Dr. Tim Query

New Mexico State University

Finance Department



  • Professor
  • Mountain States Insurance Group Endowed Chair

Email: tquery@nmsu.edu

Work Phone: 575.646.5253

Fax: 575.646.2820

Affiliated Programs:

¨      Actuarial Science

¨      Insurance and Financial Services Center (IFSC)

¨      Insurance Studies Program

¨      Insurance Studies Internships & Co-ops: Students and Employers

¨      Insurance Studies Scholarships










Ph.D. Terry College of Business, University of Georgia. Risk Management and Insurance.


Dr. Query joined the faculty at NMSU in 2006. He teaches a variety of insurance courses including employee benefits, life and health insurance, and business risk management.




Diz, Evaristo and J. Tim Query, 2015, "A Retroactive Impact Analysis of Changes in Social Benefits:  the Case of Venezuela" International Journal of Business and Social Research, vol. 5: 87-104. 

Abstract. For organizations facing changes in a social benefit system that mandates employer contributions, a major problem facing decision-makers is forecasting the impact of those changes for companies in different sectors of the economy. Such is the case in Venezuela at the time of this study. When a company employs a relatively large number of employees, accurately determining the impact of the maximum it can be quite laborious and complicated. The processing of information on an individualized basis can be nearly impossible when facing time constraints, making the development of a model imperative. In this research study, we tackle the issues raised above by identifying key variables. The impact is then explained using a reduced multivariable statistical model. This study has used a proprietary data set to model a methodology for measuring the rigor of these regulatory changes. Three key explanatory variables – the number of employees; the cumulative warranty; the monthly average full salary – are analyzed to determine the impact on those companies. Among these, the most important variable and in terms of statistical significance is the amount of accumulated warranty at five percent, followed by the salary and lastly the number of employees in the company.


Query, J. Tim, 2015, “Faculty-Student Interaction in a Risk Management and Insurance Studies Program: Compliance and Regulatory Considerations,”Journal of Applied Risk Management and Insurance, vol. 3: 69-86.


Query, J. Tim, 2014, “Regulatory Uncertainties Challenging Workers Compensation Insurers in the U.S., The Journal of Risk Management and Insurance, vol. 18:1-14.


Cong, Liu, Chen Dong, Zhang Yan, Li Chenxi, Gaiqin Hu, and J. Tim Query, 2012, “Considerations of a Gold-Denominated Life Insurance Policy,” Journal of Financial Services Marketing, vol. 17: 316-330.

Abstract. Global inflation and economic cyclical fluctuations have accelerated the depreciation rate of monetary assets. Safeguarding the purchasing power of long-term life insurance products ’cash flow becomes an issue of great theoretical and practical significance for life insurance. Using data from China, this article designs a long-term life insurance policy denominated in ounces of gold, and compares it with traditional long-term life insurance policies. For the time frame of interest to this study, we confirm that a long-term life insurance policy denominated in ounces of gold provided significant protection against the effects of inflation and economic cyclical fluctuations. We propose a risk management program aimed at price risk, interest rate risk, currency risk and investment risk as a result of the insurance policy denominated in ounces. Our recommended strategy includes an inducing index method to hedge against the losses caused by price fluctuations of gold.


J. Tim Query and Risa Kumazawa. 2011.  Examining the Impact of Issuing Driver's Licenses to Undocumented Immigrants and Other Socioeconomic Factors on the Percentage of Uninsured Motorists  Journal of Insurance Regulation, vol. 30: 265-285

Abstract. In this paper, we investigate the relationship between the numbers of undocumented immigrants and the fraction of uninsured motorists using a cross sectional analysis of all states plus the District of Columbia. We find that an increase in an endogenously determined illegal immigration relative to the labor force of one percentage point in states that do not require lawful presence (for example, Utah and New Mexico) increases uninsured motorists (UM) by almost two percentage points, all else equal. In addition, larger percentages of uninsured motorists are accompanied by more motor vehicle crash fatalities, a result which is contrary to previous findings in the literature.


Risa Kumazawa, J. Tim Query and Mark A. Yanochik. 2010.  A Real-Options Approach to Post-Hurricane Loss Valuation of Damage Property: Rebuild or Repair?  Asia_pacific Journal of Risk and Insurance, Volume 5, Issue 1

Abstract. In this paper, we investigate the rebuild or repair decision that property owners face after damages caused by catastrophic hurricanes such as Katrina in New Orleans. In particular, we consider how the degree of risk aversion and uncertainty affect the decision-making process. A theoretical model is developed using the real-options framework of Dixit and Pindyck (1994).


According to the model, the decision to rebuild a property is reached much later when there is a high degree of uncertainty over future social costs and a high discount rate. We demonstrate these effects using simulations with actual numbers from Hurricane Katrina.


