Insurance Contracts Research Articles

Turnover intention of foreign trained physicians in German rehabilitation facilities—a quantitative study

BackgroundGermany’s medical specialist shortage is an acute challenge, especially in the rehabilitation segment. One countermeasure is to recruit foreign trained physicians (FTP), but the high turnover of FTP is a burden on the departments that train them and integrate them professionally. Preliminary research showed that currently one in three physician positions in German Pension Insurance (DRV) contract facilities is filled by FTP.This paper examines factors related to turnover intention of FTP in German rehabilitative departments.MethodologyIn spring 2022, we surveyed FTP across all inpatient and outpatient rehabilitation departments under the German Pension Insurance, using a two-stage cross-sectional approach. We conducted an online survey of FTP and developed a specialized questionnaire that captured sociodemographic, occupation related and professional biographical data, turnover intention, satisfaction, difficulties with professional integration and departmental structural characteristics. To analyze retention within the rehabilitation field, we used a measure of turnover intention, taking into account the direction of potential turnover, residency requirements and considerations of returning to the rehabilitation field. The data was evaluated in a subgroup analysis comparing FTP with and without turnover intention using Fisher’s exact tests.ResultsThe sample includes n = 145 FTP, 119 stating no turnover intention and 27 with turnover intention. More than half of FTP with turnover intention wished to move to an acute care hospital. FTP with turnover intention are comparatively younger and came to Germany and were employed in the rehabilitation departments more recently, indicating an earlier career stage. Besides, career-related and regional factors show the strongest relation to turnover intention.Discussion and conclusionThe results reveal a group of “established FTP” whose professional integration has been successfully completed. FTP with turnover intention are comparatively younger, career-oriented physicians for whom work in a rehabilitative facility is a career springboard to gain a foothold in acute care clinics. A limitation is that FTP with turnover intention are difficult to reach and may be underrepresented in our sample.

Assessing the implications of short-term exemption clauses for insurers in Chinese fishery mutual insurance contracts

The exemption clauses in China’s Insurance Law delineate the scope of obligations, performance standards, and certification requirements pertaining to fishery mutual insurance and supplementary coverage. However, the legal validity of time-limited exemption clauses remains contentious in Chinese legal theory, with judicial practice evidencing inconsistent interpretation standards. This paper argues that the application of such clauses enables insurers to potentially restrict or deny liability to some extent, promoting moral hazard and violating public order and good customs. Through analysing current theories and judicial judgments, the paper examines threats and rationale underlying the incorporation of these clauses in fishery mutual insurance policies. It contends that time-limited exemption clauses essentially function as implicit coverage exemptions and should, therefore, be deemed invalid, precluding insurers from refusing claims based on time limits. The paper concludes by recommending insurers fully disclose the liability time restrictions imposed by this clause when formulating contracts to ensure policyholder awareness.

