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What are acceptable risks in a Risk Retention Group?
A Risk Retention Group is a type of insurance formed by members who associate specifically to form an insurance pool. Acceptable risk is the level of loss that such an association can handle and remain solvent.
Is risk insurance and risk insurance management are same?
According to my opinion or my experience risk insurance and risk insurance management are differ from each other. Risk Insurance is the risk that is insured Risk Insurance Management Consist of process How the Risk can be manage it include prevention of risk and minimization of risk and many other proces.
Do you need risk management or insurance?
do you need risk management or insurance
What are the cost of insurance to the society?
Insurance provides a benefit to society not really a cost. Of course there are premium that you pay but in exchange for the premiums the benefits are there when you need them. Insurance is a vehicle that spreads risk over a vast number of people rather than having it effect individuals. Individual members of society could not handle the risk on an individual basis so they pay a premium in order for the insurance company to take this risk and then with a large number of policy holders they can spread this risk so that each person pays a small portion of the risk.
When was Insurance Risk Managers created?
Insurance Risk Managers was created in 1995.
What is sum at risk in insurance industry?
sum at risk means the total risk or insurance cover borne by policyholder.
What is the actual meaning of insurance?
The term insurance means the transfer of risk from one person to another, usually a company specializing in the insurance industry. You can transfer any type of risk be it the risk of wrecking your automobile, the risk of dying, the risk of a storm damaging your home. The type of risk dealt with in insurance is always the risk of financial loss.
What is risk based insurance?
Both life and general insurance policies are risk based. In the case of life insurance policy, the risk is human life based. In general insurance, the risk whether cash/kind varies as per specific nature of the policy.In fact insurance policy is a substitute against avertment of risk factor.
What are the benefits of having insurance?
Only one. Peace of mind. Insurance is a risk mitigation tool. You transfer your risk to an insurance company in exchange for a premium. So the benefit is if you incur a loss from an insured risk, the insurance company assumes all or part of that loss. You have a few options on how to handle risk as you decide if you want insurance or not. You can accept risk. If I wanted to sell insurance to protect everybody in California against being attacked by a Polar Bear I wound not sell very much. Most people would accept that risk. You can try to lessen your risk. I could choose to take a bus or train rather than drive my car. By reducing the miles I drive in my car I have reduced my risk of being in an accident. You can give all or part of that risk to someone else (insurance). I pay an insurance company to assume some of my risk for medical expenses should anyone in my family get sick. When my daughter was diagnosed with Type 1 diabetes and we needed to get her a $5000 insulin pump, I wrote a check to the pump company for only $19 because I gave that risk to the insurance company for a monthly premium. I don
In what way does insurance 'pool risk'?
Insurance pool risk by providing protection against disastrous risk such as fires,floods,earthquakes,accidents
What are the reasons for reinsurance?
There are several reasons for reinsurance. Firstly, reinsurance helps insurance companies manage their risk exposure by transferring a portion of their risk to reinsurers. Secondly, it provides financial stability to insurance companies in the event of large or catastrophic claims. Lastly, reinsurance allows insurance companies to underwrite policies with higher limits, which they may not be able to handle on their own.
In California will your insurance rates go up if you let someone borrow my car and they crashed it?
Yes, If your Insurance company paid the claim then they are allowed to increase your premium appropriately to cover your risk factors. If you let others drive your vehicle then that is demonstrative of how you handle your vehicle. Loaning out of your vehicle to others increases the risk that you will have a claim.
