x0000_s100355_130_189" class=3DB style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:60.25%;left:10.11%;width:86.51%;height:9.5%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:4.32%;width:95.67%; height:55.26%'><span style=3D'font-size:86%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.52%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:86%'>Market imperfe= ctions arise due to the following </span></span><span style=3D'position:absolute; top:44.73%;left:4.32%;width:90.69%;height:55.26%'><span style=3D'font-size= :86%'>conditions </span></span></div> <div id=3D"_x0000_s100355_189_202" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:69.75%;left:15.16%;width:77.34%;height:4.5%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%; height:100.0%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.29%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'>Market power </span></span></div> <div id=3D"_x0000_s100355_202_216" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:74.25%;left:15.16%;width:77.34%;height:4.5%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%; height:100.0%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.29%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://en.wikipedia.org/wiki/Externality"/><a href=3D"http://en.wikipedia.org/wiki/Externality" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;" style=3D'position:relative'>= Externalities</a></span><span style=3D'font-size:83%;display:none'> </span></span></div> <div id=3D"_x0000_s100355_216_237" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; 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position:absolute;top:55.25%;left:41.57%;width:9.55%;height:2.0%'><span style=3D'font-size:33%'>Asymmetric </span></div> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:56.99%;left:41.57%;width:9.55%;height:2.0%'><span style=3D'font-size:33%'>Information</span></div> </div> <div v:shape=3D"_s80913" class=3DO onclick=3D"parent.GoToSld('slide0024.ht= m');" style=3D'cursor:hand;position:absolute;top:49.5%;left:83.52%;width:11.04%; height:3.75%'> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:0%;left:0%;width:100.0%;height:53.33%'><span style=3D'font-size:33%'>Free Rider </span></div> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:46.66%;left:0%;width:100.0%;height:53.33%'><span style=3D'font-size:33%'>Problems</span></div> </div> <div v:shape=3D"_s80917" class=3DO> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; 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style=3D'font-size:25%'>Price </span></div> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:69.25%;left:15.54%;width:9.36%;height:1.5%'><span style=3D'font-size:25%'>Discrimination</span></div> </div> <div v:shape=3D"_s80923" class=3DO> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:74.0%;left:15.54%;width:9.36%;height:1.5%'><span style=3D'font-size:25%'>Product </span></div> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:75.25%;left:15.54%;width:9.36%;height:1.5%'><span style=3D'font-size:25%'>Differentiation</span></div> </div> <div v:shape=3D"_s80925" class=3DO style=3D'text-align:center;mso-char-wra= p:0; mso-kinsoku-overflow:0;position:absolute;top:56.25%;left:28.65%;width:9.36= %; height:1.5%'><span style=3D'font-size:25%'>Positive</span></div> <div v:shape=3D"_s80927" class=3DO style=3D'text-align:center;mso-char-wra= p:0; 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Security and the Economics of Life and Health Insurance</ti= tle> <![if IE]> <base href=3D"file:///C:\8E87B125\economicsoflife_files\slide0022.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"1/24/2005: Market power"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"104"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.74%;width:2.8%;height:2.2= 5%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>9</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s106498" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s106498" class=3DT style=3D'position:absolute;top:1= 8.75%; left:10.11%;width:83.33%;height:7.75%'>Market power</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 06499" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s106499"> <div id=3D"_x0000_s106499_0_90" class=3DB style=3D'position:absolute;top:3= 5.5%; left:10.11%;width:93.82%;height:12.25%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.99%;width:95.0%;height:48.97%'><s= pan class=3DBB style=3D'position:absolute;left:-4.2%;top:.3em'>l</span>Market = power exists when a buyer or seller </span><span style=3D'position:absolute; top:51.02%;left:3.99%;width:96.0%;height:48.97%'>has the ability to influe= nce the market price. </span></div> <div id=3D"_x0000_s106499_90_114" class=3DB style=3D'position:absolute;top= :49.25%; left:10.11%;width:82.2%;height:6.0%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%;height:100.0%'><= span class=3DBB style=3D'position:absolute;left:-4.77%;top:.3em'>l</span>Source= s of market power </span></div> <div id=3D"_x0000_s106499_114_140" class=3DB1 style=3D'position:absolute;t= op:56.49%; left:15.16%;width:77.34%;height:5.25%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%;height:100.0%'><= span class=3DB1B style=3D'position:absolute;left:-4.29%;top:.3em'>–</span= >Barriers to entry or exit </span></div> <div id=3D"_x0000_s106499_140_169" class=3DB1 style=3D'position:absolute;t= op:62.74%; left:15.16%;width:77.34%;height:5.25%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%;height:100.0%'><= span class=3DB1B style=3D'position:absolute;left:-4.29%;top:.3em'>–</span= >Economies of scale and scope </span></div> <div id=3D"_x0000_s106499_169_190" class=3DB1 style=3D'position:absolute;t= op:69.25%; left:15.16%;width:77.34%;height:5.25%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%;height:100.0%'><= span class=3DB1B style=3D'position:absolute;left:-4.29%;top:.3em'>–</span= >Price discrimination </span></div> <div id=3D"_x0000_s106499_190_214" class=3DB1 style=3D'position:absolute;t= op:75.5%; left:15.16%;width:77.34%;height:5.25%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%;height:100.0%'><= span class=3DB1B style=3D'position:absolute;left:-4.29%;top:.3em'>–</span= >Product differentiation</span></div> </div> </p:slide></div> <p:animation number=3D"314860587"/><oa:par id=3D"TimeNode0" dur=3D"indefini= te" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" next=3D"document.onpptnext" concurrent=3D"enabled" nextAction=3D"seek" p:nodeType=3D"mainSeq"> <oa:par id=3D"TimeNode2" begin=3D"indefinite" fill=3D"hold"> <oa:par id=3D"TimeNode3" begin=3D"0.0" fill=3D"hold"> <oa:par id=3D"TimeNode4" 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colspan=3D1><font face=3DArial size=3D3><b>Bar= riers</b></font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Barrie= rs to entry include licensing requirements and minimum capital requirements.</font><b= r> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Product differentiation may be viewed as an attempt to create a barrier to entry.= </font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3><b>Eco= nomies</b></font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Econom= ies of scale exist if the marginal cost is decreasing for all output levels.<span style=3D'mso-spacerun:yes'> </span>The derivative of the cost with respect to quantity is negative.</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Econom= ies of scope exist if joint production is less expensive than equivalent but separate production</font><br> </td> </tr> </table> </div> <![endif]> </body> </html> ------=_NextPart_01C50228.DA1517D0 Content-Location: file:///C:/8E87B125/economicsoflife_files/slide0023.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" <html xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office" xmlns:p=3D"urn:schemas-microsoft-com:office:powerpoint" xmlns:oa=3D"urn:schemas-microsoft-com:office:activation" xmlns=3D"http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii"> <meta name=3DProgId content=3DPowerPoint.Slide> <meta name=3DGenerator content=3D"Microsoft PowerPoint 11"> <link id=3DMain-File rel=3DMain-File href=3D"../economicsoflife.htm"> <link rel=3DPreview href=3Dpreview.wmf>  <title>Economic Security and the Economics of Life and Health Insurance</ti= tle> <![if IE]> <base href=3D"file:///C:\8E87B125\economicsoflife_files\slide0023.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"1/24/2005: Externalities"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"107"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>10</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s109570" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s109570" class=3DT style=3D'position:absolute;top:1= 8.75%; left:10.11%;width:83.33%;height:7.75%'>Externalities</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 09571" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s109571"> <div id=3D"_x0000_s109571_0_157" class=3DB style=3D'mso-line-spacing:"80 2= 0 0"; position:absolute;top:34.5%;left:10.11%;width:94.94%;height:13.75%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:3.94%;width:94.87%; height:38.18%'><span style=3D'font-size:86%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.15%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:86%'>An </span><span style=3D'font-size:86%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://en.wikipedia.org/wiki/Externality"/><a href=3D"http://en.wikipedia.org/wiki/Externality" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;" style=3D'position:relative'>= externality</a></span><span style=3D'font-size:86%'><span style=3D'mso-spacerun:yes'> </span>exis= ts when an agent’s, e.g., a firm’s </span></span><span style=3D'positi= on: absolute;top:30.9%;left:3.94%;width:96.05%;height:38.18%'><span style=3D'font-size:86%'>production or an individual’s consumption, activities </span></span><span style=3D'position:absolute;top:61.81%;left:= 3.94%; width:93.88%;height:38.18%'><span style=3D'font-size:86%'>have a direct and uncompensated effect on others </span></span></div> <div id=3D"_x0000_s109571_157_222" class=3DB style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:48.5%;left:10.11%;width:93.63%;height:9.5%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:4.0%;width:96.0%; height:55.26%'><span style=3D'font-size:86%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.16%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:86%'>A positive externality exists if benefits are provided </span></span><span style=3D'position:absolute;top:44.73%;left:4.0%;width:83.8%;height:55.26%'= ><span style=3D'font-size:86%'>to others </span></span></div> <div id=3D"_x0000_s109571_222_233" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:57.99%;left:15.16%;width:77.34%;height:4.5%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%; height:100.0%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.29%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'>Bee keeper </span></span></div> <div id=3D"_x0000_s109571_233_294" class=3DB style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:62.5%;left:10.11%;width:95.88%;height:9.5%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:3.9%;width:96.09%; height:55.26%'><span style=3D'font-size:86%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.06%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:86%'>A negative externality exists if costs are imposed on </span></span><span style=3D'position:absolute;top:44.73%;left:3.9%;width:81.83%;height:55.26%= '><span style=3D'font-size:86%'>others </span></span></div> <div id=3D"_x0000_s109571_294_304" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:72.0%;left:15.16%;width:77.34%;height:4.5%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%; height:100.0%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.29%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'>Pollution </span></span></div> <div id=3D"_x0000_s109571_304_319" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; 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userSetAnimBgd=3D"false"/> <![endif]> </body> </html> ------=_NextPart_01C50228.DA1517D0 Content-Location: file:///C:/8E87B125/economicsoflife_files/slide0024.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" <html xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office" xmlns:p=3D"urn:schemas-microsoft-com:office:powerpoint" xmlns:oa=3D"urn:schemas-microsoft-com:office:activation" xmlns=3D"http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii"> <meta name=3DProgId content=3DPowerPoint.Slide> <meta name=3DGenerator content=3D"Microsoft PowerPoint 11"> <link id=3DMain-File rel=3DMain-File href=3D"../economicsoflife.htm"> <link rel=3DPreview href=3Dpreview.wmf>  <title>Economic Security and the Economics of Life and Health Insurance</ti= tle> <![if IE]> <base href=3D"file:///C:\8E87B125\economicsoflife_files\slide0024.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"1/24/2005: Free rider problem"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"108"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>11</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s110594" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s110594" class=3DT style=3D'position:absolute;top:1= 8.75%; left:10.11%;width:83.33%;height:7.75%'>Free rider problem</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 10595" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"cut" direction=3D"noBlack"/></v:shap= e> <div v:shape=3D"_x0000_s110595"> <div id=3D"_x0000_s110595_0_589" class=3DB style=3D'mso-line-spacing:"80 2= 0 0"; position:absolute;top:34.75%;left:10.11%;width:96.81%;height:23.5%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:3.86%;width:92.64%; height:14.89%'><span style=3D'font-size:57%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.17%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:57%'>All members of= a group may benefit from the efforts of each member and all </span></span><s= pan style=3D'position:absolute;top:11.7%;left:3.86%;width:90.13%;height:14.89%= '><span style=3D'font-size:57%'>may benefit substantially from collective action. = For example, if each of us </span></span><span style=3D'position:absolute; top:24.46%;left:3.86%;width:96.13%;height:14.89%'><span style=3D'font-size= :57%'>pollutes less by paying a bit extra for our cars, we all benefit from the reduction= </span></span><span style=3D'position:absolute;top:36.17%;left:3.86%;width:91.29%;height:14.89= %'><span style=3D'font-size:57%'>of harmful gases in the air we breathe and even in= the reduced harm to the </span></span><span style=3D'position:absolute;top:48.= 93%; left:3.86%;width:87.62%;height:14.89%'><span style=3D'font-size:57%'>ozone= layer that protects us against exposure to carcinogenic ultraviolet </span></spa= n><span style=3D'position:absolute;top:60.63%;left:3.86%;width:94.97%;height:14.89= %'><span style=3D'font-size:57%'>radiation.<span style=3D'mso-spacerun:yes'> </span>If all or some subgroups prefer the state of affairs in which we ea= ch </span></span><span style=3D'position:absolute;top:72.34%;left:3.86%;width:92.06%;height:14.89= %'><span style=3D'font-size:57%'>pay this bit over the state of affairs in which we= do not, then the provision of </span></span><span style=3D'position:absolute; top:85.1%;left:3.86%;width:81.04%;height:14.89%'><span style=3D'font-size:= 57%'>cleaner air is a collective good for us. </span></span></div> <div id=3D"_x0000_s110595_589_818" class=3DB style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:58.25%;left:10.11%;width:97.0%;height:9.25%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.86%;width:96.13%; height:37.83%'><span style=3D'font-size:57%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.01%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:57%'>My polluting m= ay be a small part of the whole and not matter enough for others </span></span><= span style=3D'position:absolute;top:29.72%;left:3.86%;width:86.48%;height:37.83= %'><span style=3D'font-size:57%'>to notice. Therefore, I may not contribute my share toward cleaning the </span></span><span style=3D'position:absolute;top:62.= 16%; left:3.86%;width:90.34%;height:37.83%'><span style=3D'font-size:57%'>atmos= phere. If so I may be a </span><span style=3D'font-size:57%'><b>free rider</b></s= pan><span style=3D'font-size:57%'> on the beneficial actions of others. </span>= </span></div> <div id=3D"_x0000_s110595_818_889" class=3DB style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:67.5%;left:10.11%;width:87.45%;height:3.5%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:4.28%;width:95.71%; height:100.0%'><span style=3D'font-size:57%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.47%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:57%'>This is an edi= ted </span><span style=3D'font-size:57%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://plato.stanford.edu/entries/free-rider/"/><a href=3D"http://plato.stanford.edu/entries/free-rider/" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;" style=3D'position:relative'>= excerpt </a></span><span style=3D'font-size:57%'>from the Stanford Encyclopedia of Philosophy <= /span></span></div> <div id=3D"_x0000_s110595_889_908" class=3DB style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:71.0%;left:10.11%;width:82.2%;height:3.5%;white-spac= e: nowrap'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%; height:100.0%'><span style=3D'font-size:57%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.77%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:57%'>Insurance examples </span></span></div> <div id=3D"_x0000_s110595_908_936" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:74.5%;left:15.16%;width:77.34%;height:3.25%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%; height:100.0%'><span style=3D'font-size:58%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.29%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:58%'>Free emergency medical care </span></span></di= v> <div id=3D"_x0000_s110595_936_953" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:77.75%;left:15.16%;width:77.34%;height:3.25%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%; height:100.0%'><span style=3D'font-size:58%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.29%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:58%'>Catastrophe aide </span></span></div> <div id=3D"_x0000_s110595_953_974" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:80.75%;left:15.16%;width:77.34%;height:3.25%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%; height:100.0%'><span style=3D'font-size:58%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.29%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:58%'>Insurance regulation </span></span></div> <div class=3DB1 style=3D'mso-line-spacing:"80 20 0";position:absolute;top:= 83.75%; left:15.16%;width:77.34%;height:3.25%'><span style=3D'mso-special-format:n= obullet; display:none;font-size:75%'>–</span><span style=3D'font-size:58%; mso-special-format:lastCR;display:none'> </span></div> </div> </p:slide></div> <p:animation number=3D"1599560645"/><oa:par id=3D"TimeNode0" dur=3D"indefin= ite" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" next=3D"document.onpptnext" concurrent=3D"enabled" nextAction=3D"seek" p:nodeType=3D"mainSeq"> <oa:par id=3D"TimeNode2" begin=3D"indefinite" fill=3D"hold"> <oa:par id=3D"TimeNode3" begin=3D"0.0" fill=3D"hold"> <oa:par id=3D"TimeNode4" o:presetID=3D"ppt_8" o:presetClass=3D"entrance" o:presetSubType=3D"0x10" begin=3D"0.0" fill=3D"hold" o:groupID=3D"0" p:nodeType=3D"clickEffect"> <oa:set id=3D"TimeNode5" begin=3D"0.0" dur=3D"0.001" fill=3D"hold" targetElement=3D"_x0000_s110595_0_589" 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</oa:par> <oa:par id=3D"TimeNode28" o:presetID=3D"ppt_8" o:presetClass=3D"entranc= e" o:presetSubType=3D"0x10" begin=3D"0.0" fill=3D"hold" o:groupID=3D"0" p:nodeType=3D"withEffect"> <oa:set id=3D"TimeNode29" begin=3D"0.0" dur=3D"0.001" fill=3D"hold" targetElement=3D"_x0000_s110595_953_974" attributeName=3D"style.visib= ility" to=3D"visible"/> <oa:animateFilter id=3D"TimeNode30" dur=3D"2.0" targetElement=3D"_x0000_s110595_953_974" transition=3D"in" filter=3D"diamond(in)"/> </oa:par> </oa:par> </oa:par> </oa:seq> </oa:par> <![if ppt]> <oa:buildParagraph targetElement=3D"_x0000_s110595" groupID=3D"0" build=3D"byParagraph" buildLevel=3D"1" reverse=3D"false" buildAdvance=3D"o= nclick" userSetAnimBgd=3D"false"/> <![endif]> <![if !ppt]> <div id=3DNotesObj style=3D'display:none'> <table style=3D'color:white' border=3D0 width=3D"100%"> <tr> <td width=3D5 nowrap></td> <td width=3D"100%"></td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>http:/= /plato.stanford.edu/entries/free-rider/</font><br> </td> </tr> </table> </div> <![endif]> </body> </html> ------=_NextPart_01C50228.DA1517D0 Content-Location: file:///C:/8E87B125/economicsoflife_files/slide0025.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" <html xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office" xmlns:p=3D"urn:schemas-microsoft-com:office:powerpoint" xmlns:oa=3D"urn:schemas-microsoft-com:office:activation" xmlns=3D"http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii"> <meta name=3DProgId content=3DPowerPoint.Slide> <meta name=3DGenerator content=3D"Microsoft PowerPoint 11"> <link id=3DMain-File rel=3DMain-File href=3D"../economicsoflife.htm"> <link rel=3DPreview href=3Dpreview.wmf>  <title>Economic Security and the Economics of Life and Health Insurance</ti= tle> <![if IE]> <base href=3D"file:///C:\8E87B125\economicsoflife_files\slide0025.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"1/24/2005: Information problems"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"110"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>12</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s112642" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s112642" class=3DT style=3D'position:absolute;top:1= 8.75%; left:10.11%;width:83.33%;height:7.75%'>Information problems</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 12643" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"cut" direction=3D"noBlack"/></v:shap= e> <div v:shape=3D"_x0000_s112643"> <div id=3D"_x0000_s112643_0_125" class=3DB style=3D'mso-line-spacing:"90 2= 0 0"; position:absolute;top:35.0%;left:10.11%;width:95.31%;height:8.5%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:3.92%;width:96.07%; height:52.94%'><span style=3D'font-size:71%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.08%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:71%'>Asymmetric information exists in a market if not all parties to a </span></span><span style=3D'position:absolute;top:47.05%;left:3.92%;width:90.17%;height:52.94= %'><span style=3D'font-size:71%'>transaction have the information that determines t= he value </span></span></div> <div id=3D"_x0000_s112643_125_154" class=3DB style=3D'mso-line-spacing:"90= 20 0"; position:absolute;top:44.0%;left:10.11%;width:82.2%;height:4.5%;white-spac= e: nowrap'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%; height:100.0%'><span style=3D'font-size:71%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.77%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:71%'>Information pr= oblems include </span></span></div> <div id=3D"_x0000_s112643_154_194" class=3DB1 style=3D'mso-line-spacing:"9= 0 20 0"; position:absolute;top:48.75%;left:15.16%;width:77.34%;height:4.0%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%; height:100.0%'><span style=3D'font-size:75%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.29%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:75%'>Adverse selection or </span><span style=3D'font-si= ze:75%'><b>hidden information </b></span></span></div> <div id=3D"_x0000_s112643_194_335" class=3DB2 style=3D'mso-line-spacing:"9= 0 20 0"; position:absolute;top:53.0%;left:20.22%;width:85.01%;height:10.0%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:2.86%;width:94.71%; height:35.0%'><span style=3D'font-size:80%'><span style=3D'mso-special-for= mat: bullet;position:absolute;left:-3.02%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:80%'>Akerlof, G. A. (1970). "</span><span style=3D'font-size:80%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://links.jstor.org/sici?sici=3D0033-5533(197008)84:3<488:T= MF"QU>2.0.CO;2-6"/><a href=3D"http://links.jstor.org/sici?sici=3D0033-5533(197008)84:3%3c488:TMF= %22QU%3e2.0.CO;2-6" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;" style=3D'= position: relative'>The Market for ‘Lemons’:<span style=3D'mso-spacerun:yes'> </span>Quality Uncertainty </a></span></= span><span style=3D'position:absolute;top:32.5%;left:2.86%;width:97.13%;height:35.0%'= ><span style=3D'font-size:80%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://links.jstor.org/sici?sici=3D0033-5533(197008)84:3<488:T= MF"QU>2.0.CO;2-6"/><a href=3D"http://links.jstor.org/sici?sici=3D0033-5533(197008)84:3%3c488:TMF= %22QU%3e2.0.CO;2-6" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;">and the M= arket Mechanism</a></span><span style=3D'font-size:80%'>." </span><span style=3D'font-size:80%'><u>Quarterly Journal of Economics</u></span><span style=3D'font-size:80%'> </span><span style=3D'font-size:80%'><b>89</b></s= pan><span style=3D'font-size:80%'>: 488-</span></span><span style=3D'position:absolu= te; top:65.0%;left:2.86%;width:82.15%;height:35.0%'><span style=3D'font-size:8= 0%'>500. </span></span></div> <div id=3D"_x0000_s112643_335_436" class=3DB2 style=3D'mso-line-spacing:"9= 0 20 0"; position:absolute;top:63.5%;left:20.22%;width:79.02%;height:6.75%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.08%;width:96.68%; height:51.85%'><span style=3D'font-size:80%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.18%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:80%'>MacMinn, R. (1= 995). </span><span style=3D'font-size:80%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://macminn.org/uncertainty/insurance/akerlof.pdf"/><a href=3D"http://macminn.org/uncertainty/insurance/akerlof.pdf" target=3D"_p= arent" onclick=3D"window.event.cancelBubble=3Dtrue;" style=3D'position:relative'>= Lecture on ‘The Market for Lemons: Quality </a></span></span><span style=3D'position:absolute;top:48.14%;left:3.08%;width:88.38%;height:51.85= %'><span style=3D'font-size:80%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://macminn.org/uncertainty/insurance/akerlof.pdf"/><a href=3D"http://macminn.org/uncertainty/insurance/akerlof.pdf" target=3D"_p= arent" onclick=3D"window.event.cancelBubble=3Dtrue;">Uncertainty and the Market Mechanism’</a></span><span style=3D'font-size:80%;display:none'> = ;</span></span></div> <div id=3D"_x0000_s112643_436_452" class=3DB2 style=3D'mso-line-spacing:"9= 0 20 0"; position:absolute;top:70.5%;left:20.22%;width:72.28%;height:3.5%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:3.36%;width:96.63%; height:100.0%'><span style=3D'font-size:80%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.48%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:80%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://macminn.org/genetic testing1.htm"/><a href=3D"http://macminn.org/genetic%20testing1.htm" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;" style=3D'position:relative'>= Genetic testing</a></span><span style=3D'font-size:80%;display:none'> </span><= /span></div> <div id=3D"_x0000_s112643_452_482" class=3DB1 style=3D'mso-line-spacing:"9= 0 20 0"; position:absolute;top:74.5%;left:15.16%;width:77.34%;height:4.0%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%; height:100.0%'><span style=3D'font-size:75%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.29%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:75%'>Moral hazard or </span><span style=3D'font-size:75= %'><b>hidden action </b></span></span></div> <div id=3D"_x0000_s112643_482_582" class=3DB2 style=3D'mso-line-spacing:"9= 0 20 0"; position:absolute;top:79.0%;left:20.22%;width:77.71%;height:6.75%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.13%;width:96.86%; height:51.85%'><span style=3D'font-size:80%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.23%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:80%'>Shavell, S. (1= 979). "</span><span style=3D'font-size:80%'><p:onmouseclick hyperlinktype= =3D"url" href=3D"http://links.jstor.org/sici?sici=3D0033-5533(197911)93:4<541:O= MHAI>2.0.CO;2-7"/><a href=3D"http://links.jstor.org/sici?sici=3D0033-5533(197911)93:4%3c541:OMH= AI%3e2.0.CO;2-7" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;" style=3D'= position: relative'>On Moral Hazard and Insurance.</a></span><span style=3D'font-siz= e: 80%'>" </span><span style=3D'font-size:80%'><u>Quarterly </u></span><= /span><span style=3D'position:absolute;top:48.14%;left:3.13%;width:89.87%;height:51.85= %'><span style=3D'font-size:80%'><u>Journal of Economics</u></span><span style=3D'font-size:80%'> </span><span style=3D'font-size:80%'><b>93</b></s= pan><span style=3D'font-size:80%'>(4): 541-562.</span></span></div> </div> </p:slide></div> <p:animation number=3D"1599560645"/><oa:par id=3D"TimeNode0" dur=3D"indefin= ite" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" 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erse selection</b></font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>http:/= /links.jstor.org/sici?sici=3D0033-5533(197008)84:3<488:TMF"QU>2.= 0.CO;2-6</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>http:/= /macminn.org/uncertainty/insurance/akerlof.pdf</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>http:/= /macminn.org/genetic testing1.htm</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3><b>Mor= al hazard</b></font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>http:/= /links.jstor.org/sici?sici=3D0033-5533%28197911%2993%3A4%3C541%3AOMHAI%3E2.= 0.CO%3B2-7</font><br> 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href=3D"file:///C:\8E87B125\economicsoflife_files\slide0019.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"1/24/2005: Economic basis for life and health insurance"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"99"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>13</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s101378" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s101378" class=3DT><span style=3D'position:absolute; top:13.25%;left:10.11%;width:86.51%;height:6.75%'><span style=3D'font-size= :89%'>Economic basis for life and health </span></span><span style=3D'position:absolute; top:19.5%;left:10.11%;width:83.33%;height:6.75%'><span style=3D'font-size:= 89%'>insurance</span></span></div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 01379" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:296.875pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1" size=3D"half"/><p:animation n= umber=3D"2" delay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/= ></v:shape> <div v:shape=3D"_x0000_s101379"> <div id=3D"_x0000_s101379_0_41" class=3DHB style=3D'mso-line-spacing:"80 2= 0 0"; position:absolute;top:34.75%;left:10.11%;width:44.56%;height:7.25%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:8.4%;width:91.59%; height:55.17%'><span style=3D'font-size:75%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-9.17%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:75%'>The demand for= life and health </span></span><span style=3D'position:absolute;top:44.82%;left:= 8.4%; width:79.83%;height:55.17%'><span style=3D'font-size:75%'>insurance </= span></span></div> <div id=3D"_x0000_s101379_41_63" class=3DHB1 style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:41.75%;left:15.16%;width:34.45%;height:3.5%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:9.23%;width:90.76%; height:100.0%'><span style=3D'font-size:80%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-10.17%;top:.3em;font-size:75%'>–</spa= n></span><span style=3D'font-size:80%'>Human capital </span><span style=3D'font-size:80%'= >concept</span><span style=3D'font-size:80%;display:none'> </span></span></div> <div id=3D"_x0000_s101379_63_222" class=3DHB2 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:45.25%;left:20.22%;width:34.08%;height:15.5%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:7.14%;width:79.12%; height:20.96%'><span style=3D'font-size:78%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-9.02%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:78%'>Becker, G. S. (1962). </span></span><span style=3D'position:absolute;top:16.12%;left:7.1= 4%; width:92.85%;height:20.96%'><span style=3D'font-size:78%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://links.jstor.org/sici?sici=3D0022-3808(196210)70:5<9:IIH= CAT>2.0.CO;2-V"/><a href=3D"http://links.jstor.org/sici?sici=3D0022-3808(196210)70:5%3c9:IIHCA= T%3e2.0.CO;2-V" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;">"Inv= estment in Human Capital: </a></span></span><span style=3D'position:absolute;top:32.2= 5%; left:7.14%;width:86.26%;height:20.96%'><span style=3D'font-size:78%'><p:on= mouseclick hyperlinktype=3D"url" href=3D"http://links.jstor.org/sici?sici=3D0022-3808(196210)70:5<9:IIH= CAT>2.0.CO;2-V"/><a href=3D"http://links.jstor.org/sici?sici=3D0022-3808(196210)70:5%3c9:IIHCA= T%3e2.0.CO;2-V" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;">A Theoret= ical Analysis</a></span><span style=3D'font-size:78%'>." </span><span style=3D'font-size:78%'><u>The </u></span></span><span style=3D'position:a= bsolute; top:48.38%;left:7.14%;width:86.26%;height:20.96%'><span style=3D'font-size= :78%'><u>Journal of Political Economy</u></span><span style=3D'font-size:78%'> </span></spa= n><span style=3D'position:absolute;top:64.51%;left:7.14%;width:80.76%;height:20.96= %'><span style=3D'font-size:78%'><b>70</b></span><span style=3D'font-size:78%'>(5, = Part 2: Investment in </span></span><span style=3D'position:absolute;top:80.64%; left:7.14%;width:79.12%;height:20.96%'><span style=3D'font-size:78%'>Human = Beings): 9-49. </span></span></div> <div id=3D"_x0000_s101379_222_247" class=3DHB1 style=3D'mso-line-spacing:"= 80 20 0"; position:absolute;top:61.0%;left:15.16%;width:34.45%;height:3.5%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:9.23%;width:90.76%; height:100.0%'><span style=3D'font-size:80%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-10.17%;top:.3em;font-size:75%'>–</spa= n></span><span style=3D'font-size:80%'>Human life value concept </span></span></div> <div id=3D"_x0000_s101379_247_370" class=3DHB2 style=3D'mso-line-spacing:"= 80 20 0"; position:absolute;top:64.5%;left:20.22%;width:33.52%;height:13.0%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:7.26%;width:91.62%; height:25.0%'><span style=3D'font-size:78%'><span style=3D'mso-special-for= mat: bullet;position:absolute;left:-7.92%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:78%'>Hofflander, A.