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Question for Actuaries: New Insurance Products (Pricing, Exclusions)

I came up with a few ideas to either create new insurance companies, or better, for existing insurance companies to sell new products. I am wondering if any of the following already exists, and if not, why not? I think data scientists (including actuaries) would be the perfect kind of professionals to assess the risks, compute the probabilities, and set up the pricing for the following products:

  • Insurance against getting twin babies. Should we exclude people using fertility treatments, and have a one-year period before an individual's policy takes effect, to prevent fraud? In case you get twins, you receive a flat amount, possibly paid monthly.
  • Insurance against tenure denial for graduate students who just finished their PhD. No benefit if you continue to receive the same (or higher) salary right after tenure denial for more than 12 months, nor for those denied tenure for fault. The benefit could also be used exclusively to pay legal costs, as many of these events result in a lawsuit.
  • Insurance against violent crimes (pricing based on zipcode, education level, job status and other factors such as drug use)
  • Insurance against cancer for people already having a regular health insurance policy, and no existing medical condition (not a replacement of standard health insurance, but instead, to complement it; pricing based on various factors such as smoking etc.) The benefit would be up to some amount, maybe $200K maximum, and used exclusively to pay hospital bills (including drugs) and maybe loss of revenue.
  • Insurance against deadbeat dads for parents that are not separated, with a one-year waiting period. I could imagine some counties making it mandatory when issuing a marriage license, just like car insurance is mandatory (or for marriage licence, medical exam mandatory in some places.)

What do you think? If not feasible in US, could some of this work in some other countries?

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cancer insurance exists. my employer offers it as one of our benefits. coverage includes reimbursement for deductibles, out-of-pocket medical costs, costs if travel is needed for treatment and (i believe) loss of income. i'm not sure who our benefit is through, but a google search returned aflac as one such insurer offering coverage.



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