Chapter 25 Introduction to Risk Management

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Presentation transcript:

Chapter 25 Introduction to Risk Management MYPF CHAPTER 25 13-SEPT-2001 Chapter 25 Introduction to Risk Management What Is Insurance? Risk Management © South-Western Educational Publishing

Lesson 25.1 What Is Insurance? Explain the concept of insurance. Define basic insurance terminology and types of risk. © South-Western Educational Publishing

Spreading the Risk Insurance is a method for spreading individual risk among a large group of people to make losses more affordable for all. © South-Western Educational Publishing

Insurance Terminology Actuarial table Actuary Beneficiary Benefits Cash value Claim Coverage Deductible Exclusions Face amount Grace period Hazard Insurance agent Insured Loss Peril Proof of loss Standard policy Unearned premium © South-Western Educational Publishing

Insurable Risks Personal risks Property risks Liability risks © South-Western Educational Publishing

Lesson 25.2 Risk Management Discuss the risk-management process. Explain how to create a risk-management plan. Discuss ways to reduce the costs of insurance. © South-Western Educational Publishing

Risk-Management Process Step 1: Identify risks of loss Pure risk Speculative risk Step 2: Assess seriousness of risks Step 3: Handle risks Risk avoidance Risk reduction Risk assumption © South-Western Educational Publishing

Making a Risk-Management Plan List identified risks. List assessment of risks’ financial impact. List techniques to manage each risk. © South-Western Educational Publishing

Reducing Insurance Costs Increase deductibles. Purchase group insurance. Consider payment options. Look for discount opportunities. Comparison shop. © South-Western Educational Publishing

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