WORKERS COMPENSATION AND E.L.
EMPLOYER'S DUTY OF CARE PROVIDE A SAFE PLACE TO WORK PROVIDE SAFE TOOLS WARN EMPLOYEE OF INHERENT DANGERS ENFORCE RULES FOR EMPLOYEE SAFETY
COMMON LAW DEFENSES
ASSUMPTION OF RISK
INSURANCE COMPANY OPERATIONS
Professor Richard L. Bennett, RPLU, CPCU, ARM, ARe, AIC,
AMIM, AU, AIM, AIA, API, ARC
Key Insurance Company Functions
Underwriting Claims Production Reinsurance Loss Control Investments
The Private Insurance Industry
Measured by any one of a number of standards, the insurance industry in the U.S. is significant. 1. 7,900 insurance companies (insurers)
2.3 million persons employed
$4 trillion in assets 13.6% of Gross Natio
The Nature of Risk Management
management is a scientific approach to the problem of dealing with the pure risks facing individuals and organizations.
evolved from corporate insurance management, which focused on the risk of accidental loss
Nature & Functions of Insurance
its simplest aspect, insurance has two fundamental characteristics:
Transfer of risk from the individual to the group.
Sharing of losses on some equitable basis.
Operation of Insurance Illustrated
The Concept of Risk
1. Basic problem with which insurance deals
2. Insurance theorists have not been able to agree on a definition
Definition of Risk
is a condition in which there is a possibility of an adverse deviation from a desired outcome t