CDAE 158 Lecture Notes - Lecture 22: Vehicle Insurance, Personal Property, Seat Belt
29 Nov 2018
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Document Summary
Protection against possible financial loss; it gives you peace of mind. Is a risk-sharing firm that assumes financial. An insurance company responsibility for losses from an insured risk. The firm assumes the risk for a fee called the premium . Is uncertainty or lack of predictability, such as the loss that a person or property covered by insurance faces. Is the cause of a possible loss, such as fire, explosions, robbery. Increases the likelihood of a loss, such as defective house wiring. The most common risks are classified as personal risks, property risks, and liability risks. Insurable risk; the chance of loss not gain. Nature and financial cost of the loss can be predicted. Chance of either loss or gain, such as a small business. Risk management is an organized strategy for protecting assets and people. Risk management techniques: risk avoidance, risk reduction. Wear a seat belt, install smoke alarms, eat a balanced diet & exercise.