Place and role of transport law in the law system of Ukraine

The article reveals the place and role of transport law in the legal system of Ukraine and characterizes the peculiarities of transport relations, sources of transport law. It is noted that transport law is a complex sub-branch of law that combines norms of civil, economic, administrative, land, labor, commercial and a number of other branches of law. Transport law contains public-law and private­law norms that regulate social relations arising in the field of transport activities. Transport activity is accompanied, as a rule, by the conclusion of transport contracts. In its essence, transport law is more closely related to civil law, because property relations make up the material content of transport contracts, transport risk insurance contracts, legal situations of customs clearance of goods, etc. The main factor in property relations in the field of transport are transportation contracts, which are regulated by civil law. A special place is occupied by the protection of the property rights of the parties to obligations arising from transportation contracts.
 It is argued that transport activity includes both the physical movement of passengers, luggage, and cargo from the point of departure to the destination, as well as auxiliary services. Such activities are carried out on the basis of relevant transport contracts. This is the generalized name of all contracts that are regulated by the provision of certain transport services (transportation, forwarding, etc.). The main type of transport contracts is a contract of carriage. Article 908 of the Civil Code of Ukraine establishes the basic provisions regarding contracts for the carriage of cargo, passengers, and luggage, including liability for the main types of violations of obligations arising from carriage contracts; general regulations on transportation. The conditions of transportation of cargo, passengers and luggage by separate modes of transport, as well as the responsibilities of the parties regarding these transportations, are established by the contract, unless otherwise established by the Civil Code of Ukraine, other laws, transport codes (statutes), other normative legal acts and rules issued in accordance with them
 Transport activity, which is accompanied, as a rule, by the conclusion of transport contracts, gives rise to transport legal relations that arise in connection with the operation of transport for the purpose of providing transport services and carrying out related activities in the unity of the organizational-management and economic (civil- law) component of such exploitation
 The subjects of transport legal relations are state authorities and local self-government bodies in relations, in particular, regarding licensing of certain types of transport activities, approval of passports of transport routes, admission of carriers to the activity of transporting passages, etc.; suppliers of transportation transport services - railways, motor transport companies, airlines, etc., which provide relevant services on a contractual basis, at the same time observing certain requirements and standards established by the relevant state authorities; consumers of transport services, which in particular include passengers, consignors and consignees; various auxiliary participants in transport activities, in particular forwarders, agents, insurance companies, etc.
 The object of transport legal relations is activity related to the transportation of goods, passengers, luggage and mail. A distinction is made between the object of transport legal relations and the object (subject) of transportation. The first is a certain good, for example, a transportation service, for the purpose of which subjects enter into legal relations. The object of transportation is cargo, luggage, hand luggage, mail and, of course, a person-passenger.
 Sources of transport law, which are divided into international and national, are analyzed.

The legal regulations applicable to the marine insurance contract in force in the first years of the Polish People’s Republic

Ubezpieczenia morskie zwiększały pewność obrotu morskiego i służyły do zabezpieczenia transakcji kredytowych. Stanowiły ważny czynnik rozwoju działalności gospodarczej na morzu. Uwzględniając powyższe niniejszy artykuł ma na celu poddanie analizie historyczno – prawnej przepisów prawa morskiego odnoszących się do instytucji umowy ubezpieczenia morskiego, które obowiązywały w Polsce od 1920 r. do unifikacji prawa morskiego z 1961 r. W dostępnej literaturze przedmiotu znajduje się wiele opracowań dotyczących prawa morskiego po 1962 r. Wcześniejszy okres nie został szerzej omówiony, a jedynie wspomniany, co uzasadnia podjęcie niniejszego tematu. Artykuł będzie zatem stanowił próbę wyjaśnia jaka była istota i znaczenie umowy ubezpieczenia morskiego oraz wskaże co było przedmiotem i podmiotem tej umowy w morskim ustawodawstwie Polski Ludowej. Szczegółowa analiza przepisów dotyczących ubezpieczeń morskich wykazała, że polskie regulacje były bardziej przejrzyste, czytelne i szczegółowe, przez co nie wymagały uzupełnień pozakodeksowych, jak miało to miejsce w przypadku ustawodawstwa poniemieckiego. Niemniej jednak kontynuowały przyjęte wcześniej rozwiązania, systematyzując je w jednym akcie prawnym. Zatem dla polskich regulacji dotyczących ubezpieczeń morskich istotne znaczenie miały przede wszystkim rozwiązania niemieckie z przełomu XIX i XX w., które stanowiły źródło współczesnych polskich formalno- prawnych uregulowań w omawianym zakresie.

Aggregate lapsation risk

We study aggregate lapsation risk in the life insurance sector. We construct two lapsation risk factors that explain a large fraction of the common variation in lapse rates of the 30 largest life insurance companies. The first is a cyclical factor that is positively correlated with credit spreads and unemployment, while the second factor is a trend factor that correlates with the level of interest rates. Using a novel policy-level database from a large life insurer, we examine the heterogeneity in risk factor exposures based on policy and policyholder characteristics. Young policyholders with higher health risk in low-income areas are more likely to lapse their policies during economic downturns. We explore the implications for hedging and valuation of life insurance contracts. Ignoring aggregate lapsation risk results in mispricing of life insurance policies. The calibrated model points to overpricing on average. In the cross-section, young, low-income, and high-health risk households face higher effective mark-ups than the old, high-income, and healthy.

