Developing Risk Skills: An Investigation of Business Risks and Controls at Prudential Insurance Company of America

2001 ◽  
Vol 16 (2) ◽  
pp. 291-313 ◽  
Author(s):  
Paul L. Walker ◽  
William G. Shenkir ◽  
C. Stephen Hunn
Keyword(s):  
Risk Assessment ◽  
Corporate Culture ◽  
Life Insurance ◽  
Control Environment ◽  
Insurance Company ◽  
Special Committee ◽  
Business Professionals ◽  
Poor Control ◽  
Assurance Services ◽  
A Company

The Prudential Insurance Company was involved in the largest life insurance churning scam of the 1980s and early 1990s. At the time, Prudential had weak business controls, and its corporate culture was characterized as ineffective and loose. However, this scandal is rooted in something deeper than a poor control environment. Prudential was a company facing several risks; many company decisions allowed these risks to have a dramatic impact on the company. As a result, its weak control environment came to the forefront, allowing the churning scam to reach its record levels. This case demonstrates the value of identifying and assessing risks in an organization. Further, the case demonstrates how to build control solutions to match the risks. Learning how to manage risks is a valuable skill for business professionals. In fact, the AICPA's Special Committee on Assurance Services (AICPA 1997), also known as the Elliott Committee, identified risk assessment as one of the emerging assurance services offered by CPAs.

scholarly journals ANALISIS CADANGAN MANFAAT DENGAN MENGGUNAKAN METODE RETROSPEKTIF PADA ASURANSI JIWA BERJANGKA

2020 ◽  
Vol 2 (1) ◽  
pp. 1
Author(s):  
Bachyurah Bachyurah ◽  
Ikhsan Maulidi ◽  
Intan Syahrini ◽  
Nurmaulidar Nurmaulidar
Keyword(s):  
Life Insurance ◽  
Insurance Contract ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Risk Of Death ◽  
The Future ◽  
A Company

The insurance company is a company that protects its customers from unwanted events in the future. A life insurance company should prepare a benefit reserve funds to be given to customers if the customers experience a risk of death in the future. Therefore, the insurance company must manage the benefit reserves so that the company does not have a loss. The purposes of this study are to calculate both the amount of annual net premiums and the amount of benefit reserves in term life insurance. The method used to calculate the value of the benefit reserve was a retrospective method. The results of the calculation of annual net premiums for large annual premiums for expenditures that are greater than those greater for the same period. While the value of insurance reserves will continue to increase at the beginning of the insurance contract begins and the value of insurance reserves will continue to increase towards 0 at the end of the insurance contract. This is because at the beginning of the company insurance payments obtained from annual net premium payments will be greater than the amount of benefits that must be approved.

scholarly journals Kepatuhan Pengendalian Intern dan Perilaku Etis Karyawan di PT. Intan Bali Cargo International

2021 ◽  
Vol 31 (12) ◽  
pp. 3221
Author(s):  
I Made Surya Widhi Wibawa ◽  
I Ketut Suryanawa
Keyword(s):  
Risk Assessment ◽  
Internal Control ◽  
Ethical Behavior ◽  
Linear Regression Analysis ◽  
Multiple Linear Regression Analysis ◽  
Control Environment ◽  
Analysis Technique ◽  
Information And Communication ◽  
Freight Forwarding ◽  
A Company

PT. Intan Bali Cargo International is a company engaged in the international freight forwarding industry. This study aims to analyze the influence of the control environment, risk assessment, control activities, information & communication and monitoring to ethical behavior of employees at PT. Intan Bali Cargo International. The sample was determined using the purposive sampling method so that 47 respondents were selected as the sample. Multiple linear regression analysis technique was used to analyze the data. The results of the analysis show that the control environment, risk assessment, control activities, information and communication, and monitoring have a positive and significant effect on the ethical behavior of employees at PT. Intan Bali Cargo International. These results indicate that the higher the level of internal control compliance, the ethical behavior of employees in the company will also increase. Keywords : Control Environment; Risk Assessment; Control Activities; Information and Communication; Monitoring.

