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Fundamentals of Risk and Insurance, 11th Edition

November 2013, ©2014
Fundamentals of Risk and Insurance, 11th Edition (EHEP002928) cover image


Fundamentals of Risk and Insurance, 11th Edition presents a thorough and comprehensive introduction to the field of insurance while emphasizing the consumer. It summarizes the nature of pure risk on the individual and on society, and illustrates the way in which insurance can be used to deal with the problems posed by such risk. 

The 11th edition first examines the concept of risk, the nature of the insurance device, and the principles of risk management. It then discusses the traditional fields of life and health insurance as solutions to the risks connected with the loss of income. The final section deals with the risks associated with the ownership of property and legal liability. 

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Table of Contents

Chapter 1 The problem of risk 1

Chapter 2 Introduction to Risk Management 12

Chapter 3 The Insurance Device 34

Chapter 4 Risk Management Applications 54

Chapter 5 The Private Insurance Industry 71

Chapter 6 Regulation of the Insurance Industry 95

Chapter 7 Functions of Insurers 128

Chapter 8 Financial Aspects of Insurer Operations 144

Chapter 9 The Legal Framework 163

Chapter 10 Managing Personal Risks 181

Chapter 11 Social Insurance Programs 204

Chapter 12 Introduction to Life Insurance 224

Chapter 13 The Actuarial Basis of Life Insurance 240

Chapter 14 The Life Insurance Contract—General Provisions 253

Chapter 15 The Life Insurance Contract—Other Provisions 264

Chapter 16 Special Life Insurance Forms 279

Chapter 17 Buying Life Insurance 289

Chapter 18 Annuities and Pension Benefits 307

Chapter 19 Managing the Retirement Risk 333

Chapter 20 Health Insurance: Disability Income Insurance 348

Chapter 21 Health Insurance: Coverage for Medical Expenses 365

Chapter 22 Health Insurance for the Elderly 388

Chapter 23 Employee Benefits and Other Business Uses of Life and Health Insurance 412

Chapter 24 The Homeowners Policy—General Provisions 432

Chapter 25 The Homeowners Policy Forms 448

Chapter 26 Other Personal Forms of Property Insurance 462

Chapter 27 Negligence and Legal Liability 480

Chapter 28 General Liability Insurance for the Individual 494

Chapter 29 The Automobile and its Legal Environment 512

Chapter 30 The Personal Auto Policy 529

Chapter 31 Commercial Property Insurance 552

Chapter 32 Commercial Liability Insurance 582

Chapter 33 Surety Bonds, Trade Credit, and Financial Guaranty Insurance 609

Chapter 34 Insurance in the Future (Online) 620

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New To This Edition

  • Updated to reflect new policy forms, including ISO’s 2010 Commercial Auto Policy, 2011 Homeowners Policy, 2012 Commercial Property Policy, 2013 Commercial Liability Policy, recent laws affecting health insurance and Medicare, changes in regulation stemming from the financial crisis.
  • Sample policy forms will be posted on the book companion site found here: www.wiley.com/college/vaughan
  • Chapter 34, Insurance in the Future, to be published on the book companion site.
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The Wiley Advantage

  • Integrates principles of risk management and insurance buying throughout the discussion of insurance coverage.
  • Provides a thorough and comprehensive introduction to the field of insurance.
  • The 11th edition of the text marks the 41st anniversary of the first edition, and while the purpose, organization and approach of the book remain the same, content and material have adapted with the changing field of risk management and insurance.
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Instructors Resources
Wiley Instructor Companion Site
Instructor Resource Manual
Offers helpful teaching ideas, advice on course development, sample assignments, learning objectives, lecture outlines, class exercises, lecture notes, chapter reviews, and more! Also contains detailed solutions to all questions, exercises, and problems in the textbook.
PowerPoint Lecture Slides
Our PowerPoint™ presentations contain a combination of key concepts allowing you to illustrate important topics with images, figures, and problems from the textbook.
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Students Resources
Wiley Student Companion Site
Policy Forms
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Purchase Options
Wiley E-Text   
Fundamentals of Risk and Insurance, 11th Edition
ISBN : 978-1-118-80558-9
686 pages
October 2013, ©2014
$64.00   BUY

Fundamentals of Risk and Insurance, 11th Edition
ISBN : 978-1-118-53400-7
686 pages
November 2013, ©2014
$269.95   BUY

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