Topic 1 - 1.Risk ,Terminology,ERM Bus200

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    1. Risk, Terminology, ERM Bus 200 Introduction to Risk Management and Insurance Fall 2008 Prof. Jin Park
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Based on “Uncertainty” Uncertainty concerning  the occurrence of a loss Based on “Expected  Value” Deviation from  expectation
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Pure vs. Speculative Risk
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Objective vs. Subjective Risk
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Fundamental vs. Particular Risk
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Perils (Immediate)  Causes of loss Natural perils Acts of God Human perils  Human acts, errors, and omissions, whether intentional or  unintentional, causing a loss Economic perils Economic events or phenomenon causing a loss Insurable and Uninsurable perils
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Hazard A condition that creates or increases the chance  of losses, their severity, or both. Physical hazard Moral hazard Morale hazard Legal hazard
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Types of Pure Risk Personal Risk Property Risk Direct Loss Indirect Loss Liability Risk
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Topic 1 - 1.Risk ,Terminology,ERM Bus200

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