Medical professional liability insuarance

The aim of the study is to form an integrated approach to understanding the context and legal necessity of medical professional liability insurance.
 The methodological basis of the study is a set of scientific techniques and methods of scientific knowledge, including dialectical, historical-legal, logical-legal, system-structural, method of forecasting and comparative jurisprudence. Dialectical method has provided opportunities to analyze scientific positions regarding the content and development of medical professional liability insurance. Historical-legal method helps to study the genesis of the development of insurance in specific historical and legal situations, the development of theoretical scientific thought and legislation. The method of comparative law is used to study the legislative and regulatory acts of Ukraine and other countries in the world as well as to clarify the advantages and disadvantages of the mechanism of legal regulation the insurance of medical professional liability in various countries in the world. Systemic and structural methods have helped to clarify the content of the contracts connected with this kind of insurance. Formal-logical method has allowed analyzing the provisions of the legislation of Ukraine in the sphere of this type of insurance.
 Results. This study contains a comprehensive scientific analysis of modern problems of medical professional liability insurance. The elements of the medical professional liability insurance contract are defined, namely: subject matter, insured, beneficiary, insurance risk, insurance event, conditionals of insurance compensation payment. It is stipulated that medical professional liability insurance contract shall have separate grounds for refusal to pay insurance compensation, inherent only to this type of insurance. It is shown that this type of insurance helps to manage the risks in medical practice activities. The concept of this type of insurance has been researched. The conditions to terminate the medical professional liability insurance have been identified.
 Conclusions. Having considered the issues of medical professional liability insurance and examined the conditions of the medical professional liability insurance contract, it has been made a conclusion that it is necessary to introduce this type of insurance as mandatory for healthcare institutions and private practitioners. It has been proposed to introduce compulsory medical professional liability insurance by approving necessary alterations the valid legislation.

Jurisprudential Conditioning of the Takaful Insurance Contract: A Case Study of Islamic Insurance in Jordan

This study aims to elucidate the reality of Takaful insurance, its juristic adaptation, and the impact of this adaptation on Islamic legal rulings. It also seeks to assess the extent of compatibility of the practical applications of Takaful insurance carried out by the Jordan Islamic Insurance Company with the decisions of the Islamic Fiqh Academy and the Sharia standards set by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). To this end, the research begins by presenting the reality of Takaful insurance, highlighting its differences from commercial insurance, and discussing its major juristic adaptations. The study also examines the juristic opinions regarding the Sharia rulings on the applications of Takaful insurance. Since the Sharia rulings on Takaful insurance are based on its juristic adaptation and its application in Islamic insurance companies, the research attempts to uncover the mechanisms for implementing this contract in the Jordan Islamic Insurance Company. This is done through a specific questionnaire developed based on AAOIFI standards and the decisions of the Islamic Fiqh Academy, distributed to managers and employees of the Islamic insurance company, as well as experts, academics, and clients of the Islamic insurance company with extensive experience in this field. The research concludes, after juristic discussions, that the best juristic adaptation for the Takaful insurance contract is mutual consideration with minimal permissible excess, and that there is no difference between Islamic insurance contracts and commercial insurance if both are applied in an Islamic company.

Legislation on insurance contracts - some inadequacies and recommendations for finalization

The insurance contract is an agreement between the policyholder and the insurancecompany, in which the policyholder pays insurance premiums, and the insurance company paysinsurance benefits to the beneficiary or compensates the insured party in the event of an insuredevent. Insurance contracts play a crucial role in recording and establishing the rights andobligations of the parties involved in the insurance relationship. Currently, the Law onInsurance Business of 2022 has introduced some adjustments regarding this type of contract;however, it has not been fully perfected. Building on this premise, this article focuses onanalyzing and assessing certain limitations and shortcomings in the legal regulations pertainingto insurance contracts based on the Law on Insurance Business 2022. Subsequently, it presentsrecommendations for improvement.