J. Tim Query, and Al Berryman. 2010.  Metrics of Uninsured Motorists: The Challenging Case of New Mexico.  Southwest Business and Economics Journal, vol. 18: 49-64.

Abstract. This paper examines New Mexico as it is one of only a small handful of states that provide updated monthly results of UM rates based on the matching database.  The focus of this study is to examine more closely the methodologies used by both sources in deriving their estimates of uninsured motorists.  In addition, this paper discusses some of the demographic and cultureal issues that are somewhat unique to the Southwest.


Elisabeta Pana, Jin Park and Tim Query. 2010.  The impact of bank mergers on liquidity creation.  Journal of Risk Management in Financial Institutions, vol. 4, 1, 74-96.

Abstract. Using 189 commercial bank mergers between 1997 and 2004, a positive impact of the merger activity on bank liquidity creation is demonstrated.  Consistent with the deposit insurance hypothesis, it is found that banks with higher levels of deposit insurance create higher levels of liquidity around mergers.  Furthermore, evidence is provided that the level of equity capital explains the change in liquidity creation around mergers for the sample of large acquirers.  Also it is shown that for the sample of small acquirers there is a negative relationship between the level of economic growth and changes in liquidity creation around mergers.


J. Tim Query, and Glennis M. Hanley. 2010.  Recognizing and Managing Risks Associated with Workplace Bullying.  CPCU eJournal, July.

Abstract. Workplace bullying is pervasive and affects a substantial part of the global workforce. Complaints of workplace bullying represent one of the fastest growing types of complaints from workers worldwide. Bullying is a legitimate risk exposure in the workplace, as evidenced by case law building in the United States and elsewhere. The authors look at definitions of workplace bullying, risk exposures to employers, economic costs of bullying, and the current regulatory environment. They also provide suggested steps to reduce the frequency and severity of losses resulting from workplace bullying.



J. Tim Query. 2008. Simultaneous Estimation of Price and Service Quality in the US Private Passenger Automobile Insurance Market. Pravartak – The Journal of Insurance and Risk Management, 4, 51-65.



Risa Kumazawa, Jin Park and J. Tim Query. 2008. Service Quality in Homeowners Insurance. Pravartak – The Journal of Insurance and Risk Management, 3, 45-52.

Abstract. Service Quality has emerged as an important issue to financial services organizations and their customers. Especially for personal lines of businesses where insurance companies sell essentially the same insurance policy with state-mandated policy forms and language, an important source of competitive advantage. This study empirically assesses the relationship between various components of insurance company attributes and the level of service quality. For this study, service quality is defined by the speed of claims settlement procedures by individual companies...



J. Tim Query. 2008. Cost of Risk Allocation Issues. Cost Management, 22, 2.



J. Tim Query, Robert E. Hoyt, and Min (Enya) He. 2007. Service Quality in Private Passenger Automobile Insurance. Journal of Insurance Issues, 30, 152-172.

Abstract. This study extends previous research on service quality in the private passenger automobile insurance industry by providing empirical evidence using an improved proxy for the value of service. The endogeneity of the value of service is recognized and treated statistically with the two-stage least squares approach. The empirical model also includes a number of control variables that affect the service quality of an insurer….



J. Tim Query and David Willis. 2007. The Role of Liberal Education Courses within Risk Management Education: Competitive or Complementary? Journal of Risk Education, 3, 8-19.



J. Tim Query. 2007. In Search of the Optimal Cost of Risk Allocation Systems. CPCU Journal, October.

Abstract. The purpose of this article is to expand the discussion revolving around some of the persistent challenges facing risk managers in developing cost allocation systems today, through a formal survey of companies intensely involved in cost of risk issues. The study provides a point of reference for those with cost of risk measurement and allocation responsibilities at smaller organizations that may not possess the resources to implement a stand-alone system. Survey results find that risk managers use a combination of exposure and experience allocation methods, and nearly three-fourths of the risk allocation decision-making process is handled by the risk management department…



Daqing Huang and J. Tim Query. 2007. Designing a New Automobile Insurance Pricing System in China- Actuarial and Social Considerations. Casualty Actuarial Society Forum, Winter.

Introduction. There are numerous articles extolling the future potential of the insurance industry in The People's Republic of China (hereafter referred to as China) since the implementation of economic market reforms. While the current size of the Chinese insurance market is much smaller than many industrialized nations, the rate of premium growth is among the highest in the world. The national premium income had reached nearly US$60 billion in 2005, up 13.95 percent over 2004, and 3.09 times of the amount in 2000. Although the insurance industry has garnered increasing interest from researchers, little has been written about actuarial practices in the world's most populous nation…



J. Tim Query. 2006.  Workers’ Compensation for Undocumented Workers: A Discussion of the Regulatory Complexities. Journal of InsuranceRegulation, 25, 13-29.

