tailieunhanh - Lecture Risk management and insurance - Lecture No 4: Insurance and Risk

In this chapter, the learning objectives are: Definition and basic characteristics of insurance, characteristics of an ideally insurable risk, adverse selection and insurance, insurance vs. Gambling, insurance vs. Hedging, types of insurance, benefits and costs of insurance to society. | Insurance and Risk Lecture No. 4 1 Objectives Definition and Basic Characteristics of Insurance Characteristics of An Ideally Insurable Risk Adverse Selection and Insurance Insurance vs. Gambling Insurance vs. Hedging Types of Insurance Benefits and Costs of Insurance to Society 2 3 Risk Identification Loss exposure Potential loss that may be associated with a specific type of risk Can be categorized as to whether they result from Property Liability Life Health Loss from income risks 4 Risk Identification Loss exposure Checklists Specifies numerous potential sources of loss from the destruction of assets and from legal liability Some are designed for specific industries Such as manufacturers, retailers, educational institutions, religious organizations Others focus on a specific category of exposure Such as real and personal property 5 Risk Identification Financial statement analysis All items on a firm’s balance sheet and income statement are analyzed in regard to risks that may be . | Insurance and Risk Lecture No. 4 1 Objectives Definition and Basic Characteristics of Insurance Characteristics of An Ideally Insurable Risk Adverse Selection and Insurance Insurance vs. Gambling Insurance vs. Hedging Types of Insurance Benefits and Costs of Insurance to Society 2 3 Risk Identification Loss exposure Potential loss that may be associated with a specific type of risk Can be categorized as to whether they result from Property Liability Life Health Loss from income risks 4 Risk Identification Loss exposure Checklists Specifies numerous potential sources of loss from the destruction of assets and from legal liability Some are designed for specific industries Such as manufacturers, retailers, educational institutions, religious organizations Others focus on a specific category of exposure Such as real and personal property 5 Risk Identification Financial statement analysis All items on a firm’s balance sheet and income statement are analyzed in regard to risks that may be present Flowcharts Allows risk managers to pinpoint areas of potential losses Only through careful inspection of the entire production process can the full range of loss exposures be identified 6 Figure 2-1: Flowchart for a Production Process 7 Risk Identification Contract analysis It is not unusual for contracts to state that some losses, if they occur, are to be borne by specific parties May be found in construction contracts, sales contracts and lease agreements Ideally the specification of who is to pay for various losses should be a conscious decision that is made as part of the overall contract negotiation process Decision should reflect the comparative advantage of each party in managing and bearing the risk On-site inspections During these visits, it can be helpful to talk with department managers and other employees regarding their activities Statistical analysis of past losses Can use a risk management information system (software) to assist in performing this task As these .

• Tài chính doanh nghiệp
• Risk management
• Lecture Risk management
• Financial institutions
• Classification of risk
• Costs of insurance
• Types of insurance
• Benefits of risk management
• Risk management process
• Valuation and Risk Models book 4
• Financial Risk Management
• Risk Management Lecture
• Foundations of Risk Management
• Risk defining risk
• Financial Markets and Products
• Valuation and Risk Models
• Financial Risk Management FRM book 1
• Enterprise risk management
• Insurance market dynamics
• Financial risk manager
• Financial risk
• Financial manager
• Market risk management
• Credit risk management
• Integrated risk management
• Investment risk management
• Probability distribution
• Application in risk management
• financial and regulatory contexts
• asset and risk management
• underlying theories of asset management
• asset management and risk management
• quản lý tài sản và quản lý rủi ro
• Project management
• Lecture Project management in practice
• Project risk management
• Risk identification
• Risk analysis
• Risk on society
• Techniques for managing risk
• Finance management
• Fundamentals of finance management
• Derivatives and risk management
• Derivative securities
• Fundamentals of risk management
• Using derivatives
• Thesis abstract Banking – Finance
• Improving credit risk management capacity
• Credit risk management capacity
• Risk management capacity at Techcombank
• Risk management capability
• Information technology project management
• Information technology project
• Risk management planning
• Qualitative risk analysis
• Quantitative Analysis book 2
• Financial Markets and Products book 3
• Managing spot risk
• Managing forward risk
• Managing vanilla options risk
• Managing exotic options risk
• Credit risk
• Ideally insurable risk