The Varying Aspects of Risk, Risk Management and Transfer of Risk

This paper is intended as a risk management primer for senior managers. It discusses the

Insurance is a critical part in the health care of Americans that would use it for life threatening, unaffordable and spontaneous health issues. But instead insurance has created substantial problem because it is being utilized as a payment system for everyday primary health care and not to cure

"Insurance is a legal contract that protects people from the financial costs that result from loss of life, loss of health, lawsuits or property damage."(Nielson.) This protection is given to the customer in exchange for a monthly payment to the company. This is a legal contract which is known as a policy, binds the customer to the insurance company for the duration of the policy. Insurance, whether it be life, health or auto, helps customers feel safe from everyday risks that can happen in life. Most insurance is optional, although some states enforce a law that automobile insurance must be purchased in order to register a car. Automobile insurance is very important. It helps the policy holder to protect their car

Hey Alex, Congratulation on graduating from Herzing University with your Bachelor’s degree in Criminal Justice and joining the law enforcement family as a Deputy Sheriff’s. As, I understand Alex, you just finished the Sheriff Department Training Academy and will be beginning your career patrolling the north end of the city on the night shift. Alex, some of the important things to remember when you are patrolling your area are citizen’s civil rights, defenses to civil litigation, the elements of managing risk on the job and how your decision could make a positive or negative impact in someone else life.

there is some good. This essay will discuss the cost, perks of being insured, and the power of

Insurance provides protection against economic misfortune or ruin. Health insurance protects against financial loss due to sickness or accident, life insurance protects against financial loss due to death, property insurance protects against financial loss due to destruction of property, and casualty insurance protects against financial loss due to negligence or even crime. If citizens are not able to purchase insurance to protect their fortunes against these risks, many would suffer economically

Insurance serves an intermediary role in the delivery of health care as it is in most cases pertinent to paying for a person’s care. Relating this fact to the medical model of health, a person gets diagnosed with a disease and needs to get treatment. Due to the extremely high costs of health care, insurance is necessary for people to pay for the care they need (Begay, Lecture, 9/12/17).

Insurance is as ancient as Babylon. The first policy dates back to 2100 B.C.; specifically, it is the Code of Hammurabi. A loan from a trader made certain his valuable cargo traveled safe from the harm of thieves or storms (Marples). The

Insurance has become an essential commodity that has helped cut cost of expenditure an individual, a company or a society as a whole can incur for health, business, leisure, personal belongings, utilities and just about living. In health particularly, it has greatly protected individuals and families from financial losses due to diseases and health conditions. It is a given fact that an average cost going to a hospital can be a tremendous amount an average family would not necessarily afford. Blue Cross Blue Shield of Illinois, a private insurance company in the United States suggested that “The average cost of a trip to the emergency room for an adult is about $700, not including any tests or hospitalization, which may increase the bill to well over $1,000. A broken leg can cost up to $7,500. Average costs for childbirth are up to $8,800, and well over $10,000 for C-section delivery. The total cost of a hip replacement can run a whopping $32,000.” Having insurance for simple to minor procedures have helped sustained these expenses and in one way or another have directly and indirectly saved billions of lives of insurance policy holders and their respective families. This is the very reason why people have found it as a basic need together with food, shelter and clothing. Insurance policy holders are increasing by the day. Depending on their needs, people now have a variety of insurance coverage to choose from.

If the assumption of risk was not applicable in this activity then there would be an ability

develop a methodology for quantifying risks, or should each situation be addressed individually? Can we have both a quantitative and qualitative risk evaluation system in place at the same time?

The reason for life insurance is to safeguard the most valued asset a young investor has, human capital. The investor is protecting his future earnings against lifetime uncertainty. In the event of passing away, the insured’s heirs or dependents will be given a sum of money to replace the wages he provided. Commonly, policies are bought to hedge against the mortality risk, “so human capital affects both optimal asset allocation and demand for life insurance.” Mortality risk is hedged by life insurance because the more human capital an investor has, the more life insurance he will need. This is perfect because of the negative 100 percent correlation the consumption (alive) and bequest (dead) state have with one another.

Risk management is developed in order to reduce the likelihood of possible events that have negative effects for patients, staffs and the organization; to reduce the risk of death and injury or disease for patients, staffs, and others as result of services provided; to improve patient outcomes; to manage resources effectively; and to support legislative compliance and to ensure organizational viability and development. In order to achieve these goals, risk management teams should follow the four steps process of risk management.

The operations on a FPSO encounters many hazards or risk to personnel and the environment. Production facilities on the FPSO increases the risk associated with many marine incident.

Insurance is one of the tools for risk management that aims at reducing the risk on the day-to-day life of individuals, organisation and society. At the same time, it should also be appreciated that insurance cannot be utilised as a risk free tool for all types of situations. Insurance provides risk management solutions to many situations that fall within the competence of human judgement and managerial skills.