Civil and legal regulation of investment activities of life insurance companies

The paper is devoted to some features of the investment activity by life of insurance companies, as well as their civil law regulation. Attention is focused on the fact that life and health insurance is a direction of non-state pension provision in the context of pension reform in Ukraine. A range of questions from potential consumers of insurance services in the field of life and health insurance regarding the investment activity of insurers, methods and means of placing investments, their legal regulation, guarantees of the integrity and safety of accumulation under the life insurance contract has been determined. Scientific approaches to the understanding of investments in general, and the peculiarities of investment activity by life insurance companies have been studied. The norms of national legislation, international financial reporting standards regulating long-term life insurance contracts, including those with an investment component, were analyzed. The civil law procedure for investing funds raised by insurance companies under long-term life insurance contracts and investment life insurance contracts is defined. Examples of investment activities of insurance companies that are leaders in the life insurance market are given. It is indicated that according to statistical data, as of January 1, 2024, 12 life insurance companies are registered and operating in Ukraine. There are life insurance companies provide services exclusively in the field of long-term life insurance, health and pension insurance. Currently, only 8 insurance companies are actively working. It was concluded that financial instruments such as securities in the form of bonds, bank deposits and investment (income) real estate are most popular among life insurance companies for investing.

자기신체사고 담보에서 보험자의 보상책임 발생요건

In order for an insurer to be liable for compensation in the first party injury insurance case, the accident must have occurred “while the insured was in possession, use, or control of the insured automobile, and (1) was caused by the operation of the insured automobile, or (2) was caused by the operation of the insured automobile if the insured was a passenger in the insured automobile.”
 The case concerned the recognition of the insurer's liability for compensation for bodily injury in an accident in which the driver of a small truck slipped and fell while climbing on the roof of the driver's cabin to cover the tarpaulin to protect the cargo from rain. The Supreme Court overturned the judgments of the first courts and appellate courts and ruled that the driver's injuries met the requirements for compensation for the first party injury insurance. In other words, even if a device is used in accordance with its intended use and is 'temporarily' used for a purpose other than its intended use, if the overall ‘use in accordance with the intended use' can be evaluated as the cause of the accident, it can be said to have broadly recognized the scope of insurance accidents by interpreting it as being included in the first party injury insurance stipulated in the auto insurance contract.
 Since 1999, when the definition of operation in Article 2 of the Compulsory Motor Vehicle Liability Act was amended, the Supreme Court has issued many judgments on the causation of operation, but there are many cases that do not provide clear standards, and in some cases, there are contradictory conclusions regarding the recognition of a substantial causal relationship between operation and an accident despite similar facts.
 Since the essential function of the Compulsory Motor Vehicle Liability Act is to guarantee compensation for damages to “victims of accidents caused by the operation of a motor vehicle” as a means of transportation, it is considered unreasonable to expand the concept of operational causation to an unlimited extent.
 The accident in the subject case was a simple safety accident caused by the driver's negligence. The Compulsory Motor Vehicle Liability Act defines the definition of operation as follows, The term ‘operation’ means using or managing motor vehicles according to their usage, regardless of whether they transport persons or objects. The ruling appears to be an overly broad interpretation of what it means to operate.
 Therefore I disagree with the reasons for the Supreme Court decision.

A sharing rule for multi-period interest-sensitive insurance contracts

As sales of interest-sensitive products grow in insurance markets, determining a sharing rule for allocating investment returns between a policyholder and an insurer is crucial. This paper discusses a theoretical sharing rule for a multi-period contract, reflecting that the insurer’s investment efforts are unobservable and that a stream of information inferring the quality of the efforts exists. Our sharing rule is developed by selecting multi-period excess returns as available information and maximizing the expected utility of the policyholder. The empirical analysis shows that the effect of multi-period excess returns on insurers’ sharing patterns is consistent with the theoretical findings.

