Introduction to Risk Management
Read Chapter 3
1. There are three pre-loss objectives in Risk Management; they are economy, reduction of anxiety, meeting legal obligations. Pick one of these items and give an example using your own experiences with insurance. If you no personal experience, you can be creative to come up with an example.
2. Using bullet points, what are the four steps in the risk management process?
3. The loss exposures for business and individuals are very similar. Using bullet points what are examples of property loss exposures and liability loss exposures. As you are collecting your bullet points keep in mind what you learned last week on what’s the difference between liability or casualty insurance and property insurance. Please do not copy word for word out of the book but after reading and understanding the concept, use your own words. You should have four bullet points for each section.
4. List the six risk control techniques
5. Insurance, commercial or personal insurance, is a risk mangement technique. It allows you to move the financial risk from your business or yourself to an insurance carrier. There are advantages to using insurance as a risk management tool. What are three advantages and three disadvantages? You can use commercial or personal examples to answer.
