Summary |
The principal changes from earlier editions resulted from further development of the concept of the basic unity of the insurance business, increased emphasis on phases of insurance that had become important, and a general bringing up-to-date of explanations of theory and practice.
A new chapter on the insurance mechanism presented the overall organization of insurance and the functions of its parts as a basis for studying those parts in detail. Chapters on the form of the contract and on common contract provisions carried further Mowbray’s treatment of the unifying contract principles in his chapter on the fundamentals of insurance contracts. Inland marine insurance and group insurance had become of such importance as to demand separate chapters. Risk management was recognized as a specialized activity and was given special treatment.
In this fifth edition one new chapter, on homeowners’ contracts, has been added to recognize both the wide acceptance of this specific cover and the development of broad coverage under single contracts.
Every effort has been made to present the latest information available on activities and principles in the various insurance fields and to extend the treatment to subjects not previously covered, as well as to improve explanations of points inadequately covered. Criticisms and suggestions of teachers who have used the text as well as the author’s own experience with it have been of special value.
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