Risk Handling <ul><li>10 - 8 - 09 </li></ul>
Methods <ul><li>In the management of risk and taking responsibility of a situations in preparation for risk occurring ther...
<ul><li>When the risk exposure associated to large number of persons and handled by the group of persons make an agreement...
<ul><li>Insurable Risk Elements </li></ul><ul><ul><li>Due to Chance (loss) </li></ul></ul><ul><ul><li>Must be measurable a...
<ul><li>In handling with avoidance, persons would altogether stand clear of doing the riskful activity </li></ul><ul><li>I...
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Risks

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Risks

  1. 1. Risk Handling <ul><li>10 - 8 - 09 </li></ul>
  2. 2. Methods <ul><li>In the management of risk and taking responsibility of a situations in preparation for risk occurring there one can choose from the following </li></ul><ul><li>To plan for a risk to happen and ready one situation in order to avert the risk is called Avoidance </li></ul><ul><li>In preparation for a risk occurrence, so by then using deductibles, co-payments and Self insurance to cover is called retention </li></ul>
  3. 3. <ul><li>When the risk exposure associated to large number of persons and handled by the group of persons make an agreement to assist one another its called Sharing </li></ul><ul><li>There is also a form of loss control which is referred to as Reduction which contains two parts Loss Prevention and Loss Reduction </li></ul><ul><li>In controlling loss the most often used and most effective method is by transfer. The party with the loss effecting them in this situation leaving a financial responsibility to a insuring company. </li></ul>
  4. 4. <ul><li>Insurable Risk Elements </li></ul><ul><ul><li>Due to Chance (loss) </li></ul></ul><ul><ul><li>Must be measurable and definite </li></ul></ul><ul><ul><li>Must be predictable </li></ul></ul><ul><ul><li>Must be catastrophic </li></ul></ul><ul><ul><li>Loss exposure must be large </li></ul></ul><ul><ul><li>Insurance not mandatory </li></ul></ul>
  5. 5. <ul><li>In handling with avoidance, persons would altogether stand clear of doing the riskful activity </li></ul><ul><li>In retention resulting factors would be reduction of expenses, improved cash flow, and claim controls due to loss risks </li></ul><ul><li>The two determining factors of reduction, loss prevention and loss reduction are described as Prevention attempting to avert a risk before presentation. Reduction decreases loss affection as much as possible to spare parties </li></ul>Method characteristics

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