Jump to ContentJump to Main Navigation
Insurance and the Law of Obligations$
Users without a subscription are not able to see the full content.

Rob Merkin and Jenny Steele

Print publication date: 2013

Print ISBN-13: 9780199645749

Published to Oxford Scholarship Online: September 2013

DOI: 10.1093/acprof:oso/9780199645749.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 20 January 2021

Characterizing Insurance

Characterizing Insurance

(p.16) (p.17) 2 Characterizing Insurance
Insurance and the Law of Obligations

Rob Merkin

Jenny Steele

Oxford University Press

Introduces the complexity of insurance and questions the dominance of an actuarial model. The actuarial model is associated with distributive, collectivising techniques, and these have also been connected with the growth of an ‘insurance state’. Insurance is identified in this model with ‘loss-spreading’ of a particular form. An alternative, relational model is identified, associating insurance with risk-transfer. The relational or risk transfer model is associated with private arrangements and does not perceive insurance to be a factor extrinsic to party relationships. Further exploring the relational model, the chapter identifies the persistence both of responsibility, and of uncertainty, as important components of insurance relationships, and raises the question of how the boundary between insurance, and other means of transferring risks, might be identified.

Keywords:   Insurance, Actuarial model, Relational model, Risk transfer, Risk, Uncertainty, Responsibility, Moral hazard

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .