risk mnagement and insurance

8/9/2019 Risk Mnagement and Insurance

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Risk Management StrategiesRisk Management Strategies

Risk AvoidanceRisk Avoidance

Risk ReductionRisk Reduction

Risk RetentionRisk Retention Risk CombinationRisk Combination

Risk TransferRisk Transfer

Risk SharingRisk Sharing


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At a Glance.At a Glance.

RiskRisk

PerilPeril

HazardHazard Types of RiskTypes of Risk

Subject Matter of InsuranceSubject Matter of Insurance

Loss Frequency and Loss SeverityLoss Frequency and Loss Severity

RiskRiskManagementWhy?....When?...How?ManagementWhy?....When?...How?


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At a Glance.At a Glance.

Risk Management Strategies:Risk Management Strategies:

Risk ControlRisk Control

Risk FinancingRisk Financing


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HazardHazard

Physical HazardPhysical Hazard

Moral HazardMoral Hazard

Morale HazardMorale Hazard


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Types Pure RiskTypes Pure Risk

Personal RiskPersonal Risk

Property RiskProperty Risk

Liability RiskLiability Risk


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Risk ManagementRisk Management

Corporate Risk ManagementCorporate Risk ManagementProcessProcess

Personal Risk ManagementPersonal Risk ManagementProcessProcess


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Corporate Risk ManagementCorporate Risk Management

ProcessProcess

Identifying Potential LossesIdentifying Potential Losses

Evaluating Potential LossesEvaluating Potential Losses

Selecting The AppropriateSelecting The AppropriateTechnique for Handling LossesTechnique for Handling Losses

Implement and Review theImplement and Review the

program Periodicallyprogram Periodically


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Identifying Potential LossesIdentifying Potential Losses

Property Loss ExposuresProperty Loss Exposures

Liability Loss ExposuresLiability Loss Exposures

Business Income Loss ExposuresBusiness Income Loss Exposures Human Resource Loss ExposuresHuman Resource Loss Exposures

Crime Loss ExposureCrime Loss Exposure

Employee Loss ExposureEmployee Loss Exposure Foreign Loss ExposuresForeign Loss Exposures


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Evaluating Potential LossesEvaluating Potential Losses


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Selecting The AppropriateSelecting The Appropriate

Technique for Handling LossesTechnique for Handling Losses

Risk ControlRisk Control

Risk FinancingRisk Financing

Captive InsurerCaptive Insurer


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Personal Risk ManagementPersonal Risk Management

PersonalPersonal

PropertyProperty

LiabilityLiability


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Implement and Review theImplement and Review the

program Periodicallyprogram Periodically

Risk Management Policy StatementRisk Management Policy Statement

Implementation by coordinating variousImplementation by coordinating various

depts.:depts.:AccountsAccounts

FinanceFinance

ProductionProduction

MarketingMarketing

Human ResourceHuman Resource


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Personal Risk ManagementPersonal Risk Management

Personal RisksPersonal Risks

Property RisksProperty Risks

Liability RisksLiability Risks


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Legal Principles ofInsuranceLegal Principles ofInsurance

General PrinciplesGeneral Principles

Specific PrinciplesSpecific Principles

Miscellaneous PrinciplesMiscellaneous Principles


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General PrinciplesGeneral Principles

Offer and AcceptanceOffer and Acceptance

Legal ConsiderationLegal Consideration

Competent to make ContractCompetent to make Contract Free ConsentFree Consent

Legal ObjectLegal Object


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Specific Principles ofInsuranceSpecific Principles ofInsurance

Principle of indemnityPrinciple of indemnity

Principle ofInsurable InterestPrinciple ofInsurable Interest

Principle of SubrogationPrinciple of Subrogation

Principle of Utmost good faithPrinciple of Utmost good faith(Uberrima Fides)(Uberrima Fides)

Representations, Concealment,Representations, Concealment,

WarrantyWarranty Principle of Proximate causePrinciple of Proximate cause


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MISCELLANEOUS PRINCIPLESMISCELLANEOUS PRINCIPLES

Principle of ContributionPrinciple of Contribution

Principle of AssignmentPrinciple of Assignment

For Life InsuranceFor Life Insurance

Indemnity not AppliedIndemnity not Applied

Conditional ContractConditional Contract

Contract of Adhesion (nonContract of Adhesion (nonnegotiable)negotiable)

Unilateral in NatureUnilateral in Nature


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Risk & InsuranceRisk & Insurance

Insurance DefinedInsurance Defined

Insurance Vs GamblingInsurance Vs Gambling

Insurance Vs HedgingInsurance Vs Hedging


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Benefits ofInsurance To SocietyBenefits ofInsurance To Society

Indemnification of LossIndemnification of Loss

Less Worry and FearLess Worry and Fear

Sources ofInvestment FundsSources ofInvestment Funds Enhancement ofCreditEnhancement ofCredit

Loss PreventionLoss Prevention


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Cost ofInsurance toCost ofInsurance toSocietySociety


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Requirements of an InsurableRequirements of an Insurable

RiskRisk

Large NumberLarge Number

Accident and UnintentionalAccident and Unintentional

Non Catastrophic lossNon Catastrophic loss Calculable Chance of LossCalculable Chance of Loss

Economically Feasible PremiumEconomically Feasible Premium


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ApplicationApplication

Risk of Fire asRisk of Fire asInsurableInsurable

RiskRisk

risk mnagement and insurance

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