Insurance and Risk Management - John Wiley & Sons

Insurance and Risk Management - John Wiley & Sons

>>>>>>>> Appendix B Insurance and Risk Management f o t p e c n o C The Risk Risk is uncertainty about loss or injury. A typical business faces a variety of risk: Fire Burglary Water Damage Storm Damage Accidents

Judgments from Lawsuits Natural Disasters Ri s k t n e m e g a Ma n Avoiding Risk Reducing Risk Self-Insuring Against Risk Shifting to an Insurance Company Insurance contract by which the insurer for a fee agrees to reimburse the insured a sum of money if a loss occurs. Premium amount paid by

the insured to the insurer to exchange for insurance coverage. e c n a r u s n I c i Ba s s t p e c n Co Insurable Interest an applicant must demonstrate a direct financial loss will result if some event

occurs. Insurable Risk the requirements that a risk must meet in order for the insurer to provide protection. Rule of Indemnity the insured cannot collect more than the amount of the loss. The Law of Large Numbers statistical probabilities that seemingly random events will follow predictable patterns. f o s e Sourc e c n a r u Ins e g a r

e Cov Public Insurance Agencies Unemployment Insurance Workers Compensation Social Security Private Insurance Companies Prudential State Farm Geico f o s e Typ e c n a r Insu Property and Liability Insurance

Homeowners Insurance Auto Insurance Commercial and Business Insurance Liability Insurance Health and Disability Insurance Managed Care Plans HMO and PPO Disability Income Insurance Life Insurance Term Policies Whole Life and Universal Life

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