= E. (1966). "</span><span style=3D'font-size:78%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://links.jstor.org/sici?sici=3D0022-4367(196609)33:3<381:T= HLVAH>2.0.CO;2-B"/><a href=3D"http://links.jstor.org/sici?sici=3D0022-4367(196609)33:3%3c381:THL= VAH%3e2.0.CO;2-B" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;" style=3D'= position: relative'>The </a></span></span><span style=3D'position:absolute;top:19.23= %; left:7.26%;width:80.44%;height:25.0%'><span style=3D'font-size:78%'><p:onm= ouseclick hyperlinktype=3D"url" href=3D"http://links.jstor.org/sici?sici=3D0022-4367(196609)33:3<381:T= HLVAH>2.0.CO;2-B"/><a href=3D"http://links.jstor.org/sici?sici=3D0022-4367(196609)33:3%3c381:THL= VAH%3e2.0.CO;2-B" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;">Human Lif= e Value: An </a></span></span><span style=3D'position:absolute;top:36.53%;left:7.26= %; width:80.44%;height:25.0%'><span style=3D'font-size:78%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://links.jstor.org/sici?sici=3D0022-4367(196609)33:3<381:T= HLVAH>2.0.CO;2-B"/><a href=3D"http://links.jstor.org/sici?sici=3D0022-4367(196609)33:3%3c381:THL= VAH%3e2.0.CO;2-B" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;">Historical Perspective</a></span><span style=3D'font-size:78%'>." </span></span>= <span style=3D'position:absolute;top:55.76%;left:7.26%;width:92.17%;height:25.0%= '><span style=3D'font-size:78%'><u>Journal of Risk and Insurance</u></span><span style=3D'font-size:78%'> </span></span><span style=3D'position:absolute; top:75.0%;left:7.26%;width:80.44%;height:25.0%'><span style=3D'font-size:7= 8%'><b>33</b></span><span style=3D'font-size:78%'>(3): 381-391. </span></span></div> <div id=3D"_x0000_s101379_370_444" class=3DHB style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:77.5%;left:10.11%;width:43.63%;height:10.25%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:8.58%;width:81.54%; height:39.02%'><span style=3D'font-size:75%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-10.52%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:75%'>Huebner’s qualitative and </span></span><span style=3D'position:absolute;top:31.7%; left:8.58%;width:91.41%;height:39.02%'><span style=3D'font-size:75%'>quant= itative dimensions of the </span></span><span style=3D'position:absolute;top:63.41= %; left:8.58%;width:81.54%;height:39.02%'><span style=3D'font-size:75%'>human= life value</span></span></div> </div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 01382" type=3D"#_x0000_m1032" style=3D'position:absolute;left:396pt;top:234pt;wi= dth:268.5pt; height:195.75pt' o:spt=3D"75" o:preferrelative=3D"t" o:userdrawn=3D"f" pa= th=3D"m@4@5l@4@11@9@11@9@5xe" filled=3D"f" fillcolor=3D"#3cc [4]" stroked=3D"f" strokecolor=3D"#036 [1]= "> <v:fill color2=3D"white [0]" o:detectmouseclick=3D"f"/> <v:stroke joinstyle=3D"miter" 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part of human capital theory.<span style=3D'mso-spacerun:yes'>= </span>The human life value is the present value or capitalized value of = the flow of future earnings net of maintenance expenses.</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Huebne= r listed the following qualitative forces for determining the human life value:</font>= <br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Ethica= l behavior</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Good h= ealth</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Willin= gness to work</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial 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tle> <![if IE]> <base href=3D"file:///C:\8E87B125\economicsoflife_files\slide0012.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"1/24/2005: Economic theories of consumption and insurance"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"83"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" 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style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>14</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s84994" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s84994" class=3DT><span style=3D'position:absolute; top:13.25%;left:10.11%;width:89.32%;height:6.75%'><span style=3D'font-size= :89%'>Economic theories of consumption </span></span><span style=3D'position:absolute; top:19.5%;left:10.11%;width:83.33%;height:6.75%'><span style=3D'font-size:= 89%'>and insurance</span><span style=3D'font-size:78%;mso-special-format:lastCR; display:none'> </span></span></div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s8= 4997" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:296.875pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1" size=3D"half"/><p:animation n= umber=3D"2" delay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/= ></v:shape> <div v:shape=3D"_x0000_s84997"> <div id=3D"_x0000_s84997_0_17" class=3DHB style=3D'mso-line-spacing:"80 20= 0"; position:absolute;top:34.75%;left:10.11%;width:39.32%;height:4.0%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:9.52%;width:90.47%; height:100.0%'><span style=3D'font-size:75%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-10.52%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:75%'>Utility and time </span></span></div> <div id=3D"_x0000_s84997_17_57" class=3DHB style=3D'mso-line-spacing:"80 2= 0 0"; position:absolute;top:38.75%;left:10.11%;width:42.5%;height:7.25%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:8.81%;width:91.18%; height:55.17%'><span style=3D'font-size:75%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-9.66%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:75%'>Absolute and relative income </span></span><span style=3D'position:absolute;top:44.82%; left:8.81%;width:83.7%;height:55.17%'><span style=3D'font-size:75%'>hypoth= eses </span></span></div> <div id=3D"_x0000_s84997_57_179" class=3DHB1 style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:45.75%;left:15.16%;width:38.38%;height:5.75%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:8.29%;width:84.87%; height:39.13%'><span style=3D'font-size:50%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-9.77%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:50%'>These theories of consumption infer that the </spa= n></span><span style=3D'position:absolute;top:30.43%;left:8.29%;width:92.19%;height:39.13= %'><span style=3D'font-size:50%'>demand for insurance increases with income on </sp= an></span><span style=3D'position:absolute;top:60.86%;left:8.29%;width:81.46%;height:39.13= %'><span style=3D'font-size:50%'>an absolute or relative basis. </span></span><= /div> <div id=3D"_x0000_s84997_179_222" class=3DHB style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:51.74%;left:10.11%;width:39.32%;height:7.25%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:9.52%;width:90.47%; height:55.17%'><span style=3D'font-size:75%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-10.52%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:75%'>Life cycle and permanent </span></span><span style=3D'position:absolute;top:44.82%;left:9= .52%; width:90.47%;height:55.17%'><span style=3D'font-size:75%'>income hypothese= s </span></span></div> <div id=3D"_x0000_s84997_222_393" class=3DHB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:58.75%;left:15.16%;width:39.51%;height:7.75%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:8.05%;width:88.15%; height:29.03%'><span style=3D'font-size:50%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-9.13%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:50%'>These theories of consumption yield smoothing </sp= an></span><span style=3D'position:absolute;top:22.58%;left:8.05%;width:92.41%;height:29.03= %'><span style=3D'font-size:50%'>consumption via capital markets and suggest that <= /span></span><span style=3D'position:absolute;top:45.16%;left:8.05%;width:88.62%;height:29.03= %'><span style=3D'font-size:50%'>the demand for life insurance and annuities can </= span></span><span style=3D'position:absolute;top:67.74%;left:8.05%;width:79.14%;height:29.03= %'><span style=3D'font-size:50%'>further smooth consumption. </span></span></di= v> <div id=3D"_x0000_s84997_393_510" class=3DHB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:66.25%;left:15.16%;width:40.44%;height:5.75%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:7.87%;width:92.12%; height:39.13%'><span style=3D'font-size:50%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-8.54%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:50%'>Yaari showed that expected lifetime utility could = be </span></span><span style=3D'position:absolute;top:30.43%;left:7.87%;width:91.66%;height:39.13= %'><span style=3D'font-size:50%'>increased by purchasing fair life insurance and fa= ir </span></span><span style=3D'position:absolute;top:60.86%;left:7.87%;width:77.31%;height:39.13= %'><span style=3D'font-size:50%'>annuities. </span></span></div> <div id=3D"_x0000_s84997_510_853" class=3DHB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:72.0%;left:15.16%;width:39.32%;height:14.75%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:8.09%;width:91.9%; height:15.25%'><span style=3D'font-size:50%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-8.8%;top:.3em;font-size:75%'>–</span>= </span><span style=3D'font-size:50%'>Pissarides showed that life insurance can absorb <= /span></span><span style=3D'position:absolute;top:11.86%;left:8.09%;width:82.85%;height:15.25= %'><span style=3D'font-size:50%'>all fluctuations in lifetime income and enable </s= pan></span><span style=3D'position:absolute;top:25.42%;left:8.09%;width:90.0%;height:15.25%= '><span style=3D'font-size:50%'>consumption and bequests to be independent of </sp= an></span><span style=3D'position:absolute;top:37.28%;left:8.09%;width:89.04%;height:15.25= %'><span style=3D'font-size:50%'>the timing of income.<span style=3D'mso-spacerun:yes'> </span>Hence the same effective </span><= /span><span style=3D'position:absolute;top:49.15%;left:8.09%;width:89.04%;height:15.25= %'><span style=3D'font-size:50%'>consumption pattern could be achieved through </sp= an></span><span style=3D'position:absolute;top:61.01%;left:8.09%;width:90.0%;height:15.25%= '><span style=3D'font-size:50%'>the appropriate use of life insurance as could be = </span></span><span style=3D'position:absolute;top:72.88%;left:8.09%;width:85.23%;height:15.25= %'><span style=3D'font-size:50%'>achieved if the time of death were known with </sp= an></span><span style=3D'position:absolute;top:84.74%;left:8.09%;width:79.52%;height:15.25= %'><span style=3D'font-size:50%'>certainty.</span></span></div> </div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s8= 4996" type=3D"#_x0000_m1032" style=3D'position:absolute;left:366pt;top:186pt;wi= dth:308.125pt; 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style=3D'text-align:center;mso-ch= ar-wrap: 0;mso-kinsoku-overflow:0;position:absolute;top:48.75%;left:29.02%;width:44= .38%; height:2.75%'><span style=3D'font-size:50%'><u>Insurance Company</u></span= ><span style=3D'font-size:75%;mso-special-format:lastCR;display:none'> </span= ></div> <div v:shape=3D"_x0000_s86055" class=3DO> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:33.75%;left:44.0%;width:13.1%;height:2.75%'><span style=3D'font-size:50%'><u>Government</u></span><span style=3D'font-size:5= 0%; display:none'> </span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:36.25%;left:44.0%;width:13.1%;height:2.75%'><span style=3D'position:ab= solute; top:0%;left:5.71%;width:94.28%;height:100.0%'><span style=3D'font-size:50%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-6.06%;font-fami= ly: Wingdings'>§</span></span><span style=3D'font-size:50%'>Regulation= 3;</span></span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:39.0%;left:44.0%;width:13.1%;height:2.75%'><span style=3D'position:abs= olute; top:0%;left:5.71%;width:94.28%;height:100.0%'><span style=3D'font-size:50%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-6.06%;font-fami= ly: Wingdings'>§</span></span><span style=3D'font-size:50%'>Taxation = </span></span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:41.75%;left:44.0%;width:14.23%;height:2.75%'><span style=3D'position:a= bsolute; top:0%;left:5.26%;width:93.42%;height:100.0%'><span style=3D'font-size:50%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-5.63%;font-fami= ly: Wingdings'>§</span></span><span style=3D'font-size:50%'>Social Securi= ty</span><span style=3D'font-size:75%;mso-special-format:lastCR;display:none'> </span= ></span></div> </div> <div v:shape=3D"_x0000_s86057" class=3DO> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:55.25%;left:30.14%;width:10.48%;height:2.75%'><span style=3D'font-size:50%'>Distribution </span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:57.99%;left:30.14%;width:10.48%;height:2.25%'><span style=3D'position:= absolute; top:0%;left:7.14%;width:94.64%;height:100.0%'><span style=3D'font-size:42%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-7.54%;font-fami= ly: Wingdings'>§</span></span><span style=3D'font-size:42%'>Tied Agents&#= 13;</span></span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:60.25%;left:30.14%;width:10.86%;height:2.25%'><span style=3D'position:= absolute; top:0%;left:6.89%;width:94.82%;height:100.0%'><span style=3D'font-size:42%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-7.27%;font-fami= ly: Wingdings'>§</span></span><span style=3D'font-size:42%'>Independents&= #13;</span></span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0'><span style=3D'posit= ion: absolute;top:62.5%;left:30.89%;width:9.92%;height:2.25%'><span style=3D'font-size:42%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-7.54%;font-family:Wingdings'>§</span></span><span style=3D'font= -size: 42%'>Direct </span></span><span style=3D'position:absolute;top:64.75%; left:30.14%;width:10.48%;height:2.25%'><span style=3D'font-size:42%'>Respo= nse </span></span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:67.0%;left:30.14%;width:10.48%;height:2.25%'><span style=3D'position:a= bsolute; top:0%;left:7.14%;width:94.64%;height:100.0%'><span style=3D'font-size:42%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-7.54%;font-fami= ly: Wingdings'>§</span></span><span style=3D'font-size:42%'>Brokerage = ;</span></span></div> <div 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style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:20.75%;left:0%;width:100.0%;height:20.75%'><span style=3D'position:abs= olute; top:0%;left:6.15%;width:93.84%;height:100.0%'><span style=3D'font-size:50%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-6.55%;font-fami= ly: Wingdings'>§</span></span><span style=3D'font-size:50%'>Underwriting&= #13;</span></span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:41.5%;left:0%;width:86.15%;height:20.75%'><span style=3D'position:abso= lute; top:0%;left:7.14%;width:92.85%;height:100.0%'><span style=3D'font-size:50%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-7.69%;font-fami= ly: Wingdings'>§</span></span><span style=3D'font-size:50%'>Pricing <= /span></span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:60.37%;left:0%;width:86.15%;height:39.62%'><span style=3D'position:abs= olute; top:0%;left:7.14%;width:92.85%;height:52.38%'><span style=3D'font-size:50%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-7.69%;font-fami= ly: Wingdings'>§</span></span><span style=3D'font-size:50%'>Claim </span>= </span><span style=3D'position:absolute;top:52.38%;left:0%;width:100.0%;height:52.38%'>= <span style=3D'font-size:50%'>Handling</span></span></div> </div> <div v:shape=3D"_x0000_s86059" class=3DO> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:55.25%;left:59.17%;width:13.85%;height:2.0%'><span style=3D'font-size:33%'>Financial Management </span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0'><span style=3D'posit= ion: absolute;top:56.99%;left:60.86%;width:11.23%;height:2.25%'><span style=3D'font-size:42%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-5.0%;font-family:Wingdings'>§</span></span><span style=3D'font-= size: 42%'>Investment </span></span><span style=3D'position:absolute;top:59.25%; left:60.29%;width:11.79%;height:2.25%'><span style=3D'font-size:42%'>Retur= n </span></span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:61.5%;left:60.29%;width:11.79%;height:2.25%'><span style=3D'position:a= bsolute; top:0%;left:4.76%;width:95.23%;height:100.0%'><span style=3D'font-size:42%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-5.0%;font-famil= y: Wingdings'>§</span></span><span style=3D'font-size:42%'>Diversificati= on </span></span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:63.74%;left:60.29%;width:11.79%;height:2.25%'><span style=3D'position:= absolute; top:0%;left:4.76%;width:95.23%;height:100.0%'><span style=3D'font-size:42%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-5.0%;font-famil= y: Wingdings'>§</span></span><span style=3D'font-size:42%'>Asset/Liabili= ty </span></span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0'><span style=3D'posit= ion: absolute;top:66.0%;left:60.86%;width:11.23%;height:2.25%'><span style=3D'font-size:42%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-5.0%;font-family:Wingdings'>§</span></span><span style=3D'font-= size: 42%'>Risk </span></span><span style=3D'position:absolute;top:68.25%;left:6= 0.29%; width:11.79%;height:2.25%'><span style=3D'font-size:42%'>Management</span>= <span style=3D'font-size:75%;mso-special-format:lastCR;display:none'> </span= ></span></div> </div> <div v:shape=3D"_x0000_s86060" class=3DO onclick=3D"parent.GoToSld('slide0= 020.htm');" style=3D'cursor:hand;position:absolute;top:78.75%;left:32.77%;width:32.95%; height:2.75%'> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:0%;left:0%;width:100.0%;height:100.0%'><span style=3D'font-size:50%'>Capital</span><span style=3D'font-size:75%;mso-spe= cial-format: lastCR;display:none'> </span></div> </div> <div v:shape=3D"_x0000_s86067" class=3DO> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:88.75%;left:44.0%;width:15.54%;height:2.75%'><span style=3D'font-size:50%'><u>Other Players</u></span><span style=3D'font-siz= e:50%; display:none'> </span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:91.25%;left:44.0%;width:15.54%;height:2.75%'><span style=3D'position:a= bsolute; top:0%;left:4.81%;width:95.18%;height:100.0%'><span style=3D'font-size:50%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-5.06%;font-fami= ly: Wingdings'>§</span></span><span style=3D'font-size:50%'>Rating Agencies </span></span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0'><span style=3D'posit= ion: absolute;top:94.0%;left:44.75%;width:14.79%;height:2.75%'><span style=3D'font-size:50%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-5.06%;font-family:Wingdings'>§</span></span><span style=3D'font= -size: 50%'>Investment </span></span><span style=3D'position:absolute;top:96.75%; left:44.0%;width:15.54%;height:2.75%'><span style=3D'font-size:50%'>Banker= s</span><span style=3D'font-size:75%;mso-special-format:lastCR;display:none'> </span= ></span></div> </div> <div v:shape=3D"_x0000_s86070" class=3DO> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:60.25%;left:14.6%;width:10.29%;height:2.75%'><span style=3D'font-size:50%'><u>Consumers</u></span><span style=3D'font-size:50= %; display:none'> </span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:63.0%;left:15.16%;width:9.36%;height:2.25%'><span style=3D'position:ab= solute; top:0%;left:8.0%;width:92.0%;height:100.0%'><span style=3D'font-size:42%'>= <span style=3D'mso-special-format:bullet;position:absolute;left:-8.69%;font-fami= ly: Wingdings'>§</span></span><span style=3D'font-size:42%'>Individuals&#= 13;</span></span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:65.25%;left:15.16%;width:9.36%;height:2.25%'><span style=3D'position:a= bsolute; top:0%;left:8.0%;width:92.0%;height:100.0%'><span style=3D'font-size:42%'>= <span style=3D'mso-special-format:bullet;position:absolute;left:-8.69%;font-fami= ly: Wingdings'>§</span></span><span style=3D'font-size:42%'>Business</spa= n><span style=3D'font-size:75%;mso-special-format:lastCR;display:none'> </span= ></span></div> </div> <div v:shape=3D"_x0000_s86071" class=3DO> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:60.25%;left:77.34%;width:8.8%;height:2.75%'><span style=3D'font-size:50%'><u>Reinsurer </u></span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:63.0%;left:77.71%;width:8.05%;height:2.25%'><span style=3D'position:ab= solute; top:0%;left:6.97%;width:93.02%;height:100.0%'><span style=3D'font-size:42%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-7.5%;font-famil= y: Wingdings'>§</span></span><span style=3D'font-size:42%'>Life </sp= an></span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:65.25%;left:77.71%;width:8.05%;height:2.25%'><span style=3D'position:a= bsolute; top:0%;left:6.97%;width:93.02%;height:100.0%'><span style=3D'font-size:42%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-7.5%;font-famil= y: Wingdings'>§</span></span><span style=3D'font-size:42%'>Nonlife</span= ><span style=3D'font-size:75%;mso-special-format:lastCR;display:none'> </span= ></span></div> </div> </p:slide></div> </body> </html> ------=_NextPart_01C50228.DA1517D0 Content-Location: file:///C:/8E87B125/economicsoflife_files/slide0013_image010.gif Content-Transfer-Encoding: base64 Content-Type: image/gif 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<title>Economic Security and the Economics of Life and Health Insurance</ti= tle> <![if IE]> <base href=3D"file:///C:\8E87B125\economicsoflife_files\slide0020.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"1/24/2005: Capital"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"102"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>16</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s104450" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s104450" class=3DT style=3D'position:absolute;top:1= 8.75%; left:10.11%;width:83.33%;height:7.75%'>Capital</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 04451" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s104451"> <div id=3D"_x0000_s104451_0_20" class=3DB style=3D'position:absolute;top:3= 5.5%; left:10.11%;width:82.2%;height:6.0%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%;height:100.0%'><= span class=3DBB style=3D'position:absolute;left:-4.77%;top:.3em'>l</span>The ro= le of capital </span></div> <div id=3D"_x0000_s104451_20_95" class=3DB1 style=3D'position:absolute;top= :42.75%; left:15.16%;width:84.83%;height:10.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.75%;width:96.24%;height:50.0%'><s= pan class=3DB1B style=3D'position:absolute;left:-3.89%;top:.3em'>–</span= >The insurer’s capital is the difference between </span><span style=3D'position:absolute;top:50.0%;left:3.75%;width:87.41%;height:50.0%'= >asset and liability values </span></div> <div id=3D"_x0000_s104451_95_208" class=3DB1 style=3D'position:absolute;to= p:54.5%; left:15.16%;width:92.13%;height:15.75%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.45%;width:96.54%;height:33.33%'><= span class=3DB1B style=3D'position:absolute;left:-3.57%;top:.3em'>–</span= >The capital is a cushion against the possibility that </span><span style=3D'position:absolute;top:33.33%;left:3.45%;width:95.93%;height:33.33= %'>claims and expenses are not covered by reserves </span><span style=3D'position:ab= solute; top:66.66%;left:3.45%;width:80.48%;height:33.33%'>and premia </span></= div> <div id=3D"_x0000_s104451_208_239" class=3DB1 style=3D'position:absolute;t= op:71.5%; left:15.16%;width:77.34%;height:5.25%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%;height:100.0%'><= span class=3DB1B style=3D'position:absolute;left:-4.29%;top:.3em'>–</span= >re-insurance is rented capital </span></div> 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style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>17</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s105474" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder 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Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" <html xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office" xmlns:p=3D"urn:schemas-microsoft-com:office:powerpoint" xmlns:oa=3D"urn:schemas-microsoft-com:office:activation" xmlns=3D"http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii"> <meta name=3DProgId content=3DPowerPoint.Slide> <meta name=3DGenerator content=3D"Microsoft PowerPoint 11"> <link id=3DMain-File rel=3DMain-File href=3D"../economicsoflife.htm"> <link rel=3DPreview href=3Dpreview.wmf>  <title>Economic Security and the Economics of Life and Health Insurance</ti= tle> <![if IE]> <base href=3D"file:///C:\8E87B125\economicsoflife_files\slide0026.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"1/24/2005: Financial management"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style 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v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>18</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s129026" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s129026" class=3DT style=3D'position:absolute;top:1= 8.75%; left:10.11%;width:83.33%;height:7.75%'>Financial management</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 29027" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s129027" class=3DB> <div 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style=3D'position:absolute;top:57.99%;lef= t:10.11%; width:82.2%;height:6.0%;white-space:nowrap'><span style=3D'position:absolu= te; top:0%;left:4.55%;width:95.44%;height:100.0%'><span class=3DBB style=3D'po= sition: absolute;left:-4.77%;top:.3em'>l</span>Risk management</span></div> </div> </p:slide></div> <p:animation number=3D"314860587"/><oa:par id=3D"TimeNode0" dur=3D"indefini= te" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" next=3D"document.onpptnext" concurrent=3D"enabled" nextAction=3D"seek" p:nodeType=3D"mainSeq"> <oa:par id=3D"TimeNode2" begin=3D"indefinite" fill=3D"hold"> <oa:par id=3D"TimeNode3" begin=3D"0.0" fill=3D"hold"> <oa:par id=3D"TimeNode4" o:presetID=3D"ppt_2" o:presetClass=3D"entrance" o:presetSubType=3D"0x4" begin=3D"0.0" fill=3D"hold" o:groupID=3D"0" p:nodeType=3D"clickEffect"> <oa:set id=3D"TimeNode5" begin=3D"0.0" dur=3D"0.001" fill=3D"hold" targetElement=3D"_x0000_s129027_0_21" 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style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>19</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s72706" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s72706" class=3DT style=3D'position:absolute;top:18= .75%; left:10.11%;width:83.33%;height:7.75%'>Questions</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s7= 2707" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s72707" class=3DB> <div id=3D"_x0000_s72707_0_256" style=3D'mso-line-spacing:"80 20 0";positi= on:absolute; top:34.75%;left:10.11%;width:93.82%;height:13.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.99%;width:90.01%;height:29.62%'><= span style=3D'font-size:64%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-4.43%;top:.3em;font-family:Wingdings;font-size:75%'>l</span></span><= span style=3D'font-size:64%'>Insurance markets are imperfect and are often characterized by </span></span><span style=3D'position:absolute;top:24.07%; left:3.99%;width:91.21%;height:29.62%'><span style=3D'font-size:64%'>infor= mation problems that pose substantial challenges to life and </span></span><span style=3D'position:absolute;top:46.29%;left:3.99%;width:96.0%;height:29.62%= '><span style=3D'font-size:64%'>health insurance providers.<span style=3D'mso-spacerun:yes'> </span>Explain how adverse selection or = moral </span></span><span style=3D'position:absolute;top:70.37%;left:3.99%;width:83.63%;height:29.62= %'><span style=3D'font-size:64%'>hazard complicate the supply of life and health insurance. </span></span></div> <div id=3D"_x0000_s72707_256_371" style=3D'mso-line-spacing:"80 20 0";posi= tion: absolute;top:48.25%;left:10.11%;width:91.76%;height:7.25%;white-space:nowr= ap'><span style=3D'position:absolute;top:0%;left:4.08%;width:95.91%;height:55.17%'><= span style=3D'font-size:64%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-4.25%;top:.3em;font-family:Wingdings;font-size:75%'>l</span></span><= span style=3D'font-size:64%'>Give examples of how life and health insurers mana= ge information </span></span><span style=3D'position:absolute;top:44.82%; left:4.08%;width:85.51%;height:55.17%'><span style=3D'font-size:64%'>probl= ems that confront them in insurance markets. </span></span></div> <div id=3D"_x0000_s72707_371_464" style=3D'mso-line-spacing:"80 20 0";posi= tion: absolute;top:55.5%;left:10.11%;width:94.19%;height:7.25%;white-space:nowra= p'><span style=3D'position:absolute;top:0%;left:3.97%;width:96.02%;height:55.17%'><= span style=3D'font-size:64%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-4.14%;top:.3em;font-family:Wingdings;font-size:75%'>l</span></span><= span style=3D'font-size:64%'>How does the concept of human capital help explain= the demand for </span></span><span style=3D'position:absolute;top:44.82%;left:= 3.97%; width:83.3%;height:55.17%'><span style=3D'font-size:64%'>life and health insurance? </span></span></div> <div id=3D"_x0000_s72707_464_844" style=3D'mso-line-spacing:"80 20 0";posi= tion: absolute;top:62.74%;left:10.11%;width:93.44%;height:20.0%;white-space:nowr= ap'><span style=3D'position:absolute;top:0%;left:4.0%;width:91.38%;height:20.0%'><sp= an style=3D'font-size:64%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-4.38%;top:.3em;font-family:Wingdings;font-size:75%'>l</span></span><= span style=3D'font-size:64%'>The economic theories of consumption presented in = this chapter </span></span><span style=3D'position:absolute;top:16.25%;left:4.0= %; width:95.99%;height:20.0%'><span style=3D'font-size:64%'>purport to explai= n some of the variation in rates of consumption and </span></span><span style=3D'position:absolute;top:31.25%;left:4.0%;width:90.58%;height:20.0%'= ><span style=3D'font-size:64%'>savings over individual’s lives.<span style=3D'mso-spacerun:yes'> </span>What do you believe each of the <= /span></span><span style=3D'position:absolute;top:47.5%;left:4.0%;width:89.17%;height:20.0%'>= <span style=3D'font-size:64%'>following theories predicts about an individual= 217;s demand for life </span></span><span style=3D'position:absolute;top:63.74%; left:4.0%;width:88.57%;height:20.0%'><span style=3D'font-size:64%'>insuran= ce? 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style=3D'font-size:50%;mso-special= -format: lastCR'> </span></div> <v:shapetype id=3D"_x0000_s96263" style=3D'position:absolute;left:316.75pt;= top:672.5pt; width:242.375pt;height:35.375pt;v-text-anchor:bottom' coordsize=3D"21600,2= 1600" o:master=3D"" o:spt=3D"1" path=3D"m,l,21600r21600,l21600,xe" filled=3D"f" = fillcolor=3D"#bbe0e3 [4]" stroked=3D"f" strokecolor=3D"black [1]"> <v:fill color2=3D"white [0]" o:detectmouseclick=3D"t"/> <v:stroke joinstyle=3D"miter" o:forcedash=3D"t"/> <v:shadow color=3D"gray [2]"/> <v:path gradientshapeok=3D"t" o:connecttype=3D"rect"/> <o:lock v:ext=3D"edit" grouping=3D"t"/> <p:placeholder type=3D"slideNumber" position=3D"5" size=3D"quarter"/></v:s= hapetype> <div v:shape=3D"_x0000_s96263" class=3DO style=3D'text-align:right'><span style=3D'font-size:50%;mso-field-code:meta16'>‹#›</span><span style=3D'font-size:50%;mso-special-format:lastCR'> </span></div> <p:notes id=3D"1" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> 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<v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1187= 87" type=3D"#_x0000_m96261" style=3D'position:absolute;left:55.875pt;top:336.= 25pt; width:447.5pt;height:318.625pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape></p:notes><p:notes= id=3D"17" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"95"/> </o:shapelayout><v:shape id=3D"_x0000_s97282" type=3D"#_x0000_m96260" styl= e=3D'position:absolute; left:102.75pt;top:53.125pt;width:353.875pt;height:265.375pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s9728= 3" type=3D"#_x0000_m96261" style=3D'position:absolute;left:55.875pt;top:336.= 25pt; width:447.5pt;height:318.625pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s97283" class=3DN>Consider the perils that individu= als face such as property losses or the loss of life or health due to fire, windsto= rm, earthquake, flood, epidemic, pandemic, etc.<span style=3D'mso-spacerun:yes'> </span>While these events cannot be fore= seen with certainty they can be managed.<span style=3D'mso-spacerun:yes'> </span>The function of insurance is to provide some security in the face of these hazards.<span style=3D'mso-spacerun:yes'> </span>The insurance function is the creation of a pool of funds that allows individuals to sha= re; individuals contribute a small amount and those who suffer losses are paid= a large amount.