• Korea Journal of Hospital Management
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• v.24 no.3
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• pp.1-10
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• 2019

Purpose: The purpose of this study was to investigate determinants of purchasing indemnity private health insurance and its impact on the healthcare utilization among outpatients with chronic disease. Methods: The study analyzed 4,997 chronic ill patients using 2015 Korean Health Panel data. Logistic regression analysis was conducted to analyze the factors affecting the purchase of indemnity private health insurance and multiple regression analysis was conducted to analyze the effect of private health insurance on the number of outpatient visits and outpatient expenditures. Findings: The age, education level, and number of chronic diseases were significant factors affecting the purchasing of indemnity private health insurance among chronic patients. As a result of analyzing the impact of indemnity private health insurance on healthcare utilization, the number of outpatient visits for those who enrolled in the indemnity private health insurance was higher than the number of outpatient visits for those who did not. But there was no statistically significant difference in outpatient medical expenses. Practical Implications: The results of this study shows that indemnity private health insurance may cause inequality in the healthcare utilization of the socially vulnerable. It is necessary to seek ways to strengthen the health security of chronic disease patients and high-risk elderly people who need more healthcare.

• Journal of Korea Trade
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• v.25 no.5
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• pp.39-57
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• 2021

Purpose - This research uses ocean marine insurance (OMI) statistics, international emails, focus-group interviews, and surveys to fill the gap between the theory of behavioral insurance, particularly status quo bias (SQB), and the practice of OMI in Korea. The contractual forms of OMI, the oldest and most globalized form of commercial insurance, were developed in the UK as the Institute Cargo Clauses in 1906 and revised in 1963, 1982, and 2009. SQB has been academically explored, mostly in health insurance and the financial services sector, but never in OMI. Thanks to the availability of OMI statistics in Korea, we can conduct SQB research here for the first time in this field. Design/methodology - We show the existence of SQB in the OMI of Korea through Korean statistics between 2009 and 2018, email correspondence with experts in the UK, Germany, and Japan, focus-group interviews with Korean OMI underwriters, an in-depth interview with one underwriter, and a survey of 15 OMI insureds (company representatives). Findings - We find that Korean foreign traders rely on the old-type OMI contracts developed in 1963, whereas other industrialized countries use the newest type of OMI contract developed in 2009. With a simple loss ratio analysis during 2009-2018, we show that the behavior of insurers has little to do with rational profit maximization and is instead driven by irrational bias, as they forgo the more profitable contracts provided by the new clauses by keeping the old clauses. The consistent addiction to old types of contracts in the OMI market suggests strong SQB among Korean exporters, importers, bankers, or insurers, which we confirmed in our interviews and survey. Originality/value - This research has significant originality and academic value because it reports new findings with crucial implications for the development of efficient trade practices and policy. First, this research is based on actual statistics that have not been used in previous Korean research on OMI. Second, this research shows that all-risk OMI policies provide more value to insureds, in terms of coverage given premium, than partial coverage policies, which differs from arguments previously made in Korea. Third, this research reveals strong SQB in Korea, where foreign trade plays a pivotal role in economic growth. That bias could be attributable to uninformed traders, informed but idle insurers, or conservative bankers. Fourth, to further develop foreign trade, policy initiatives are needed to review the current practices of OMI contracts and move forward with the new contract forms. All of these findings and arguments are both new and important.

• Journal of the Korea Society of Computer and Information
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• v.6 no.4
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• pp.188-205
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• 2001

Insurer's duty of declaration is based on reciprocity of principle of the highest good, and recently it is widely recognized in the British and American insurance circles. The conception of fiduciary relationship is no longer equity or the legal theory which is only confined to the nations with Anglo-American laws. Therefore, recognizing the fiduciary relationship as the essence of insurance contract, which is more closely related to public interest than any other fields. will serve an efficient measure to seek fair and reasonable relationship with contractor, and provide legal foundation which permits contractor to bring an action for damage against violation of insurer's duty of declaration. In the future, only when the fiduciary relationship is approved as the essence of insurance contract, the business performance and quality of insurance industry is expected to increase. Therefore, to keep well this fiduciary relationship, or increase the fiduciary relationship persistency rates seems to be the bottom line in the insurance industry. In this paper, we developed a fiduciary relationship maintenance ratio based on comparison by case, which is represented with usually maintained contract months to paid months, based on each contract of the basis point. In this paper we have developed a new business model seeking the maximum profit with low cost and high efficiency, management policy of putting its priority on its substantiality, as an improvement measure to break away from the vicious circle of high cost and low efficiency, and management policy of putting its priority on its external growth(expansion of market share).

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.43
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• pp.337-370
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• 2009

The Joint Cargo Committee of International Underwriting Association of London (IUA) and Lloyd’s Market Association (LMA) have issued the revised version of Institute Cargo Clauses A, B, C, Institute Cargo Clauses (Air) and their accompanying War and Strikes Clauses. The Institute Cargo Clauses ("ICC") were last revised in 1982. Following a two year long consultation process, the latest edition of the ICC clauses became available to the Market on 1st January 2009. The overall result of the amendments to the 1982 ICC has been to create clearer policies that are more favourable to the Assured. Exclusions have also been amended to the advantage of the assured. The Transit Clause has seen a large revision, again more favourable to the Assured. The insurance now attaches within the warehouse or place of storage when the goods are "first moved$\cdots$ for the purpose of the immediate loading into or onto the carrying vehicle or other conveyance for the commencement of transit" whereas previously the insurance would not attach until the goods left the warehouse. Furthermore, the insurance now terminates on completion of unloading from the vessel at (rather than delivery to) the final warehouse or at a warehouse prior to the destination named in the contract of insurance which the Assured or their employees elect to use either for storage or distribution.

