The thirty-six years that have passed since the publication
of the first edition of Fundamentals of
Risk and Insurance have been marked by significant
change in the field of insurance. The second
through ninth editions are a chronology of that
change.
The insurance industry and its environment continue
to change, and the authors have attempted
to capture the flavor of that change in each revision.
Changes in the legal environment, revisions in
policy forms, the introduction of new types of insurance,
and a myriad of new problems continue
to make insurance an exciting field of study but a
challenge to the authors of textbooks.
This edition has been updated to reflect new
policy forms, recent laws affecting pensions and
Medicare, the 2001 CSO mortality table, the emerging
field of enterprise risk management, issues arising
from Hurricane Katrina, and alternative risk
transfer vehicles, such as catastrophe bonds. Where
possible, I have eliminated extensive discussion of
old topics. Unfortunately, the text continues to be
lengthy, reflecting the breadth of the subject matter
with which it deals.
One significant change with this edition is the
introduction of a new website for individuals using
the text. In prior editions, sample policy forms
were included as an appendix to the book (from the
first through sixth editions), as a separate bound
volume (the seventh and eighth edition), or on a
CD-ROM that came with the book (the ninth edition).
With this edition, sample policy forms will be
posted to the website, allowing more forms to be
provided (www.wiley.com/college/vaughan). In addition,
Chapter 34, Insurance in the Future, which
deals with current events and trends, will be published
on a the website.
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