<span style=3D'mso-spacerun:yes'> </span></div> </p:notes><p:notes id=3D"14" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"96"/> </o:shapelayout><v:shape id=3D"_x0000_s98306" type=3D"#_x0000_m96260" styl= e=3D'position:absolute; left:102.75pt;top:53.125pt;width:353.875pt;height:265.375pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s9830= 7" type=3D"#_x0000_m96261" style=3D'position:absolute;left:55.875pt;top:336.= 25pt; width:447.5pt;height:318.625pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s98307" class=3DN>While the emphasis here may be on= private insurance, no discussion is complete without considering the social insura= nce coverage.<span style=3D'mso-spacerun:yes'> </span>In planning for retirement, for example, the social retirement benefits constitute a porti= on of the retirement income that must be considered. <div> </div> Consider the social health insurance coverage provided in Canada, England = and elsewhere by providing a link.<span style=3D'mso-spacerun:yes'> </span>Say som= ething about the provision of ? in England and something about their superannuati= on schemes.<span style=3D'mso-spacerun:yes'> </span>Have them search fo= r descriptions of these social insurance plans in Canada and Europe.</div> </p:notes><p:notes id=3D"15" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"97"/> </o:shapelayout><v:shape id=3D"_x0000_s99330" type=3D"#_x0000_m96260" styl= e=3D'position:absolute; left:102.75pt;top:53.125pt;width:353.875pt;height:265.375pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s9933= 1" type=3D"#_x0000_m96261" style=3D'position:absolute;left:55.875pt;top:336.= 25pt; width:447.5pt;height:318.625pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s99331" class=3DN>Whole life provides coverage for = the insureds whole life and is a saving instrument as well as an insurance instrument <div> </div> Term life provides coverage for a set term such as 5, 10, or 20 years, and pays a set death benefit Endowment insurance is term insurance with an endowment or benefit that is paid if the insured survives the policy term. <div> </div> <div>Find online definitions of holding companies and affiliates.</div> </div> </p:notes><p:notes id=3D"8" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"117"/> </o:shapelayout><v:shape id=3D"_x0000_s119810" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:102.75pt;top:53.125pt;width:353.875pt;height:265.375pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1198= 11" type=3D"#_x0000_m96261" style=3D'position:absolute;left:55.875pt;top:336.= 25pt; width:447.5pt;height:318.625pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape></p:notes><p:notes= id=3D"18" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"118"/> </o:shapelayout><v:shape id=3D"_x0000_s120834" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:102.75pt;top:53.125pt;width:353.875pt;height:265.375pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1208= 35" type=3D"#_x0000_m96261" style=3D'position:absolute;left:55.875pt;top:336.= 25pt; width:447.5pt;height:318.625pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape></p:notes><p:notes= id=3D"9" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"119"/> </o:shapelayout><v:shape id=3D"_x0000_s121858" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:102.75pt;top:53.125pt;width:353.875pt;height:265.375pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1218= 59" type=3D"#_x0000_m96261" style=3D'position:absolute;left:55.875pt;top:336.= 25pt; width:447.5pt;height:318.625pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape></p:notes><p:notes= id=3D"22" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"106"/> </o:shapelayout><v:shape id=3D"_x0000_s108546" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:102.75pt;top:53.125pt;width:353.875pt;height:265.375pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1085= 47" type=3D"#_x0000_m96261" style=3D'position:absolute;left:55.875pt;top:336.= 25pt; width:447.5pt;height:318.625pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s108547" class=3DN> <div><b>Barriers </b></div> Barriers to entry include licensing requirements and minimum capital requi= rements. <div>Product differentiation may be viewed as an attempt to create a barri= er to entry. </div> <div> </div> <div><b>Economies </b></div> Economies of scale exist if the marginal cost is decreasing for all output levels.<span style=3D'mso-spacerun:yes'> </span>The derivative of th= e cost with respect to quantity is negative. Economies of scope exist if joint production is less expensive than equivalent but separate production </div> </p:notes><p:notes id=3D"23" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"120"/> </o:shapelayout><v:shape id=3D"_x0000_s122882" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:102.75pt;top:53.125pt;width:353.875pt;height:265.375pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1228= 83" type=3D"#_x0000_m96261" style=3D'position:absolute;left:55.875pt;top:336.= 25pt; width:447.5pt;height:318.625pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape></p:notes><p:notes= id=3D"24" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"109"/> </o:shapelayout><v:shape id=3D"_x0000_s111618" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:102.75pt;top:53.125pt;width:353.875pt;height:265.375pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1116= 19" type=3D"#_x0000_m96261" style=3D'position:absolute;left:55.875pt;top:336.= 25pt; width:447.5pt;height:318.625pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s111619" class=3DN>http://plato.stanford.edu/entrie= s/free-rider/</div> </p:notes><p:notes id=3D"25" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"111"/> </o:shapelayout><v:shape id=3D"_x0000_s113666" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:102.75pt;top:53.125pt;width:353.875pt;height:265.375pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1136= 67" type=3D"#_x0000_m96261" style=3D'position:absolute;left:55.875pt;top:336.= 25pt; width:447.5pt;height:318.625pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s113667" class=3DN> <div>Akerlof link </div> http://links.jstor.org/sici?sici=3D0033-5533%28197008%2984%3A3%3C488%3ATMF= %22QU%3E2.0.CO%3B2-6 <div> </div> <div><b>Adverse selection </b></div> <div>http://links.jstor.org/sici?sici=3D0033-5533(197008)84:3<488:TMF&q= uot;QU>2.0.CO;2-6 </div> <div>http://macminn.org/uncertainty/insurance/akerlof.pdf </div> <div>http://macminn.org/genetic testing1.htm </div> <div> </div> <div><b>Moral hazard </b></div> http://links.jstor.org/sici?sici=3D0033-5533%28197911%2993%3A4%3C541%3AOMH= AI%3E2.0.CO%3B2-7</div> </p:notes><p:notes id=3D"19" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"105"/> </o:shapelayout><v:shape id=3D"_x0000_s107522" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:102.75pt;top:53.125pt;width:353.875pt;height:265.375pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1075= 23" type=3D"#_x0000_m96261" style=3D'position:absolute;left:55.875pt;top:336.= 25pt; width:447.5pt;height:318.625pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s107523" class=3DN>Human capital is an asset notion= of individual value.<span style=3D'mso-spacerun:yes'> </span>An individ= ual invests in her own human capital with the idea that the investment generat= es a flow of benefits in subsequent periods.<span style=3D'mso-spacerun:yes'>&n= bsp; </span>This allows such investment to be viewed and evaluated in the same = way that we do corporate capital investment projects. <div> </div> The human life value concept is part of human capital theory.<span style=3D'mso-spacerun:yes'> </span>The human life value is the prese= nt value or capitalized value of the flow of future earnings net of maintenan= ce expenses. <div> </div> Huebner listed the following qualitative forces for determining the human = life value: <div>Ethical behavior </div> <div>Good health </div> <div>Willingness to work </div> <div>Willingness to make an investment in the mind </div> <div>Creative ability and judgment </div> <div><span style=3D'mso-special-format:lastCR'> </span></div> </div> </p:notes><p:notes id=3D"12" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"121"/> </o:shapelayout><v:shape id=3D"_x0000_s123906" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:102.75pt;top:53.125pt;width:353.875pt;height:265.375pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1239= 07" type=3D"#_x0000_m96261" style=3D'position:absolute;left:55.875pt;top:336.= 25pt; width:447.5pt;height:318.625pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s123907" class=3DN> <div>The absolute hypothesis is due to John Maynard Keynes, i.e., </di= v> <div> </div> The life cycle hypothesis is due to Ando and Modigliani while the permanen= t income hypothesis is due to Friedman.</div> </p:notes><p:notes id=3D"13" layout=3D"notes" slots=3D"slideImage,body"> 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parent.IsFullScrMode() ) FullScrInit(); =09 MakeSldVis(); ChkAutoAdv() if( runAnimations ) { if( document.all("NSPlay") ) document.all("NSPlay").autoStart =3D false; if( sld.filters && sld.filters.revealtrans ) setTimeout( "document.body.start()", sld.filters.revealtrans.duration * = 1000 ); else document.body.start(); } } function MakeSldVis()=20 { var fTrans=3Dg_showAnimation && SldHasTrans() if( fTrans )=09 { if( g_bgSound ) { idx=3Dg_bgSound.indexOf(","); pptSound.src=3Dg_bgSound.substr( 0, idx ); pptSound.loop=3D -(parseInt(g_bgSound.substr(idx+1))); } SlideObj.filters.revealtrans.Apply()=09 } SlideObj.style.visibility=3D"visible" if( fTrans ) SlideObj.filters.revealtrans.Play() } function MakeNotesVis()=20 { if( !IsNts() ) return false=20 SlideObj.style.display=3D"none" nObj =3D document.all.item("NotesObj") parent.SetHasNts(0) if( nObj ) {=20 nObj.style.display=3D"" parent.SetHasNts(1) } return 1 } function ChkAutoAdv() { if(SldHasTrans()) SlideObj.onfilterchange=3DAutoAdv else AutoAdv() } function AutoAdv() { if(!IsWin("PPTSld") || !gUseSldTimings )return var sld=3DGetCurSld() if( (sld.mAdvDelay>0) && !parent.IsFramesMode() ) setTimeout("parent.GoToNextSld()",sld.mAdvDelay) } function GetObj(id) { if(g_supportsPPTHTML) return document.all(id); else return document.getElementById(id); } function SldHasTrans() { return SlideObj.style.filter !=3D ""; } function GetSldId() { return sId=3Dlocation.href.substring(location.href.la= stIndexOf('/')+1) } function HideMenu() { if( frames["PPTSld"] && PPTSld.document.all.item("ctx= tmenu") && PPTSld.ctxtmenu.style.display!=3D"none" ) { PPTSld.ctxtmenu.styl= e.display=3D'none'; return true } return false } function IsWin( name ) { return window.name =3D=3D name } function IsNts() { return IsWin("PPTNts") } function IsSldOrNts() { return( IsWin("PPTSld")||IsWin("PPTNts") ) } function SupportsPPTAnimation() { return( navigator.platform =3D=3D "Win32"= && navigator.appVersion.indexOf("Windows")>0 ) } function SupportsPPTHTML() { var appVer=3Dnavigator.appVersion, msie=3DappVer.indexOf("MSIE "), ver=3D0 if( msie >=3D 0 ) ver=3DparseFloat( appVer.substring( msie+5, appVer.indexOf(";",msie) ) ) else ver=3DparseInt(appVer) return( ver >=3D 4 && msie >=3D 0 ) } function _RSW() { if( !g_supportsPPTHTML || IsNts() || ( !g_scaleInFrame && (!IsWin("PPTSld") || !parent.IsFullScrMode()) ) ) return var padding=3D0; if( IsWin("PPTSld") && parent.IsFramesMode() ) padding=3D6 cltWidth=3Ddocument.body.clientWidth-padding cltHeight=3Ddocument.body.clientHeight-padding factor=3D(1.0*cltWidth)/g_origW if( cltHeight < g_origH*factor ) factor=3D(1.0*cltHeight)/g_origH newSize =3D g_origSz * factor if( newSize < 1 ) newSize=3D1 s=3DSlideObj.style s.fontSize=3DnewSize+"px" s.posWidth=3Dg_origW*factor s.posHeight=3Dg_origH*factor s.posLeft=3D(cltWidth-s.posWidth+padding)/2 s.posTop=3D(cltHeight-s.posHeight+padding)/2 if( g_scaleHyperlinks ) ScaleHyperlinks( factor ) } function _InitAnimations() { animRuntimeInstalled =3D ''+document.body.localTime !=3D 'undefined'; isFullScreen =3D (window.name =3D=3D "PPTSld") && !parent.IsFramesMode(); g_animUseRuntime =3D g_showAnimation && animRuntimeInstalled && !(isFullSc= reen && parent.IsSldVisited()); if( g_animUseRuntime ) { collSeq =3D document.all.tags("seq"); if( collSeq !=3D null ) { for(ii=3D0;ii<collSeq.length;ii++) { if( collSeq[ii].getAttribute( "p:nodeType" ) =3D=3D "mainSeq" ) { g_animMainSequence =3D collSeq[ii]; break; } } } =09 if( g_animItemsToHide && document.body.playAnimations !=3D false ) { for(jj =3D 0; jj < g_animItemsToHide.length; jj++) { if( hideObj =3D GetObj(g_animItemsToHide[jj]) ) hideObj.runtimeStyle.visibility=3D"hidden"; } } if( g_animInteractiveItems ){ for(jj =3D 0; jj < g_animInteractiveItems.length; jj++) { if( triggerObj =3D GetObj(g_animInteractiveItems[jj]) ) triggerObj.runtimeStyle.cursor=3D"hand"; } } =09 if( gUseSldTimings && ''+g_animSlideTime !=3D 'undefined' ) { adjustedTime =3D document.body.calculateAutoAdvanceTimes( g_animSlideTim= e, g_animEffectTimings ); if( IsWin("PPTSld") && adjustedTime !=3D g_animSlideTime ) { var sld =3D GetCurSld(); sld.mAdvDelay =3D adjustedTime * 1000; } } } return g_animUseRuntime; } gSldJump =3D 0, gSldJumpTrack =3D 0, gSldJumpIdx =3D ""; function _KPH() {=20 if( IsNts() ) return; if( !parent.IsFramesMode() && event.keyCode =3D=3D 27 && !HideMenu() ) parent.window.close( self ); else if( event.keyCode =3D=3D 32 ) { if( window.name =3D=3D "PPTSld" ) parent.PPTSld.DocumentOnClick(); else parent.GoToNextSld(); } CatchNumKeys( parent, event ); } function CatchNumKeys( win, event ) { if( win.IsFullScrMode() && (48<=3Devent.keyCode) && (event.keyCode<=3D57) = ) { gSldJump =3D 1; gSldJumpIdx +=3D (event.keyCode-48).toString(); } if( win.IsFullScrMode() && gSldJump && event.keyCode =3D=3D 13 ) { var numSlds =3D parent.GetSldList().mList.length if ( gSldJumpIdx > numSlds ) gSldJumpIdx =3D numSlds; if ( gSldJumpIdx >=3D 0 ) { if ( gSldJumpIdx =3D=3D 0 ) gSldJumpIdx =3D 1; var jumpTo =3D parseInt(gSldJumpIdx); gSldJump =3D 0; gSldJumpIdx =3D ""; win.GoToSld( parent.GetSldList().mList[jumpTo-1].mSldHref ) } } } function _KDH() { if( event.keyCode =3D=3D 8 ) { event.returnValue =3D 0; parent.GoToPrevSld(); } }function DocumentOnClick() { if( IsNts() || parent.HideMenu() ) return; if( ( g_allowAdvOnClick && (window.name=3D=3D"PPTSld") && !parent.IsFrames= Mode() ) || (event && event.keyCode=3D=3D32) ) { =09 if( g_animUseRuntime && g_animMainSequence && g_animMainSequence.cangonex= t ) return; parent.GoToNextSld(); } } var g_supportsPPTHTML =3D SupportsPPTHTML(), g_scaleInFrame =3D 1, gId=3D""= , g_bgSound=3D"", g_scaleHyperlinks =3D false, g_allowAdvOnClick =3D 1, g_showInBrowser = =3D 0, gLoopCont =3D 0, gUseSldTimings =3D 1; var g_showAnimation =3D g_supportsPPTHTML && SupportsPPTAnimation() && ( (w= indow.name=3D=3D"PPTSld" && !parent.IsFramesMode()) || g_showInBrowser );va= r g_animManager =3D null; var g_animUseRuntime =3D false; var g_animItemsToHide, g_animInteractiveItems, g_animSlideTime; var g_animMainSequence =3D null; var ENDSHOW_MESG=3D"End of slide show, click to exit.", SCREEN_MODE=3D"Fram= es", gIsEndShow=3D0, NUM_VIS_SLDS=3D19, SCRIPT_HREF=3D"script.js", FULLSCR_= HREF=3D"fullscreen.htm"; var gCurSld =3D gPrevSld =3D 1, g_offset =3D 0, gNtsOpen =3D gHasNts =3D gO= tlTxtExp =3D 0, gHasNarration =3D 0, gOtlOpen =3D true window.gPPTHTML=3DSupportsPPTHTML() var gMainDoc=3Dnew Array(new hrefList("slide0001.htm",1,-1,1),new hrefList(= "slide0002.htm",1,-1,1),new hrefList("slide0017.htm",1,-1,1),new hrefList("= slide0014.htm",1,-1,1),new hrefList("slide0015.htm",1,-1,1),new hrefList("s= lide0008.htm",1,-1,1),new hrefList("slide0018.htm",1,-1,1),new hrefList("sl= ide0009.htm",1,-1,1),new hrefList("slide0022.htm",1,-1,1),new hrefList("sli= de0023.htm",1,-1,1),new hrefList("slide0024.htm",1,-1,1),new hrefList("slid= e0025.htm",1,-1,1),new hrefList("slide0019.htm",1,-1,1),new hrefList("slide= 0012.htm",1,-1,1),new hrefList("slide0013.htm",1,-1,1),new hrefList("slide0= 020.htm",1,-1,1),new hrefList("slide0021.htm",1,-1,1),new hrefList("slide00= 26.htm",1,-1,1),new hrefList("slide0004.htm",1,-1,1)); /********************************************* Frameset functions These functions control slide navigation and state of the frameset. **********************************************/ function FullScrInit() { g_allowAdvOnClick =3D GetCurSld().mAdvOnClk document.body.style.backgroundColor=3D"black" document.oncontextmenu=3Dparent._CM; document.onkeydown =3D _KDH; document.ondragstart=3DCancel document.onselectstart=3DCancel self.focus() } function Redirect( frmId ) {=09 var str=3Ddocument.location.hash,idx=3Dstr.indexOf('#'), sId=3DGetSldId() if(idx>=3D0) str=3Dstr.substr(1); if( window.name !=3D frmId && ( sId !=3D str) ) { obj =3D GetObj("Main-File") window.location.href=3Dobj.href+"#"+sId return 1 } return 0 } var MHTMLPrefix =3D CalculateMHTMLPrefix();=20 function CalculateMHTMLPrefix() { if ( document.location.protocol =3D=3D 'mhtml:') {=20 href=3Dnew String(document.location.href)=20 Start=3Dhref.indexOf('!')+1=20 End=3Dhref.lastIndexOf('/')+1=20 if (End < Start)=20 return href.substring(0, Start)=20 else=20 return href.substring(0, End)=20 } return ''; } function GetTags(base,tag) { if(g_supportsPPTHTML) return base.all.tags(tag); else return base.getElementsByTagName(tag); } function UpdNtsPane(){ if(frames["PPTNts"]) PPTNts.location.replace( MHTMLP= refix+GetHrefObj( gCurSld ).mNtsHref ) } function UpdNavPane( sldIndex ){ if(gNavLoaded) PPTNav.UpdNav() } function UpdOtNavPane(){ if(gOtlNavLoaded) PPTOtlNav.UpdOtlNav() } function UpdOtlPane(){ if(gOtlLoaded) PPTOtl.UpdOtl() } function SetHasNts( fVal ) { if( gHasNts !=3D fVal ) { gHasNts=3DfVal UpdNavPane() } } function ToggleOtlText() { gOtlTxtExp=3D!gOtlTxtExp UpdOtlPane() } function ClearMedia() { // Clear any sounds playing before launching another browser window. Other= wise, // in fullscreen mode, you'll continue to hear the sound in the frames mod= e. if (PPTSld.pptSound) PPTSld.pptSound.loop =3D 0; } function FullScreen() {=20 if ( PPTSld.g_animUseRuntime ) PPTSld.document.body.pause(); ClearMedia(); var href =3D ( document.location.protocol =3D=3D 'mhtml:') ? FULLSCR_HREF = : FULLSCR_HREF+"#"+GetHrefObj(gCurSld).mSldHref; if(PPTNav.event.ctrlKey) { var w =3D (window.screen.availWidth * 1.0) / 2.0 var h =3D w * (PPTSld.g_origH * 1.0) / PPTSld.g_origW win =3D window.open( MHTMLPrefix+href,null,"toolbar=3D0,resizable=3D1,top= =3D0,left=3D0," + "width=3D"+ w + ",height=3D" + h ); if( win.document.body && PPTSld.g_animUseRuntime ) win.document.body.PPTSldFrameset=3Dwindow; } else { win =3D window.open( MHTMLPrefix+href,null,"fullscreen=3Dyes" ); if( win.document.body && PPTSld.g_animUseRuntime ) win.document.body.PPTSldFrameset=3Dwindow; } } function ToggleVNarration() { rObj=3DPPTSld.document.all("NSPlay") if( rObj && !PPTSld.g_animUseRuntime ) { if( (rObj.playState =3D=3D 1)||(rObj.playState =3D=3D 0) ) rObj.Play() else if( rObj.playState =3D=3D 2 ) rObj.Pause() else return; } else if( PPTSld.g_animUseRuntime ) { narObj =3D PPTSld.document.all("narrationID") if( narObj ) narObj.togglePause() } } function GetCurSldNum() { =20 obj=3DGetHrefObj(gCurSld) if( obj.mOrigVis =3D=3D 1 ) return obj.mSldIdx else =20 return gCurSld } function GetNumSlds() { =20 if( GetHrefObj(gCurSld).mOrigVis =3D=3D 1 ) return GetSldList().mNumVisSlds; else return GetSldList().mList.length } function GetSldNum( href ) { for(ii=3D0; ii<GetSldList().mList.length; ii++) { if ( GetSldList().mList[ii].mSldHref =3D=3D href ) return ii+1 } return 1 } function GetHrefObj( sldIdx ){ return GetSldList().mList[sldIdx-1] } function IsFramesMode(){ return ( SCREEN_MODE =3D=3D "Frames" ) } function IsFullScrMode(){ return ( SCREEN_MODE =3D=3D "FullScreen" ) } function GoToNextSld() { ii=3DgCurSld + 1 if( GetHrefObj( ii-1 ).mOrigVis =3D=3D 0 ) { if( ii<=3DGetSldList().mList.length ) { obj=3DGetHrefObj(ii) obj.mVis=3D1 GoToSldNum(ii) return } } else { obj=3DGetHrefObj( ii ) while ( obj && ( obj.mOrigVis =3D=3D 0 ) ) obj=3DGetHrefObj(++ii) if( obj && obj.mOrigVis ) { GoToSldNum(ii) return } } if( gSldStack.length > 1 ) PopSldList(); else if( !IsFramesMode() ) { if( gLoopCont ) GoToFirst() else EndShow() } } function GoToPrevSld() { ii=3DgCurSld-1 if( ii > 0 ) { obj=3DGetHrefObj(ii) while ( obj && ( obj.mVis =3D=3D 0 ) && ( ii>0 ) ) obj=3DGetHrefObj(--ii) if( ii =3D=3D 0 ) ii=3D1 GoToSldNum(ii) } } function GoToFirst(){ GoToSld( GetHrefObj(1).mSldHref ) } function GoToLast() { ii=3DGetSldList().mList.length if( ii !=3D gCurSld ) GoToSld( GetHrefObj(ii).mSldHref ) } function GoToSldNum( num ) { if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue obj =3D GetHrefObj( num ) obj.mVis=3D1 gPrevSld=3DgCurSld gCurSld =3D num; PPTSld.location.replace(MHTMLPrefix+obj.mSldHref) if( IsFramesMode() ) { UpdNavPane(); UpdOtlPane(); UpdNtsPane() } } function GoToSld( href ) { if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue GetHrefObj( GetSldNum(href) ).mVis=3D1 PPTSld.location.replace(MHTMLPrefix+href) } function SldUpdated( id ) { if( id =3D=3D GetHrefObj(gCurSld).mSldHref ) return gPrevSld=3DgCurSld gCurSld=3DGetSldNum(id) if( IsFramesMode() ) { UpdNavPane(); UpdOtlPane(); UpdNtsPane() } } function PrevSldViewed(){ GoToSld( GetHrefObj(gPrevSld).mSldHref ) } function HasPrevSld() { return ( gIsEndShow || ( gCurSld !=3D 1 && GetHrefO= bj( gCurSld-1 ).mVis =3D=3D 1 )||( GetCurSldNum() > 1 ) ) } function HasNextSld() { return (GetCurSldNum() !=3D GetNumSlds()) } function CloseWindow() { if( HideMenu() ) return; =09 var event =3D PPTSld.event; if( !IsFramesMode() && event && (event.keyCode=3D=3D27 || event.keyCode=3D= =3D32 || event.type=3D=3D"click" ) ) window.close( self ); CatchNumKeys( self, event ); } function Unload() { gIsEndShow=3D0; } function SetupEndShow() { gIsEndShow=3D1; PPTSld.document.body.scroll=3D"no"; PPTSld.document.onkeypress=3DCloseWindow; PPTSld.document.onclick=3DCloseWindow; PPTSld.document.oncontextmenu=3D_CM; } function EndShow() { if( IsFramesMode() ) return if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue doc=3DPPTSld.document var dir =3D doc.body.dir if( dir !=3D "rtl" ) dir =3D "ltr"; doc.open() doc.writeln('<html><body dir=3D' + dir + ' bgcolor=3Dblack onload=3Dparent= .SetupEndShow() onunload=3Dparent.Unload()><center><p><font face=3DTahoma c= olor=3Dwhite size=3D2><br><b>' + ENDSHOW_MESG + '</b></font></p></center></= body></html>') doc.close() } function SetSldVisited(){ GetSldList().mList[gCurSld-1].mVisited=3Dtrue } function IsSldVisited(){ return GetSldList().mList[gCurSld-1].mVisited } function hrefList( sldHref, visible, advDelay, advClk ) { this.mSldHref=3D this.mNtsHref =3D sldHref this.mOrigVis=3D this.mVis =3D visible this.mVisited=3D false this.mAdvDelay=3D advDelay this.mAdvOnClk=3D advClk } function SldList(arr,curSld,fEnd) { this.mCurSld =3D curSld; this.mList =3D new Array(); var idx =3D 1; for(ii=3D0;ii<arr.length;ii++) { this.mList[ii] =3D new hrefList( arr[ii].mSldHref, arr[ii].mOrigVis, arr[= ii].mAdvDelay, arr[ii].mAdvOnClk ); if( arr[ii].mOrigVis ) this.mList[ii].mSldIdx =3D idx++; } this.mNumVisSlds =3D idx-1; this.fEndShow =3D fEnd; } function GetSldList() { return gSldStack[gSldStack.length-1] } function GetCurSld() { return parent.GetSldList().mList[parent.gCurSld - 1]= } gSldStack =3D new Array(); gSldStack[0] =3D new SldList(gMainDoc,gCurSld,1) function ToggleOtlPane() { frmset=3Ddocument.all("PPTHorizAdjust") frm=3Ddocument.all("PPTOtl") if( gOtlOpen ) frmset.cols=3D"*,100%" else frmset.cols=3D"25%,*" gOtlOpen=3D!gOtlOpen frm.noResize=3D!frm.noResize UpdOtNavPane() } function ToggleNtsPane() { frmset=3Ddocument.all("PPTVertAdjust") frm=3Ddocument.all("PPTNts") if( gNtsOpen ) frmset.rows=3D"100%,*" else frmset.rows=3D"*,20%" gNtsOpen=3D!gNtsOpen UpdNtsPane() } /********************************************* Custom Shows implementation When ViewCustomShow() is called, we create a new array that is a subset of the slides in=20 the main doc. This list pushed on a stack so we can return after the end of the custom show. *********************************************/ function ViewCustomShow(idx,fEnd) { if( !IsFullScrMode() ) return; var sldList =3D new Array(); var custShow =3D custShowList[idx-1]; var jj =3D 0; for( ii=3D0;ii<custShow.length;ii++ ) { if( custShow[ii] <=3D gMainDoc.length ) sldList[jj++] =3D gMainDoc[custShow[ii]-1]; } if (sldList.length > 0) { PushSldList(sldList,fEnd); gCurSld =3D 1; } else if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue } function PushSldList(arr,fEnd) { var ii =3D gSldStack.length; gSldStack[ii] =3D new SldList(arr,gCurSld,fEnd); GoToSld( gSldStack[ii].mList[0].mSldHref ); } function PopSldList() { if (gSldStack[gSldStack.length-1].fEndShow) EndShow() else { gCurSld =3D gSldStack[gSldStack.length-1].mCurSld; gSldStack[gSldStack.length-1] =3D null; gSldStack.length--; var sldList =3D gSldStack[gSldStack.length-1]; GoToSld( sldList.mList[gCurSld - 1].mSldHref ); } } var custShowList=3Dnew Array(); /********************************************* Navigation button implementation There are 2 types of buttons: ImgBtn, TxtBtn implemented as function objects. They share a similiar interface so the event handlers can call SetActive, for example, on a button=20 object without needing to know exactly=20 what type of button it is. **********************************************/ //---------------------------------- function ImgBtn( oId,bId,w,action ) //---------------------------------- { var t=3Dthis t.Perform =3D _IBP t.SetActive =3D _IBSetA t.SetInactive=3D _IBSetI t.SetPressed =3D _IBSetP t.SetDisabled=3D _IBSetD t.Enabled =3D _IBSetE t.ChangeIcon =3D null t.UserAction =3D action t.ChgState =3D _IBUI t.mObjId =3D oId t.mBorderId=3D bId t.mWidth =3D w t.mIsOn =3D t.mCurState =3D 0 } function _IBSetA() { if( this.mIsOn ) { obj=3Dthis.ChgState( gHiliteClr,gShadowClr,2 ) obj.style.posTop=3D0 } } function _IBSetI() { if( this.mIsOn ) { obj=3Dthis.ChgState( gFaceClr,gFaceClr,1 ) obj.style.posTop=3D0=20 } } function _IBSetP() { if( this.mIsOn ) { obj=3Dthis.ChgState( gShadowClr,gHiliteClr,2 ) obj.style.posLeft+=3D1; obj.style.posTop+=3D1 } } function _IBSetD() { =20 obj=3Dthis.ChgState( gFaceClr,gFaceClr,0 ) obj.style.posTop=3D0=20 } function _IBSetE( state ) { var t=3Dthis GetObj( t.mBorderId ).style.visibility=3D"visible" if( state !=3D t.mIsOn ) { t.mIsOn=3Dstate if( state ) t.SetInactive() else t.SetDisabled() } } function _IBP() { var t=3Dthis if( t.mIsOn ) { if( t.UserAction !=3D null ) t.UserAction() if( t.ChangeIcon ) { obj=3DGetObj(t.mObjId) if( t.ChangeIcon() ) obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-4)*t.mWidth else obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-0)*t.mWidth } t.SetActive() } =20 } function _IBUI( clr1,clr2,nextState ) { var t=3Dthis SetBorder( GetObj( t.mBorderId ),clr1,clr2 ) obj=3DGetObj( t.mObjId ) obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-nextState)*t.mWidth-obj= .style.posTop t.mCurState=3DnextState return obj } //----------------------------------------- function TxtBtn( oId,oeId,action,chkState ) //----------------------------------------- { var t=3Dthis t.Perform =3D _TBP t.SetActive =3D _TBSetA t.SetInactive=3D _TBSetI t.SetPressed =3D _TBSetP t.SetDisabled=3D _TBSetD t.SetEnabled =3D _TBSetE t.GetState =3D chkState t.UserAction =3D action t.ChgState =3D _TBUI t.mObjId =3D oId t.m_elementsId=3D oeId t.mIsOn =3D 1 } function _TBSetA() { var t=3Dthis if( t.mIsOn && !t.GetState() ) t.ChgState( gHiliteClr,gShadowClr,0,0 ) } function _TBSetI() { var t=3Dthis if( t.mIsOn && !t.GetState() ) t.ChgState( gFaceClr,gFaceClr,0,0 ) } function _TBSetP() { if( this.mIsOn ) this.ChgState( gShadowClr,gHiliteClr,1,1 ) } function _TBSetD() { =20 this.ChgState( gFaceClr,gFaceClr,0,0 ) this.mIsOn =3D 0 } function _TBSetE() { var t=3Dthis if( !t.GetState() ) t.ChgState( gFaceClr,gFaceClr,0,0 ) else t.ChgState( gShadowClr,gHiliteClr,1,1 ) t.mIsOn =3D 1 } function _TBP() { var t=3Dthis if( t.mIsOn ) {=20 if( t.UserAction !=3D null ) t.UserAction() if( !t.GetState ) return if( t.GetState() ) t.SetPressed() else t.SetActive() } =20 } function _TBUI( clr1,clr2,lOffset,tOffset ) { SetBorder( GetObj( this.mObjId ),clr1,clr2 ) Offset( GetObj( this.m_elementsId ),lOffset,tOffset ) } function Offset( obj, top, left ){ obj.style.top=3Dtop; obj.style.left=3Dle= ft } function SetBorder( obj, upperLeft, lowerRight ) { s=3Dobj.style; s.borderStyle =3D "solid" s.borderWidth =3D 1=20 s.borderLeftColor =3D s.borderTopColor =3D upperLeft s.borderBottomColor=3D s.borderRightColor =3D lowerRight } function GetBtnObj(){ return gBtnArr[window.event.srcElement.id] } function BtnOnOver(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetActive() } function BtnOnDown(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetPressed() } function BtnOnOut(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetInactive() } function BtnOnUp() { b=3DGetBtnObj() if( b !=3D null ) b.Perform() else Upd() } function GetNtsState(){ return parent.gNtsOpen } function GetOtlState(){ return parent.gOtlOpen } function GetOtlTxtState(){ return parent.gOtlTxtExp } function NtsBtnSetFlag( fVal ) { s=3Ddocument.all.item( this.m_flagId ).style s.display=3D"none" if( fVal ) s.display=3D"" else s.display=3D"none" } function _BSetA_Border(){ b =3D gBtnArr[this.mObjId]; if( b !=3D null ) b.S= etActive() } function _BSetI_Border(){ b =3D gBtnArr[this.mObjId]; if( b !=3D null ) b.S= etInactive() } function _BSetP_Border(){ b =3D gBtnArr[this.mObjId]; if( b !=3D null ) b.S= etPressed() } function _BSetA_BorderImg() {=20 b =3D gBtnArr[this.mBorderId]=20 if( b !=3D null && this.mIsOn && !b.GetState() ) { obj=3Dthis.ChgState( gHiliteClr,gShadowClr,2 ) obj.style.posTop=3D0 } } function _BSetI_BorderImg() {=20 b =3D gBtnArr[this.mBorderId] if( b !=3D null && this.mIsOn && !b.GetState() ) { obj=3Dthis.ChgState( gFaceClr,gFaceClr,1 ) obj.style.posTop=3D0 } } var gHiliteClr=3D"THREEDHIGHLIGHT",gShadowClr=3D"THREEDSHADOW",gFaceClr=3D"= THREEDFACE" var gBtnArr =3D new Array() gBtnArr["nb_otl"] =3D new TxtBtn( "nb_otl","nb_otlElem",parent.ToggleOtlPan= e,GetOtlState ) gBtnArr["nb_otlElem"] =3D new TxtBtn( "nb_otl","nb_otlElem",parent.ToggleOt= lPane,GetOtlState ) gBtnArr["nb_nts"] =3D new ImgBtn( "nb_nts","nb_ntsBorder",10,parent.ToggleN= tsPane ) gBtnArr["nb_nts"].SetActive =3D _BSetA_BorderImg; gBtnArr["nb_nts"].SetInactive =3D _BSetI_BorderImg; gBtnArr["nb_ntsBorder"] =3D new TxtBtn( "nb_ntsBorder","nb_ntsElem",parent.= ToggleNtsPane,GetNtsState ) gBtnArr["nb_ntsElem"] =3D new TxtBtn( "nb_ntsBorder","nb_ntsElem",parent.To= ggleNtsPane,GetNtsState ) gBtnArr["nb_prevBorder"] =3D gBtnArr["nb_prev"]=3D new ImgBtn( "nb_prev","n= b_prevBorder",30,parent.GoToPrevSld ) gBtnArr["nb_nextBorder"] =3D gBtnArr["nb_next"]=3D new ImgBtn( "nb_next","n= b_nextBorder",30,parent.GoToNextSld ) gBtnArr["nb_sldshw"]=3D new ImgBtn( "nb_sldshw","nb_sldshwBorder",18,parent= .FullScreen ) gBtnArr["nb_sldshwBorder"] =3D new TxtBtn( "nb_sldshw","nb_sldshwBorder",pa= rent.FullScreen,null ) gBtnArr["nb_sldshwBorder"].SetActive =3D _BSetA_Border; gBtnArr["nb_sldshwBorder"].SetInactive =3D _BSetI_Border; gBtnArr["nb_sldshwText"] =3D new TxtBtn( "nb_sldshw","nb_sldshwText",parent= .FullScreen,null ) gBtnArr["nb_sldshwText"].SetActive =3D _BSetA_Border; gBtnArr["nb_sldshwText"].SetInactive =3D _BSetI_Border; gBtnArr["nb_voice"] =3D gBtnArr["nb_voiceBorder"] =3D new ImgBtn( "nb_voice= ","nb_voiceBorder",18,parent.ToggleVNarration ) gBtnArr["nb_otlTxtBorder"] =3D gBtnArr["nb_otlTxt"]=3D new ImgBtn( "nb_otlT= xt","nb_otlTxtBorder",23,parent.ToggleOtlText ) gBtnArr["nb_ntsBorder"].m_flagId=3D "nb_nts" gBtnArr["nb_ntsBorder"].SetFlag =3D NtsBtnSetFlag gBtnArr["nb_otlTxt"].ChangeIcon=3D GetOtlTxtState /********************************************* Context menu implementation _CM() is the function that's hooked up to the oncontextmenu event. Once we're asked to show the menu, we first build it by creating DIVs on-the-fly. Then we position it=20 within the screen area so it doesn't get clipped. Creating the DIVs using createElement() means we don't have to write out any extra HTML into the slide HTML files. **********************************************/ var sNext=3D"Next",sPrev=3D"Previous",sEnd=3D"End Show",sFont=3D"Arial",sAr= row=3D"Arrow",sFreeform=3D"Freeform",sRect=3D"Rectangle",sOval=3D"Oval" function ShowMenu() { BuildMenu(); var doc=3DPPTSld.document.body,x=3DPPTSld.event.clientX+doc.scrollLeft,y= =3DPPTSld.event.clientY+doc.scrollTop m =3D PPTSld.document.all.item("ctxtmenu") m.style.pixelLeft=3Dx if( (x+m.scrollWidth > doc.clientWidth)&&(x-m.scrollWidth > 0) ) m.style.pixelLeft=3Dx-m.scrollWidth m.style.pixelTop=3Dy if( (y+m.scrollHeight > doc.clientHeight)&&(y-m.scrollHeight > 0) ) m.style.pixelTop=3Dy-m.scrollHeight m.style.display=3D"" } function _CM() { if( !parent.IsFullScrMode() ) return; if(!PPTSld.event.ctrlKey) { ShowMenu() return false } else HideMenu() } function BuildMenu() { if( PPTSld.document.all.item("ctxtmenu") ) return var mObj=3DCreateItem( PPTSld.document.body ) mObj.id=3D"ctxtmenu" mObj.style.visibility=3D"hidden" var s=3DmObj.style s.position=3D"absolute" s.cursor=3D"default" s.width=3D"120px" SetCMBorder(mObj,"menu","black") var iObj=3DCreateItem( mObj ) SetCMBorder( iObj, "threedhighlight","threedshadow" ) iObj.style.padding=3D2 CreateMenuItem( iObj,sNext,M_GoNextSld,M_True ) CreateMenuItem( iObj,sPrev,M_GoPrevSld,M_HasPrevSld ) =09 CreateSeparator( iObj ) CreateMenuItem( iObj,sEnd,M_End,M_True ) mObj.style.visibility=3D"visible" } function Cancel() { window.event.cancelBubble=3Dtrue; window.event.returnVa= lue=3Dfalse } function Highlight() { ChangeClr("activecaption","threedhighlight") } function Deselect() { ChangeClr("threedface","menutext") } function Perform() { e=3DPPTSld.event.srcElement if( e.type=3D=3D"menuitem" && e.IsActive() ) e.Action() else PPTSld.event.cancelBubble=3Dtrue } function ChangeClr( bg,clr ) { e=3DPPTSld.event.srcElement if( e.type=3D=3D"menuitem" && e.IsActive() ) { e.style.backgroundColor=3Dbg e.style.color=3Dclr } } function M_HasPrevSld() { return( parent.HasPrevSld() ) } function M_GoNextSld() { if( gIsEndShow ) M_End(); else GoToNextSld() } function M_GoPrevSld() { if( gIsEndShow ) { gIsEndShow=3D0; history.back();= PPTSld.event.cancelBubble=3Dtrue; } else GoToPrevSld() } function M_True() { return true } function M_End() { window.close( self ) } function CreateMenuItem( node,text,action,eval ) { var e=3DCreateItem( node ) e.type=3D"menuitem" e.Action=3Daction e.IsActive=3Deval e.innerHTML=3Dtext if( !e.IsActive() ) e.style.color=3D"threedshadow" e.onclick=3DPerform e.onmouseover=3DHighlight e.onmouseout=3DDeselect s=3De.style; s.fontFamily=3DsFont s.fontSize=3D"9pt" s.paddingLeft=3D2 } function CreateSeparator( node ) { var sObj=3DCreateItem( node ) SetCMBorder(sObj,"menu","menu") var s=3DsObj.style s.borderTopColor=3D"threedshadow" s.borderBottomColor=3D"threedhighlight" s.height=3D1 s.fontSize=3D"0px" } function CreateItem( node ) { var 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style=3D'position:absolute;left:-18px;width:24px;height:20px;border-s= tyle: solid;border-width:1px;border-color:threedface' onfocus=3D"BtnOnOver()" on= blur=3D"BtnOnOut()" TABINDEX=3D12 id=3D"nb_otlTxtBorder"> <div style=3D'position:absolute;clip:rect(0px, 22px, 18px, 0px)'><img src=3Dbuttons.gif id=3D"nb_otlTxt" title=3D"Expand/Collapse Outline" style=3D'position:relative;left:-157px'></div> </div> </td> </table> </div> <div id=3DOtlObj style=3D'display:none;visibility:hidden;'> <table width=3D"100%" style=3D'font-family:Arial;font-size:9pt'> <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(= this)" style=3D'cursor:hand'> <td align=3Dright valign=3Dtop> <div class=3DsldNum><font size=3D2>1</font></div> </td> <td width=3D"100%"> <div id=3DPPTP1 class=3DPTxt><font size=3D2><a href=3D"javascript:GoToSld('slide0001.htm');" id=3DPPTL1>Economics of Lif= e and Health Insurance</a></font></div> <div id=3DPPTC1 class=3DCTxt style=3D'display:none'><font size=3D2> <ul> <li>Richard MacMinn</li> </ul> </font></div> </td> </tr> <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(= this)" style=3D'cursor:hand'> <td align=3Dright valign=3Dtop> <div class=3DsldNum><font size=3D2>2</font></div> </td> <td> <div id=3DPPTP2 class=3DPTxt><font size=3D2><a href=3D"javascript:GoToSld('slide0002.htm');" id=3DPPTL2>Objectives</a></= font></div> <div id=3DPPTC2 class=3DCTxt style=3D'display:none'><font size=3D2> <ul> <li>Draw distinctions between social and private insurance, as well as between life and health insurance products.