Optimal insurance deductibles under limited information

When determining the optimal deductible level for an insurance policy, a policyholder faces two limitations. First, uncertainty arises from the randomness of future losses. Second, the opacity of the functional forms of the policyholder's loss distribution and utility function contributes to additional limitations. While the academic literature focuses on the former, we additionally include limited information on these functional forms in our model setting to reflect real-world decision-making. That is, we draw on an expected utility framework and analyze the relationship between optimal deductible levels under limited and full information. We also derive several decision rules under limited information in order to approximate the optimal deductible level under full information. To support real-world decision-making, these rules could be easily implemented in an online decision aid offered by an insurance broker, a comparison portal for insurance contracts or a consumer protection agency.

Regional Perspective of Using Cyber Insurance as a Tool for Protection of Agriculture 4.0

The digitalization of the agricultural industry is manifested through the active use of innovative technologies in all its areas. Agribusiness owners have to constantly improve their security to meet new challenges. In this context, the existing cyber risks of the agrarian industry were assessed and their classification by possible consequences, such as data theft or alteration, cyber terrorism, cyber warfare, software hacking or modification, the blocking of markets and transactions on them, was proposed. Cyber insurance is an effective tool for minimizing the likelihood of cyber incidents and for comprehensive post-incident support, with the involvement of cybersecurity specialists. An algorithm for cooperation between an agricultural company and an insurance company when concluding a cyber risk insurance contract is proposed, which takes into account the needs and wishes of insurers at each stage of the interaction. To assess the need to use cyber insurance in agriculture 4.0, a methodology has been developed to evaluate the regional characteristics of cybersecurity and the digitalization of agribusiness. The results of the study show a heterogeneous need for this tool in different regions of the world.

Exploring the Impact of the COVID-19 Pandemic on Returnee Migrant Workers’ Income, Psychological Well-Being, and Daily Life Expenses: A Case Study in Thua Thien Hue Province

The COVID-19 pandemic has significantly affected the lives, economies, and cultures of communities in Vietnam despite it no longer being considered a global emergency. Migrant workers who returned to their localities during the outbreak are among the most vulnerable groups affected by the pandemic. This study surveyed 298 returning migrant workers in 6 Thua Thien Hue province coastal communes to understand the pandemic’s effects on them. Results indicate that the pandemic has affected migrant workers differently based on their work type, education level, and gender. The pandemic severely impacted workers’ employment and income, with self-employed workers being the most affected. The reduction in income led to changes in their quality of life, including cutting down on expenses and experiencing increased stress. In particular, female migrant workers with limited education have experienced heightened vulnerability and anxiety in comparison to their male counterparts, primarily attributed to their societal and caregiving responsibilities. However, most respondents intend to remigrate post-pandemic to continue sending remittances home regardless of the challenges ahead. The findings highlight the need for policies and support measures to improve the resilience and adaptive capacity of migrant workers in the post-pandemic period. These measures should focus on skill improvement, access to job placement networks, social insurance, and employment contracts, and raising awareness about the importance of saving income and providing psychological support.

Civil liability insurance contract in the accounting area

This research have to identify the perception of accounting professionals in the municipality of São Mateus do Sul, in the state of Paraná, regarding the civil liability insurance contract. The accounting professional, in the exercise of his profession, needs to be updated of frequent changes in the legislation and the varied information to be provided. Thus, it is possible that malpractices may occur that may result in financial damage. These damages are often to be borne by the professional himself. In this scenario, it is possible to acquire the civil liability insurance contract, which have to cover losses caused to third parties. This research had a questionnaire to the accounting professionals of the city of São Mateus do Sul, applied through virtual means with the intention of perceiving the knowledge of these professionals about the civil liability and insurance contract of the accountant. Based on this research, it was verified that the accounting professionals are aware of the accountant's civil liability and of the coverage insurance, however the majority identified themselves as not contracting this coverage instrument.

Optimal insurance with counterparty and additive background risk

AbstractIn this paper, we explore how to design the optimal insurance contracts when the insured faces insurable, counterparty, and additive background risk simultaneously. The target is to minimize the mean-variance of the insured’s loss. By utilizing the calculus of variations, an implicit characterization of the optimal ceded loss function is given. An explicit structure of the optimal ceded loss function is also provided by making full use of its implicit characterization. We further derive a much simpler solution when these three kinds of risk have some special dependence structures. Finally, we give a numerical example to illustrate our results.

