Hadm 3030 risk management Study guides, Class notes & Summaries

Types of Losses - 1. Materials/Property 2. Time (revenue) 3. Momentum (customers) 4. Personal Injury (staff, members, and their friend and family) The risk management process - 1. Identification of risk 2. Assessment of losses/evaluate risk (severity vs. frequency) 3. Select proper management instrument 4. Study plan and implement decisions Risk Management Instruments - 1. Avoidance (high frequency, high severity - 3m diving board) 2. Risk assumption (low frequency, low severity - coat ...

Economic considerations (Insurance) - 1. types of coverage 2. levels of coverage 3. deductible/self-insurance 4.Esements Explain worker's compensation coverage A and B - A. Income replacements/disability and medical expenses to the injured party B. Liability insurance against employee legal suits Frequency is determined by - time and probability Insurance Rules - 1. Insure anything you cannot afford to lose (e.g. house) 2. Do not spend more than it's worth (e.g car) 3. Not the probab...