</li> <li>Describe the conditions required for competitive insurance markets.<= /li> <li>Describe market imperfections, giving examples of each within life a= nd health insurance markets.</li> <li>Understand how economic theories of consumption may help explain the demand for life and health insurance.</li> <li>Describe the role of capital, financial management, and distribution systems in the production of life and health insurance.</li> </ul> </font></div> </td> </tr> <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(= this)" style=3D'cursor:hand'> <td align=3Dright valign=3Dtop> <div class=3DsldNum><font size=3D2>3</font></div> </td> <td> <div id=3DPPTP3 class=3DPTxt><font size=3D2><a href=3D"javascript:GoToSld('slide0017.htm');" id=3DPPTL3>Insurance define= d</a></font></div> <div id=3DPPTC3 class=3DCTxt style=3D'display:none'><font size=3D2> <ul> <li>Economic perspective</li> <ul> <li>Insurance is a service</li> <ul> <li>Individuals exposed to perils contribute to a pool and those who suffer the peril covered by the pool receive payment, i.e., indemn= ity.</li> <li>In this perspective insurance is a contingent claim on the pool’s assets</li> </ul> </ul> <li>Legal perspective</li> <ul> <li>Insurance is a contract</li> <ul> <li>The insurance is an agreement in which the policyholder pays a stipulated consideration, i.e., premium, to the insurer in return = for which the insurer agrees to pay a defined amount if a covered event occurs during the policy period</li> <br> <br> </ul> </ul> </ul> </font></div> </td> </tr> <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(= this)" style=3D'cursor:hand'> <td align=3Dright valign=3Dtop> <div class=3DsldNum><font size=3D2>4</font></div> </td> <td> <div id=3DPPTP4 class=3DPTxt><font size=3D2><a href=3D"javascript:GoToSld('slide0014.htm');" id=3DPPTL4>Social versus pr= ivate insurance</a></font></div> <div id=3DPPTC4 class=3DCTxt style=3D'display:none'><font size=3D2> <ul> <li>Governments provide various forms of social insurance to achieve equ= ity through income redistribution</li> <li>The types of social insurance include the following:</li> <ul> <li>Survivor</li> <li>Retirement</li> <li>Disability</li> <li>Unemployment</li> <li>Health</li> <br> <br> </ul> </ul> </font></div> </td> </tr> <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(= this)" style=3D'cursor:hand'> <td align=3Dright valign=3Dtop> <div class=3DsldNum><font size=3D2>5</font></div> </td> <td> <div id=3DPPTP5 class=3DPTxt><font size=3D2><a href=3D"javascript:GoToSld('slide0015.htm');" id=3DPPTL5>Life versus non-= life</a></font></div> <div id=3DPPTC5 class=3DCTxt style=3D'display:none'><font size=3D2> <ul> <li>The insurance sector is divided between life and non-life</li> <ul> <li>The non-life area is generally referred to as either property/liabi= lity insurance or general insurance and covers:</li> <ul> <li>Property</li> <li>Liability</li> <li>Worker’s compensation</li> </ul> <li>The life area includes the following covers:</li> <ul> <li>Life assurance</li> <ul> <li>Whole life, term life, endowment insurance</li> </ul> <li>Annuities and pensions</li> <ul> <li>Life annuity, defined benefits plan, defined contributions plan</= li> </ul> <li>Disability and long-term care</li> <li>Health, accident and medical insurance</li> </ul> </ul> <li>Some countries prohibit the same company to sell life and non-life w= hile others allow the joint production via holding companies or affiliate= s</li> </ul> </font></div> </td> </tr> <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(= this)" style=3D'cursor:hand'> <td align=3Dright valign=3Dtop> <div class=3DsldNum><font size=3D2>6</font></div> </td> <td> <div id=3DPPTP6 class=3DPTxt><font size=3D2><a href=3D"javascript:GoToSld('slide0008.htm');" id=3DPPTL6>Life and health insurance categories</a></font></div> <div id=3DPPTC6 class=3DCTxt style=3D'display:none'><font size=3D2> <ul> <li>Group</li> <ul> <li>This insurance is typically purchased by employers for the benefit = of their employees</li> </ul> <li>Industrial</li> <ul> <li>Life and health policies issued to individuals in small amounts</li> </ul> <li>Ordinary</li> <ul> <li>Individual life and health policies with larger benefits than industrial</li> </ul> <li>Credit</li> <ul> <li>Insurance instruments issued through lending institutions to cover = debt obligations if the borrower dies or becomes disabled</li> </ul> </ul> </font></div> </td> </tr> <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(= this)" style=3D'cursor:hand'> <td align=3Dright valign=3Dtop> <div class=3DsldNum><font size=3D2>7</font></div> </td> <td> <div id=3DPPTP7 class=3DPTxt><font size=3D2><a href=3D"javascript:GoToSld('slide0018.htm');" id=3DPPTL7>Economic overvie= w of life and health markets</a></font></div> <div id=3DPPTC7 class=3DCTxt style=3D'display:none'><font size=3D2> <ul> <li>Competitive insurance markets</li> <ul> <li>Conditions</li> <ul> <li>Many buyers and sellers</li> <li>Freedom of entry and exit</li> <li>Homogenous product</li> <li>Perfect information</li> </ul> </ul> <li>Market imperfections arise due to the following conditions</li> <ul> <li>Market power</li> <li>Externalities</li> <li>Information problems</li> <li>Free rider problems</li> </ul> </ul> </font></div> </td> </tr> <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(= this)" style=3D'cursor:hand'> <td align=3Dright valign=3Dtop> <div class=3DsldNum><font size=3D2>8</font></div> </td> <td> <div id=3DPPTP8 class=3DPTxt><font size=3D2><a href=3D"javascript:GoToSld('slide0009.htm');" id=3DPPTL8>Market Imperfect= ions</a></font></div> </td> </tr> <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(= this)" style=3D'cursor:hand'> <td align=3Dright valign=3Dtop> <div class=3DsldNum><font size=3D2>9</font></div> </td> <td> <div id=3DPPTP9 class=3DPTxt><font size=3D2><a href=3D"javascript:GoToSld('slide0022.htm');" id=3DPPTL9>Market power</a>= </font></div> <div id=3DPPTC9 class=3DCTxt style=3D'display:none'><font size=3D2> <ul> <li>Market power exists when a buyer or seller has the ability to influe= nce the market price.</li> <li>Sources of market power</li> <ul> <li>Barriers to entry or exit</li> <li>Economies of scale and scope</li> <li>Price discrimination</li> <li>Product differentiation</li> </ul> </ul> </font></div> </td> </tr> <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(= this)" style=3D'cursor:hand'> <td align=3Dright valign=3Dtop> <div class=3DsldNum><font size=3D2>10</font></div> </td> <td> <div id=3DPPTP10 class=3DPTxt><font size=3D2><a href=3D"javascript:GoToSld('slide0023.htm');" id=3DPPTL10>Externalities</= a></font></div> <div id=3DPPTC10 class=3DCTxt style=3D'display:none'><font size=3D2> <ul> <li>An externality exists when an agent’s, e.g., a firm’s production or an individual’s consumption, activities have a direct and uncompensated effect on others</li> <li>A positive externality exists if benefits are provided to others</li> <ul> <li>Bee keeper</li> </ul> <li>A negative externality exists if costs are imposed on others</li> <ul> <li>Pollution</li> <li>Global warming</li> <li>Fraud</li> </ul> </ul> </font></div> </td> </tr> <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(= this)" style=3D'cursor:hand'> <td align=3Dright valign=3Dtop> <div class=3DsldNum><font size=3D2>11</font></div> </td> <td> <div id=3DPPTP11 class=3DPTxt><font size=3D2><a href=3D"javascript:GoToSld('slide0024.htm');" id=3DPPTL11>Free rider prob= lem</a></font></div> <div id=3DPPTC11 class=3DCTxt style=3D'display:none'><font size=3D2> <ul> <li>All members of a group may benefit from the efforts of each member a= nd all may benefit substantially from collective action. For example, if each of us pollutes less by paying a bit extra for our cars, we all benefit from the reduction of harmful gases in the air we breathe and even in the reduced harm to the ozone layer that protects us against exposure to carcinogenic ultraviolet radiation.<span style=3D'mso-spacerun:yes'> </span>If all or some subgroups pr= efer the state of affairs in which we each pay this bit over the state of affairs in which we do not, then the provision of cleaner air is a collective good for us.</li> <li>My polluting may be a small part of the whole and not matter enough = for others to notice. Therefore, I may not contribute my share toward cleaning the atmosphere. If so I may be a free rider on the benefici= al actions of others.</li> <li>This is an edited excerpt from the Stanford Encyclopedia of Philosop= hy</li> <li>Insurance examples</li> <ul> <li>Free emergency medical care</li> <li>Catastrophe aide</li> <li>Insurance regulation</li> <br> <br> </ul> </ul> </font></div> </td> </tr> <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(= this)" style=3D'cursor:hand'> <td align=3Dright valign=3Dtop> <div class=3DsldNum><font size=3D2>12</font></div> </td> <td> <div id=3DPPTP12 class=3DPTxt><font size=3D2><a href=3D"javascript:GoToSld('slide0025.htm');" id=3DPPTL12>Information pro= blems</a></font></div> <div id=3DPPTC12 class=3DCTxt style=3D'display:none'><font size=3D2> <ul> <li>Asymmetric information exists in a market if not all parties to a transaction have the information that determines the value</li> <li>Information problems include</li> <ul> <li>Adverse selection or hidden information</li> <ul> <li>Akerlof, G. A. (1970). "The Market for ‘Lemons’:<= span style=3D'mso-spacerun:yes'> </span>Quality Uncertainty and t= he Market Mechanism." Quarterly Journal of Economics 89: 488-500= .</li> <li>MacMinn, R. (1995). Lecture on ‘The Market for Lemons: Quali= ty Uncertainty and the Market Mechanism’</li> <li>Genetic testing</li> </ul> <li>Moral hazard or hidden action</li> <ul> <li>Shavell, S. (1979). "On Moral Hazard and Insurance." Qua= rterly Journal of Economics 93(4): 541-562.</li> </ul> </ul> </ul> </font></div> </td> </tr> <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(= this)" style=3D'cursor:hand'> <td align=3Dright valign=3Dtop> <div class=3DsldNum><font size=3D2>13</font></div> </td> <td> <div id=3DPPTP13 class=3DPTxt><font size=3D2><a href=3D"javascript:GoToSld('slide0019.htm');" id=3DPPTL13>Economic basis = for life and health insurance</a></font></div> <div id=3DPPTC13 class=3DCTxt style=3D'display:none'><font size=3D2> <ul> <li>The demand for life and health insurance</li> <ul> <li>Human capital concept</li> <ul> <li>Becker, G. S. (1962). "Investment in Human Capital: A Theoret= ical Analysis." The Journal of Political Economy 70(5, Part 2: Investment in Human Beings): 9-49.</li> </ul> <li>Human life value concept</li> <ul> <li>Hofflander, A. E. (1966). "The Human Life Value: An Historical Perspective." Journal of Risk and Insurance 33(3): 381-391.</= li> </ul> </ul> <li>Huebner’s qualitative and quantitative dimensions of the human life value</li> </ul> </font></div> </td> </tr> <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(= this)" style=3D'cursor:hand'> <td align=3Dright valign=3Dtop> <div class=3DsldNum><font size=3D2>14</font></div> </td> <td> <div id=3DPPTP14 class=3DPTxt><font size=3D2

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width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master09.xml"> <p:shaperange href=3D"master09.xml#_x0000_s8193"/><![if !ppt]><p:shaperange href=3D"master09.xml#_x0000_s8213"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s8213,_x0000_s8194,_x0000_s8195" src=3D"master09_image0= 01.gif" style=3D'position:absolute;top:0%;left:0%;width:64.41%;height:100.5%'><![e= ndif]><p:shaperange href=3D"master09.xml#_x0000_s8210"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s8210,_x0000_s8204,_x0000_s8205" src=3D"master09_image0= 02.gif" style=3D'position:absolute;top:71.25%;left:39.7%;width:53.55%;height:5.0%'= ><![endif]><p:shaperange href=3D"master09.xml#_x0000_s8206"/> <div v:shape=3D"_x0000_s8206" class=3DO style=3D'text-align:right;position= :absolute; top:95.25%;left:27.71%;width:21.53%;height:2.25%'><span lang=3DEN-US style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta0'= >Monday, January 24, 2005</span><span style=3D'font-size:42%;color:white;mso-color-= index: 0;mso-special-format:lastCR;display:none'> </span></div> <p:shaperange href=3D"master09.xml#_x0000_s8207"/> <div v:shape=3D"_x0000_s8207" class=3DO style=3D'text-align:right;position= :absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>Copyright MacMinn.org</span><span style=3D'font-siz= e: 42%;mso-special-format:lastCR;display:none'> </span></div> <p:shaperange href=3D"master09.xml#_x0000_s8209"/> <div v:shape=3D"_x0000_s8209" class=3DO style=3D'position:absolute;top:95.= 5%; left:1.87%;width:4.49%;height:2.25%'><span style=3D'font-size:42%;color:wh= ite; mso-color-index:0;mso-field-code:meta16'><b>1</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> <![endif]><p:shaperange href=3D"master09.xml#_x0000_m8211"/><v:shape id=3D= "_x0000_s67590" type=3D"#_x0000_m8211" style=3D'position:absolute;left:54pt;top:78pt;widt= h:9in; height:150pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"centerTitle"/></v:shape><p:shaperange href=3D"master09.xml#_x0000_m8197"/><v:shape id=3D"_x0000_s67591" type=3D= "#_x0000_m8197" style=3D'position:absolute;left:368pt;top:330pt;width:316pt;height:44pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"subTitle" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s67590" class=3DCT><span style=3D'position:absolute; top:21.0%;left:10.48%;width:84.26%;height:7.75%'>Economics of Life and Hea= lth </span><span style=3D'position:absolute;top:28.24%;left:11.42%;width:82.39%;height:7.75= %'>Insurance</span></div> <div v:shape=3D"_x0000_s67591" class=3DCB style=3D'text-align:center;posit= ion:absolute; top:65.75%;left:52.05%;width:41.94%;height:3.25%'><span style=3D'font-size= :50%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://macminn.org/"/><a href=3D"http://mac= minn.org/" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;">Richard M= acMinn</a></span><span style=3D'font-size:50%;mso-special-format:lastCR;display:none'> </span= ></div> </p:slide></div> </body> </html> ------=_NextPart_01C50228.DA1517D0 Content-Location: file:///C:/8E87B125/economicsoflife_files/master09_image001.gif Content-Transfer-Encoding: base64 Content-Type: image/gif R0lGODlhWAGSAXcAMSH+GlNvZnR3YXJlOiBNaWNyb3NvZnQgT2ZmaWNlACH5BAEAAAAALAAAAABX AZABgQAAAJnMmf///wECAwL/jI+py+0Po5y02ouzlqD7D4biSJZmuaXqyrbuC6fnTNd2GOf6zve+ dgsKh52f8YhMKi3EphO1jEqnVNjzigVUt9yud5ENE7/ksvkoTt/O7LZbpY7P3vS6vSHPk+78/lsP COI3SOgVeKhVqLiohBjICBnJ4wgoaXnJQqmHydnJpCnnKTqKBxpHippqepra6rmq5iqLCZs2extZ 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mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO style=3D'position:absolute;top:95.= 5%; left:3.74%;width:2.8%;height:2.25%'><span style=3D'font-size:42%;color:whi= te; mso-color-index:0;mso-field-code:meta16'><b>2</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s70658" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s70658" class=3DT style=3D'position:absolute;top:18= .75%; left:10.11%;width:83.33%;height:7.75%'>Objectives</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s7= 0659" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s70659" class=3DB> <div id=3D"_x0000_s70659_0_111" style=3D'mso-line-spacing:"90 20 0";positi= on:absolute; top:35.0%;left:10.11%;width:97.0%;height:8.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.86%;width:96.13%;height:52.94%'><= span style=3D'font-size:71%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-4.01%;top:.3em;font-family:Wingdings;font-size:75%'>l</span></span><= span style=3D'font-size:71%'>Draw distinctions between social and private insur= ance, as well </span></span><span style=3D'position:absolute;top:47.05%;left:3.8= 6%; width:80.88%;height:52.94%'><span style=3D'font-size:71%'>as between life = and health insurance products. </span></span></div> <div id=3D"_x0000_s70659_111_179" style=3D'mso-line-spacing:"90 20 0";posi= tion: absolute;top:44.0%;left:10.11%;width:89.7%;height:8.5%;white-space:nowrap'= ><span style=3D'position:absolute;top:0%;left:4.17%;width:95.82%;height:52.94%'><= span style=3D'font-size:71%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-4.35%;top:.3em;font-family:Wingdings;font-size:75%'>l</span></span><= span style=3D'font-size:71%'>Describe the conditions required for competitive insurance </span></span><span style=3D'position:absolute;top:47.05%;left:4= .17%; width:87.47%;height:52.94%'><span style=3D'font-size:71%'>markets. </s= pan></span></div> <div id=3D"_x0000_s70659_179_276" style=3D'mso-line-spacing:"90 20 0";posi= tion: absolute;top:52.75%;left:10.11%;width:95.88%;height:8.5%;white-space:nowra= p'><span style=3D'position:absolute;top:0%;left:3.9%;width:96.09%;height:52.94%'><s= pan style=3D'font-size:71%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-4.06%;top:.3em;font-family:Wingdings;font-size:75%'>l</span></span><= span style=3D'font-size:71%'>Describe market imperfections, giving examples of = each within </span></span><span style=3D'position:absolute;top:47.05%;left:3.9%; width:81.83%;height:52.94%'><span style=3D'font-size:71%'>life and health insurance markets. </span></span></div> <div id=3D"_x0000_s70659_276_383" style=3D'mso-line-spacing:"90 20 0";posi= tion: absolute;top:61.75%;left:10.11%;width:94.19%;height:8.5%;white-space:nowra= p'><span style=3D'position:absolute;top:0%;left:3.97%;width:96.02%;height:52.94%'><= span style=3D'font-size:71%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-4.14%;top:.3em;font-family:Wingdings;font-size:75%'>l</span></span><= span style=3D'font-size:71%'>Understand how economic theories of consumption ma= y help </span></span><span style=3D'position:absolute;top:47.05%;left:3.97%;width= :83.3%; height:52.94%'><span style=3D'font-size:71%'>explain the demand for life a= nd health insurance. </span></span></div> <div id=3D"_x0000_s70659_383_508" style=3D'mso-line-spacing:"90 20 0";posi= tion: absolute;top:70.5%;left:10.11%;width:85.2%;height:12.5%;white-space:nowrap= '><span style=3D'position:absolute;top:0%;left:4.39%;width:95.6%;height:36.0%'><sp= an style=3D'font-size:71%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-4.59%;top:.3em;font-family:Wingdings;font-size:75%'>l</span></span><= span style=3D'font-size:71%'>Describe the role of capital, financial management= , and </span></span><span style=3D'position:absolute;top:32.0%;left:4.39%;width:94.28%;height:36.0%'= ><span style=3D'font-size:71%'>distribution systems in the production of life and health </span></span><span style=3D'position:absolute;top:64.0%;left:4.39%; width:92.08%;height:36.0%'><span style=3D'font-size:71%'>insurance.</span>= </span></div> </div> </p:slide></div> <p:animation number=3D"314860587"/><oa:par id=3D"TimeNode0" dur=3D"indefini= te" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" next=3D"document.onpptnext" concurrent=3D"enabled" nextAction=3D"seek" p:nodeType=3D"mainSeq"> <oa:par id=3D"TimeNode2" begin=3D"indefinite" fill=3D"hold"> <oa:par id=3D"TimeNode3" begin=3D"0.0" fill=3D"hold"> <oa:par id=3D"TimeNode4" o:presetID=3D"ppt_2" o:presetClass=3D"entrance" o:presetSubType=3D"0x4" begin=3D"0.0" fill=3D"hold" o:groupID=3D"1" p:nodeType=3D"clickEffect"> <oa:set id=3D"TimeNode5" begin=3D"0.0" dur=3D"0.001" fill=3D"hold" targetElement=3D"_x0000_s70659_0_111" attributeName=3D"style.visibili= ty" to=3D"visible"/> <oa:animate id=3D"TimeNode6" 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id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"1/24/2005: Insurance defined"> <link rel=3DStylesheet href=3D"master08_stylesheet.css"> <![if !ppt]> <style media=3Dprint>  </style> <script src=3Dscript.js></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"93"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.74%;width:2.8%;height:2.2= 5%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>3</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s95234" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape><p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s95235" type=3D= "#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;width:605.75pt;height:293.= 25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s95234" class=3DT style=3D'position:absolute;top:18= .75%; left:10.11%;width:83.33%;height:7.75%'>Insurance defined</div> <div v:shape=3D"_x0000_s95235"> <div class=3DB style=3D'mso-line-spacing:"80 20 0";position:absolute;top:3= 4.5%; left:10.11%;width:82.2%;height:5.25%'><span style=3D'position:absolute; top:0%;left:4.55%;width:95.44%;height:100.0%'><span style=3D'font-size:86%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-4.77%;top:.3em; font-family:Wingdings;font-size:75%'>l</span></span><span style=3D'font-si= ze: 86%'>Economic perspective </span></span></div> <div class=3DB1 style=3D'mso-line-spacing:"80 20 0";position:absolute;top:= 39.75%; left:15.16%;width:77.34%;height:4.5%'><span style=3D'position:absolute; top:0%;left:4.11%;width:95.88%;height:100.0%'><span style=3D'font-size:83%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-4.29%;top:.3em; font-size:75%'>–</span></span><span style=3D'font-size:83%'>Insuranc= e is a service </span></span></div> <div class=3DB2 style=3D'mso-line-spacing:"80 20 0"'><span style=3D'positi= on:absolute; top:44.25%;left:22.65%;width:78.27%;height:4.0%'><span style=3D'font-size:= 90%'><span style=3D'mso-special-format:bullet;position:absolute;left:-3.11%;top:.3em; font-family:Wingdings;font-size:75%'>l</span></span><span style=3D'font-si= ze: 90%'>Individuals exposed to perils contribute to a pool and those </span><= /span><span style=3D'position:absolute;top:47.5%;left:22.65%;width:81.83%;height:4.0%'= ><span style=3D'font-size:90%'>who suffer the peril covered by the pool receive payment, i.e., </span></span><span style=3D'position:absolute;top:50.5%; left:22.65%;width:69.85%;height:4.0%'><span style=3D'font-size:90%'>indemn= ity. </span></span></div> <div class=3DB2 style=3D'mso-line-spacing:"80 20 0"'><span style=3D'positi= on:absolute; top:54.5%;left:22.65%;width:75.28%;height:4.0%'><span style=3D'font-size:9= 0%'><span style=3D'mso-special-format:bullet;position:absolute;left:-3.23%;top:.3em; font-family:Wingdings;font-size:75%'>l</span></span><span style=3D'font-si= ze: 90%'>In this perspective insurance is a contingent claim on the </span></s= pan><span style=3D'position:absolute;top:57.75%;left:22.65%;width:69.85%;height:4.0%= '><span style=3D'font-size:90%'>pool’s assets </span></span></div> <div class=3DB style=3D'mso-line-spacing:"80 20 0";position:absolute;top:6= 2.0%; left:10.11%;width:82.2%;height:5.25%'><span style=3D'position:absolute; top:0%;left:4.55%;width:95.44%;height:100.0%'><span style=3D'font-size:86%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-4.77%;top:.3em; font-family:Wingdings;font-size:75%'>l</span></span><span style=3D'font-si= ze: 86%'>Legal perspective </span></span></div> <div class=3DB1 style=3D'mso-line-spacing:"80 20 0";position:absolute;top:= 67.25%; left:15.16%;width:77.34%;height:4.5%'><span style=3D'position:absolute; top:0%;left:4.11%;width:95.88%;height:100.0%'><span style=3D'font-size:83%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-4.29%;top:.3em; font-size:75%'>–</span></span><span style=3D'font-size:83%'>Insuranc= e is a contract </span></span></div> <div class=3DB2 style=3D'mso-line-spacing:"80 20 0"'><span style=3D'positi= on:absolute; top:71.5%;left:22.65%;width:82.2%;height:4.0%'><span style=3D'font-size:90= %'><span style=3D'mso-special-format:bullet;position:absolute;left:-2.96%;top:.3em; font-family:Wingdings;font-size:75%'>l</span></span><span style=3D'font-si= ze: 90%'>The insurance is an agreement in which the policyholder pays </span><= /span><span style=3D'position:absolute;top:74.75%;left:22.65%;width:75.46%;height:4.0%= '><span style=3D'font-size:90%'>a stipulated consideration, i.e., premium, to the insurer in </span></span><span style=3D'position:absolute;top:78.0%;left:2= 2.65%; width:83.7%;height:4.0%'><span style=3D'font-size:90%'>return for which the insurer agrees to pay a defined amount if a </span></span><span style=3D'position:absolute;top:81.25%;left:22.65%;width:69.85%;height:4.0%= '><span style=3D'font-size:90%'>covered event occurs during the policy period = </span></span></div> <div class=3DB2 style=3D'mso-line-spacing:"80 20 0";position:absolute;top:= 85.25%; left:20.22%;width:72.28%;height:4.0%'><span style=3D'position:absolute; top:0%;left:3.36%;width:96.63%;height:100.0%'><span style=3D'font-size:90%; visibility:hidden'><span style=3D'mso-special-format:bullet;position:absol= ute; left:-3.48%;font-family:Wingdings;font-size:75%'>l</span></span><span style=3D'font-size:90%;mso-special-format:lastCR;display:none'> </span= ></span></div> </div> </p:slide></div> <![if !ppt]> <div id=3DNotesObj style=3D'display:none'> <table style=3D'color:white' border=3D0 width=3D"100%"> <tr> <td width=3D5 nowrap></td> <td width=3D"100%"></td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Consid= er the perils that individuals face such as property losses or the loss of life or heal= th due to fire, windstorm, earthquake, flood, epidemic, pandemic, etc.<span style=3D'mso-spacerun:yes'> </span>While these events cannot be for= eseen with certainty they can be managed.<span style=3D'mso-spacerun:yes'> </span>The function of insurance is to provide some security in the face = of these hazards.<span style=3D'mso-spacerun:yes'> </span>The insurance function is the creation of a pool of funds that allows individuals to sh= are; individuals contribute a small amount and those who suffer losses are pai= d a large amount.</font><br> </td> </tr> </table> </div> <![endif]> </body> </html> ------=_NextPart_01C50228.DA1517D0 Content-Location: file:///C:/8E87B125/economicsoflife_files/slide0014.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" <html xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office" xmlns:p=3D"urn:schemas-microsoft-com:office:powerpoint" xmlns:oa=3D"urn:schemas-microsoft-com:office:activation" xmlns=3D"http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii"> <meta name=3DProgId content=3DPowerPoint.Slide> <meta name=3DGenerator content=3D"Microsoft PowerPoint 11"> <link id=3DMain-File rel=3DMain-File href=3D"../economicsoflife.htm"> <link rel=3DPreview href=3Dpreview.wmf>  <title>Economic Security and the Economics of Life and Health Insurance</ti= tle> <![if IE]> <base href=3D"file:///C:\8E87B125\economicsoflife_files\slide0014.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"1/24/2005: Social versus private insura= nce"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"90"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.74%;width:2.8%;height:2.2= 5%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>4</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s92162" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s92162" class=3DT style=3D'position:absolute;top:18= .75%; left:10.11%;width:90.26%;height:7.75%'>Social versus private insurance</di= v> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s9= 2163" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s92163"> <div id=3D"_x0000_s92163_0_102" class=3DB style=3D'position:absolute;top:3= 5.5%; left:10.11%;width:83.14%;height:15.75%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.5%;width:95.49%;height:33.33%'><s= pan style=3D'font-size:86%'><span class=3DBB style=3D'position:absolute;left:-= 4.71%; top:.3em'>l</span></span><span style=3D'font-size:86%'>Governments provide various forms of social </span></span><span style=3D'position:absolute; top:33.33%;left:4.5%;width:94.36%;height:33.33%'><span style=3D'font-size:= 86%'>insurance to achieve equity through income </span></span><span style=3D'position:abs= olute; top:66.66%;left:4.5%;width:94.36%;height:33.33%'><span style=3D'font-size:= 86%'>redistribution </span></span></div> <div id=3D"_x0000_s92163_102_155" class=3DB style=3D'position:absolute;top= :52.5%; left:10.11%;width:94.0%;height:5.25%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.98%;width:96.01%;height:100.0%'><= span style=3D'font-size:86%'><span class=3DBB style=3D'position:absolute;left:-= 4.14%; top:.3em'>l</span></span><span style=3D'font-size:86%'>The types of social insurance include the following: </span></span></div> <div id=3D"_x0000_s92163_155_164" class=3DB1 style=3D'position:absolute;to= p:58.5%; left:15.16%;width:77.34%;height:4.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%;height:100.0%'><= span style=3D'font-size:83%'><span class=3DB1B style=3D'position:absolute;left:= -4.29%; top:.3em'>–</span></span><span style=3D'font-size:83%'>Survivor = </span></span></div> <div id=3D"_x0000_s92163_164_175" class=3DB1 style=3D'position:absolute;to= p:64.0%; left:15.16%;width:77.34%;height:4.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%;height:100.0%'><= span style=3D'font-size:83%'><span class=3DB1B style=3D'position:absolute;left:= -4.29%; top:.3em'>–</span></span><span style=3D'font-size:83%'>Retirement= 3;</span></span></div> <div id=3D"_x0000_s92163_175_186" class=3DB1 style=3D'position:absolute;to= p:69.25%; left:15.16%;width:77.34%;height:4.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%;height:100.0%'><= span style=3D'font-size:83%'><span class=3DB1B style=3D'position:absolute;left:= -4.29%; top:.3em'>–</span></span><span style=3D'font-size:83%'>Disability= 3;</span></span></div> <div id=3D"_x0000_s92163_186_199" class=3DB1 style=3D'position:absolute;to= p:74.5%; left:15.16%;width:77.34%;height:4.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%;height:100.0%'><= span style=3D'font-size:83%'><span class=3DB1B style=3D'position:absolute;left:= -4.29%; top:.3em'>–</span></span><span style=3D'font-size:83%'>Unemployment&= #13;</span></span></div> <div id=3D"_x0000_s92163_199_206" class=3DB1 style=3D'position:absolute;to= p:80.0%; left:15.16%;width:77.34%;height:4.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%;height:100.0%'><= span style=3D'font-size:83%'><span class=3DB1B style=3D'position:absolute;left:= -4.29%; top:.3em'>–</span></span><span style=3D'font-size:83%'>Health </= span></span></div> <div class=3DB1 style=3D'position:absolute;top:85.25%;left:15.16%;width:77= .34%; height:4.5%'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.8= 8%; height:100.0%'><span style=3D'font-size:83%;visibility:hidden'><span class= =3DB1B style=3D'position:absolute;left:-4.29%'>–</span></span><span style=3D'font-size:83%;mso-special-format:lastCR;display:none'> </span= ></span></div> </div> </p:slide></div> <p:animation number=3D"314860587"/><oa:par id=3D"TimeNode0" dur=3D"indefini= te" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" next=3D"document.onpptnext" concurrent=3D"enabled" nextAction=3D"seek" p:nodeType=3D"mainSeq"> <oa:par id=3D"TimeNode2" begin=3D"indefinite" fill=3D"hold"> <oa:par id=3D"TimeNode3" begin=3D"0.0" fill=3D"hold"> <oa:par id=3D"TimeNode4" o:presetID=3D"ppt_2" o:presetClass=3D"entrance" o:presetSubType=3D"0x4" begin=3D"0.0" fill=3D"hold" o:groupID=3D"0" p:nodeType=3D"clickEffect"> <oa:set id=3D"TimeNode5" begin=3D"0.0" dur=3D"0.001" fill=3D"hold" targetElement=3D"_x0000_s92163_0_102" attributeName=3D"style.visibili= ty" to=3D"visible"/> <oa:animate id=3D"TimeNode6" dur=3D"0.5" fill=3D"hold" 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<![endif]> <![if !ppt]> <div id=3DNotesObj style=3D'display:none'> <table style=3D'color:white' border=3D0 width=3D"100%"> <tr> <td width=3D5 nowrap></td> <td width=3D"100%"></td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>While = the emphasis here may be on private insurance, no discussion is complete without considering the social insurance coverage.