Summary. Interest in the issue of undocumented workers in the United States has increased dramatically over the past year. While the federal government estimates the number of illegal aliens in the United States to be between 10 million and 12 million, some independent groups project that number to be much higher. Most political responses to the issue have focused on border security, employer sanctions and guest worker passes or amnesty for current illegal workers. However, little has been mentioned in the national media about the matter of what rights, if any, undocumented workers have when injured on the job…



Evaristo Diaz and J. Tim Query. 2005. An Economic Assessment Model of Pension Reform Transferability: The Case of Venezuela. Pensions,10, 167-179.

Abstract. Social pension and security systems worldwide are experiencing difficulties in maintaining the financing required to provide promised benefits. Despite their economic and political difficulties, many Latin American countries have arguably been more proactive and innovative with the implementation of social security reform than other regions of the world. Suggestions for reform of the social security system in Venezuela are provided by integrating many of the same concepts found in other restructurings in Latin America. It is the conclusion of this paper that, given the political and economic instability of the region, a major overhaul of the existing system is not politically feasible…



Patricia H. Born and J. Tim Query. 2004. Health Maintenance Organization (HMO) Performance and Consumer Complaints: An Empirical Study of Frustrating HMO Activities. Hospital Topics, 82, 2-9.

Abstract. Growing public interest in the operations of managed care plans has fueled a variety of activities to collect and analyze their performance. These activities include studies of financial performance, analysis of enrollment decisions, and, more recently, the development of systems for measuring healthcare quality to improve accountability to consumers. In this study, the authors focus on the activities of managed care plans that may frustrate patients and providers and, subsequently, motivate patients to file complaints…



William J. Warfel and J. Tim Query. 2004. Sexual Harassment Litigation- Risk Management Implications. CPCU eJournal. August.

Abstract. The trend of authority is toward increasing legal responsibility for employers with respect to acts of sexual harassment by immediate supervisors and upper-management employees. In this article, a historical perspective concerning sexual harassment law is provided, and several recent court rulings that clarify an employer’s legal responsibility with respect to claims that allege a hostile or offensive environment are discussed. The risk management implications of these recent court rulings are identified and discussed…



J. Tim Query. 2002. Rights of Passage: An Analysis of Graduated Driver Licensing Efforts in Selected States. CPCU eJournal. March.

Abstract. The need to reduce the accident rate for beginning drivers is urgent. Supporters of graduated driver licensing (GDL) laws argue that by requiring additional supervised driving experience under less demanding driving conditions, accident rates of newly licensed young drivers will decline significantly. While several statistical studies support this assumption, eight states still have not enacted acceptable GDL laws. This research paper analyzes the legislative history of graduated licensing in each of these states, with particular attention to the opposition to enactment of a GDL law…



J. Tim Query. 2000. The Role of the Risk Manager in a University Setting. Risk Management and Insurance Review, Vol. 3, No. 2.

Introduction. The academic environment confronting the university risk manager is among the most diverse and challenging in terms of risk exposures. The array of loss control concerns facing risk management professionals at universities and colleges is often much wider than those of their peers in industry and commerce. Activities at a university can include running a construction site for campus expansion, sending students to Third World countries, performing dangerous scientific and medical experiments, hosting large public gatherings, and operating large residential facilities. Schools may have daycare and elder-care facilities, hospitals, athletic teams, or even their own police force…



J. Tim Query. 2008. The Yin and Yang of an Aging Work Force. URMIA Journal.

Abstract. When faced with a shifting and challenging underwriting market, technology growth, and the Liability Risk Retention Act (LRRA), many colleges and universities are exploring alternative options to finance their risk management operations and insurance. This article discusses many of those alternative risk management financing options, including self-insurance; excess and surplus line insurers; captives; and risk retention groups, purchasing groups, and consortiums…



J. Tim Query. 2000. Analysis of Medical Savings Account as an alternative retirement savings vehicle. Financial Services Review.

Abstract. Personal savings as a percentage of disposable income have dropped steadily since the early 1980s. Savings have continued to decline in 1999, as the savings rate-savings as a percentage of after tax income dropped to a record low. The study finds that MSA type accounts are a viable supplement to retirement savings, but should not be used as a replacement for existing retirement alternatives given their current structure…



Zhenhu Jin and J. Tim Query. 2003. Waking Tiger.  Best’s Review- Ecommerce Technology, August.

Introduction. The internet and its soaring use in China are creating a promise of great growth for the insurance industry. E-commerce is the engine driving the globalization and convergence of various facets of China’s financial-services industry. The recent additional of China, the world’s most populous nations, to the Worlds Trade Organization also is fueling potential business for insurers…