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Postmodernism: The Basis of Insurance

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  • Brian J. Glenn

Abstract

Insurance practices are often depicted as being based on objective, “scientific” knowledge, and informed by carefully modeled rational actor theories that are embedded in clearly written contracts. This article seeks to displace these notions with a more realistic account. From underwriting, to the creation of actuarial tables, the structuring of programs, and contract analysis, insurance practices are predicated on stories of risk and responsibility. By acknowledging and examining these stories, we come to a greater understanding of why insurance practices take the various forms that they do, and also realize the potential for changing them in ways that are more profitable for the companies and more inclusive and protective for the public.

Suggested Citation

  • Brian J. Glenn, 2003. "Postmodernism: The Basis of Insurance," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 6(2), pages 131-143, September.
    • Handle: RePEc:bla:rmgtin:v:6:y:2003:i:2:p:131-143
    DOI: J.1098-1616.2003.028.x
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    File URL: https://doi.org/10.1046/J.1098-1616.2003.028.x
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    References listed on IDEAS

    as
    1. John D. Long, 2001. "Postmodernism: A Threat to Insurance?," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 4(2), pages 11-24, September.
    2. Tom Baker, "undated". "Insurance and the Law," University of Connecticut School of Law Working Papers uconn_ucwps-1004, University of Connecticut School of Law.
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    Cited by:

    1. Hugh Morris, 2012. "Financial Exclusion and Australian Domestic General Insurance: The Impact of Financial Services Reforms," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 33, July-Dece.
    2. Laurence Barry & Arthur Charpentier, 2022. "The Fairness of Machine Learning in Insurance: New Rags for an Old Man?," Papers 2205.08112, arXiv.org.
    3. Hugh Morris, 2012. "Financial Exclusion and Australian Domestic General Insurance: The Impact of Financial Services Reforms," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 3-2012.
    4. William Lesch & Johannes Brinkmann, 2011. "Consumer Insurance Fraud/Abuse as Co-creation and Co-responsibility: A New Paradigm," Journal of Business Ethics, Springer, vol. 103(1), pages 17-32, April.

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