<span style=3D'mso-spacerun:yes'> </span>In planning for retirement, for example, the social retirement benefits constitute a portion of the retirement income that must be considered.</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Consid= er the social health insurance coverage provided in Canada, England and elsewhere by providing a link.<span style=3D'mso-spacerun:yes'> </span>Say somet= hing about the provision of ? in England and something about their superannuat= ion schemes.<span style=3D'mso-spacerun:yes'> </span>Have them search f= or descriptions of these social insurance plans in Canada and Europe.</font>= <br> </td> </tr> </table> </div> <![endif]> </body> </html> ------=_NextPart_01C50228.DA1517D0 Content-Location: file:///C:/8E87B125/economicsoflife_files/slide0015.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" <html xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office" xmlns:p=3D"urn:schemas-microsoft-com:office:powerpoint" xmlns:oa=3D"urn:schemas-microsoft-com:office:activation" xmlns=3D"http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii"> <meta name=3DProgId content=3DPowerPoint.Slide> <meta name=3DGenerator content=3D"Microsoft PowerPoint 11"> <link id=3DMain-File rel=3DMain-File href=3D"../economicsoflife.htm"> <link rel=3DPreview href=3Dpreview.wmf>  <title>Economic Security and the Economics of Life and Health Insurance</ti= tle> <![if IE]> <base href=3D"file:///C:\8E87B125\economicsoflife_files\slide0015.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"1/24/2005: Life versus non-life"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"91"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.74%;width:2.8%;height:2.2= 5%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>5</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s93186" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s93186" class=3DT style=3D'position:absolute;top:18= .75%; left:10.11%;width:83.33%;height:7.75%'>Life versus non-life</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s9= 3187" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s93187"> <div id=3D"_x0000_s93187_0_58" class=3DB style=3D'mso-line-spacing:"80 20 = 0"; position:absolute;top:34.75%;left:10.11%;width:82.2%;height:4.0%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%; height:100.0%'><span style=3D'font-size:64%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.77%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:64%'>The insurance = sector is divided between life and non-life </span></span></div> <div id=3D"_x0000_s93187_58_173" class=3DB1 style=3D'mso-line-spacing:"80 = 20 0"; position:absolute;top:38.75%;left:15.16%;width:80.89%;height:6.5%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.93%;width:96.29%; height:53.84%'><span style=3D'font-size:67%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.08%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:67%'>The non-life area is generally referred to as eith= er property/liability </span></span><span style=3D'position:absolute;top:42.3= %; left:3.93%;width:91.66%;height:53.84%'><span style=3D'font-size:67%'>insur= ance or general insurance and covers: </span></span></div> <div id=3D"_x0000_s93187_173_182" class=3DB2 style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:45.0%;left:20.22%;width:72.28%;height:3.25%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.36%;width:96.63%; height:100.0%'><span style=3D'font-size:70%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.48%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:70%'>Property <= /span></span></div> <div id=3D"_x0000_s93187_182_192" class=3DB2 style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:48.0%;left:20.22%;width:72.28%;height:3.25%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.36%;width:96.63%; height:100.0%'><span style=3D'font-size:70%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.48%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:70%'>Liability = </span></span></div> <div id=3D"_x0000_s93187_192_214" class=3DB2 style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:51.24%;left:20.22%;width:72.28%;height:3.25%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:3.36%;width:96.63%; height:100.0%'><span style=3D'font-size:70%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.48%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:70%'>Worker’s compensation </span></span></div> <div id=3D"_x0000_s93187_214_259" class=3DB1 style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:54.5%;left:15.16%;width:77.34%;height:3.5%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%; height:100.0%'><span style=3D'font-size:67%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.29%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:67%'>The life area includes the following covers: <= /span></span></div> <div id=3D"_x0000_s93187_259_274" class=3DB2 style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:57.75%;left:20.22%;width:72.28%;height:3.25%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:3.36%;width:96.63%; height:100.0%'><span style=3D'font-size:70%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.48%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:70%'>Life assurance= </span></span></div> <div id=3D"_x0000_s93187_274_317" class=3DB3 style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:61.0%;left:25.09%;width:67.22%;height:2.75%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.89%;width:96.37%; height:100.0%'><span style=3D'font-size:67%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.04%;top:.22em;font-size:80%'>–</spa= n></span><span style=3D'font-size:67%'>Whole life, term life, endowment insurance </s= pan></span></div> <div id=3D"_x0000_s93187_317_340" class=3DB2 style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:63.74%;left:20.22%;width:72.28%;height:3.25%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:3.36%;width:96.63%; height:100.0%'><span style=3D'font-size:70%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.48%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:70%'>Annuities and pensions </span></span></div> <div id=3D"_x0000_s93187_340_404" class=3DB3 style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:66.75%;left:25.09%;width:67.22%;height:2.75%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:3.89%;width:96.37%; height:100.0%'><span style=3D'font-size:67%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.04%;top:.22em;font-size:80%'>–</spa= n></span><span style=3D'font-size:67%'>Life annuity, defined benefits plan, defined contributions plan </span></span></div> <div id=3D"_x0000_s93187_404_434" class=3DB2 style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:69.5%;left:20.22%;width:72.28%;height:3.25%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.36%;width:96.63%; height:100.0%'><span style=3D'font-size:70%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.48%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:70%'>Disability and long-term care </span></span></div> <div id=3D"_x0000_s93187_434_473" class=3DB2 style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:72.5%;left:20.22%;width:72.28%;height:3.25%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.36%;width:96.63%; height:100.0%'><span style=3D'font-size:70%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.48%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:70%'>Health, accide= nt and medical insurance </span></span></div> <div id=3D"_x0000_s93187_473_616" class=3DB style=3D'mso-line-spacing:"80 = 20 0"; position:absolute;top:75.75%;left:10.11%;width:91.38%;height:10.25%; white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.09%; width:95.9%;height:39.02%'><span style=3D'font-size:64%'><span style=3D'ms= o-special-format: bullet;position:absolute;left:-4.27%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:64%'>Some countries prohibit the same company to sell life and non-life </span></span><span style=3D'position:absolute;top:31.7%;left:4.09%;width:92.0%;height:39.02%'= ><span style=3D'font-size:64%'>while others allow the joint production via holding companies or </span></span><span style=3D'position:absolute;top:60.97%; left:4.09%;width:85.86%;height:39.02%'><span style=3D'font-size:64%'>affil= iates</span></span></div> </div> </p:slide></div> <p:animation number=3D"314860587"/><oa:par id=3D"TimeNode0" dur=3D"indefini= te" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" next=3D"document.onpptnext" concurrent=3D"enabled" nextAction=3D"seek" p:nodeType=3D"mainSeq"> <oa:par id=3D"TimeNode2" begin=3D"indefinite" fill=3D"hold"> <oa:par id=3D"TimeNode3" begin=3D"0.0" fill=3D"hold"> <oa:par id=3D"TimeNode4" o:presetID=3D"ppt_2" o:presetClass=3D"entrance" o:presetSubType=3D"0x4" begin=3D"0.0" fill=3D"hold" o:groupID=3D"0" 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dir=3Dltr align=3Dleft colspan=3D1><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Term l= ife provides coverage for a set term such as 5, 10, or 20 years, and pays a set death benefit</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Endowm= ent insurance is term insurance with an endowment or benefit that is paid if the insured survives the policy term.</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Find o= nline definitions of holding companies and affiliates.</font><br> </td> </tr> </table> </div> <![endif]> </body> </html> ------=_NextPart_01C50228.DA1517D0 Content-Location: file:///C:/8E87B125/economicsoflife_files/slide0008.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; 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top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.74%;width:2.8%;height:2.2= 5%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>6</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s78852" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s78852" class=3DT style=3D'position:absolute;top:19= .5%; left:10.11%;width:92.5%;height:6.75%'><span style=3D'font-size:89%'>Life a= nd health insurance categories</span></div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s7= 8897" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:296.875pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1" size=3D"half"/><p:animation n= umber=3D"3" delay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down" = flag=3D"0"/></v:shape> <div v:shape=3D"_x0000_s78897"> <div id=3D"_x0000_s78897_0_6" class=3DHB style=3D'mso-line-spacing:"90 20 = 0"; position:absolute;top:35.0%;left:10.11%;width:39.32%;height:4.5%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:9.52%;width:90.47%; height:100.0%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-10.52%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:83%'>Group </sp= an></span></div> <div id=3D"_x0000_s78897_6_92" class=3DHB1 style=3D'mso-line-spacing:"90 2= 0 0"; position:absolute;top:39.75%;left:15.16%;width:35.95%;height:8.75%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:8.85%;width:86.97%; height:37.14%'><span style=3D'font-size:70%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-10.17%;top:.3em;font-size:75%'>–</spa= n></span><span style=3D'font-size:70%'>This insurance is typically </span></span><span style=3D'position:absolute;top:31.42%;left:8.85%;width:91.14%;height:37.14= %'><span style=3D'font-size:70%'>purchased by employers for the </span></span><span style=3D'position:absolute;top:62.85%;left:8.85%;width:86.97%;height:37.14= %'><span style=3D'font-size:70%'>benefit of their employees </span></span></div> <div id=3D"_x0000_s78897_92_103" class=3DHB style=3D'mso-line-spacing:"90 = 20 0"; position:absolute;top:49.0%;left:10.11%;width:39.32%;height:4.5%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:9.52%;width:90.47%; height:100.0%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-10.52%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:83%'>Industrial = ;</span></span></div> <div id=3D"_x0000_s78897_103_167" class=3DHB1 style=3D'mso-line-spacing:"9= 0 20 0"; position:absolute;top:53.5%;left:15.16%;width:36.89%;height:6.0%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:8.62%;width:91.87%; height:54.16%'><span style=3D'font-size:70%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-9.39%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:70%'>Life and health policies issued to </span></span><= span style=3D'position:absolute;top:45.83%;left:8.62%;width:84.77%;height:54.16= %'><span style=3D'font-size:70%'>individuals in small amounts </span></span></d= iv> <div id=3D"_x0000_s78897_167_176" class=3DHB style=3D'mso-line-spacing:"90= 20 0"; position:absolute;top:60.0%;left:10.11%;width:39.32%;height:4.5%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:9.52%;width:90.47%; height:100.0%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-10.52%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:83%'>Ordinary <= /span></span></div> <div id=3D"_x0000_s78897_176_249" class=3DHB1 style=3D'mso-line-spacing:"9= 0 20 0"; position:absolute;top:64.75%;left:15.16%;width:38.01%;height:6.0%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:8.37%;width:88.17%; height:54.16%'><span style=3D'font-size:70%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-9.49%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:70%'>Individual life and health policies </span></span>= <span style=3D'position:absolute;top:45.83%;left:8.37%;width:91.62%;height:54.16= %'><span style=3D'font-size:70%'>with larger benefits than industrial </span></= span></div> <div id=3D"_x0000_s78897_249_256" class=3DHB style=3D'mso-line-spacing:"90= 20 0"; position:absolute;top:71.25%;left:10.11%;width:39.32%;height:4.5%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:9.52%;width:90.47%; height:100.0%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-10.52%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:83%'>Credit </s= pan></span></div> <div id=3D"_x0000_s78897_256_381" class=3DHB1 style=3D'mso-line-spacing:"9= 0 20 0"; position:absolute;top:75.75%;left:15.16%;width:40.07%;height:11.5%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:7.94%;width:78.03%; height:28.26%'><span 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h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s100354" class=3DT><span style=3D'position:absolute; top:13.25%;left:10.11%;width:93.63%;height:6.75%'><span style=3D'font-size= :89%'>Economic overview of life and health </span></span><span style=3D'position:absolute; top:19.5%;left:10.11%;width:83.33%;height:6.75%'><span style=3D'font-size:= 89%'>markets</span></span></div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 00355" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down" flag=3D"0"/>= </v:shape> <div v:shape=3D"_x0000_s100355"> <div id=3D"_x0000_s100355_0_30" class=3DB style=3D'mso-line-spacing:"80 20= 0"; position:absolute;top:34.5%;left:10.11%;width:82.2%;height:5.25%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%; height:100.0%'><span style=3D'font-size:86%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.77%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:86%'>Competitive insurance markets </span></span></div> <div id=3D"_x0000_s100355_30_41" class=3DB1 style=3D'mso-line-spacing:"80 = 20 0"; position:absolute;top:39.75%;left:15.16%;width:77.34%;height:4.5%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%; height:100.0%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.29%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'>Conditions </span></span></div> <div id=3D"_x0000_s100355_41_65" class=3DB2 style=3D'mso-line-spacing:"80 = 20 0"; position:absolute;top:44.25%;left:20.22%;width:72.28%;height:4.0%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.36%;width:96.63%; height:100.0%'><span style=3D'font-size:90%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.48%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:90%'>Many buyers and sellers </span></span></div> <div id=3D"_x0000_s100355_65_91" class=3DB2 style=3D'mso-line-spacing:"80 = 20 0"; position:absolute;top:48.25%;left:20.22%;width:72.28%;height:4.0%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.36%;width:96.63%; height:100.0%'><span style=3D'font-size:90%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.48%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:90%'>Freedom of ent= ry and exit </span></span></div> <div id=3D"_x0000_s100355_91_110" class=3DB2 style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:52.25%;left:20.22%;width:72.28%;height:4.0%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.36%;width:96.63%; height:100.0%'><span style=3D'font-size:90%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.48%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:90%'>Homogenous product </span></span></div> <div id=3D"_x0000_s100355_110_130" class=3DB2 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:56.25%;left:20.22%;width:72.28%;height:4.0%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.36%;width:96.63%; height:100.0%'><span style=3D'font-size:90%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.48%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:90%'>Perfect information </span></span></div> <div id=3D"_x0000_s100355_130_189" class=3DB style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:60.25%;left:10.11%;width:86.51%;height:9.5%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:4.32%;width:95.67%; height:55.26%'><span style=3D'font-size:86%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.52%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:86%'>Market imperfe= ctions arise due to the following </span></span><span style=3D'position:absolute; top:44.73%;left:4.32%;width:90.69%;height:55.26%'><span style=3D'font-size= :86%'>conditions </span></span></div> <div id=3D"_x0000_s100355_189_202" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:69.75%;left:15.16%;width:77.34%;height:4.5%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%; height:100.0%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.29%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'>Market power </span></span></div> <div id=3D"_x0000_s100355_202_216" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:74.25%;left:15.16%;width:77.34%;height:4.5%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%; height:100.0%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.29%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://en.wikipedia.org/wiki/Externality"/><a href=3D"http://en.wikipedia.org/wiki/Externality" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;" style=3D'position:relative'>= Externalities</a></span><span style=3D'font-size:83%;display:none'> </span></span></div> <div id=3D"_x0000_s100355_216_237" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; 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position:absolute;top:55.25%;left:41.57%;width:9.55%;height:2.0%'><span style=3D'font-size:33%'>Asymmetric </span></div> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:56.99%;left:41.57%;width:9.55%;height:2.0%'><span style=3D'font-size:33%'>Information</span></div> </div> <div v:shape=3D"_s80913" class=3DO onclick=3D"parent.GoToSld('slide0024.ht= m');" style=3D'cursor:hand;position:absolute;top:49.5%;left:83.52%;width:11.04%; height:3.75%'> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:0%;left:0%;width:100.0%;height:53.33%'><span style=3D'font-size:33%'>Free Rider </span></div> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:46.66%;left:0%;width:100.0%;height:53.33%'><span style=3D'font-size:33%'>Problems</span></div> </div> <div v:shape=3D"_s80917" class=3DO> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; 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style=3D'font-size:25%'>Price </span></div> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:69.25%;left:15.54%;width:9.36%;height:1.5%'><span style=3D'font-size:25%'>Discrimination</span></div> </div> <div v:shape=3D"_s80923" class=3DO> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:74.0%;left:15.54%;width:9.36%;height:1.5%'><span style=3D'font-size:25%'>Product </span></div> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:75.25%;left:15.54%;width:9.36%;height:1.5%'><span style=3D'font-size:25%'>Differentiation</span></div> </div> <div v:shape=3D"_s80925" class=3DO style=3D'text-align:center;mso-char-wra= p:0; mso-kinsoku-overflow:0;position:absolute;top:56.25%;left:28.65%;width:9.36= %; height:1.5%'><span style=3D'font-size:25%'>Positive</span></div> <div v:shape=3D"_s80927" class=3DO style=3D'text-align:center;mso-char-wra= p:0; 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Security and the Economics of Life and Health Insurance</ti= tle> <![if IE]> <base href=3D"file:///C:\8E87B125\economicsoflife_files\slide0022.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"1/24/2005: Market power"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"104"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.74%;width:2.8%;height:2.2= 5%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>9</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s106498" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s106498" class=3DT style=3D'position:absolute;top:1= 8.75%; left:10.11%;width:83.33%;height:7.75%'>Market power</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 06499" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s106499"> <div id=3D"_x0000_s106499_0_90" class=3DB style=3D'position:absolute;top:3= 5.5%; left:10.11%;width:93.82%;height:12.25%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.99%;width:95.0%;height:48.97%'><s= pan class=3DBB style=3D'position:absolute;left:-4.2%;top:.3em'>l</span>Market = power exists when a buyer or seller </span><span style=3D'position:absolute; top:51.02%;left:3.99%;width:96.0%;height:48.97%'>has the ability to influe= nce the market price. </span></div> <div id=3D"_x0000_s106499_90_114" class=3DB style=3D'position:absolute;top= :49.25%; left:10.11%;width:82.2%;height:6.0%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%;height:100.0%'><= span class=3DBB style=3D'position:absolute;left:-4.77%;top:.3em'>l</span>Source= s of market power </span></div> <div id=3D"_x0000_s106499_114_140" class=3DB1 style=3D'position:absolute;t= op:56.49%; left:15.16%;width:77.34%;height:5.25%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%;height:100.0%'><= span class=3DB1B style=3D'position:absolute;left:-4.29%;top:.3em'>–</span= >Barriers to entry or exit </span></div> <div id=3D"_x0000_s106499_140_169" class=3DB1 style=3D'position:absolute;t= op:62.74%; left:15.16%;width:77.34%;height:5.25%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%;height:100.0%'><= span class=3DB1B style=3D'position:absolute;left:-4.29%;top:.3em'>–</span= >Economies of scale and scope </span></div> <div id=3D"_x0000_s106499_169_190" class=3DB1 style=3D'position:absolute;t= op:69.25%; left:15.16%;width:77.34%;height:5.25%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%;height:100.0%'><= span class=3DB1B style=3D'position:absolute;left:-4.29%;top:.3em'>–</span= >Price discrimination </span></div> <div id=3D"_x0000_s106499_190_214" class=3DB1 style=3D'position:absolute;t= op:75.5%; left:15.16%;width:77.34%;height:5.25%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%;height:100.0%'><= span class=3DB1B style=3D'position:absolute;left:-4.29%;top:.3em'>–</span= >Product differentiation</span></div> </div> </p:slide></div> <p:animation number=3D"314860587"/><oa:par id=3D"TimeNode0" dur=3D"indefini= te" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" next=3D"document.onpptnext" concurrent=3D"enabled" nextAction=3D"seek" p:nodeType=3D"mainSeq"> <oa:par id=3D"TimeNode2" begin=3D"indefinite" fill=3D"hold"> <oa:par id=3D"TimeNode3" begin=3D"0.0" fill=3D"hold"> <oa:par id=3D"TimeNode4" 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colspan=3D1><font face=3DArial size=3D3><b>Bar= riers</b></font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Barrie= rs to entry include licensing requirements and minimum capital requirements.</font><b= r> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Product differentiation may be viewed as an attempt to create a barrier to entry.= </font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3><b>Eco= nomies</b></font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Econom= ies of scale exist if the marginal cost is decreasing for all output levels.<span style=3D'mso-spacerun:yes'> </span>The derivative of the cost with respect to quantity is negative.</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Econom= ies of scope exist if joint production is less expensive than equivalent but separate production</font><br> </td> </tr> </table> </div> <![endif]> </body> </html> ------=_NextPart_01C50228.DA1517D0 Content-Location: file:///C:/8E87B125/economicsoflife_files/slide0023.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" <html xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office" xmlns:p=3D"urn:schemas-microsoft-com:office:powerpoint" xmlns:oa=3D"urn:schemas-microsoft-com:office:activation" xmlns=3D"http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii"> <meta name=3DProgId content=3DPowerPoint.Slide> <meta name=3DGenerator content=3D"Microsoft PowerPoint 11"> <link id=3DMain-File rel=3DMain-File href=3D"../economicsoflife.htm"> <link rel=3DPreview href=3Dpreview.wmf>  <title>Economic Security and the Economics of Life and Health Insurance</ti= tle> <![if IE]> <base href=3D"file:///C:\8E87B125\economicsoflife_files\slide0023.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"1/24/2005: Externalities"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"107"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>10</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s109570" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s109570" class=3DT style=3D'position:absolute;top:1= 8.75%; left:10.11%;width:83.33%;height:7.75%'>Externalities</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 09571" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s109571"> <div id=3D"_x0000_s109571_0_157" class=3DB style=3D'mso-line-spacing:"80 2= 0 0"; position:absolute;top:34.5%;left:10.11%;width:94.94%;height:13.75%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:3.94%;width:94.87%; height:38.18%'><span style=3D'font-size:86%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.15%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:86%'>An </span><span style=3D'font-size:86%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://en.wikipedia.org/wiki/Externality"/><a href=3D"http://en.wikipedia.org/wiki/Externality" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;" style=3D'position:relative'>= externality</a></span><span style=3D'font-size:86%'><span style=3D'mso-spacerun:yes'> </span>exis= ts when an agent’s, e.g., a firm’s </span></span><span style=3D'positi= on: absolute;top:30.9%;left:3.94%;width:96.05%;height:38.18%'><span style=3D'font-size:86%'>production or an individual’s consumption, activities </span></span><span style=3D'position:absolute;top:61.81%;left:= 3.94%; width:93.88%;height:38.18%'><span style=3D'font-size:86%'>have a direct and uncompensated effect on others </span></span></div> <div id=3D"_x0000_s109571_157_222" class=3DB style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:48.5%;left:10.11%;width:93.63%;height:9.5%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:4.0%;width:96.0%; height:55.26%'><span style=3D'font-size:86%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.16%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:86%'>A positive externality exists if benefits are provided </span></span><span style=3D'position:absolute;top:44.73%;left:4.0%;width:83.8%;height:55.26%'= ><span style=3D'font-size:86%'>to others </span></span></div> <div id=3D"_x0000_s109571_222_233" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:57.99%;left:15.16%;width:77.34%;height:4.5%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%; height:100.0%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.29%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'>Bee keeper </span></span></div> <div id=3D"_x0000_s109571_233_294" class=3DB style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:62.5%;left:10.11%;width:95.88%;height:9.5%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:3.9%;width:96.09%; height:55.26%'><span style=3D'font-size:86%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.06%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:86%'>A negative externality exists if costs are imposed on </span></span><span style=3D'position:absolute;top:44.73%;left:3.9%;width:81.83%;height:55.26%= '><span style=3D'font-size:86%'>others </span></span></div> <div id=3D"_x0000_s109571_294_304" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:72.0%;left:15.16%;width:77.34%;height:4.5%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%; height:100.0%'><span style=3D'font-size:83%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.29%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:83%'>Pollution </span></span></div> <div id=3D"_x0000_s109571_304_319" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; 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userSetAnimBgd=3D"false"/> <![endif]> </body> </html> ------=_NextPart_01C50228.DA1517D0 Content-Location: file:///C:/8E87B125/economicsoflife_files/slide0024.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" <html xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office" xmlns:p=3D"urn:schemas-microsoft-com:office:powerpoint" xmlns:oa=3D"urn:schemas-microsoft-com:office:activation" xmlns=3D"http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii"> <meta name=3DProgId content=3DPowerPoint.Slide> <meta name=3DGenerator content=3D"Microsoft PowerPoint 11"> <link id=3DMain-File rel=3DMain-File href=3D"../economicsoflife.htm"> <link rel=3DPreview href=3Dpreview.wmf>  <title>Economic Security and the Economics of Life and Health Insurance</ti= tle> <![if IE]> <base href=3D"file:///C:\8E87B125\economicsoflife_files\slide0024.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"1/24/2005: Free rider problem"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"108"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>11</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s110594" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s110594" class=3DT style=3D'position:absolute;top:1= 8.75%; left:10.11%;width:83.33%;height:7.75%'>Free rider problem</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 10595" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"cut" direction=3D"noBlack"/></v:shap= e> <div v:shape=3D"_x0000_s110595"> <div id=3D"_x0000_s110595_0_589" class=3DB style=3D'mso-line-spacing:"80 2= 0 0"; position:absolute;top:34.75%;left:10.11%;width:96.81%;height:23.5%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:3.86%;width:92.64%; height:14.89%'><span style=3D'font-size:57%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.17%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:57%'>All members of= a group may benefit from the efforts of each member and all </span></span><s= pan style=3D'position:absolute;top:11.7%;left:3.86%;width:90.13%;height:14.89%= '><span style=3D'font-size:57%'>may benefit substantially from collective action. = For example, if each of us </span></span><span style=3D'position:absolute; top:24.46%;left:3.86%;width:96.13%;height:14.89%'><span style=3D'font-size= :57%'>pollutes less by paying a bit extra for our cars, we all benefit from the reduction= </span></span><span style=3D'position:absolute;top:36.17%;left:3.86%;width:91.29%;height:14.89= %'><span style=3D'font-size:57%'>of harmful gases in the air we breathe and even in= the reduced harm to the </span></span><span style=3D'position:absolute;top:48.= 93%; left:3.86%;width:87.62%;height:14.89%'><span style=3D'font-size:57%'>ozone= layer that protects us against exposure to carcinogenic ultraviolet </span></spa= n><span style=3D'position:absolute;top:60.63%;left:3.86%;width:94.97%;height:14.89= %'><span style=3D'font-size:57%'>radiation.<span style=3D'mso-spacerun:yes'> </span>If all or some subgroups prefer the state of affairs in which we ea= ch </span></span><span style=3D'position:absolute;top:72.34%;left:3.86%;width:92.06%;height:14.89= %'><span style=3D'font-size:57%'>pay this bit over the state of affairs in which we= do not, then the provision of </span></span><span style=3D'position:absolute; top:85.1%;left:3.86%;width:81.04%;height:14.89%'><span style=3D'font-size:= 57%'>cleaner air is a collective good for us. </span></span></div> <div id=3D"_x0000_s110595_589_818" class=3DB style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:58.25%;left:10.11%;width:97.0%;height:9.25%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.86%;width:96.13%; height:37.83%'><span style=3D'font-size:57%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.01%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:57%'>My polluting m= ay be a small part of the whole and not matter enough for others </span></span><= span style=3D'position:absolute;top:29.72%;left:3.86%;width:86.48%;height:37.83= %'><span style=3D'font-size:57%'>to notice. Therefore, I may not contribute my share toward cleaning the </span></span><span style=3D'position:absolute;top:62.