Definition of Risk

Definition of uncertainty (objective)

Definition of uncertainty (subjective)

Degree of risk

Frequency

Severity

Risk combination

Expected Value

Physical hazards

Moral hazards

Morale hazard

Legal Hazard

Peril

hazard

Financial risks

Non-financial risks

Dynamic risks

Static risks

Fundamental risks

Particular risks

Pure risks

Speculative risks

Systematic risk

Personal risks

Property risk

Liabilty risks

Risk arising from failure of others

Cost of losses problems

Burden of risk

Risk management

Risk management concept

Market risk

Credit risk

Liquidity risk

Operational risk

Reputational risk

Strategic risk

Compliance risk

Risk control

Risk reduction

Risk avoidance

Risk financing

Risk transfer

Risk retention or assumption

Intentional retention

Unintentional retention

High Severity/High Frequency methods

High severity/Low frequency methids

Low severity/High frequency methods

Low severity/Low Frequency

Six steps in the risk management process

Post-Loss Objectives

Pre-Loss objectives

Objective-based risk identification

Scenario-based risk identification

Taxonomy-based risk identifcation

Critical risks

Important risks

Unimportant risks

Social benefits of Insurance

Social Cost of Insurance

Individual risk events should be _______

Large numbers of similar risks should be _______

The loss must be ______

Adverse Selection

There should be an ______ ______ on the liability undertaken by the insurer

Moral hazards should be ______

Indemnity

Excess

Insurable Interest

Utmost Good Faith

Subrogation

Proximate Cause

Contribution

Private Insurance

Social Insurance

Public Guarantee Insurance

General Insurance Characteristics

General Insurance Products

Liability

Employers Liability

Motor Third Party Liability

Public Liability

Product Liability

Professional Indemnity