Understanding Insurance and Risk Management Theodore A. (Ted) Feitshans Extension Associate Professor Department of Agricultural & Resource Economics North.

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Presentation transcript:

Understanding Insurance and Risk Management Theodore A. (Ted) Feitshans Extension Associate Professor Department of Agricultural & Resource Economics North Carolina State University January 18, 2012

DISCLAIMER Information provided is for educational purposes only; nothing herein constitutes the provision of legal advice or services, and no attorney-client relationship is formed. correspondence to and from this address may be subject to the North Carolina Public Records Law and may be disclosed, if permitted by law, to third parties. All to and from this address will be archived for a minimum period of 10 years.

Liability

Where does liability come from?

Contracts

IPRs

Torts

Strict Liability in Tort

Intentional Torts

Quasi- Intentional Torts

Negligent Torts

Duty

Duty to a Trespasser

Duty to an Invitee

Modification of Duty by Statute

Breach of Duty

Proximate Cause

Actual Damages

Contributory Negligence

Waivers

Choice of Business Entity

Independent Contractors

Employment

Managing Risk Intelligently

The Risk Management Model

Risk identification

Risk Evaluation Low-Severity, Low- Frequency High-Severity, Low- Frequency Low-Severity, High- Frequency High-Severity, High- Frequency

Risk Treatment

Selection & Implementation

Program Monitoring

What Is Insurance?

Let’s talk terminology…

Premium

Rider

Policy

EVENT

CLAIM

Adjuster

Policy holder Insured Third-party beneficiary

Agent/ Broker

Insurable Interest

Underwriter

Actuary

Reinsurer

Insurance Needs Disability Health Life: owner & key employees Property/Casualty Liability Motor vehicle Business interruption

Motor Vehicle Issues

Managing Your Insurance

Read Your Policy!

Ask Questions!

Ask more questions!

Promptly notify your agent of claims!

Communicate with your insurance agent!

Use the resources that your insurance agent provides

Insurance Pays the Costs of Defense

CONCLUSION

N.C. Department of Insurance For assistance in finding authorized insurance services in North Carolina: –N.C. Department of Insurance For assistance finding insurance, regularly licensed companies and surplus lines: –MAP (919) or (800) For help with unauthorized insurance: – Consumer services –(919) Agent services 56