= 16%; left:3.86%;width:90.34%;height:37.83%'><span style=3D'font-size:57%'>atmos= phere. If so I may be a </span><span style=3D'font-size:57%'><b>free rider</b></s= pan><span style=3D'font-size:57%'> on the beneficial actions of others. </span>= </span></div> <div id=3D"_x0000_s110595_818_889" class=3DB style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:67.5%;left:10.11%;width:87.45%;height:3.5%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:4.28%;width:95.71%; height:100.0%'><span style=3D'font-size:57%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.47%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:57%'>This is an edi= ted </span><span style=3D'font-size:57%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://plato.stanford.edu/entries/free-rider/"/><a href=3D"http://plato.stanford.edu/entries/free-rider/" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;" style=3D'position:relative'>= excerpt </a></span><span style=3D'font-size:57%'>from the Stanford Encyclopedia of Philosophy <= /span></span></div> <div id=3D"_x0000_s110595_889_908" class=3DB style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:71.0%;left:10.11%;width:82.2%;height:3.5%;white-spac= e: nowrap'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%; height:100.0%'><span style=3D'font-size:57%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.77%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:57%'>Insurance examples </span></span></div> <div id=3D"_x0000_s110595_908_936" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:74.5%;left:15.16%;width:77.34%;height:3.25%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%; height:100.0%'><span style=3D'font-size:58%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.29%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:58%'>Free emergency medical care </span></span></di= v> <div id=3D"_x0000_s110595_936_953" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:77.75%;left:15.16%;width:77.34%;height:3.25%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%; height:100.0%'><span style=3D'font-size:58%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.29%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:58%'>Catastrophe aide </span></span></div> <div id=3D"_x0000_s110595_953_974" class=3DB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:80.75%;left:15.16%;width:77.34%;height:3.25%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%; height:100.0%'><span style=3D'font-size:58%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.29%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:58%'>Insurance regulation </span></span></div> <div class=3DB1 style=3D'mso-line-spacing:"80 20 0";position:absolute;top:= 83.75%; left:15.16%;width:77.34%;height:3.25%'><span style=3D'mso-special-format:n= obullet; display:none;font-size:75%'>–</span><span style=3D'font-size:58%; mso-special-format:lastCR;display:none'> </span></div> </div> </p:slide></div> <p:animation number=3D"1599560645"/><oa:par id=3D"TimeNode0" dur=3D"indefin= ite" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" next=3D"document.onpptnext" concurrent=3D"enabled" nextAction=3D"seek" p:nodeType=3D"mainSeq"> <oa:par id=3D"TimeNode2" begin=3D"indefinite" fill=3D"hold"> <oa:par id=3D"TimeNode3" begin=3D"0.0" fill=3D"hold"> <oa:par id=3D"TimeNode4" o:presetID=3D"ppt_8" o:presetClass=3D"entrance" o:presetSubType=3D"0x10" begin=3D"0.0" fill=3D"hold" o:groupID=3D"0" p:nodeType=3D"clickEffect"> <oa:set id=3D"TimeNode5" begin=3D"0.0" dur=3D"0.001" fill=3D"hold" targetElement=3D"_x0000_s110595_0_589" 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</oa:par> <oa:par id=3D"TimeNode28" o:presetID=3D"ppt_8" o:presetClass=3D"entranc= e" o:presetSubType=3D"0x10" begin=3D"0.0" fill=3D"hold" o:groupID=3D"0" p:nodeType=3D"withEffect"> <oa:set id=3D"TimeNode29" begin=3D"0.0" dur=3D"0.001" fill=3D"hold" targetElement=3D"_x0000_s110595_953_974" attributeName=3D"style.visib= ility" to=3D"visible"/> <oa:animateFilter id=3D"TimeNode30" dur=3D"2.0" targetElement=3D"_x0000_s110595_953_974" transition=3D"in" filter=3D"diamond(in)"/> </oa:par> </oa:par> </oa:par> </oa:seq> </oa:par> <![if ppt]> <oa:buildParagraph targetElement=3D"_x0000_s110595" groupID=3D"0" build=3D"byParagraph" buildLevel=3D"1" reverse=3D"false" buildAdvance=3D"o= nclick" userSetAnimBgd=3D"false"/> <![endif]> <![if !ppt]> <div id=3DNotesObj style=3D'display:none'> <table style=3D'color:white' border=3D0 width=3D"100%"> <tr> <td width=3D5 nowrap></td> <td width=3D"100%"></td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>http:/= /plato.stanford.edu/entries/free-rider/</font><br> </td> </tr> </table> </div> <![endif]> </body> </html> ------=_NextPart_01C50228.DA1517D0 Content-Location: file:///C:/8E87B125/economicsoflife_files/slide0025.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" <html xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office" xmlns:p=3D"urn:schemas-microsoft-com:office:powerpoint" xmlns:oa=3D"urn:schemas-microsoft-com:office:activation" xmlns=3D"http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii"> <meta name=3DProgId content=3DPowerPoint.Slide> <meta name=3DGenerator content=3D"Microsoft PowerPoint 11"> <link id=3DMain-File rel=3DMain-File href=3D"../economicsoflife.htm"> <link rel=3DPreview href=3Dpreview.wmf>  <title>Economic Security and the Economics of Life and Health Insurance</ti= tle> <![if IE]> <base href=3D"file:///C:\8E87B125\economicsoflife_files\slide0025.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"1/24/2005: Information problems"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"110"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>12</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s112642" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s112642" class=3DT style=3D'position:absolute;top:1= 8.75%; left:10.11%;width:83.33%;height:7.75%'>Information problems</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 12643" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"cut" direction=3D"noBlack"/></v:shap= e> <div v:shape=3D"_x0000_s112643"> <div id=3D"_x0000_s112643_0_125" class=3DB style=3D'mso-line-spacing:"90 2= 0 0"; position:absolute;top:35.0%;left:10.11%;width:95.31%;height:8.5%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:3.92%;width:96.07%; height:52.94%'><span style=3D'font-size:71%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.08%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:71%'>Asymmetric information exists in a market if not all parties to a </span></span><span style=3D'position:absolute;top:47.05%;left:3.92%;width:90.17%;height:52.94= %'><span style=3D'font-size:71%'>transaction have the information that determines t= he value </span></span></div> <div id=3D"_x0000_s112643_125_154" class=3DB style=3D'mso-line-spacing:"90= 20 0"; position:absolute;top:44.0%;left:10.11%;width:82.2%;height:4.5%;white-spac= e: nowrap'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%; height:100.0%'><span style=3D'font-size:71%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.77%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:71%'>Information pr= oblems include </span></span></div> <div id=3D"_x0000_s112643_154_194" class=3DB1 style=3D'mso-line-spacing:"9= 0 20 0"; position:absolute;top:48.75%;left:15.16%;width:77.34%;height:4.0%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%; height:100.0%'><span style=3D'font-size:75%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.29%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:75%'>Adverse selection or </span><span style=3D'font-si= ze:75%'><b>hidden information </b></span></span></div> <div id=3D"_x0000_s112643_194_335" class=3DB2 style=3D'mso-line-spacing:"9= 0 20 0"; position:absolute;top:53.0%;left:20.22%;width:85.01%;height:10.0%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:2.86%;width:94.71%; height:35.0%'><span style=3D'font-size:80%'><span style=3D'mso-special-for= mat: bullet;position:absolute;left:-3.02%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:80%'>Akerlof, G. A. (1970). "</span><span style=3D'font-size:80%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://links.jstor.org/sici?sici=3D0033-5533(197008)84:3<488:T= MF"QU>2.0.CO;2-6"/><a href=3D"http://links.jstor.org/sici?sici=3D0033-5533(197008)84:3%3c488:TMF= %22QU%3e2.0.CO;2-6" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;" style=3D'= position: relative'>The Market for ‘Lemons’:<span style=3D'mso-spacerun:yes'> </span>Quality Uncertainty </a></span></= span><span style=3D'position:absolute;top:32.5%;left:2.86%;width:97.13%;height:35.0%'= ><span style=3D'font-size:80%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://links.jstor.org/sici?sici=3D0033-5533(197008)84:3<488:T= MF"QU>2.0.CO;2-6"/><a href=3D"http://links.jstor.org/sici?sici=3D0033-5533(197008)84:3%3c488:TMF= %22QU%3e2.0.CO;2-6" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;">and the M= arket Mechanism</a></span><span style=3D'font-size:80%'>." </span><span style=3D'font-size:80%'><u>Quarterly Journal of Economics</u></span><span style=3D'font-size:80%'> </span><span style=3D'font-size:80%'><b>89</b></s= pan><span style=3D'font-size:80%'>: 488-</span></span><span style=3D'position:absolu= te; top:65.0%;left:2.86%;width:82.15%;height:35.0%'><span style=3D'font-size:8= 0%'>500. </span></span></div> <div id=3D"_x0000_s112643_335_436" class=3DB2 style=3D'mso-line-spacing:"9= 0 20 0"; position:absolute;top:63.5%;left:20.22%;width:79.02%;height:6.75%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.08%;width:96.68%; height:51.85%'><span style=3D'font-size:80%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.18%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:80%'>MacMinn, R. (1= 995). </span><span style=3D'font-size:80%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://macminn.org/uncertainty/insurance/akerlof.pdf"/><a href=3D"http://macminn.org/uncertainty/insurance/akerlof.pdf" target=3D"_p= arent" onclick=3D"window.event.cancelBubble=3Dtrue;" style=3D'position:relative'>= Lecture on ‘The Market for Lemons: Quality </a></span></span><span style=3D'position:absolute;top:48.14%;left:3.08%;width:88.38%;height:51.85= %'><span style=3D'font-size:80%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://macminn.org/uncertainty/insurance/akerlof.pdf"/><a href=3D"http://macminn.org/uncertainty/insurance/akerlof.pdf" target=3D"_p= arent" onclick=3D"window.event.cancelBubble=3Dtrue;">Uncertainty and the Market Mechanism’</a></span><span style=3D'font-size:80%;display:none'> = ;</span></span></div> <div id=3D"_x0000_s112643_436_452" class=3DB2 style=3D'mso-line-spacing:"9= 0 20 0"; position:absolute;top:70.5%;left:20.22%;width:72.28%;height:3.5%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:3.36%;width:96.63%; height:100.0%'><span style=3D'font-size:80%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.48%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:80%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://macminn.org/genetic testing1.htm"/><a href=3D"http://macminn.org/genetic%20testing1.htm" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;" style=3D'position:relative'>= Genetic testing</a></span><span style=3D'font-size:80%;display:none'> </span><= /span></div> <div id=3D"_x0000_s112643_452_482" class=3DB1 style=3D'mso-line-spacing:"9= 0 20 0"; position:absolute;top:74.5%;left:15.16%;width:77.34%;height:4.0%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%; height:100.0%'><span style=3D'font-size:75%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-4.29%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:75%'>Moral hazard or </span><span style=3D'font-size:75= %'><b>hidden action </b></span></span></div> <div id=3D"_x0000_s112643_482_582" class=3DB2 style=3D'mso-line-spacing:"9= 0 20 0"; position:absolute;top:79.0%;left:20.22%;width:77.71%;height:6.75%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:3.13%;width:96.86%; height:51.85%'><span style=3D'font-size:80%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-3.23%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:80%'>Shavell, S. (1= 979). "</span><span style=3D'font-size:80%'><p:onmouseclick hyperlinktype= =3D"url" href=3D"http://links.jstor.org/sici?sici=3D0033-5533(197911)93:4<541:O= MHAI>2.0.CO;2-7"/><a href=3D"http://links.jstor.org/sici?sici=3D0033-5533(197911)93:4%3c541:OMH= AI%3e2.0.CO;2-7" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;" style=3D'= position: relative'>On Moral Hazard and Insurance.</a></span><span style=3D'font-siz= e: 80%'>" </span><span style=3D'font-size:80%'><u>Quarterly </u></span><= /span><span style=3D'position:absolute;top:48.14%;left:3.13%;width:89.87%;height:51.85= %'><span style=3D'font-size:80%'><u>Journal of Economics</u></span><span style=3D'font-size:80%'> </span><span style=3D'font-size:80%'><b>93</b></s= pan><span style=3D'font-size:80%'>(4): 541-562.</span></span></div> </div> </p:slide></div> <p:animation number=3D"1599560645"/><oa:par id=3D"TimeNode0" dur=3D"indefin= ite" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" 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erse selection</b></font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>http:/= /links.jstor.org/sici?sici=3D0033-5533(197008)84:3<488:TMF"QU>2.= 0.CO;2-6</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>http:/= /macminn.org/uncertainty/insurance/akerlof.pdf</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>http:/= /macminn.org/genetic testing1.htm</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3><b>Mor= al hazard</b></font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>http:/= /links.jstor.org/sici?sici=3D0033-5533%28197911%2993%3A4%3C541%3AOMHAI%3E2.= 0.CO%3B2-7</font><br> 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href=3D"file:///C:\8E87B125\economicsoflife_files\slide0019.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"1/24/2005: Economic basis for life and health insurance"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"99"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>13</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s101378" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s101378" class=3DT><span style=3D'position:absolute; top:13.25%;left:10.11%;width:86.51%;height:6.75%'><span style=3D'font-size= :89%'>Economic basis for life and health </span></span><span style=3D'position:absolute; top:19.5%;left:10.11%;width:83.33%;height:6.75%'><span style=3D'font-size:= 89%'>insurance</span></span></div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 01379" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:296.875pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1" size=3D"half"/><p:animation n= umber=3D"2" delay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/= ></v:shape> <div v:shape=3D"_x0000_s101379"> <div id=3D"_x0000_s101379_0_41" class=3DHB style=3D'mso-line-spacing:"80 2= 0 0"; position:absolute;top:34.75%;left:10.11%;width:44.56%;height:7.25%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:8.4%;width:91.59%; height:55.17%'><span style=3D'font-size:75%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-9.17%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:75%'>The demand for= life and health </span></span><span style=3D'position:absolute;top:44.82%;left:= 8.4%; width:79.83%;height:55.17%'><span style=3D'font-size:75%'>insurance </= span></span></div> <div id=3D"_x0000_s101379_41_63" class=3DHB1 style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:41.75%;left:15.16%;width:34.45%;height:3.5%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:9.23%;width:90.76%; height:100.0%'><span style=3D'font-size:80%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-10.17%;top:.3em;font-size:75%'>–</spa= n></span><span style=3D'font-size:80%'>Human capital </span><span style=3D'font-size:80%'= >concept</span><span style=3D'font-size:80%;display:none'> </span></span></div> <div id=3D"_x0000_s101379_63_222" class=3DHB2 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:45.25%;left:20.22%;width:34.08%;height:15.5%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:7.14%;width:79.12%; height:20.96%'><span style=3D'font-size:78%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-9.02%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:78%'>Becker, G. S. (1962). </span></span><span style=3D'position:absolute;top:16.12%;left:7.1= 4%; width:92.85%;height:20.96%'><span style=3D'font-size:78%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://links.jstor.org/sici?sici=3D0022-3808(196210)70:5<9:IIH= CAT>2.0.CO;2-V"/><a href=3D"http://links.jstor.org/sici?sici=3D0022-3808(196210)70:5%3c9:IIHCA= T%3e2.0.CO;2-V" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;">"Inv= estment in Human Capital: </a></span></span><span style=3D'position:absolute;top:32.2= 5%; left:7.14%;width:86.26%;height:20.96%'><span style=3D'font-size:78%'><p:on= mouseclick hyperlinktype=3D"url" href=3D"http://links.jstor.org/sici?sici=3D0022-3808(196210)70:5<9:IIH= CAT>2.0.CO;2-V"/><a href=3D"http://links.jstor.org/sici?sici=3D0022-3808(196210)70:5%3c9:IIHCA= T%3e2.0.CO;2-V" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;">A Theoret= ical Analysis</a></span><span style=3D'font-size:78%'>." </span><span style=3D'font-size:78%'><u>The </u></span></span><span style=3D'position:a= bsolute; top:48.38%;left:7.14%;width:86.26%;height:20.96%'><span style=3D'font-size= :78%'><u>Journal of Political Economy</u></span><span style=3D'font-size:78%'> </span></spa= n><span style=3D'position:absolute;top:64.51%;left:7.14%;width:80.76%;height:20.96= %'><span style=3D'font-size:78%'><b>70</b></span><span style=3D'font-size:78%'>(5, = Part 2: Investment in </span></span><span style=3D'position:absolute;top:80.64%; left:7.14%;width:79.12%;height:20.96%'><span style=3D'font-size:78%'>Human = Beings): 9-49. </span></span></div> <div id=3D"_x0000_s101379_222_247" class=3DHB1 style=3D'mso-line-spacing:"= 80 20 0"; position:absolute;top:61.0%;left:15.16%;width:34.45%;height:3.5%;white-spa= ce: nowrap'><span style=3D'position:absolute;top:0%;left:9.23%;width:90.76%; height:100.0%'><span style=3D'font-size:80%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-10.17%;top:.3em;font-size:75%'>–</spa= n></span><span style=3D'font-size:80%'>Human life value concept </span></span></div> <div id=3D"_x0000_s101379_247_370" class=3DHB2 style=3D'mso-line-spacing:"= 80 20 0"; position:absolute;top:64.5%;left:20.22%;width:33.52%;height:13.0%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:7.26%;width:91.62%; height:25.0%'><span style=3D'font-size:78%'><span style=3D'mso-special-for= mat: bullet;position:absolute;left:-7.92%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:78%'>Hofflander, A.= E. (1966). "</span><span style=3D'font-size:78%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://links.jstor.org/sici?sici=3D0022-4367(196609)33:3<381:T= HLVAH>2.0.CO;2-B"/><a href=3D"http://links.jstor.org/sici?sici=3D0022-4367(196609)33:3%3c381:THL= VAH%3e2.0.CO;2-B" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;" style=3D'= position: relative'>The </a></span></span><span style=3D'position:absolute;top:19.23= %; left:7.26%;width:80.44%;height:25.0%'><span style=3D'font-size:78%'><p:onm= ouseclick hyperlinktype=3D"url" href=3D"http://links.jstor.org/sici?sici=3D0022-4367(196609)33:3<381:T= HLVAH>2.0.CO;2-B"/><a href=3D"http://links.jstor.org/sici?sici=3D0022-4367(196609)33:3%3c381:THL= VAH%3e2.0.CO;2-B" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;">Human Lif= e Value: An </a></span></span><span style=3D'position:absolute;top:36.53%;left:7.26= %; width:80.44%;height:25.0%'><span style=3D'font-size:78%'><p:onmouseclick hyperlinktype=3D"url" href=3D"http://links.jstor.org/sici?sici=3D0022-4367(196609)33:3<381:T= HLVAH>2.0.CO;2-B"/><a href=3D"http://links.jstor.org/sici?sici=3D0022-4367(196609)33:3%3c381:THL= VAH%3e2.0.CO;2-B" target=3D"_parent" onclick=3D"window.event.cancelBubble=3Dtrue;">Historical Perspective</a></span><span style=3D'font-size:78%'>." </span></span>= <span style=3D'position:absolute;top:55.76%;left:7.26%;width:92.17%;height:25.0%= '><span style=3D'font-size:78%'><u>Journal of Risk and Insurance</u></span><span style=3D'font-size:78%'> </span></span><span style=3D'position:absolute; top:75.0%;left:7.26%;width:80.44%;height:25.0%'><span style=3D'font-size:7= 8%'><b>33</b></span><span style=3D'font-size:78%'>(3): 381-391. </span></span></div> <div id=3D"_x0000_s101379_370_444" class=3DHB style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:77.5%;left:10.11%;width:43.63%;height:10.25%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:8.58%;width:81.54%; height:39.02%'><span style=3D'font-size:75%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-10.52%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:75%'>Huebner’s qualitative and </span></span><span style=3D'position:absolute;top:31.7%; left:8.58%;width:91.41%;height:39.02%'><span style=3D'font-size:75%'>quant= itative dimensions of the </span></span><span style=3D'position:absolute;top:63.41= %; left:8.58%;width:81.54%;height:39.02%'><span style=3D'font-size:75%'>human= life value</span></span></div> </div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 01382" type=3D"#_x0000_m1032" style=3D'position:absolute;left:396pt;top:234pt;wi= dth:268.5pt; height:195.75pt' o:spt=3D"75" o:preferrelative=3D"t" o:userdrawn=3D"f" pa= th=3D"m@4@5l@4@11@9@11@9@5xe" filled=3D"f" fillcolor=3D"#3cc [4]" stroked=3D"f" strokecolor=3D"#036 [1]= "> <v:fill color2=3D"white [0]" o:detectmouseclick=3D"f"/> <v:stroke joinstyle=3D"miter" 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part of human capital theory.<span style=3D'mso-spacerun:yes'>= </span>The human life value is the present value or capitalized value of = the flow of future earnings net of maintenance expenses.</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Huebne= r listed the following qualitative forces for determining the human life value:</font>= <br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Ethica= l behavior</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Good h= ealth</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial size=3D3>Willin= gness to work</font><br> </td> </tr> <tr> <td colspan=3D1></td> <td dir=3Dltr align=3Dleft colspan=3D1><font face=3DArial 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tle> <![if IE]> <base href=3D"file:///C:\8E87B125\economicsoflife_files\slide0012.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"1/24/2005: Economic theories of consumption and insurance"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"83"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" 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style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>14</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s84994" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s84994" class=3DT><span style=3D'position:absolute; top:13.25%;left:10.11%;width:89.32%;height:6.75%'><span style=3D'font-size= :89%'>Economic theories of consumption </span></span><span style=3D'position:absolute; top:19.5%;left:10.11%;width:83.33%;height:6.75%'><span style=3D'font-size:= 89%'>and insurance</span><span style=3D'font-size:78%;mso-special-format:lastCR; display:none'> </span></span></div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s8= 4997" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:296.875pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1" size=3D"half"/><p:animation n= umber=3D"2" delay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/= ></v:shape> <div v:shape=3D"_x0000_s84997"> <div id=3D"_x0000_s84997_0_17" class=3DHB style=3D'mso-line-spacing:"80 20= 0"; position:absolute;top:34.75%;left:10.11%;width:39.32%;height:4.0%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:9.52%;width:90.47%; height:100.0%'><span style=3D'font-size:75%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-10.52%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:75%'>Utility and time </span></span></div> <div id=3D"_x0000_s84997_17_57" class=3DHB style=3D'mso-line-spacing:"80 2= 0 0"; position:absolute;top:38.75%;left:10.11%;width:42.5%;height:7.25%;white-sp= ace: nowrap'><span style=3D'position:absolute;top:0%;left:8.81%;width:91.18%; height:55.17%'><span style=3D'font-size:75%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-9.66%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:75%'>Absolute and relative income </span></span><span style=3D'position:absolute;top:44.82%; left:8.81%;width:83.7%;height:55.17%'><span style=3D'font-size:75%'>hypoth= eses </span></span></div> <div id=3D"_x0000_s84997_57_179" class=3DHB1 style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:45.75%;left:15.16%;width:38.38%;height:5.75%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:8.29%;width:84.87%; height:39.13%'><span style=3D'font-size:50%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-9.77%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:50%'>These theories of consumption infer that the </spa= n></span><span style=3D'position:absolute;top:30.43%;left:8.29%;width:92.19%;height:39.13= %'><span style=3D'font-size:50%'>demand for insurance increases with income on </sp= an></span><span style=3D'position:absolute;top:60.86%;left:8.29%;width:81.46%;height:39.13= %'><span style=3D'font-size:50%'>an absolute or relative basis. </span></span><= /div> <div id=3D"_x0000_s84997_179_222" class=3DHB style=3D'mso-line-spacing:"80= 20 0"; position:absolute;top:51.74%;left:10.11%;width:39.32%;height:7.25%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:9.52%;width:90.47%; height:55.17%'><span style=3D'font-size:75%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-10.52%;top:.3em;font-family:Wingdings; font-size:75%'>l</span></span><span style=3D'font-size:75%'>Life cycle and permanent </span></span><span style=3D'position:absolute;top:44.82%;left:9= .52%; width:90.47%;height:55.17%'><span style=3D'font-size:75%'>income hypothese= s </span></span></div> <div id=3D"_x0000_s84997_222_393" class=3DHB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:58.75%;left:15.16%;width:39.51%;height:7.75%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:8.05%;width:88.15%; height:29.03%'><span style=3D'font-size:50%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-9.13%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:50%'>These theories of consumption yield smoothing </sp= an></span><span style=3D'position:absolute;top:22.58%;left:8.05%;width:92.41%;height:29.03= %'><span style=3D'font-size:50%'>consumption via capital markets and suggest that <= /span></span><span style=3D'position:absolute;top:45.16%;left:8.05%;width:88.62%;height:29.03= %'><span style=3D'font-size:50%'>the demand for life insurance and annuities can </= span></span><span style=3D'position:absolute;top:67.74%;left:8.05%;width:79.14%;height:29.03= %'><span style=3D'font-size:50%'>further smooth consumption. </span></span></di= v> <div id=3D"_x0000_s84997_393_510" class=3DHB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:66.25%;left:15.16%;width:40.44%;height:5.75%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:7.87%;width:92.12%; height:39.13%'><span style=3D'font-size:50%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-8.54%;top:.3em;font-size:75%'>–</span= ></span><span style=3D'font-size:50%'>Yaari showed that expected lifetime utility could = be </span></span><span style=3D'position:absolute;top:30.43%;left:7.87%;width:91.66%;height:39.13= %'><span style=3D'font-size:50%'>increased by purchasing fair life insurance and fa= ir </span></span><span style=3D'position:absolute;top:60.86%;left:7.87%;width:77.31%;height:39.13= %'><span style=3D'font-size:50%'>annuities. </span></span></div> <div id=3D"_x0000_s84997_510_853" class=3DHB1 style=3D'mso-line-spacing:"8= 0 20 0"; position:absolute;top:72.0%;left:15.16%;width:39.32%;height:14.75%;white-s= pace: nowrap'><span style=3D'position:absolute;top:0%;left:8.09%;width:91.9%; height:15.25%'><span style=3D'font-size:50%'><span style=3D'mso-special-fo= rmat: bullet;position:absolute;left:-8.8%;top:.3em;font-size:75%'>–</span>= </span><span style=3D'font-size:50%'>Pissarides showed that life insurance can absorb <= /span></span><span style=3D'position:absolute;top:11.86%;left:8.09%;width:82.85%;height:15.25= %'><span style=3D'font-size:50%'>all fluctuations in lifetime income and enable </s= pan></span><span style=3D'position:absolute;top:25.42%;left:8.09%;width:90.0%;height:15.25%= '><span style=3D'font-size:50%'>consumption and bequests to be independent of </sp= an></span><span style=3D'position:absolute;top:37.28%;left:8.09%;width:89.04%;height:15.25= %'><span style=3D'font-size:50%'>the timing of income.<span style=3D'mso-spacerun:yes'> </span>Hence the same effective </span><= /span><span style=3D'position:absolute;top:49.15%;left:8.09%;width:89.04%;height:15.25= %'><span style=3D'font-size:50%'>consumption pattern could be achieved through </sp= an></span><span style=3D'position:absolute;top:61.01%;left:8.09%;width:90.0%;height:15.25%= '><span style=3D'font-size:50%'>the appropriate use of life insurance as could be = </span></span><span style=3D'position:absolute;top:72.88%;left:8.09%;width:85.23%;height:15.25= %'><span style=3D'font-size:50%'>achieved if the time of death were known with </sp= an></span><span style=3D'position:absolute;top:84.74%;left:8.09%;width:79.52%;height:15.25= %'><span style=3D'font-size:50%'>certainty.