Chapter 9 - 9 Risk Management A formal process for managing...

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© Chris Robinson and Captus Press Inc., 2005 © Chris Robinson and Captus Press Inc., 2005 9 Risk Management 9 Risk Management A formal process for managing risk
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© Chris Robinson and Captus Press Inc., 2005 Learning Objectives Learning Objectives Develop the concept and practice of a five stage personal risk management process: identify, evaluate, control, finance and monitor. Explain the theoretical role of insurance in financing personal risks.
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© Chris Robinson and Captus Press Inc., 2005 Defining Risk Defining Risk Speculative risk: possibility of gain or loss . e.g. invest in common shares, buy a lottery ticket. Pure risk: only losses are possible. e.g., premature death, disability, house burns down.
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1 Identifying the Risks 1 Identifying the Risks Families face four kinds of risk: premature death; disability; property loss (theft, fire, etc.); and liability to a third party. The risks are much the same for all families; the
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Chapter 9 - 9 Risk Management A formal process for managing...

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