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Measure content performance. Develop and improve products. List of Partners vendors. Adverse selection refers generally to a situation in which sellers have information that buyers do not have, or vice versa, about some aspect of product quality.
In other words, it is a case where asymmetric information is exploited. Asymmetric information , also called information failure, happens when one party to a transaction has greater material knowledge than the other party. Typically, the more knowledgeable party is the seller. Symmetric information is when both parties have equal knowledge. In the case of insurance , adverse selection is the tendency of those in dangerous jobs or high-risk lifestyles to purchase products like life insurance.
In these cases, it is the buyer who actually has more knowledge i. To fight adverse selection, insurance companies reduce exposure to large claims by limiting coverage or raising premiums. Adverse selection occurs when one party in a negotiation has relevant information the other party lacks. The asymmetry of information often leads to making bad decisions, such as doing more business with less-profitable or riskier market segments.
In the case of insurance, avoiding adverse selection requires identifying groups of people more at risk than the general population and charging them more money. For example, life insurance companies go through underwriting when evaluating whether to give an applicant a policy and what premium to charge.
The insurance company then determines whether to give the applicant a policy and what premium to charge for taking on that risk. A seller may have better information than a buyer about products and services being offered, putting the buyer at a disadvantage in the transaction. Because of adverse selection, insurers find that high-risk people are more willing to take out and pay greater premiums for policies. If the company charges an average price but only high-risk consumers buy, the company takes a financial loss by paying out more benefits or claims.
Among the words it most commonly modifies are effect , reaction , and impact. The symptoms of malaria and adverse effects of treatment can be difficult to separate. More specific descriptions of adverse and beneficial impacts may be provided for individual Impact Topics — Dept. Moreover, if report spoke true—and reports do not arise without cause—Coppinger was not averse from taking advantage, and that unlawful advantage, of a wreck. Administrators now demand that we professors, the most risk-averse occupational group outside the Roman Catholic curia, adopt habits of flexibility and entrepreneurship that our educations systematically bred out of us.
Averse to domesticity, you read for your Ph. Your four-year-old looked like a miniature John Lennon. You fed him peanut butter from the jar and raised him on Beowulf and Grendel. It would be overly simplistic to say that adverse should be entirely restricted to things and averse to people; after all, we all know specific people who have had an adverse effect on our lives.
But it is useful to remember that there is a distinction in meaning between the two words — you might well say that you are averse to having an adverse reaction, but you would not say that you are adverse to having an averse reaction.
Subscribe to America's largest dictionary and get thousands more definitions and advanced search—ad free! Log in Sign Up. Usage Notes 'Adverse' or 'Averse'?
People can experience health problems following vaccination, but the cause of these events are unknown.
There is not enough evidence to say whether it was caused by the vaccine. Epub Jul Definition and Application of Terms for Vaccine Pharmacovigilance. Skip directly to site content Skip directly to page options Skip directly to A-Z link. Vaccine Safety. Section Navigation. Facebook Twitter LinkedIn Syndicate.
Understanding Adverse Events and Side Effects. Minus Related Pages. Safety information on recommended vaccines.
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