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9 Conn. Ins. L.J. 371 (2002-2003)
Containing the Promise of Insurance: Adverse Selection and Risk Classification

handle is hein.journals/conilj9 and id is 377 raw text is: CONTAINING THE PROMISE OF INSURANCE: ADVERSE SELECTION AND RISK CLASSIFICATION Tom Baker* TABLE OF CONTENTS IN TRO D U CTION .............................................................................. 371 PA R T I ............................................................................................... 375 A . ADVERSE SELECTION .............................................................. 375 B. INSURANCE RISK CLASSIFICATION ......................................... 376 C. RISK CLASSIFICATION CAN CREATE ADVERSE SELECTION. ..378 D. THE ALTERNATIVE: BINDING RISKS TO THE INSURANCE PO OL ....................................................................................... 379 PA R T II .............................................................................................. 382 JUSTIFYING RISK CLASSIFICATION .............................................. 383 A. Age Rating in Fraternal Life and Sickness Insurance ....... 383 B. Experience Rating in Unemployment Insurance ................ 387 C. Prohibiting Discrimination Against Battered Women ....... 392 CON CLU SION .................................................................................. 395 INTRODUCTION Insurance, therefore, takes from all a contribution; from those who will not need its aid, as well as from those who will; for it is as certain that some will not, as that some will. But as it is uncertain who will, and who will not, it demands this tribute from all to the uncertainty of fate. And it is precisely the moneys thus given away by some, and these only, which supply the fund out of which the misfortune of those whose bad luck it is that their moneys have not been * Connecticut Mutual Professor and Director, Insurance Law Center, University of Connecticut School of Law. Thank you to Timothy Alborn, Aaron Doyle, Brian Glenn, Francis J. Mootz, David Moss, and Marianne Sadowski for helpful comments on an earlier draft and to participants at the Risk and Morality Conference for stimulating discussion. This essay will also appear as a chapter in Moral Risks (Richard Ericson & Aaron Doyle eds., 2003). Thank you to the University of Toronto Press for permission to publish the essay in the Connecticut Insurance Law Journal.

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