• The Journal of the Korean dental association
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• v.48 no.1
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• pp.6-11
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• 2010

Amid the rapid transitions in both local and international markets, the Korean dental industry is facing more challenges than at any time in its history. This paper tried to address some of the key issues faced by the industry as well as the policy issues and I direction of implementation that the Korean Dental Association (KDA) is expected to tackle. First, the direction of reforming the country's health insurance system was examined with emphasis on the expected changes in and improvement of the fee-for-service reimbursement system (FFSRS) and medical reimbursement system (MRS). With FFSRS, the most urgent issue would be ameliorating the current lop-sided, unreasonable reimbursement system that prevents suppliers from voicing their opinions. To help achieve that goal, the limited authority and responsibility of the president of National Health Insurance Corporation (NHIC) as one of the contract-making parties must be clarified. In addition, the functions of NHIC's Health Insurance Finance Committee must be restricted; at the same time, the panel organization of the Health Insurance Policy Review Committee needs to be reformed to embrace greater democracy. As with MRS, the government is considering a block budget bill to help promote efficiency in employing and managing the health insurance fund. Policymakers must understand that the implementation of such proposal could exacerbate an already dire situation. Improving MRS requires meeting the following preconditions: (a) the structurally vicious cycle of small charge-small salary needs to be resolved, and a certain percentage of fee raise must be guaranteed on a yearly basis to help adjust the fee system to a more realistic level; (b) the supply-and-demand balance in producing health care professionals must be improved including the prevention of oversupply of doctors, nurses, etc., and; (c) institutional strategies must be provided to enhance the quality of medical care and ensure academic advancement in health care disciplines.

• The Korean Society of Law and Medicine
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• v.22 no.4
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• pp.89-115
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• 2021

Korea's health care delivery system is based on the Medical law and the National Health Insurance Act. In order to efficiently operate limited medical resources, it is classified to use medical institutions according to the severity of the disease. The question is whether a tertiary care hospital can terminate a medical contract for a patient, if treatment for severe diseases has already been performed at a tertiary care hospital. In the case of termination of treatment, the Korean court has both a judgment that recognizes the right to terminate and a judgment that denies the termination. Among the U.S. rulings, there are rulings that order transfer to a skilled nursing facility or nursing home or home if acute treatment is no longer needed. Considering that medical resources are limited, it is necessary to acknowledge the right to terminate the contract of the medical institution when treatment by a medical institution is completed.

• Korea Trade Review
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• v.48 no.3
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• pp.243-262
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• 2023

This study provides a systematic review of smart trade contracts, examining the research trends and theoretical background of utilizing smart contracts and blockchain technology for the digitalization and automation of trade contracts. Smart trade contracts are a concept that applies the automated contract system based on blockchain to trade-related transactions. The study analyzes the technical and legal challenges and proposes solutions. The technical aspect covers the development of smart contract platforms, scalability and performance improvements of blockchain networks, and security and privacy concerns. The legal aspect addresses the legal enforceability of smart contracts, automatic execution of contract conditions, and the responsibilities and obligations of contract parties. Smart trade contracts have been found to have applications in various industries such as international trade, supply chain management, finance, insurance, and energy, contributing to the ease of trade finance, efficiency of supply chains, and business model innovation. However, challenges remain in terms of legal regulations, interaction with existing legal frameworks, and technological aspects. Further research is needed, including empirical studies, business model innovation, resolution of legal issues, security and privacy considerations, standardization and collaboration, and user experience studies to address these challenges and explore additional aspects of smart trade contracts.

• The Korean Journal of Applied Statistics
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• v.22 no.3
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• pp.489-498
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• 2009

Underwriting is the first step for the administration of an insurance contract, which may result in stable profitability or unexpected loss for insurance company. Adequacy of underwriting criteria determines underwriting result. Generally, quantitative scoring system is used for underwriting. Method of evaluating risk for the scoring system is summing up scores for risk factors of a potential policyholder in consideration. Scores for each risk factor is predetermined. Current business environment for insurance companies makes underwriting profit more important, which means that insurance companies need more efficient underwriting method. This study suggests a reasonable approach to estimate risk relativities based on generalized linear model. Real data were used to quantify risk levels of groups of insureds for the design of underwriting model. Finally, effects in business volume and profitability of reflecting estimated underwriting scoring system are explained.

• The Korean Journal of Applied Statistics
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• v.26 no.6
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• pp.857-871
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• 2013

Export credit insurance is a policy tool for export growth. In the era of free trade under the governance of WTO, export credit insurance is still allowed as one of the few instruments to increase exports. This paper, using data on short-term export insurance contracts issued to foreign subsidiaries of Korean companies, calculates the expected loss per exposure by combining the effect of risk factors (credit rate of foreign importers, size of mother company, and payment period) on loss frequency and loss severity in different levels. We, applying generalized linear models (GLM), first fit loss frequency and loss severity to negative binomial and lognormal distribution, respectively, and then estimate the loss frequency rate per contract and the ratio of loss severity to coverage amount. Finally, we calculate the expected loss per exposure for each level of risk factors by combining these two rates. Based on the result of statistical analysis, we present the implication for the current premium rate of export insurance.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.21
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• pp.41-54
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• 2003

The MIA 1906 is a very important rule for the practitioner in Korea since it is often selected as the governing law under the contract of cargo insurance. And we are using both the S.G policy and the new MAR policy. The new MAR policy has the basically different form of cover compared with the S.G policy. So we are a little confused whether some risks are covered or not under the selected clauses. The author considers which risks are covered or not under the specific clauses and compares the Institute cargo clauses with the MIA 1906.