</span></span></div> </div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s8= 4996" type=3D"#_x0000_m1032" style=3D'position:absolute;left:366pt;top:186pt;wi= dth:308.125pt; 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style=3D'text-align:center;mso-ch= ar-wrap: 0;mso-kinsoku-overflow:0;position:absolute;top:48.75%;left:29.02%;width:44= .38%; height:2.75%'><span style=3D'font-size:50%'><u>Insurance Company</u></span= ><span style=3D'font-size:75%;mso-special-format:lastCR;display:none'> </span= ></div> <div v:shape=3D"_x0000_s86055" class=3DO> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:33.75%;left:44.0%;width:13.1%;height:2.75%'><span style=3D'font-size:50%'><u>Government</u></span><span style=3D'font-size:5= 0%; display:none'> </span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:36.25%;left:44.0%;width:13.1%;height:2.75%'><span style=3D'position:ab= solute; top:0%;left:5.71%;width:94.28%;height:100.0%'><span style=3D'font-size:50%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-6.06%;font-fami= ly: Wingdings'>§</span></span><span style=3D'font-size:50%'>Regulation= 3;</span></span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:39.0%;left:44.0%;width:13.1%;height:2.75%'><span style=3D'position:abs= olute; top:0%;left:5.71%;width:94.28%;height:100.0%'><span style=3D'font-size:50%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-6.06%;font-fami= ly: Wingdings'>§</span></span><span style=3D'font-size:50%'>Taxation = </span></span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:41.75%;left:44.0%;width:14.23%;height:2.75%'><span style=3D'position:a= bsolute; top:0%;left:5.26%;width:93.42%;height:100.0%'><span style=3D'font-size:50%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-5.63%;font-fami= ly: Wingdings'>§</span></span><span style=3D'font-size:50%'>Social Securi= ty</span><span style=3D'font-size:75%;mso-special-format:lastCR;display:none'> </span= ></span></div> </div> <div v:shape=3D"_x0000_s86057" class=3DO> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:55.25%;left:30.14%;width:10.48%;height:2.75%'><span style=3D'font-size:50%'>Distribution </span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:57.99%;left:30.14%;width:10.48%;height:2.25%'><span style=3D'position:= absolute; top:0%;left:7.14%;width:94.64%;height:100.0%'><span style=3D'font-size:42%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-7.54%;font-fami= ly: Wingdings'>§</span></span><span style=3D'font-size:42%'>Tied Agents&#= 13;</span></span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:60.25%;left:30.14%;width:10.86%;height:2.25%'><span style=3D'position:= absolute; top:0%;left:6.89%;width:94.82%;height:100.0%'><span style=3D'font-size:42%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-7.27%;font-fami= ly: Wingdings'>§</span></span><span style=3D'font-size:42%'>Independents&= #13;</span></span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0'><span style=3D'posit= ion: absolute;top:62.5%;left:30.89%;width:9.92%;height:2.25%'><span style=3D'font-size:42%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-7.54%;font-family:Wingdings'>§</span></span><span style=3D'font= -size: 42%'>Direct </span></span><span style=3D'position:absolute;top:64.75%; left:30.14%;width:10.48%;height:2.25%'><span style=3D'font-size:42%'>Respo= nse </span></span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:67.0%;left:30.14%;width:10.48%;height:2.25%'><span style=3D'position:a= bsolute; top:0%;left:7.14%;width:94.64%;height:100.0%'><span style=3D'font-size:42%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-7.54%;font-fami= ly: Wingdings'>§</span></span><span style=3D'font-size:42%'>Brokerage = ;</span></span></div> <div 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style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:20.75%;left:0%;width:100.0%;height:20.75%'><span style=3D'position:abs= olute; top:0%;left:6.15%;width:93.84%;height:100.0%'><span style=3D'font-size:50%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-6.55%;font-fami= ly: Wingdings'>§</span></span><span style=3D'font-size:50%'>Underwriting&= #13;</span></span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:41.5%;left:0%;width:86.15%;height:20.75%'><span style=3D'position:abso= lute; top:0%;left:7.14%;width:92.85%;height:100.0%'><span style=3D'font-size:50%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-7.69%;font-fami= ly: Wingdings'>§</span></span><span style=3D'font-size:50%'>Pricing <= /span></span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:60.37%;left:0%;width:86.15%;height:39.62%'><span style=3D'position:abs= olute; top:0%;left:7.14%;width:92.85%;height:52.38%'><span style=3D'font-size:50%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-7.69%;font-fami= ly: Wingdings'>§</span></span><span style=3D'font-size:50%'>Claim </span>= </span><span style=3D'position:absolute;top:52.38%;left:0%;width:100.0%;height:52.38%'>= <span style=3D'font-size:50%'>Handling</span></span></div> </div> <div v:shape=3D"_x0000_s86059" class=3DO> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:55.25%;left:59.17%;width:13.85%;height:2.0%'><span style=3D'font-size:33%'>Financial Management </span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0'><span style=3D'posit= ion: absolute;top:56.99%;left:60.86%;width:11.23%;height:2.25%'><span style=3D'font-size:42%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-5.0%;font-family:Wingdings'>§</span></span><span style=3D'font-= size: 42%'>Investment </span></span><span style=3D'position:absolute;top:59.25%; left:60.29%;width:11.79%;height:2.25%'><span style=3D'font-size:42%'>Retur= n </span></span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:61.5%;left:60.29%;width:11.79%;height:2.25%'><span style=3D'position:a= bsolute; top:0%;left:4.76%;width:95.23%;height:100.0%'><span style=3D'font-size:42%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-5.0%;font-famil= y: Wingdings'>§</span></span><span style=3D'font-size:42%'>Diversificati= on </span></span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:63.74%;left:60.29%;width:11.79%;height:2.25%'><span style=3D'position:= absolute; top:0%;left:4.76%;width:95.23%;height:100.0%'><span style=3D'font-size:42%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-5.0%;font-famil= y: Wingdings'>§</span></span><span style=3D'font-size:42%'>Asset/Liabili= ty </span></span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0'><span style=3D'posit= ion: absolute;top:66.0%;left:60.86%;width:11.23%;height:2.25%'><span style=3D'font-size:42%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-5.0%;font-family:Wingdings'>§</span></span><span style=3D'font-= size: 42%'>Risk </span></span><span style=3D'position:absolute;top:68.25%;left:6= 0.29%; width:11.79%;height:2.25%'><span style=3D'font-size:42%'>Management</span>= <span style=3D'font-size:75%;mso-special-format:lastCR;display:none'> </span= ></span></div> </div> <div v:shape=3D"_x0000_s86060" class=3DO onclick=3D"parent.GoToSld('slide0= 020.htm');" style=3D'cursor:hand;position:absolute;top:78.75%;left:32.77%;width:32.95%; height:2.75%'> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:0%;left:0%;width:100.0%;height:100.0%'><span style=3D'font-size:50%'>Capital</span><span style=3D'font-size:75%;mso-spe= cial-format: lastCR;display:none'> </span></div> </div> <div v:shape=3D"_x0000_s86067" class=3DO> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:88.75%;left:44.0%;width:15.54%;height:2.75%'><span style=3D'font-size:50%'><u>Other Players</u></span><span style=3D'font-siz= e:50%; display:none'> </span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:91.25%;left:44.0%;width:15.54%;height:2.75%'><span style=3D'position:a= bsolute; top:0%;left:4.81%;width:95.18%;height:100.0%'><span style=3D'font-size:50%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-5.06%;font-fami= ly: Wingdings'>§</span></span><span style=3D'font-size:50%'>Rating Agencies </span></span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0'><span style=3D'posit= ion: absolute;top:94.0%;left:44.75%;width:14.79%;height:2.75%'><span style=3D'font-size:50%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-5.06%;font-family:Wingdings'>§</span></span><span style=3D'font= -size: 50%'>Investment </span></span><span style=3D'position:absolute;top:96.75%; left:44.0%;width:15.54%;height:2.75%'><span style=3D'font-size:50%'>Banker= s</span><span style=3D'font-size:75%;mso-special-format:lastCR;display:none'> </span= ></span></div> </div> <div v:shape=3D"_x0000_s86070" class=3DO> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:60.25%;left:14.6%;width:10.29%;height:2.75%'><span style=3D'font-size:50%'><u>Consumers</u></span><span style=3D'font-size:50= %; display:none'> </span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:63.0%;left:15.16%;width:9.36%;height:2.25%'><span style=3D'position:ab= solute; top:0%;left:8.0%;width:92.0%;height:100.0%'><span style=3D'font-size:42%'>= <span style=3D'mso-special-format:bullet;position:absolute;left:-8.69%;font-fami= ly: Wingdings'>§</span></span><span style=3D'font-size:42%'>Individuals&#= 13;</span></span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:65.25%;left:15.16%;width:9.36%;height:2.25%'><span style=3D'position:a= bsolute; top:0%;left:8.0%;width:92.0%;height:100.0%'><span style=3D'font-size:42%'>= <span style=3D'mso-special-format:bullet;position:absolute;left:-8.69%;font-fami= ly: Wingdings'>§</span></span><span style=3D'font-size:42%'>Business</spa= n><span style=3D'font-size:75%;mso-special-format:lastCR;display:none'> </span= ></span></div> </div> <div v:shape=3D"_x0000_s86071" class=3DO> <div style=3D'text-align:center;mso-char-wrap:0;mso-kinsoku-overflow:0; position:absolute;top:60.25%;left:77.34%;width:8.8%;height:2.75%'><span style=3D'font-size:50%'><u>Reinsurer </u></span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:63.0%;left:77.71%;width:8.05%;height:2.25%'><span style=3D'position:ab= solute; top:0%;left:6.97%;width:93.02%;height:100.0%'><span style=3D'font-size:42%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-7.5%;font-famil= y: Wingdings'>§</span></span><span style=3D'font-size:42%'>Life </sp= an></span></div> <div style=3D'mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute; top:65.25%;left:77.71%;width:8.05%;height:2.25%'><span style=3D'position:a= bsolute; top:0%;left:6.97%;width:93.02%;height:100.0%'><span style=3D'font-size:42%= '><span style=3D'mso-special-format:bullet;position:absolute;left:-7.5%;font-famil= y: Wingdings'>§</span></span><span style=3D'font-size:42%'>Nonlife</span= ><span style=3D'font-size:75%;mso-special-format:lastCR;display:none'> </span= ></span></div> </div> </p:slide></div> </body> </html> ------=_NextPart_01C50228.DA1517D0 Content-Location: file:///C:/8E87B125/economicsoflife_files/slide0013_image010.gif Content-Transfer-Encoding: base64 Content-Type: image/gif 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<title>Economic Security and the Economics of Life and Health Insurance</ti= tle> <![if IE]> <base href=3D"file:///C:\8E87B125\economicsoflife_files\slide0020.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"1/24/2005: Capital"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style media=3Dprint>  </style> <style>  </style> <script src=3Dscript.js></script><script></script><script></script><![endif]><p:slidetransition advancetime=3D"0" effect=3D"newsflash" flag=3D"1"/><o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"102"/> </o:shapelayout> </head> <body lang=3DEN-US style=3D'margin:0px;background-color:black' onclick=3D"DocumentOnClick()" onresize=3D"_RSW()" onload=3D"LoadSld()" onkeypress=3D"_KPH()" oa:clockstart=3D"onstart"> <div id=3DSlideObj class=3Dsld style=3D'position:absolute;top:0px;left:0px; width:534px;height:400px;font-size:16px;background-color:white;clip:rect(0%= , 101%, 101%, 0%); visibility:hidden'><p:slide coordsize=3D"720,540" colors=3D"#ffffff,#003366,#666699,#006666,#33cccc,#99cc99,#003366,#cc99ff" masterhref=3D"master08.xml"> <p:shaperange href=3D"master08.xml#_x0000_s1025"/><![if !ppt]><p:shaperange href=3D"master08.xml#_x0000_s1052"/><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>16</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s104450" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s104450" class=3DT style=3D'position:absolute;top:1= 8.75%; left:10.11%;width:83.33%;height:7.75%'>Capital</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 04451" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s104451"> <div id=3D"_x0000_s104451_0_20" class=3DB style=3D'position:absolute;top:3= 5.5%; left:10.11%;width:82.2%;height:6.0%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.55%;width:95.44%;height:100.0%'><= span class=3DBB style=3D'position:absolute;left:-4.77%;top:.3em'>l</span>The ro= le of capital </span></div> <div id=3D"_x0000_s104451_20_95" class=3DB1 style=3D'position:absolute;top= :42.75%; left:15.16%;width:84.83%;height:10.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.75%;width:96.24%;height:50.0%'><s= pan class=3DB1B style=3D'position:absolute;left:-3.89%;top:.3em'>–</span= >The insurer’s capital is the difference between </span><span style=3D'position:absolute;top:50.0%;left:3.75%;width:87.41%;height:50.0%'= >asset and liability values </span></div> <div id=3D"_x0000_s104451_95_208" class=3DB1 style=3D'position:absolute;to= p:54.5%; left:15.16%;width:92.13%;height:15.75%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.45%;width:96.54%;height:33.33%'><= span class=3DB1B style=3D'position:absolute;left:-3.57%;top:.3em'>–</span= >The capital is a cushion against the possibility that </span><span style=3D'position:absolute;top:33.33%;left:3.45%;width:95.93%;height:33.33= %'>claims and expenses are not covered by reserves </span><span style=3D'position:ab= solute; top:66.66%;left:3.45%;width:80.48%;height:33.33%'>and premia </span></= div> <div id=3D"_x0000_s104451_208_239" class=3DB1 style=3D'position:absolute;t= op:71.5%; left:15.16%;width:77.34%;height:5.25%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:4.11%;width:95.88%;height:100.0%'><= span class=3DB1B style=3D'position:absolute;left:-4.29%;top:.3em'>–</span= >re-insurance is rented capital </span></div> 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style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>17</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s105474" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder 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Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" <html xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office" xmlns:p=3D"urn:schemas-microsoft-com:office:powerpoint" xmlns:oa=3D"urn:schemas-microsoft-com:office:activation" xmlns=3D"http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii"> <meta name=3DProgId content=3DPowerPoint.Slide> <meta name=3DGenerator content=3D"Microsoft PowerPoint 11"> <link id=3DMain-File rel=3DMain-File href=3D"../economicsoflife.htm"> <link rel=3DPreview href=3Dpreview.wmf>  <title>Economic Security and the Economics of Life and Health Insurance</ti= tle> <![if IE]> <base href=3D"file:///C:\8E87B125\economicsoflife_files\slide0026.htm" id=3D"webarch_temp_base_tag"> <![endif]> <meta name=3DDescription content=3D"1/24/2005: Financial management"> <link rel=3DStylesheet href=3D"master08_stylesheet.css">  <![if !ppt]> <style 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v:shapes=3D"_x0000_s1052,_x0000_s1027,_x0000_s1048,_x0000_s1036,_x0000_s10= 44" src=3D"master08_image003.gif" style=3D'position:absolute;top:0%;left:0%; width:83.7%;height:100.5%'><![endif]><p:shaperange href=3D"master08.xml#_x0000_s1038"/> <div v:shape=3D"_x0000_s1038" class=3DO style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>18</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s129026" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s129026" class=3DT style=3D'position:absolute;top:1= 8.75%; left:10.11%;width:83.33%;height:7.75%'>Financial management</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s1= 29027" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s129027" class=3DB> <div 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style=3D'position:absolute;top:57.99%;lef= t:10.11%; width:82.2%;height:6.0%;white-space:nowrap'><span style=3D'position:absolu= te; top:0%;left:4.55%;width:95.44%;height:100.0%'><span class=3DBB style=3D'po= sition: absolute;left:-4.77%;top:.3em'>l</span>Risk management</span></div> </div> </p:slide></div> <p:animation number=3D"314860587"/><oa:par id=3D"TimeNode0" dur=3D"indefini= te" restart=3D"never" p:nodeType=3D"timingRoot"> <oa:seq id=3D"TimeNode1" dur=3D"indefinite" prev=3D"document.onpptprev" next=3D"document.onpptnext" concurrent=3D"enabled" nextAction=3D"seek" p:nodeType=3D"mainSeq"> <oa:par id=3D"TimeNode2" begin=3D"indefinite" fill=3D"hold"> <oa:par id=3D"TimeNode3" begin=3D"0.0" fill=3D"hold"> <oa:par id=3D"TimeNode4" o:presetID=3D"ppt_2" o:presetClass=3D"entrance" o:presetSubType=3D"0x4" begin=3D"0.0" fill=3D"hold" o:groupID=3D"0" p:nodeType=3D"clickEffect"> <oa:set id=3D"TimeNode5" begin=3D"0.0" dur=3D"0.001" fill=3D"hold" targetElement=3D"_x0000_s129027_0_21" 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style=3D'text-align:center;positio= n:absolute; top:95.25%;left:64.41%;width:29.77%;height:2.25%'><span style=3D'font-size= :42%; mso-field-code:meta15'>MacMinn</span><span style=3D'font-size:42%;mso-spec= ial-format: lastCR;display:none'> </span></div> <p:shaperange href=3D"master08.xml#_x0000_s1039"/> <div v:shape=3D"_x0000_s1039" class=3DO> <div style=3D'position:absolute;top:95.5%;left:3.37%;width:3.18%;height:2.= 25%'><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-field-code:meta16= '><b>19</b></span><span style=3D'font-size:42%;color:white;mso-color-index:0;mso-special-format:la= stCR; display:none'><b> </b></span></div> </div> <![endif]><p:shaperange href=3D"master08.xml#_x0000_m1031"/><v:shape id=3D= "_x0000_s72706" type=3D"#_x0000_m1031" style=3D'position:absolute;left:60pt;top:60pt;widt= h:624pt; height:90pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"title"/></v:shape> <div v:shape=3D"_x0000_s72706" class=3DT style=3D'position:absolute;top:18= .75%; left:10.11%;width:83.33%;height:7.75%'>Questions</div> <p:shaperange href=3D"master08.xml#_x0000_m1032"/><v:shape id=3D"_x0000_s7= 2707" type=3D"#_x0000_m1032" style=3D'position:absolute;left:66pt;top:186pt;wid= th:605.75pt; height:293.25pt' o:userdrawn=3D"f"> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/><p:animation number=3D"2" de= lay=3D"0" type=3D"text" level=3D"1" effect=3D"fly" direction=3D"down"/></v:shape> <div v:shape=3D"_x0000_s72707" class=3DB> <div id=3D"_x0000_s72707_0_256" style=3D'mso-line-spacing:"80 20 0";positi= on:absolute; top:34.75%;left:10.11%;width:93.82%;height:13.5%;white-space:nowrap'><span style=3D'position:absolute;top:0%;left:3.99%;width:90.01%;height:29.62%'><= span style=3D'font-size:64%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-4.43%;top:.3em;font-family:Wingdings;font-size:75%'>l</span></span><= span style=3D'font-size:64%'>Insurance markets are imperfect and are often characterized by </span></span><span style=3D'position:absolute;top:24.07%; left:3.99%;width:91.21%;height:29.62%'><span style=3D'font-size:64%'>infor= mation problems that pose substantial challenges to life and </span></span><span style=3D'position:absolute;top:46.29%;left:3.99%;width:96.0%;height:29.62%= '><span style=3D'font-size:64%'>health insurance providers.<span style=3D'mso-spacerun:yes'> </span>Explain how adverse selection or = moral </span></span><span style=3D'position:absolute;top:70.37%;left:3.99%;width:83.63%;height:29.62= %'><span style=3D'font-size:64%'>hazard complicate the supply of life and health insurance. </span></span></div> <div id=3D"_x0000_s72707_256_371" style=3D'mso-line-spacing:"80 20 0";posi= tion: absolute;top:48.25%;left:10.11%;width:91.76%;height:7.25%;white-space:nowr= ap'><span style=3D'position:absolute;top:0%;left:4.08%;width:95.91%;height:55.17%'><= span style=3D'font-size:64%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-4.25%;top:.3em;font-family:Wingdings;font-size:75%'>l</span></span><= span style=3D'font-size:64%'>Give examples of how life and health insurers mana= ge information </span></span><span style=3D'position:absolute;top:44.82%; left:4.08%;width:85.51%;height:55.17%'><span style=3D'font-size:64%'>probl= ems that confront them in insurance markets. </span></span></div> <div id=3D"_x0000_s72707_371_464" style=3D'mso-line-spacing:"80 20 0";posi= tion: absolute;top:55.5%;left:10.11%;width:94.19%;height:7.25%;white-space:nowra= p'><span style=3D'position:absolute;top:0%;left:3.97%;width:96.02%;height:55.17%'><= span style=3D'font-size:64%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-4.14%;top:.3em;font-family:Wingdings;font-size:75%'>l</span></span><= span style=3D'font-size:64%'>How does the concept of human capital help explain= the demand for </span></span><span style=3D'position:absolute;top:44.82%;left:= 3.97%; width:83.3%;height:55.17%'><span style=3D'font-size:64%'>life and health insurance? </span></span></div> <div id=3D"_x0000_s72707_464_844" style=3D'mso-line-spacing:"80 20 0";posi= tion: absolute;top:62.74%;left:10.11%;width:93.44%;height:20.0%;white-space:nowr= ap'><span style=3D'position:absolute;top:0%;left:4.0%;width:91.38%;height:20.0%'><sp= an style=3D'font-size:64%'><span style=3D'mso-special-format:bullet;position:= absolute; left:-4.38%;top:.3em;font-family:Wingdings;font-size:75%'>l</span></span><= span style=3D'font-size:64%'>The economic theories of consumption presented in = this chapter </span></span><span style=3D'position:absolute;top:16.25%;left:4.0= %; width:95.99%;height:20.0%'><span style=3D'font-size:64%'>purport to explai= n some of the variation in rates of consumption and </span></span><span style=3D'position:absolute;top:31.25%;left:4.0%;width:90.58%;height:20.0%'= ><span style=3D'font-size:64%'>savings over individual’s lives.<span style=3D'mso-spacerun:yes'> </span>What do you believe each of the <= /span></span><span style=3D'position:absolute;top:47.5%;left:4.0%;width:89.17%;height:20.0%'>= <span style=3D'font-size:64%'>following theories predicts about an individual= 217;s demand for life </span></span><span style=3D'position:absolute;top:63.74%; left:4.0%;width:88.57%;height:20.0%'><span style=3D'font-size:64%'>insuran= ce? 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style=3D'font-size:50%;mso-special= -format: lastCR'> </span></div> <v:shapetype id=3D"_x0000_s96263" style=3D'position:absolute;left:316.75pt;= top:672.5pt; width:242.375pt;height:35.375pt;v-text-anchor:bottom' coordsize=3D"21600,2= 1600" o:master=3D"" o:spt=3D"1" path=3D"m,l,21600r21600,l21600,xe" filled=3D"f" = fillcolor=3D"#bbe0e3 [4]" stroked=3D"f" strokecolor=3D"black [1]"> <v:fill color2=3D"white [0]" o:detectmouseclick=3D"t"/> <v:stroke joinstyle=3D"miter" o:forcedash=3D"t"/> <v:shadow color=3D"gray [2]"/> <v:path gradientshapeok=3D"t" o:connecttype=3D"rect"/> <o:lock v:ext=3D"edit" grouping=3D"t"/> <p:placeholder type=3D"slideNumber" position=3D"5" size=3D"quarter"/></v:s= hapetype> <div v:shape=3D"_x0000_s96263" class=3DO style=3D'text-align:right'><span style=3D'font-size:50%;mso-field-code:meta16'>‹#›</span><span style=3D'font-size:50%;mso-special-format:lastCR'> </span></div> <p:notes id=3D"1" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> 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<v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1187= 87" type=3D"#_x0000_m96261" style=3D'position:absolute;left:55.875pt;top:336.= 25pt; width:447.5pt;height:318.625pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape></p:notes><p:notes= id=3D"17" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"95"/> </o:shapelayout><v:shape id=3D"_x0000_s97282" type=3D"#_x0000_m96260" styl= e=3D'position:absolute; left:102.75pt;top:53.125pt;width:353.875pt;height:265.375pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s9728= 3" type=3D"#_x0000_m96261" style=3D'position:absolute;left:55.875pt;top:336.= 25pt; width:447.5pt;height:318.625pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s97283" class=3DN>Consider the perils that individu= als face such as property losses or the loss of life or health due to fire, windsto= rm, earthquake, flood, epidemic, pandemic, etc.<span style=3D'mso-spacerun:yes'> </span>While these events cannot be fore= seen with certainty they can be managed.<span style=3D'mso-spacerun:yes'> </span>The function of insurance is to provide some security in the face of these hazards.<span style=3D'mso-spacerun:yes'> </span>The insurance function is the creation of a pool of funds that allows individuals to sha= re; individuals contribute a small amount and those who suffer losses are paid= a large amount.<span style=3D'mso-spacerun:yes'> </span></div> </p:notes><p:notes id=3D"14" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"96"/> </o:shapelayout><v:shape id=3D"_x0000_s98306" type=3D"#_x0000_m96260" styl= e=3D'position:absolute; left:102.75pt;top:53.125pt;width:353.875pt;height:265.375pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s9830= 7" type=3D"#_x0000_m96261" style=3D'position:absolute;left:55.875pt;top:336.= 25pt; width:447.5pt;height:318.625pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s98307" class=3DN>While the emphasis here may be on= private insurance, no discussion is complete without considering the social insura= nce coverage.<span style=3D'mso-spacerun:yes'> </span>In planning for retirement, for example, the social retirement benefits constitute a porti= on of the retirement income that must be considered. <div> </div> Consider the social health insurance coverage provided in Canada, England = and elsewhere by providing a link.<span style=3D'mso-spacerun:yes'> </span>Say som= ething about the provision of ? in England and something about their superannuati= on schemes.<span style=3D'mso-spacerun:yes'> </span>Have them search fo= r descriptions of these social insurance plans in Canada and Europe.</div> </p:notes><p:notes id=3D"15" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"97"/> </o:shapelayout><v:shape id=3D"_x0000_s99330" type=3D"#_x0000_m96260" styl= e=3D'position:absolute; left:102.75pt;top:53.125pt;width:353.875pt;height:265.375pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s9933= 1" type=3D"#_x0000_m96261" style=3D'position:absolute;left:55.875pt;top:336.= 25pt; width:447.5pt;height:318.625pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s99331" class=3DN>Whole life provides coverage for = the insureds whole life and is a saving instrument as well as an insurance instrument <div> </div> Term life provides coverage for a set term such as 5, 10, or 20 years, and pays a set death benefit Endowment insurance is term insurance with an endowment or benefit that is paid if the insured survives the policy term. <div> </div> <div>Find online definitions of holding companies and affiliates.</div> </div> </p:notes><p:notes id=3D"8" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"117"/> </o:shapelayout><v:shape id=3D"_x0000_s119810" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:102.75pt;top:53.125pt;width:353.875pt;height:265.375pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1198= 11" type=3D"#_x0000_m96261" style=3D'position:absolute;left:55.875pt;top:336.= 25pt; width:447.5pt;height:318.625pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape></p:notes><p:notes= id=3D"18" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"118"/> </o:shapelayout><v:shape id=3D"_x0000_s120834" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:102.75pt;top:53.125pt;width:353.875pt;height:265.375pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1208= 35" type=3D"#_x0000_m96261" style=3D'position:absolute;left:55.875pt;top:336.= 25pt; width:447.5pt;height:318.625pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape></p:notes><p:notes= id=3D"9" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"119"/> </o:shapelayout><v:shape id=3D"_x0000_s121858" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:102.75pt;top:53.125pt;width:353.875pt;height:265.375pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1218= 59" type=3D"#_x0000_m96261" style=3D'position:absolute;left:55.875pt;top:336.= 25pt; width:447.5pt;height:318.625pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape></p:notes><p:notes= id=3D"22" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"106"/> </o:shapelayout><v:shape id=3D"_x0000_s108546" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:102.75pt;top:53.125pt;width:353.875pt;height:265.375pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1085= 47" type=3D"#_x0000_m96261" style=3D'position:absolute;left:55.875pt;top:336.= 25pt; width:447.5pt;height:318.625pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s108547" class=3DN> <div><b>Barriers </b></div> Barriers to entry include licensing requirements and minimum capital requi= rements. <div>Product differentiation may be viewed as an attempt to create a barri= er to entry. </div> <div> </div> <div><b>Economies </b></div> Economies of scale exist if the marginal cost is decreasing for all output levels.<span style=3D'mso-spacerun:yes'> </span>The derivative of th= e cost with respect to quantity is negative. Economies of scope exist if joint production is less expensive than equivalent but separate production </div> </p:notes><p:notes id=3D"23" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"120"/> </o:shapelayout><v:shape id=3D"_x0000_s122882" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:102.75pt;top:53.125pt;width:353.875pt;height:265.375pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1228= 83" type=3D"#_x0000_m96261" style=3D'position:absolute;left:55.875pt;top:336.= 25pt; width:447.5pt;height:318.625pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape></p:notes><p:notes= id=3D"24" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"109"/> </o:shapelayout><v:shape id=3D"_x0000_s111618" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:102.75pt;top:53.125pt;width:353.875pt;height:265.375pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1116= 19" type=3D"#_x0000_m96261" style=3D'position:absolute;left:55.875pt;top:336.= 25pt; width:447.5pt;height:318.625pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s111619" class=3DN>http://plato.stanford.edu/entrie= s/free-rider/</div> </p:notes><p:notes id=3D"25" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"111"/> </o:shapelayout><v:shape id=3D"_x0000_s113666" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:102.75pt;top:53.125pt;width:353.875pt;height:265.375pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1136= 67" type=3D"#_x0000_m96261" style=3D'position:absolute;left:55.875pt;top:336.= 25pt; width:447.5pt;height:318.625pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s113667" class=3DN> <div>Akerlof link </div> http://links.jstor.org/sici?sici=3D0033-5533%28197008%2984%3A3%3C488%3ATMF= %22QU%3E2.0.CO%3B2-6 <div> </div> <div><b>Adverse selection </b></div> <div>http://links.jstor.org/sici?sici=3D0033-5533(197008)84:3<488:TMF&q= uot;QU>2.0.CO;2-6 </div> <div>http://macminn.org/uncertainty/insurance/akerlof.pdf </div> <div>http://macminn.org/genetic testing1.htm </div> <div> </div> <div><b>Moral hazard </b></div> http://links.jstor.org/sici?sici=3D0033-5533%28197911%2993%3A4%3C541%3AOMH= AI%3E2.0.CO%3B2-7</div> </p:notes><p:notes id=3D"19" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"105"/> </o:shapelayout><v:shape id=3D"_x0000_s107522" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:102.75pt;top:53.125pt;width:353.875pt;height:265.375pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1075= 23" type=3D"#_x0000_m96261" style=3D'position:absolute;left:55.875pt;top:336.= 25pt; width:447.5pt;height:318.625pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s107523" class=3DN>Human capital is an asset notion= of individual value.<span style=3D'mso-spacerun:yes'> </span>An individ= ual invests in her own human capital with the idea that the investment generat= es a flow of benefits in subsequent periods.<span style=3D'mso-spacerun:yes'>&n= bsp; </span>This allows such investment to be viewed and evaluated in the same = way that we do corporate capital investment projects. <div> </div> The human life value concept is part of human capital theory.<span style=3D'mso-spacerun:yes'> </span>The human life value is the prese= nt value or capitalized value of the flow of future earnings net of maintenan= ce expenses. <div> </div> Huebner listed the following qualitative forces for determining the human = life value: <div>Ethical behavior </div> <div>Good health </div> <div>Willingness to work </div> <div>Willingness to make an investment in the mind </div> <div>Creative ability and judgment </div> <div><span style=3D'mso-special-format:lastCR'> </span></div> </div> </p:notes><p:notes id=3D"12" layout=3D"notes" slots=3D"slideImage,body"> <o:shapelayout v:ext=3D"edit"> <o:idmap v:ext=3D"edit" data=3D"121"/> </o:shapelayout><v:shape id=3D"_x0000_s123906" type=3D"#_x0000_m96260" sty= le=3D'position:absolute; left:102.75pt;top:53.125pt;width:353.875pt;height:265.375pt'> <v:fill o:detectmouseclick=3D"t"/> <v:stroke o:forcedash=3D"t"/> <o:lock v:ext=3D"edit" text=3D"t"/> <p:placeholder type=3D"slideImage"/></v:shape><v:shape id=3D"_x0000_s1239= 07" type=3D"#_x0000_m96261" style=3D'position:absolute;left:55.875pt;top:336.= 25pt; width:447.5pt;height:318.625pt'> <v:fill o:detectmouseclick=3D"f"/> <v:stroke o:forcedash=3D"f"/> <o:lock v:ext=3D"edit" text=3D"f"/> <p:placeholder type=3D"body" position=3D"1"/></v:shape> <div v:shape=3D"_x0000_s123907" class=3DN> <div>The absolute hypothesis is due to John Maynard Keynes, i.e., </di= v> <div> </div> The life cycle hypothesis is due to Ando and Modigliani while the permanen= t income hypothesis is due to Friedman.</div> </p:notes><p:notes id=3D"13" layout=3D"notes" slots=3D"slideImage,body"> 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parent.IsFullScrMode() ) FullScrInit(); =09 MakeSldVis(); ChkAutoAdv() if( runAnimations ) { if( document.all("NSPlay") ) document.all("NSPlay").autoStart =3D false; if( sld.filters && sld.filters.revealtrans ) setTimeout( "document.body.start()", sld.filters.revealtrans.duration * = 1000 ); else document.body.start(); } } function MakeSldVis()=20 { var fTrans=3Dg_showAnimation && SldHasTrans() if( fTrans )=09 { if( g_bgSound ) { idx=3Dg_bgSound.indexOf(","); pptSound.src=3Dg_bgSound.substr( 0, idx ); pptSound.loop=3D -(parseInt(g_bgSound.substr(idx+1))); } SlideObj.filters.revealtrans.Apply()=09 } SlideObj.style.visibility=3D"visible" if( fTrans ) SlideObj.filters.revealtrans.Play() } function MakeNotesVis()=20 { if( !IsNts() ) return false=20 SlideObj.style.display=3D"none" nObj =3D document.all.item("NotesObj") parent.SetHasNts(0) if( nObj ) {=20 nObj.style.display=3D"" parent.SetHasNts(1) } return 1 } function ChkAutoAdv() { if(SldHasTrans()) SlideObj.onfilterchange=3DAutoAdv else AutoAdv() } function AutoAdv() { if(!IsWin("PPTSld") || !gUseSldTimings )return var sld=3DGetCurSld() if( (sld.mAdvDelay>0) && !parent.IsFramesMode() ) setTimeout("parent.GoToNextSld()",sld.mAdvDelay) } function GetObj(id) { if(g_supportsPPTHTML) return document.all(id); else return document.getElementById(id); } function SldHasTrans() { return SlideObj.style.filter !=3D ""; } function GetSldId() { return sId=3Dlocation.href.substring(location.href.la= stIndexOf('/')+1) } function HideMenu() { if( frames["PPTSld"] && PPTSld.document.all.item("ctx= tmenu") && PPTSld.ctxtmenu.style.display!=3D"none" ) { PPTSld.ctxtmenu.styl= e.display=3D'none'; return true } return false } function IsWin( name ) { return window.name =3D=3D name } function IsNts() { return IsWin("PPTNts") } function IsSldOrNts() { return( IsWin("PPTSld")||IsWin("PPTNts") ) } function SupportsPPTAnimation() { return( navigator.platform =3D=3D "Win32"= && navigator.appVersion.indexOf("Windows")>0 ) } function SupportsPPTHTML() { var appVer=3Dnavigator.appVersion, msie=3DappVer.indexOf("MSIE "), ver=3D0 if( msie >=3D 0 ) ver=3DparseFloat( appVer.substring( msie+5, appVer.indexOf(";",msie) ) ) else ver=3DparseInt(appVer) return( ver >=3D 4 && msie >=3D 0 ) } function _RSW() { if( !g_supportsPPTHTML || IsNts() || ( !g_scaleInFrame && (!IsWin("PPTSld") || !parent.IsFullScrMode()) ) ) return var padding=3D0; if( IsWin("PPTSld") && parent.IsFramesMode() ) padding=3D6 cltWidth=3Ddocument.body.clientWidth-padding cltHeight=3Ddocument.body.clientHeight-padding factor=3D(1.0*cltWidth)/g_origW if( cltHeight < g_origH*factor ) factor=3D(1.0*cltHeight)/g_origH newSize =3D g_origSz * factor if( newSize < 1 ) newSize=3D1 s=3DSlideObj.style s.fontSize=3DnewSize+"px" s.posWidth=3Dg_origW*factor s.posHeight=3Dg_origH*factor s.posLeft=3D(cltWidth-s.posWidth+padding)/2 s.posTop=3D(cltHeight-s.posHeight+padding)/2 if( g_scaleHyperlinks ) ScaleHyperlinks( factor ) } function _InitAnimations() { animRuntimeInstalled =3D ''+document.body.localTime !=3D 'undefined'; isFullScreen =3D (window.name =3D=3D "PPTSld") && !parent.IsFramesMode(); g_animUseRuntime =3D g_showAnimation && animRuntimeInstalled && !(isFullSc= reen && parent.IsSldVisited()); if( g_animUseRuntime ) { collSeq =3D document.all.tags("seq"); if( collSeq !=3D null ) { for(ii=3D0;ii<collSeq.length;ii++) { if( collSeq[ii].getAttribute( "p:nodeType" ) =3D=3D "mainSeq" ) { g_animMainSequence =3D collSeq[ii]; break; } } } =09 if( g_animItemsToHide && document.body.playAnimations !=3D false ) { for(jj =3D 0; jj < g_animItemsToHide.length; jj++) { if( hideObj =3D GetObj(g_animItemsToHide[jj]) ) hideObj.runtimeStyle.visibility=3D"hidden"; } } if( g_animInteractiveItems ){ for(jj =3D 0; jj < g_animInteractiveItems.length; jj++) { if( triggerObj =3D GetObj(g_animInteractiveItems[jj]) ) triggerObj.runtimeStyle.cursor=3D"hand"; } } =09 if( gUseSldTimings && ''+g_animSlideTime !=3D 'undefined' ) { adjustedTime =3D document.body.calculateAutoAdvanceTimes( g_animSlideTim= e, g_animEffectTimings ); if( IsWin("PPTSld") && adjustedTime !