Financial Analytics: Science and Experience
 

Theoretical approaches to life insurance: Problems and ways to overcome them

Vol. 11, Iss. 4, DECEMBER 2018

Received: 19 January 2018

Received in revised form: 21 February 2018

Accepted: 27 February 2018

Available online: 29 November 2018

Subject Heading: FINANCIAL INSTRUMENTS

JEL Classification: G22

Pages: 415–427

https://doi.org/10.24891/fa.11.4.415

Bryzgalov D.V. Financial University under Government of Russian Federation, Moscow, Russian Federation
dbryz@inbox.ru

ORCID id: not available

Subject This article discusses the life insurance in the key scientific theories, its features, advantages and disadvantages.
Objectives The article aims to identify factors hampering the definition of life insurance in the framework of basic insurance theories. It is also to develop a new scientific approach to the study of life insurers activities.
Methods The work uses substance-over-form concepts as well as the principles of significant insurance risk occurrence as an obligatory criterion of an insurance contract and activities.
Results Insurance risk combinations and insurance payment conditions allow to divide the life insurers' activities into insurance business and financial mediation.
Conclusions and Relevance The main problems of life insurance definition are associated with the heterogeneity of insurance companies' activities. One should divide life insurers' activities into meeting the needs in insurance coverage and attraction of free funds. The allocation of new insurance business requires an individual approach to regulation including financial stability, information disclosure, policyholders' rights protection. Insurance companies can apply the developed approach to insurance classification in accounting, management, and while developing insurance programs. Insurance market regulators can use it in the process of improving the supervision over life insurers.

Keywords: life insurance, financial mediation, insurance risk, insurance activity, insurance coverage

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