Đang chuẩn bị liên kết để tải về tài liệu:
Lecture Risk management and insurance - Lecture No 6: Introduction to risk management

In this chapter, the learning objectives are: Meaning of risk management, objectives of risk management, steps in the risk management process, benefits of risk management, personal risk management. | Introduction to Risk Management Lecture No. 6 1 Objectives Meaning of Risk Management Objectives of Risk Management Steps in the Risk Management Process Benefits of Risk Management Personal Risk Management 2 Personal Risk Management Personal risk management refers to the identification of pure risks faced by an individual or family, and to the selection of the most appropriate technique for treating such risks The same principles applied to corporate risk management apply to personal risk management 3 4 Property Loss Exposures Real property Land, all structures permanently attached to the land, and whatever is growing on the land Examples include buildings, attachments to buildings, crops Personal property All property other than real property Examples include cars, money, clothes, furniture, textbooks, airplanes, animals 5 Property Loss Exposures Direct loss Occurs when there is damage to property Indirect loss Occurs when a direct loss causes expenses to increase or revenues to . | Introduction to Risk Management Lecture No. 6 1 Objectives Meaning of Risk Management Objectives of Risk Management Steps in the Risk Management Process Benefits of Risk Management Personal Risk Management 2 Personal Risk Management Personal risk management refers to the identification of pure risks faced by an individual or family, and to the selection of the most appropriate technique for treating such risks The same principles applied to corporate risk management apply to personal risk management 3 4 Property Loss Exposures Real property Land, all structures permanently attached to the land, and whatever is growing on the land Examples include buildings, attachments to buildings, crops Personal property All property other than real property Examples include cars, money, clothes, furniture, textbooks, airplanes, animals 5 Property Loss Exposures Direct loss Occurs when there is damage to property Indirect loss Occurs when a direct loss causes expenses to increase or revenues to decline Many insurance contracts insure both direct and indirect losses in the same contract When dealing with property insurance, there are usually only two parties to the contract The insured and the insurer 6 Property Loss Exposures Not all types of property are insurable Coverage cannot be purchased for loss of goodwill or loss of a copyright Raw land is difficult to insure Sex and property loss exposures For insurance purposes, animals are considered property Firms must be able to manage loss to or from the animals and learn to manage the animals during the mating season 7 Liability Exposures One of the most serious financial risks that risk managers must deal with Loss through legal liability for harm caused to others Insurance for liability losses is more complex than property insurance Because people other than the insured and the insurer are involved Liability is usually determined by proving negligence 8 Types of Liability Damages Insurance contracts are designed to pay only for