On the Liquidation and Reconstruction of an Insolvent Life Insurance Company

1871 ◽  
Vol 16 (4) ◽  
pp. 229-243 ◽  
Author(s):  
T. B. Sprague
Keyword(s):  
Life Insurance ◽  
Practical Importance ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Life Assurance ◽  
Court Of Chancery ◽  
First Time ◽  
A Company

The first question that must be considered in connection with this subject is,—When is a Life Insurance Company insolvent? This question has recently acquired greater practical importance in consequence of the passing of the “Life Assurance Companies Act, 1870,” by which it is for the first time in effect enacted that an insolvent Life Office may be wound up, altho it has not committed any act of bankruptcy. Under the old law, even if such a Company were notoriously insolvent, it may be said that practically there was no means of putting a stop to its operations until it failed to pay an accrued claim. This has now been altered, and a Company that is proved to be insolvent can be wound up. The 21st section of the above Act provides that the Court of Chancery “may order “the winding up of any Company in accordance with the Companies “Act, 1862, on the application of one or more policyholders or “shareholders, upon its being proved to the satisfaction of the “Court that the Company is insolvent, and in determining whether “or not the Company is insolvent the Court shall take into account “its contingent or prospective liability under policies and annuity “and other existing contracts.”

International Expansion — A United Kingdom Perspective: A Discussion Paper

2000 ◽  
Vol 6 (1) ◽  
pp. 3-54 ◽  
Author(s):  
D.J. Grenham ◽  
D.C. Chakraborty ◽  
A. Chatterjee ◽  
P.J. Daelman ◽  
B. Heistermann ◽  
...  
Keyword(s):  
United Kingdom ◽  
Life Insurance ◽  
Insurance Markets ◽  
Insurance Company ◽  
International Expansion ◽  
Life Insurance Company ◽  
Discussion Paper ◽  
A Company ◽  
Overseas Market

ABSTRACTThis paper looks at the reasons why a UK life insurance company would wish to consider expanding into an overseas market, the factors it ought to bear in mind when deciding upon which country or countries to enter and the entry routes open to a company wishing to expand overseas.By way of examples of overseas life insurance markets, the paper provides a detailed description of the German and Indian life insurance markets.

Life Office Solvency and Insolvency.

1978 ◽  
Vol 22 ◽  
pp. 1-44
Author(s):  
D. G. R. Ferguson
Keyword(s):  
Life Insurance ◽  
High Order ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
The Law ◽  
A Company

It is quite impracticable to devise an equitable mode of winding-up an insolvent life insurance company (5).A company being found to be insolvent, what is to be done with it ?… The actuaries have unanimously recommended a reduction of the sums assured, the same premiums being paid, but the lawyers have agreed that this is impracticable … The actuaries are able to take a much higher view; they need not consider what is the law, but what is most consistent with real and substantial justice to all parties. In fact, we may sum it up by saying that the courts of this country are not courts of justice but courts of law (4).[In relation to a method of treating insolvent life insurance companies as a closed fund] Its simplicity, and the entire absence of opportunity for the kind of deception and fraud usually committed by those who manipulate the assets of insolvent companies, are its most striking merits, and are certainly merits of a high order (1).

scholarly journals Analisis Kompetensi Agen Asuransi Kasus Bumi Putera Syariah Palembang

2018 ◽  
Vol 3 (2) ◽  
Author(s):  
Sahirrudin Sahirrudin ◽  
Maya Panorama ◽  
Listiawati Listiawati
Keyword(s):  
Human Resources ◽  
Life Insurance ◽  
Government Agency ◽  
Insurance Companies ◽  
Insurance Company ◽  
Insurance Agent ◽  
Policy Holder ◽  
Islamic Insurance ◽  
The City ◽  
A Company

The success of a company needs employees who are competent, experienced and strong. Islamic insurance companies certainly require employees who have knowledge about insurance in accordance with Islamic sharia principles. In the case of the Islamic insurance company Bumi Putera Palembang in 2015 to 2016 there are 40 insurance policyholders who worked in a government agency to terminate the employment relationship between the insurance and policyholders. This is because there is no transparency related to monthly installment payments that should be proven by a deposit or proof of receipt of payment in full by the field agent to the policy holder. This is not in line with the principles of Islamic insurance, namely avoiding the elements of gharar, maysir and usury. Islam emphasizes aspects of justice, likes and likes and togetherness faces risks in every effort and investment pioneered. This aspect is the concept offer to replace gharar, maysir and riba that have been happening in conventional institutions. The focus of research is on the competency of agents (wakalah) in the sharia Islamic Bumi Putera insurance company in the city of Palembang. The result is obtained from the conclusions of six indicators and evidenced by the table of productive reports of agents related to product marketing that human resources in agents /wakalah Bumi Putera Syariah Life Insurance have not described competency and professionalism. This can be seen from the lack of insurance products sold, attitudes to field issues and the achievement of the target customers determined by the company. Keywords: Insurance Agent Competency, Bumi Putera Syariah

scholarly journals ANALISIS KOMPETENSI AGEN ASURANSI KASUS BUMI PUTERA SYARIAH PALEMBANG

