0
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.
Wiki User
∙ 9y ago
Add your answer:
Earn +20 pts
What type of risks acceptable in risk management process?
A necessary risk with benefits that outweight the cost.
What type or risks is acceptable in the ORM process?
A necessary risk with benefits that outweigh the costs.
What are some goals of the AIAP?
Respond to increased risk and Reduce security risks to acceptable levels
What is a risk retention group?
Liability insurance companies owned by their policyholders. Membership is limited to people in the same business or activity, which exposes them to similar liability risks. The purpose is to assume and spread liability exposure to group members and to provide an alternative risk financing mechanism for liability. These entities are formed under the Liability Risk Retention Act of 1986. Under law, risk retention groups are precluded from writing certain coverages, most notably property lines and workers' compensation. They predominately write medical malpractice, general liability, professional liability, products liability and excess liability coverages. They can be formed as a mutual or stock company, or a reciprocal.
What is the difference between risk retention and risk transfer?
risk retention is to accept when the loss occurs and risk transfer is shifting the responsibilty of one's own losses to someone else.
How does fundamental risk differ from particular risk?
Fundamental risk is a risk that affects large population for eg natyral calamities and disasters like Earthquake, Floods while Particular risks are the risks faced by indivdual or a small group of individuals such as a motor accidents, personal injuries
Is risks a noun?
Yes, the word 'risks' is a noun (risk, risks) and a verb (risk, risks, risking, risked).Examples:There are many risks involved in investing. (noun)The mother risks her own life in defense of her chicks. (verb)
What is a risk acceptance decision in composite risk management?
Risk acceptance in composite risk management is a determination of what is an acceptable risk. One needs to determine what loss is acceptable and what loss is probable to determine if the loss is an acceptable risk.
When is it allowable for subjects to be exposed to risk or discomfort during research?
It is allowable for research subjects to be exposed to a certain amount of risk and/or discomfort. These risks are minimized to the best of a researchers ability.
What is a risk acceptable decision?
A decision based on what constitutes an acceptable level of risk
What does the term acceptable risk?
An acceptable risk is a risk that you are willing to take. If you cross the street, you might be hit by a car, but most people are willing to cross the street anyway. The risk is acceptable.
What do you understand by the term risk assessment?
Defining the exposure to risk a company, individual, family or other group faces. This would include insurable and uninsurable risks, and would include the degree of risk and possible contributing factors.Answer:To have a careful inspection on the various factors that can bring risks.