How to Start and Build a Practice in Microsurgical Breast Reconstruction: Success and Sustainability in a Private Practice Setting.

The aim of this article is to provide a template for building and sustaining a microsurgical breast reconstruction practice in a private practice setting. The target audience including residents, microsurgical fellows, and reconstructive microsurgeons were currently employed in an academic setting, and reconstructive microsurgeons were currently employed in a private group entity. We present five pillars that initiate, support, and sustain a successful practice in microsurgical breast reconstruction. The five key concepts are (1) establishing a practice vision and culture, (2) obtaining funding, (3) assembling staff, (4) negotiating insurance and other contracts, and (5) striving for efficiency and sustainability. These concepts have been at the core of Plastic, Reconstructive and Microsurgical Associates of South Texas-a private practice eight-physician group based in San Antonio, Tex.-since its inception. However, these concepts have evolved as the practice has grown and as the economic landscape has changed for reconstructive microsurgeons. In the article, we will present what we have done well, what we could have done better, and some pitfalls to avoid.

A medical insurance contract in the system of civil legal agreements of Ukraine

In this article the author investigates a scientific discussion concerning taking of contract of insurance on the whole and to the medical insurance contract in particular to the type of service contracts. Issues of systematization of civil law contracts are related to the need to define criteria for dividing contractual types into certain classification groups. It is set on the basis of analysis, that in the system of civil legal agreements a medical insurance contract is the subspecies of contracts of insurance as to the kind within the limits of type of service contracts. The feature of this type of contracts consists in that a grant of service is inseparable from activity of the person that renders services, id est the grant of insurance service is inseparably related to activity of insurer, and the useful effect of such activity shows up in the process of grant of service. A result of activity, that comes true by a person that renders services, is a basic difference between obligations about the grant of services and obligations from implementation of works. Pointing in the civil legislation of the name of that or other civil legal agreement or pointing of sphere of his action can not testify to his legal adjusting. A contract can be characterized as unnamed, if his concept, substantial terms, right and duties parties, is not certain the acts of civil legislation and others like that.
 It is marked that at a conclusion and performing а medical insurance contract, as an unnamed contract, generals are used about services, envisaged by Civil Code of Ukraine, special norms, set in Civil Code of Ukraine and Law of Ukraine “On the insurance”, generals of obligation right.

INSURANCE DEVELOPMENTS IN THE LIGHT OF DATA USE

Insurance companies are increasingly utilizing large sets of data and artificial intelligence for the purpose of evaluating risks and tailoring insurance products within the framework of insurance contracts. This research seeks to examine the effects of employing extensive data in insurance contracts, particularly concerning privacy and risk. It aims to assess the extent to which existing legal regulations can safeguard policyholders from potential mistreatment resulting from the use of such methodologies. The study concludes that despite the safeguards offered by data and consumer protection laws, the unregulated and unconstrained application of data analytics and algorithms in risk evaluation could potentially harm policyholders by infringing on their privacy and leading to discrimination, thereby impinging on their rights.

Can Investment Views Explain Why People Insure Their Cell Phones But Not Their Homes?—A New Perspective on the Catastrophe Insurance Puzzle

The consistently missing demand for catastrophe insurance and for coverage of other low-probability–high-consequence risks is often referred to as the catastrophe insurance puzzle. People show reluctance to insure low-probability–high-consequence events, even with some disastrous consequences, yet insure against small high-probability–low-consequence events. There has been no convincing explanation of this puzzle to this date. This article points out that the underlying rationale may be that individuals interpret insurance contracts with low payout probability as an investment with negative expected net present value. While premium payments start with the conclusion of the contract, usually there is only one loss payment in the near or far future. Using a simple annuity model with fixed annual premiums and expected indemnity payouts, it is found that even an individual characterized by the degree of risk aversion found in the literature is unlikely to purchase insurance with these characteristics. To alleviate this unfavorable insurance purchase syndrome, combining a low-probability with a high-probability loss insurance contract may be a way to incentivize individuals to purchase catastrophe risk coverage.