2018 ◽  
Vol 3 (1) ◽  
pp. 71-90
Author(s):  
Sahirrudin Sahirrudin ◽  
Maya Panorama ◽  
Listiawati Listiawati
Keyword(s):  
Human Resources ◽  
Life Insurance ◽  
Government Agency ◽  
Employment Relationship ◽  
Insurance Companies ◽  
Insurance Company ◽  
Policy Holder ◽  
Islamic Insurance ◽  
The City ◽  
A Company

The success of a company needs employees who are competent, experienced and strong. Islamic insurance companies certainly require employees who have knowledge about insurance in accordance with Islamic sharia principles. In the case of the Islamic insurance company Bumi Putera Palembang in 2015 to 2016 there are 40 insurance policyholders who worked in a government agency to terminate the employment relationship between the insurance and policyholders. This is because there is no transparency related to monthly installment payments that should be proven by a deposit or proof of receipt of payment in full by the field agent to the policy holder. This is not in line with the principles of Islamic insurance, namely avoiding the elements of gharar, maysir and usury. Islam emphasizes aspects of justice, likes and likes and togetherness faces risks in every effort and investment pioneered. This aspect is the concept offer to replace gharar, maysir and riba that have been happening in conventional institutions. The focus of research is on the competency of agents (wakalah) in the sharia Islamic Bumi Putera insurance company in the city of Palembang. The result is obtained from the conclusions of six indicators and evidenced by the table of productive reports of agents related to product marketing that human resources in agents /wakalah Bumi Putera Syariah Life Insurance have not described competency and professionalism. This can be seen from the lack of insurance products sold, attitudes to field issues and the achievement of the target customers determined by the company.

scholarly journals ANALISIS PENERAPAN SISTEM PENGENDALIAN INTERNAL PEMBERIAN KREDIT USAHA KECIL MENENGAH PADA PT. BANK TABUNGAN NEGARA CABANG TERNATE

2018 ◽  
Vol 14 (1) ◽  
Author(s):  
Mulyati Primagama ◽  
Grace B. Nangoi ◽  
Treesje Runtu
Keyword(s):  
Risk Assessment ◽  
Control System ◽  
Internal Control ◽  
Research Method ◽  
Qualitative Method ◽  
Control Environment ◽  
Information And Communication ◽  
Corporate Goals ◽  
A Company ◽  
Structure Division

In granting loans bank has a risk of bad credit. Internal control is the methods used to coordinate a company to achieve the corporate goals which include organizational structure division of authority, established procedures, and healthy practices. this is done to minimize the risk of bad credit. Banks must be able to detect bad loans first so as not to cause bank losses. The direction of this research is to find out the application of internal control based on credit at PT. Bank Tabungan Negara Ternate. The research method used in this research is a qualitative method. The results of research related to the internal receivable control system has been carried out well in accordance with the elements of internal control of COSO including the control environment, risk assessment, control activities, information and communication, monitoring.Keywords: Internal Control,  Granting Credit

Tuesday Evening

PMLA ◽  
1935 ◽  
Vol 50 (4) ◽  
pp. 1357-1357
Keyword(s):  
Life Insurance ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Local Committee ◽  
Tuesday Evening

On Tuesday evening the members of the Association, and attending members of their families, were entertained with a buffet supper at the Queen City Club at 7:30 p.m. at the invitation of Messrs. Joseph S. Graydon, John J. Rowe, and other Cincinnati friends of the Association. Following this supper an entertainment arranged by the Local Committee was presented in the Hall of the Western and Southern Life Insurance Company. Attendance: about 900.

IMPLEMENTASI SISTEM PENGENDALIAN INTERNAL PADA PERUSAHAAN JASA

2019 ◽  
Vol 2 (2) ◽  
pp. 110
Author(s):  
Wahyu Wahyu Wahyu ◽  
Marliyati Marliyati Marliyati ◽  
I. Nyoman Romangsi
Keyword(s):  
Risk Assessment ◽  
Operating Procedure ◽  
Internal Control ◽  
Standard Operating Procedure ◽  
Control Environment ◽  
Service Company ◽  
Standard Operating ◽  
Information And Communication

The aim of this article is to analyze internal control in service company. The analyze used the components of internal control according to COSO: control environment, risk assessment, control activities, information and communication, monitoring. Analysis of internal control used the data obtained through observation, questionnaires, interview, and documentary. Based on this analysis results can be concluded, that the dual positions refer with company SOP (Standard Operating Procedure). Separation of task does not work because that the dual positions. Therefore, the component of control activities applied at company is not in accordance with the component of control activities according to COSO. Nonconformity components still results in very effective internal control because the purpose of the internal control still remains to be achieved even though there are components that are not in accordance with the internal control components according to COSO.

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