Premium
Insurance Rating Games: Strikes, Spares, and Bags
Author(s) -
Ahlgrim Kevin C.,
Jones James R.
Publication year - 2014
Publication title -
risk management and insurance review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.386
H-Index - 16
eISSN - 1540-6296
pISSN - 1098-1616
DOI - 10.1111/rmir.12026
Subject(s) - actuarial science , business , database transaction , insurance policy , auto insurance risk selection , property insurance , key person insurance , casualty insurance , computer science , database
Carefully designed classroom activities and games can be used to increase student engagement, motivation, and learning. This article describes two games that have been used with students of risk management and insurance to help highlight the intricacies of insurance pricing. These two games, bowling insurance and bags insurance, help students experience the challenging nature of premium determination in risk transfer contracts and also connect the various actions taken by insurers during the insurance transaction.