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Litigation/ADR: Tort Litigation

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Litigation/ADR
Tort Litigation

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Litigation/ADR: Tort Litigation
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ECON 138

Risk and Insurance

School of Humanities & Sciences

Recommended for route(s):

[ Litigation ] [ Academia ] [ Regulatory & Policy ] Litigation/ADR: Tort Litigation

Why it is relevant for ...

[ Litigation ] as a Relevant Course outside SLS for those interested in Insurance : Since most individuals and businesses buy insurance to hedge against the risk of large financial loss arising from their possible liability for accidental injury to others, attorneys for the defense often find that they are in effect representing the defendant’s insurance company. Plaintiffs' attorneys find they are in effect seeking to recover damages from the defendant's insurer. Students interested in a career involving tort litigation will want to understand the role that insurance plays in recovery of damages, whether for harms to a person’s property or business or for personal injury claims. Insurers typically have a duty to defend the insured under the terms of their insurance contract. In recent years, policy-holders have increasingly brought “bad faith” claims against insurance companies, complaining that their insurer has improperly refused to pay for their defense in a tort action. This course examines the nature of risk and the attempt to allocate risks through the use of insurance.

[ Academia ] [ Regulatory & Policy ] as a Relevant Course outside SLS for those interested in Insurance : Since most individuals and businesses buy insurance to hedge against the risk of large financial loss arising from their possible liability for accidental injury to others, attorneys for the defense often find that they are in effect representing the defendant’s insurance company. Plaintiffs' attorneys find they are in effect seeking to recover damages from the defendant's insurer. Students interested in a career involving tort litigation will want to understand the role that insurance plays in recovery of damages, whether for harms to a person’s property or business or for personal injury claims. Insurers typically have a duty to defend the insured under the terms of their insurance contract. In recent years, policy-holders have increasingly brought “bad faith” claims against insurance companies, complaining that their insurer has improperly refused to pay for their defense in a tort action. This course examines the nature of risk and the attempt to allocate risks through the use of insurance.

General course Description:

The nature of economic risk, its effect on allocation of resources and how public policy should be conducted in markets for risk. Preferences among risky prospects: expected utility theory and the theory of risk aversion. Allocation of risk using markets for contingent claims vs. insurance pools in economies with complete information. The functioning of insurance markets when information is asymmetric, under moral hazard and adverse selection. Can insurance markets function well in a competitive equilibrium and what should be public policy in markets such as medical insurance? Role of asset markets in allocating risk. Hedging strategies using futures markets, options and other derivative assets. The role of risk taking in the 2007-2008 financial crises. Prerequisite: 50.

Course Style: A Substantive course teaches the law, theory, and policy in a particular area of law

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