...that’s what they ensure or underwrite * Risk Management Uncertainty concerning loss The difference between expected losses and actual losses Possibility of variation of outcomes from given situation Chance or possibility of a loss Loss exposures: any condition or situation that presents a possibility of loss. Examples picture of store Product liability Slippery floors Case application Michael is a college student majoring in marketing, he owns the following A high mileage 2003 ford that has a current market value of $2500 Retain exposure loss Liability law suit- driving negligent Liability insurance Clothes tv cell phone and other personal prop value at $10,000 Fire caught in kitchen Protection of things- loss reduction, property insuranace Disposable contact value at $200 for a six mo. Supply Disapearanve of contact lense Retain that loss Gets jumped Avoidance Types of risk Pure risk House damaged by fire One family Plant explosion River overflows Speculative risk Invester purchases 100 shares of stock Slot machines Diversified One family Plant explosion Non diversified Department of homeland security alerts a large group River overflows Home buyers are effected by interest rates Risk Management- process, takes multiple perspectives Pre-loss Loss before, reduce anxiety Ex: emergency fund, or even putting on a seat belt. Preparing for potential loss, meet a legal obligation Post-loss How can I make sure after loss occurs I can still survive Risk management process steps...
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...such as your home mortgage, food, clean water, and other essentials. Without these necessities, you won’t be able to live. There is a high probability you will die, defining that paying for treatment was pointless, in the end you would die hopeless anyway. With Universal Healthcare, this can be confronted. Currently, the only developed country without a Universal Healthcare is America. The Meritage Medical Network notes that the U.S spends $2.6 trillion on healthcare every year which is the most significant amount in the world as approximately 30% is wasted (Meritage Medical Network, 1). This lack of insurance coverage can lead to 45,000 deaths per year as uninsured citizens have a 40% higher risk of death than those with private health insuranace (Meritage Medical Network, 1). Almost 50% of the world does not have full coverage for imperative health services and around 1,000,000 of those people are being pushed into poverty (World Health Organization, 1). In countries with Universal Healthcare such as Canada, everyone is covered automatically at birth with coverage for your whole life meaning the cost for Universal Healthcare is non-existent. The near one third of wasted money determines that private health cosumes additional payments which are not necessary as they should be subsided. Lastly, The number of deaths proves how financial harship can be a barrier in private health care. Thus, private health care should be eliminated as Universal Healthcare will be an advancement to...
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