BU353 Study Guide - Midterm Guide: Reinsurance, Net Present Value, Insurable Interest
Document Summary
Cyclical process that is occurring all the time: identify potential losses. Checklists with every risk you will have. Employee surveys: evaluate the potential frequency and severity of such losses. Consider the range of possible outcomes and how they could occur. Enables decisions to be made about the extent and nature of risk treatments. Severity: develop and select methods for managing risk (risk control or risk financing) Loss reduction done before and after an event. Loss prevention: implement the risk management methods chosen, monitor, monitor, monitor! Efficacy of treatments is my driver training program providing better drivers? . Occurrence of unforeseen events stuff you didn"t anticipate to happen ex. Cost of losses in calgary in the summer in the future, this will be added to policies. If risk is tolerable, ask yourself these questions. Reduce the level of risky activity by transferring risk control to another party. Loss prevention focuses on reducing the frequency of loss.