=3D g_animSlideTime ) { var sld =3D GetCurSld(); sld.mAdvDelay =3D adjustedTime * 1000; } } } return g_animUseRuntime; } gSldJump =3D 0, gSldJumpTrack =3D 0, gSldJumpIdx =3D ""; function _KPH() {=20 if( IsNts() ) return; if( !parent.IsFramesMode() && event.keyCode =3D=3D 27 && !HideMenu() ) parent.window.close( self ); else if( event.keyCode =3D=3D 32 ) { if( window.name =3D=3D "PPTSld" ) parent.PPTSld.DocumentOnClick(); else parent.GoToNextSld(); } CatchNumKeys( parent, event ); } function CatchNumKeys( win, event ) { if( win.IsFullScrMode() && (48<=3Devent.keyCode) && (event.keyCode<=3D57) = ) { gSldJump =3D 1; gSldJumpIdx +=3D (event.keyCode-48).toString(); } if( win.IsFullScrMode() && gSldJump && event.keyCode =3D=3D 13 ) { var numSlds =3D parent.GetSldList().mList.length if ( gSldJumpIdx > numSlds ) gSldJumpIdx =3D numSlds; if ( gSldJumpIdx >=3D 0 ) { if ( gSldJumpIdx =3D=3D 0 ) gSldJumpIdx =3D 1; var jumpTo =3D parseInt(gSldJumpIdx); gSldJump =3D 0; gSldJumpIdx =3D ""; win.GoToSld( parent.GetSldList().mList[jumpTo-1].mSldHref ) } } } function _KDH() { if( event.keyCode =3D=3D 8 ) { event.returnValue =3D 0; parent.GoToPrevSld(); } }function DocumentOnClick() { if( IsNts() || parent.HideMenu() ) return; if( ( g_allowAdvOnClick && (window.name=3D=3D"PPTSld") && !parent.IsFrames= Mode() ) || (event && event.keyCode=3D=3D32) ) { =09 if( g_animUseRuntime && g_animMainSequence && g_animMainSequence.cangonex= t ) return; parent.GoToNextSld(); } } var g_supportsPPTHTML =3D SupportsPPTHTML(), g_scaleInFrame =3D 1, gId=3D""= , g_bgSound=3D"", g_scaleHyperlinks =3D false, g_allowAdvOnClick =3D 1, g_showInBrowser = =3D 0, gLoopCont =3D 0, gUseSldTimings =3D 1; var g_showAnimation =3D g_supportsPPTHTML && SupportsPPTAnimation() && ( (w= indow.name=3D=3D"PPTSld" && !parent.IsFramesMode()) || g_showInBrowser );va= r g_animManager =3D null; var g_animUseRuntime =3D false; var g_animItemsToHide, g_animInteractiveItems, g_animSlideTime; var g_animMainSequence =3D null; var ENDSHOW_MESG=3D"End of slide show, click to exit.", SCREEN_MODE=3D"Fram= es", gIsEndShow=3D0, NUM_VIS_SLDS=3D19, SCRIPT_HREF=3D"script.js", FULLSCR_= HREF=3D"fullscreen.htm"; var gCurSld =3D gPrevSld =3D 1, g_offset =3D 0, gNtsOpen =3D gHasNts =3D gO= tlTxtExp =3D 0, gHasNarration =3D 0, gOtlOpen =3D true window.gPPTHTML=3DSupportsPPTHTML() var gMainDoc=3Dnew Array(new hrefList("slide0001.htm",1,-1,1),new hrefList(= "slide0002.htm",1,-1,1),new hrefList("slide0017.htm",1,-1,1),new hrefList("= slide0014.htm",1,-1,1),new hrefList("slide0015.htm",1,-1,1),new hrefList("s= lide0008.htm",1,-1,1),new hrefList("slide0018.htm",1,-1,1),new hrefList("sl= ide0009.htm",1,-1,1),new hrefList("slide0022.htm",1,-1,1),new hrefList("sli= de0023.htm",1,-1,1),new hrefList("slide0024.htm",1,-1,1),new hrefList("slid= e0025.htm",1,-1,1),new hrefList("slide0019.htm",1,-1,1),new hrefList("slide= 0012.htm",1,-1,1),new hrefList("slide0013.htm",1,-1,1),new hrefList("slide0= 020.htm",1,-1,1),new hrefList("slide0021.htm",1,-1,1),new hrefList("slide00= 26.htm",1,-1,1),new hrefList("slide0004.htm",1,-1,1)); /********************************************* Frameset functions These functions control slide navigation and state of the frameset. **********************************************/ function FullScrInit() { g_allowAdvOnClick =3D GetCurSld().mAdvOnClk document.body.style.backgroundColor=3D"black" document.oncontextmenu=3Dparent._CM; document.onkeydown =3D _KDH; document.ondragstart=3DCancel document.onselectstart=3DCancel self.focus() } function Redirect( frmId ) {=09 var str=3Ddocument.location.hash,idx=3Dstr.indexOf('#'), sId=3DGetSldId() if(idx>=3D0) str=3Dstr.substr(1); if( window.name !=3D frmId && ( sId !=3D str) ) { obj =3D GetObj("Main-File") window.location.href=3Dobj.href+"#"+sId return 1 } return 0 } var MHTMLPrefix =3D CalculateMHTMLPrefix();=20 function CalculateMHTMLPrefix() { if ( document.location.protocol =3D=3D 'mhtml:') {=20 href=3Dnew String(document.location.href)=20 Start=3Dhref.indexOf('!')+1=20 End=3Dhref.lastIndexOf('/')+1=20 if (End < Start)=20 return href.substring(0, Start)=20 else=20 return href.substring(0, End)=20 } return ''; } function GetTags(base,tag) { if(g_supportsPPTHTML) return base.all.tags(tag); else return base.getElementsByTagName(tag); } function UpdNtsPane(){ if(frames["PPTNts"]) PPTNts.location.replace( MHTMLP= refix+GetHrefObj( gCurSld ).mNtsHref ) } function UpdNavPane( sldIndex ){ if(gNavLoaded) PPTNav.UpdNav() } function UpdOtNavPane(){ if(gOtlNavLoaded) PPTOtlNav.UpdOtlNav() } function UpdOtlPane(){ if(gOtlLoaded) PPTOtl.UpdOtl() } function SetHasNts( fVal ) { if( gHasNts !=3D fVal ) { gHasNts=3DfVal UpdNavPane() } } function ToggleOtlText() { gOtlTxtExp=3D!gOtlTxtExp UpdOtlPane() } function ClearMedia() { // Clear any sounds playing before launching another browser window. Other= wise, // in fullscreen mode, you'll continue to hear the sound in the frames mod= e. if (PPTSld.pptSound) PPTSld.pptSound.loop =3D 0; } function FullScreen() {=20 if ( PPTSld.g_animUseRuntime ) PPTSld.document.body.pause(); ClearMedia(); var href =3D ( document.location.protocol =3D=3D 'mhtml:') ? FULLSCR_HREF = : FULLSCR_HREF+"#"+GetHrefObj(gCurSld).mSldHref; if(PPTNav.event.ctrlKey) { var w =3D (window.screen.availWidth * 1.0) / 2.0 var h =3D w * (PPTSld.g_origH * 1.0) / PPTSld.g_origW win =3D window.open( MHTMLPrefix+href,null,"toolbar=3D0,resizable=3D1,top= =3D0,left=3D0," + "width=3D"+ w + ",height=3D" + h ); if( win.document.body && PPTSld.g_animUseRuntime ) win.document.body.PPTSldFrameset=3Dwindow; } else { win =3D window.open( MHTMLPrefix+href,null,"fullscreen=3Dyes" ); if( win.document.body && PPTSld.g_animUseRuntime ) win.document.body.PPTSldFrameset=3Dwindow; } } function ToggleVNarration() { rObj=3DPPTSld.document.all("NSPlay") if( rObj && !PPTSld.g_animUseRuntime ) { if( (rObj.playState =3D=3D 1)||(rObj.playState =3D=3D 0) ) rObj.Play() else if( rObj.playState =3D=3D 2 ) rObj.Pause() else return; } else if( PPTSld.g_animUseRuntime ) { narObj =3D PPTSld.document.all("narrationID") if( narObj ) narObj.togglePause() } } function GetCurSldNum() { =20 obj=3DGetHrefObj(gCurSld) if( obj.mOrigVis =3D=3D 1 ) return obj.mSldIdx else =20 return gCurSld } function GetNumSlds() { =20 if( GetHrefObj(gCurSld).mOrigVis =3D=3D 1 ) return GetSldList().mNumVisSlds; else return GetSldList().mList.length } function GetSldNum( href ) { for(ii=3D0; ii<GetSldList().mList.length; ii++) { if ( GetSldList().mList[ii].mSldHref =3D=3D href ) return ii+1 } return 1 } function GetHrefObj( sldIdx ){ return GetSldList().mList[sldIdx-1] } function IsFramesMode(){ return ( SCREEN_MODE =3D=3D "Frames" ) } function IsFullScrMode(){ return ( SCREEN_MODE =3D=3D "FullScreen" ) } function GoToNextSld() { ii=3DgCurSld + 1 if( GetHrefObj( ii-1 ).mOrigVis =3D=3D 0 ) { if( ii<=3DGetSldList().mList.length ) { obj=3DGetHrefObj(ii) obj.mVis=3D1 GoToSldNum(ii) return } } else { obj=3DGetHrefObj( ii ) while ( obj && ( obj.mOrigVis =3D=3D 0 ) ) obj=3DGetHrefObj(++ii) if( obj && obj.mOrigVis ) { GoToSldNum(ii) return } } if( gSldStack.length > 1 ) PopSldList(); else if( !IsFramesMode() ) { if( gLoopCont ) GoToFirst() else EndShow() } } function GoToPrevSld() { ii=3DgCurSld-1 if( ii > 0 ) { obj=3DGetHrefObj(ii) while ( obj && ( obj.mVis =3D=3D 0 ) && ( ii>0 ) ) obj=3DGetHrefObj(--ii) if( ii =3D=3D 0 ) ii=3D1 GoToSldNum(ii) } } function GoToFirst(){ GoToSld( GetHrefObj(1).mSldHref ) } function GoToLast() { ii=3DGetSldList().mList.length if( ii !=3D gCurSld ) GoToSld( GetHrefObj(ii).mSldHref ) } function GoToSldNum( num ) { if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue obj =3D GetHrefObj( num ) obj.mVis=3D1 gPrevSld=3DgCurSld gCurSld =3D num; PPTSld.location.replace(MHTMLPrefix+obj.mSldHref) if( IsFramesMode() ) { UpdNavPane(); UpdOtlPane(); UpdNtsPane() } } function GoToSld( href ) { if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue GetHrefObj( GetSldNum(href) ).mVis=3D1 PPTSld.location.replace(MHTMLPrefix+href) } function SldUpdated( id ) { if( id =3D=3D GetHrefObj(gCurSld).mSldHref ) return gPrevSld=3DgCurSld gCurSld=3DGetSldNum(id) if( IsFramesMode() ) { UpdNavPane(); UpdOtlPane(); UpdNtsPane() } } function PrevSldViewed(){ GoToSld( GetHrefObj(gPrevSld).mSldHref ) } function HasPrevSld() { return ( gIsEndShow || ( gCurSld !=3D 1 && GetHrefO= bj( gCurSld-1 ).mVis =3D=3D 1 )||( GetCurSldNum() > 1 ) ) } function HasNextSld() { return (GetCurSldNum() !=3D GetNumSlds()) } function CloseWindow() { if( HideMenu() ) return; =09 var event =3D PPTSld.event; if( !IsFramesMode() && event && (event.keyCode=3D=3D27 || event.keyCode=3D= =3D32 || event.type=3D=3D"click" ) ) window.close( self ); CatchNumKeys( self, event ); } function Unload() { gIsEndShow=3D0; } function SetupEndShow() { gIsEndShow=3D1; PPTSld.document.body.scroll=3D"no"; PPTSld.document.onkeypress=3DCloseWindow; PPTSld.document.onclick=3DCloseWindow; PPTSld.document.oncontextmenu=3D_CM; } function EndShow() { if( IsFramesMode() ) return if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue doc=3DPPTSld.document var dir =3D doc.body.dir if( dir !=3D "rtl" ) dir =3D "ltr"; doc.open() doc.writeln('<html><body dir=3D' + dir + ' bgcolor=3Dblack onload=3Dparent= .SetupEndShow() onunload=3Dparent.Unload()><center><p><font face=3DTahoma c= olor=3Dwhite size=3D2><br><b>' + ENDSHOW_MESG + '</b></font></p></center></= body></html>') doc.close() } function SetSldVisited(){ GetSldList().mList[gCurSld-1].mVisited=3Dtrue } function IsSldVisited(){ return GetSldList().mList[gCurSld-1].mVisited } function hrefList( sldHref, visible, advDelay, advClk ) { this.mSldHref=3D this.mNtsHref =3D sldHref this.mOrigVis=3D this.mVis =3D visible this.mVisited=3D false this.mAdvDelay=3D advDelay this.mAdvOnClk=3D advClk } function SldList(arr,curSld,fEnd) { this.mCurSld =3D curSld; this.mList =3D new Array(); var idx =3D 1; for(ii=3D0;ii<arr.length;ii++) { this.mList[ii] =3D new hrefList( arr[ii].mSldHref, arr[ii].mOrigVis, arr[= ii].mAdvDelay, arr[ii].mAdvOnClk ); if( arr[ii].mOrigVis ) this.mList[ii].mSldIdx =3D idx++; } this.mNumVisSlds =3D idx-1; this.fEndShow =3D fEnd; } function GetSldList() { return gSldStack[gSldStack.length-1] } function GetCurSld() { return parent.GetSldList().mList[parent.gCurSld - 1]= } gSldStack =3D new Array(); gSldStack[0] =3D new SldList(gMainDoc,gCurSld,1) function ToggleOtlPane() { frmset=3Ddocument.all("PPTHorizAdjust") frm=3Ddocument.all("PPTOtl") if( gOtlOpen ) frmset.cols=3D"*,100%" else frmset.cols=3D"25%,*" gOtlOpen=3D!gOtlOpen frm.noResize=3D!frm.noResize UpdOtNavPane() } function ToggleNtsPane() { frmset=3Ddocument.all("PPTVertAdjust") frm=3Ddocument.all("PPTNts") if( gNtsOpen ) frmset.rows=3D"100%,*" else frmset.rows=3D"*,20%" gNtsOpen=3D!gNtsOpen UpdNtsPane() } /********************************************* Custom Shows implementation When ViewCustomShow() is called, we create a new array that is a subset of the slides in=20 the main doc. This list pushed on a stack so we can return after the end of the custom show. *********************************************/ function ViewCustomShow(idx,fEnd) { if( !IsFullScrMode() ) return; var sldList =3D new Array(); var custShow =3D custShowList[idx-1]; var jj =3D 0; for( ii=3D0;ii<custShow.length;ii++ ) { if( custShow[ii] <=3D gMainDoc.length ) sldList[jj++] =3D gMainDoc[custShow[ii]-1]; } if (sldList.length > 0) { PushSldList(sldList,fEnd); gCurSld =3D 1; } else if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue } function PushSldList(arr,fEnd) { var ii =3D gSldStack.length; gSldStack[ii] =3D new SldList(arr,gCurSld,fEnd); GoToSld( gSldStack[ii].mList[0].mSldHref ); } function PopSldList() { if (gSldStack[gSldStack.length-1].fEndShow) EndShow() else { gCurSld =3D gSldStack[gSldStack.length-1].mCurSld; gSldStack[gSldStack.length-1] =3D null; gSldStack.length--; var sldList =3D gSldStack[gSldStack.length-1]; GoToSld( sldList.mList[gCurSld - 1].mSldHref ); } } var custShowList=3Dnew Array(); /********************************************* Navigation button implementation There are 2 types of buttons: ImgBtn, TxtBtn implemented as function objects. They share a similiar interface so the event handlers can call SetActive, for example, on a button=20 object without needing to know exactly=20 what type of button it is. **********************************************/ //---------------------------------- function ImgBtn( oId,bId,w,action ) //---------------------------------- { var t=3Dthis t.Perform =3D _IBP t.SetActive =3D _IBSetA t.SetInactive=3D _IBSetI t.SetPressed =3D _IBSetP t.SetDisabled=3D _IBSetD t.Enabled =3D _IBSetE t.ChangeIcon =3D null t.UserAction =3D action t.ChgState =3D _IBUI t.mObjId =3D oId t.mBorderId=3D bId t.mWidth =3D w t.mIsOn =3D t.mCurState =3D 0 } function _IBSetA() { if( this.mIsOn ) { obj=3Dthis.ChgState( gHiliteClr,gShadowClr,2 ) obj.style.posTop=3D0 } } function _IBSetI() { if( this.mIsOn ) { obj=3Dthis.ChgState( gFaceClr,gFaceClr,1 ) obj.style.posTop=3D0=20 } } function _IBSetP() { if( this.mIsOn ) { obj=3Dthis.ChgState( gShadowClr,gHiliteClr,2 ) obj.style.posLeft+=3D1; obj.style.posTop+=3D1 } } function _IBSetD() { =20 obj=3Dthis.ChgState( gFaceClr,gFaceClr,0 ) obj.style.posTop=3D0=20 } function _IBSetE( state ) { var t=3Dthis GetObj( t.mBorderId ).style.visibility=3D"visible" if( state !=3D t.mIsOn ) { t.mIsOn=3Dstate if( state ) t.SetInactive() else t.SetDisabled() } } function _IBP() { var t=3Dthis if( t.mIsOn ) { if( t.UserAction !=3D null ) t.UserAction() if( t.ChangeIcon ) { obj=3DGetObj(t.mObjId) if( t.ChangeIcon() ) obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-4)*t.mWidth else obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-0)*t.mWidth } t.SetActive() } =20 } function _IBUI( clr1,clr2,nextState ) { var t=3Dthis SetBorder( GetObj( t.mBorderId ),clr1,clr2 ) obj=3DGetObj( t.mObjId ) obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-nextState)*t.mWidth-obj= .style.posTop t.mCurState=3DnextState return obj } //----------------------------------------- function TxtBtn( oId,oeId,action,chkState ) //----------------------------------------- { var t=3Dthis t.Perform =3D _TBP t.SetActive =3D _TBSetA t.SetInactive=3D _TBSetI t.SetPressed =3D _TBSetP t.SetDisabled=3D _TBSetD t.SetEnabled =3D _TBSetE t.GetState =3D chkState t.UserAction =3D action t.ChgState =3D _TBUI t.mObjId =3D oId t.m_elementsId=3D oeId t.mIsOn =3D 1 } function _TBSetA() { var t=3Dthis if( t.mIsOn && !t.GetState() ) t.ChgState( gHiliteClr,gShadowClr,0,0 ) } function _TBSetI() { var t=3Dthis if( t.mIsOn && !t.GetState() ) t.ChgState( gFaceClr,gFaceClr,0,0 ) } function _TBSetP() { if( this.mIsOn ) this.ChgState( gShadowClr,gHiliteClr,1,1 ) } function _TBSetD() { =20 this.ChgState( gFaceClr,gFaceClr,0,0 ) this.mIsOn =3D 0 } function _TBSetE() { var t=3Dthis if( !t.GetState() ) t.ChgState( gFaceClr,gFaceClr,0,0 ) else t.ChgState( gShadowClr,gHiliteClr,1,1 ) t.mIsOn =3D 1 } function _TBP() { var t=3Dthis if( t.mIsOn ) {=20 if( t.UserAction !=3D null ) t.UserAction() if( !t.GetState ) return if( t.GetState() ) t.SetPressed() else t.SetActive() } =20 } function _TBUI( clr1,clr2,lOffset,tOffset ) { SetBorder( GetObj( this.mObjId ),clr1,clr2 ) Offset( GetObj( this.m_elementsId ),lOffset,tOffset ) } function Offset( obj, top, left ){ obj.style.top=3Dtop; obj.style.left=3Dle= ft } function SetBorder( obj, upperLeft, lowerRight ) { s=3Dobj.style; s.borderStyle =3D "solid" s.borderWidth =3D 1=20 s.borderLeftColor =3D s.borderTopColor =3D upperLeft s.borderBottomColor=3D s.borderRightColor =3D lowerRight } function GetBtnObj(){ return gBtnArr[window.event.srcElement.id] } function BtnOnOver(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetActive() } function BtnOnDown(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetPressed() } function BtnOnOut(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetInactive() } function BtnOnUp() { b=3DGetBtnObj() if( b !=3D null ) b.Perform() else Upd() } function GetNtsState(){ return parent.gNtsOpen } function GetOtlState(){ return parent.gOtlOpen } function GetOtlTxtState(){ return parent.gOtlTxtExp } function NtsBtnSetFlag( fVal ) { s=3Ddocument.all.item( this.m_flagId ).style s.display=3D"none" if( fVal ) s.display=3D"" else s.display=3D"none" } function _BSetA_Border(){ b =3D gBtnArr[this.mObjId]; if( b !=3D null ) b.S= etActive() } function _BSetI_Border(){ b =3D gBtnArr[this.mObjId]; if( b !=3D null ) b.S= etInactive() } function _BSetP_Border(){ b =3D gBtnArr[this.mObjId]; if( b !=3D null ) b.S= etPressed() } function _BSetA_BorderImg() {=20 b =3D gBtnArr[this.mBorderId]=20 if( b !=3D null && this.mIsOn && !b.GetState() ) { obj=3Dthis.ChgState( gHiliteClr,gShadowClr,2 ) obj.style.posTop=3D0 } } function _BSetI_BorderImg() {=20 b =3D gBtnArr[this.mBorderId] if( b !=3D null && this.mIsOn && !b.GetState() ) { obj=3Dthis.ChgState( gFaceClr,gFaceClr,1 ) obj.style.posTop=3D0 } } var gHiliteClr=3D"THREEDHIGHLIGHT",gShadowClr=3D"THREEDSHADOW",gFaceClr=3D"= THREEDFACE" var gBtnArr =3D new Array() gBtnArr["nb_otl"] =3D new TxtBtn( "nb_otl","nb_otlElem",parent.ToggleOtlPan= e,GetOtlState ) gBtnArr["nb_otlElem"] =3D new TxtBtn( "nb_otl","nb_otlElem",parent.ToggleOt= lPane,GetOtlState ) gBtnArr["nb_nts"] =3D new ImgBtn( "nb_nts","nb_ntsBorder",10,parent.ToggleN= tsPane ) gBtnArr["nb_nts"].SetActive =3D _BSetA_BorderImg; gBtnArr["nb_nts"].SetInactive =3D _BSetI_BorderImg; gBtnArr["nb_ntsBorder"] =3D new TxtBtn( "nb_ntsBorder","nb_ntsElem",parent.= ToggleNtsPane,GetNtsState ) gBtnArr["nb_ntsElem"] =3D new TxtBtn( "nb_ntsBorder","nb_ntsElem",parent.To= ggleNtsPane,GetNtsState ) gBtnArr["nb_prevBorder"] =3D gBtnArr["nb_prev"]=3D new ImgBtn( "nb_prev","n= b_prevBorder",30,parent.GoToPrevSld ) gBtnArr["nb_nextBorder"] =3D gBtnArr["nb_next"]=3D new ImgBtn( "nb_next","n= b_nextBorder",30,parent.GoToNextSld ) gBtnArr["nb_sldshw"]=3D new ImgBtn( "nb_sldshw","nb_sldshwBorder",18,parent= .FullScreen ) gBtnArr["nb_sldshwBorder"] =3D new TxtBtn( "nb_sldshw","nb_sldshwBorder",pa= rent.FullScreen,null ) gBtnArr["nb_sldshwBorder"].SetActive =3D _BSetA_Border; gBtnArr["nb_sldshwBorder"].SetInactive =3D _BSetI_Border; gBtnArr["nb_sldshwText"] =3D new TxtBtn( "nb_sldshw","nb_sldshwText",parent= .FullScreen,null ) gBtnArr["nb_sldshwText"].SetActive =3D _BSetA_Border; gBtnArr["nb_sldshwText"].SetInactive =3D _BSetI_Border; gBtnArr["nb_voice"] =3D gBtnArr["nb_voiceBorder"] =3D new ImgBtn( "nb_voice= ","nb_voiceBorder",18,parent.ToggleVNarration ) gBtnArr["nb_otlTxtBorder"] =3D gBtnArr["nb_otlTxt"]=3D new ImgBtn( "nb_otlT= xt","nb_otlTxtBorder",23,parent.ToggleOtlText ) gBtnArr["nb_ntsBorder"].m_flagId=3D "nb_nts" gBtnArr["nb_ntsBorder"].SetFlag =3D NtsBtnSetFlag gBtnArr["nb_otlTxt"].ChangeIcon=3D GetOtlTxtState /********************************************* Context menu implementation _CM() is the function that's hooked up to the oncontextmenu event. Once we're asked to show the menu, we first build it by creating DIVs on-the-fly. Then we position it=20 within the screen area so it doesn't get clipped. Creating the DIVs using createElement() means we don't have to write out any extra HTML into the slide HTML files. **********************************************/ var sNext=3D"Next",sPrev=3D"Previous",sEnd=3D"End Show",sFont=3D"Arial",sAr= row=3D"Arrow",sFreeform=3D"Freeform",sRect=3D"Rectangle",sOval=3D"Oval" function ShowMenu() { BuildMenu(); var doc=3DPPTSld.document.body,x=3DPPTSld.event.clientX+doc.scrollLeft,y= =3DPPTSld.event.clientY+doc.scrollTop m =3D PPTSld.document.all.item("ctxtmenu") m.style.pixelLeft=3Dx if( (x+m.scrollWidth > doc.clientWidth)&&(x-m.scrollWidth > 0) ) m.style.pixelLeft=3Dx-m.scrollWidth m.style.pixelTop=3Dy if( (y+m.scrollHeight > doc.clientHeight)&&(y-m.scrollHeight > 0) ) m.style.pixelTop=3Dy-m.scrollHeight m.style.display=3D"" } function _CM() { if( !parent.IsFullScrMode() ) return; if(!PPTSld.event.ctrlKey) { ShowMenu() return false } else HideMenu() } function BuildMenu() { if( PPTSld.document.all.item("ctxtmenu") ) return var mObj=3DCreateItem( PPTSld.document.body ) mObj.id=3D"ctxtmenu" mObj.style.visibility=3D"hidden" var s=3DmObj.style s.position=3D"absolute" s.cursor=3D"default" s.width=3D"120px" SetCMBorder(mObj,"menu","black") var iObj=3DCreateItem( mObj ) SetCMBorder( iObj, "threedhighlight","threedshadow" ) iObj.style.padding=3D2 CreateMenuItem( iObj,sNext,M_GoNextSld,M_True ) CreateMenuItem( iObj,sPrev,M_GoPrevSld,M_HasPrevSld ) =09 CreateSeparator( iObj ) CreateMenuItem( iObj,sEnd,M_End,M_True ) mObj.style.visibility=3D"visible" } function Cancel() { window.event.cancelBubble=3Dtrue; window.event.returnVa= lue=3Dfalse } function Highlight() { ChangeClr("activecaption","threedhighlight") } function Deselect() { ChangeClr("threedface","menutext") } function Perform() { e=3DPPTSld.event.srcElement if( e.type=3D=3D"menuitem" && e.IsActive() ) e.Action() else PPTSld.event.cancelBubble=3Dtrue } function ChangeClr( bg,clr ) { e=3DPPTSld.event.srcElement if( e.type=3D=3D"menuitem" && e.IsActive() ) { e.style.backgroundColor=3Dbg e.style.color=3Dclr } } function M_HasPrevSld() { return( parent.HasPrevSld() ) } function M_GoNextSld() { if( gIsEndShow ) M_End(); else GoToNextSld() } function M_GoPrevSld() { if( gIsEndShow ) { gIsEndShow=3D0; history.back();= PPTSld.event.cancelBubble=3Dtrue; } else GoToPrevSld() } function M_True() { return true } function M_End() { window.close( self ) } function CreateMenuItem( node,text,action,eval ) { var e=3DCreateItem( node ) e.type=3D"menuitem" e.Action=3Daction e.IsActive=3Deval e.innerHTML=3Dtext if( !e.IsActive() ) e.style.color=3D"threedshadow" e.onclick=3DPerform e.onmouseover=3DHighlight e.onmouseout=3DDeselect s=3De.style; s.fontFamily=3DsFont s.fontSize=3D"9pt" s.paddingLeft=3D2 } function CreateSeparator( node ) { var sObj=3DCreateItem( node ) SetCMBorder(sObj,"menu","menu") var s=3DsObj.style s.borderTopColor=3D"threedshadow" s.borderBottomColor=3D"threedhighlight" s.height=3D1 s.fontSize=3D"0px" } function CreateItem( node ) { var 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style=3D'position:absolute;left:-18px;width:24px;height:20px;border-s= tyle: solid;border-width:1px;border-color:threedface' onfocus=3D"BtnOnOver()" on= blur=3D"BtnOnOut()" TABINDEX=3D12 id=3D"nb_otlTxtBorder"> <div style=3D'position:absolute;clip:rect(0px, 22px, 18px, 0px)'><img src=3Dbuttons.gif id=3D"nb_otlTxt" title=3D"Expand/Collapse Outline" style=3D'position:relative;left:-157px'></div> </div> </td> </table> </div> <div id=3DOtlObj style=3D'display:none;visibility:hidden;'> <table width=3D"100%" style=3D'font-family:Arial;font-size:9pt'> <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(= this)" style=3D'cursor:hand'> <td align=3Dright valign=3Dtop> <div class=3DsldNum><font size=3D2>1</font></div> </td> <td width=3D"100%"> <div id=3DPPTP1 class=3DPTxt><font size=3D2><a href=3D"javascript:GoToSld('slide0001.htm');" id=3DPPTL1>Economics of Lif= e and Health Insurance</a></font></div> <div id=3DPPTC1 class=3DCTxt style=3D'display:none'><font size=3D2> <ul> <li>Richard MacMinn</li> </ul> </font></div> </td> </tr> <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(= this)" style=3D'cursor:hand'> <td align=3Dright valign=3Dtop> <div class=3DsldNum><font size=3D2>2</font></div> </td> <td> <div id=3DPPTP2 class=3DPTxt><font size=3D2><a href=3D"javascript:GoToSld('slide0002.htm');" id=3DPPTL2>Objectives</a></= font></div> <div id=3DPPTC2 class=3DCTxt style=3D'display:none'><font size=3D2> <ul> <li>Draw distinctions between social and private insurance, as well as between life and health insurance products.</li> <li>Describe the conditions required for competitive insurance markets.<= /li> <li>Describe market imperfections, giving examples of each within life a= nd health insurance markets.</li> <li>Understand how economic theories of consumption may help explain the demand for life and health insurance.</li> <li>Describe the role of capital, financial management, and distribution systems in the production of life and health insurance.</li> </ul> </font></div> </td> </tr> <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(= this)" style=3D'cursor:hand'> <td align=3Dright valign=3Dtop> <div class=3DsldNum><font size=3D2>3</font></div> </td> <td> <div id=3DPPTP3 class=3DPTxt><font size=3D2><a href=3D"javascript:GoToSld('slide0017.htm');" id=3DPPTL3>Insurance define= d</a></font></div> <div id=3DPPTC3 class=3DCTxt style=3D'display:none'><font size=3D2> <ul> <li>Economic perspective</li> <ul> <li>Insurance is a service</li> <ul> <li>Individuals exposed to perils contribute to a pool and those who suffer the peril covered by the pool receive payment, i.e., indemn= ity.</li> <li>In this perspective insurance is a contingent claim on the pool’s assets</li> </ul> </ul> <li>Legal perspective</li> <ul> <li>Insurance is a contract</li> <ul> <li>The insurance is an agreement in which the policyholder pays a stipulated consideration, i.e., premium, to the insurer in return = for which the insurer agrees to pay a defined amount if a covered event occurs during the policy period</li> <br> <br> </ul> </ul> </ul> </font></div> </td> </tr> <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(= this)" style=3D'cursor:hand'> <td align=3Dright valign=3Dtop> <div class=3DsldNum><font size=3D2>4</font></div> </td> <td> <div id=3DPPTP4 class=3DPTxt><font size=3D2><a href=3D"javascript:GoToSld('slide0014.htm');" id=3DPPTL4>Social versus pr= ivate insurance</a></font></div> <div id=3DPPTC4 class=3DCTxt style=3D'display:none'><font size=3D2> <ul> <li>Governments provide various forms of social insurance to achieve equ= ity through income redistribution</li> <li>The types of social insurance include the following:</li> <ul> <li>Survivor</li> <li>Retirement</li> <li>Disability</li> <li>Unemployment</li> <li>Health</li> <br> <br> </ul> </ul> </font></div> </td> </tr> <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(= this)" style=3D'cursor:hand'> <td align=3Dright valign=3Dtop> <div class=3DsldNum><font size=3D2>5</font></div> </td> <td> <div id=3DPPTP5 class=3DPTxt><font size=3D2><a href=3D"javascript:GoToSld('slide0015.htm');" id=3DPPTL5>Life versus non-= life</a></font></div> <div id=3DPPTC5 class=3DCTxt style=3D'display:none'><font size=3D2> <ul> <li>The insurance sector is divided between life and non-life</li> <ul> <li>The non-life area is generally referred to as either property/liabi= lity insurance or general insurance and covers:</li> <ul> <li>Property</li> <li>Liability</li> <li>Worker’s compensation</li> </ul> <li>The life area includes the following covers:</li> <ul> <li>Life assurance</li> <ul> <li>Whole life, term life, endowment insurance</li> </ul> <li>Annuities and pensions</li> <ul> <li>Life annuity, defined benefits plan, defined contributions plan</= li> </ul> <li>Disability and long-term care</li> <li>Health, accident and medical insurance</li> </ul> </ul> <li>Some countries prohibit the same company to sell life and non-life w= hile others allow the joint production via holding companies or affiliate= s</li> </ul> </font></div> </td> </tr> <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(= this)" style=3D'cursor:hand'> <td align=3Dright valign=3Dtop> <div class=3DsldNum><font size=3D2>6</font></div> </td> <td> <div id=3DPPTP6 class=3DPTxt><font size=3D2><a href=3D"javascript:GoToSld('slide0008.htm');" id=3DPPTL6>Life and health insurance categories</a></font></div> <div id=3DPPTC6 class=3DCTxt style=3D'display:none'><font size=3D2> <ul> <li>Group</li> <ul> <li>This insurance is typically purchased by employers for the benefit = of their employees</li> </ul> <li>Industrial</li> <ul> <li>Life and health policies issued to individuals in small amounts</li> </ul> <li>Ordinary</li> <ul> <li>Individual life and health policies with larger benefits than industrial</li> </ul> <li>Credit</li> <ul> <li>Insurance instruments issued through lending institutions to cover = debt obligations if the borrower dies or becomes disabled</li> </ul> </ul> </font></div> </td> </tr> <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(= this)" style=3D'cursor:hand'> <td align=3Dright valign=3Dtop> <div class=3DsldNum><font size=3D2>7</font></div> </td> <td> <div id=3DPPTP7 class=3DPTxt><font size=3D2><a href=3D"javascript:GoToSld('slide0018.htm');" id=3DPPTL7>Economic overvie= w of life and health markets</a></font></div> <div id=3DPPTC7 class=3DCTxt style=3D'display:none'><font size=3D2> <ul> <li>Competitive insurance markets</li> <ul> <li>Conditions</li> <ul> <li>Many buyers and sellers</li> <li>Freedom of entry and exit</li> <li>Homogenous product</li> <li>Perfect information</li> </ul> </ul> <li>Market imperfections arise due to the following conditions</li> <ul> <li>Market power</li> <li>Externalities</li> <li>Information problems</li> <li>Free rider problems</li> </ul> </ul> </font></div> </td> </tr> <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(= this)" style=3D'cursor:hand'> <td align=3Dright valign=3Dtop> <div class=3DsldNum><font size=3D2>8</font></div> </td> <td> <div id=3DPPTP8 class=3DPTxt><font size=3D2><a href=3D"javascript:GoToSld('slide0009.htm');" id=3DPPTL8>Market Imperfect= ions</a></font></div> </td> </tr> <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(= this)" style=3D'cursor:hand'> <td align=3Dright valign=3Dtop> <div class=3DsldNum><font size=3D2>9</font></div> </td> <td> <div id=3DPPTP9 class=3DPTxt><font size=3D2><a href=3D"javascript:GoToSld('slide0022.htm');" id=3DPPTL9>Market power</a>= </font></div> <div id=3DPPTC9 class=3DCTxt style=3D'display:none'><font size=3D2> <ul> <li>Market power exists when a buyer or seller has the ability to influe= nce the market price.</li> <li>Sources of market power</li> <ul> <li>Barriers to entry or exit</li> <li>Economies of scale and scope</li> <li>Price discrimination</li> <li>Product differentiation</li> </ul> </ul> </font></div> </td> </tr> <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(= this)" style=3D'cursor:hand'> <td align=3Dright valign=3Dtop> <div class=3DsldNum><font size=3D2>10</font></div> </td> <td> <div id=3DPPTP10 class=3DPTxt><font size=3D2><a href=3D"javascript:GoToSld('slide0023.htm');" id=3DPPTL10>Externalities</= a></font></div> <div id=3DPPTC10 class=3DCTxt style=3D'display:none'><font size=3D2> <ul> <li>An externality exists when an agent’s, e.g., a firm’s production or an individual’s consumption, activities have a direct and uncompensated effect on others</li> <li>A positive externality exists if benefits are provided to others</li> <ul> <li>Bee keeper</li> </ul> <li>A negative externality exists if costs are imposed on others</li> <ul> <li>Pollution</li> <li>Global warming</li> <li>Fraud</li> </ul> </ul> </font></div> </td> </tr> <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(= this)" style=3D'cursor:hand'> <td align=3Dright valign=3Dtop> <div class=3DsldNum><font size=3D2>11</font></div> </td> <td> <div id=3DPPTP11 class=3DPTxt><font size=3D2><a href=3D"javascript:GoToSld('slide0024.htm');" id=3DPPTL11>Free rider prob= lem</a></font></div> <div id=3DPPTC11 class=3DCTxt style=3D'display:none'><font size=3D2> <ul> <li>All members of a group may benefit from the efforts of each member a= nd all may benefit substantially from collective action. For example, if each of us pollutes less by paying a bit extra for our cars, we all benefit from the reduction of harmful gases in the air we breathe and even in the reduced harm to the ozone layer that protects us against exposure to carcinogenic ultraviolet radiation.<span style=3D'mso-spacerun:yes'> </span>If all or some subgroups pr= efer the state of affairs in which we each pay this bit over the state of affairs in which we do not, then the provision of cleaner air is a collective good for us.</li> <li>My polluting may be a small part of the whole and not matter enough = for others to notice. Therefore, I may not contribute my share toward cleaning the atmosphere. If so I may be a free rider on the benefici= al actions of others.</li> <li>This is an edited excerpt from the Stanford Encyclopedia of Philosop= hy</li> <li>Insurance examples</li> <ul> <li>Free emergency medical care</li> <li>Catastrophe aide</li> <li>Insurance regulation</li> <br> <br> </ul> </ul> </font></div> </td> </tr> <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(= this)" style=3D'cursor:hand'> <td align=3Dright valign=3Dtop> <div class=3DsldNum><font size=3D2>12</font></div> </td> <td> <div id=3DPPTP12 class=3DPTxt><font size=3D2><a href=3D"javascript:GoToSld('slide0025.htm');" id=3DPPTL12>Information pro= blems</a></font></div> <div id=3DPPTC12 class=3DCTxt style=3D'display:none'><font size=3D2> <ul> <li>Asymmetric information exists in a market if not all parties to a transaction have the information that determines the value</li> <li>Information problems include</li> <ul> <li>Adverse selection or hidden information</li> <ul> <li>Akerlof, G. A. (1970). "The Market for ‘Lemons’:<= span style=3D'mso-spacerun:yes'> </span>Quality Uncertainty and t= he Market Mechanism." Quarterly Journal of Economics 89: 488-500= .</li> <li>MacMinn, R. (1995). Lecture on ‘The Market for Lemons: Quali= ty Uncertainty and the Market Mechanism’</li> <li>Genetic testing</li> </ul> <li>Moral hazard or hidden action</li> <ul> <li>Shavell, S. (1979). "On Moral Hazard and Insurance." Qua= rterly Journal of Economics 93(4): 541-562.</li> </ul> </ul> </ul> </font></div> </td> </tr> <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(= this)" style=3D'cursor:hand'> <td align=3Dright valign=3Dtop> <div class=3DsldNum><font size=3D2>13</font></div> </td> <td> <div id=3DPPTP13 class=3DPTxt><font size=3D2><a href=3D"javascript:GoToSld('slide0019.htm');" id=3DPPTL13>Economic basis = for life and health insurance</a></font></div> <div id=3DPPTC13 class=3DCTxt style=3D'display:none'><font size=3D2> <ul> <li>The demand for life and health insurance</li> <ul> <li>Human capital concept</li> <ul> <li>Becker, G. S. (1962). "Investment in Human Capital: A Theoret= ical Analysis." The Journal of Political Economy 70(5, Part 2: Investment in Human Beings): 9-49.</li> </ul> <li>Human life value concept</li> <ul> <li>Hofflander, A. E. (1966). "The Human Life Value: An Historical Perspective." Journal of Risk and Insurance 33(3): 381-391.</= li> </ul> </ul> <li>Huebner’s qualitative and quantitative dimensions of the human life value</li> </ul> </font></div> </td> </tr> <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(= this)" style=3D'cursor:hand'> <td align=3Dright valign=3Dtop> <div class=3DsldNum><font size=3D2>14</font></div> </td> <td> <div id=3DPPTP14 class=3DPTxt><font size=3D2