Lecture Risk management and insurance - Lecture No 10: Types of insurers and marketing systems

In this chapter, the learning objectives are: Overview of private insurance in the financial services industry, types of private insurers, agents and brokers, types of marketing systems, group insurance marketing. | Types of Insurers and Marketing Systems Lecture No. 10 1 Objectives Overview of Private Insurance in the Financial Services Industry Types of Private Insurers Agents and Brokers Types of Marketing Systems Group Insurance Marketing 2 3 Risk Avoidance A conscious decision not to expose oneself or one’s firm to a particular risk Can be said to decrease one’s chance of loss to zero A doctor may decide to leave the practice of medicine rather than contend with the risk of malpractice liability losses Risk avoidance is common Particularly among those with a strong aversion to risk However, avoidance is not always feasible Or may not even be desirable if it is possible When risk is avoided, the potential benefits, as well as costs, are given up 4 Loss Control When particular risks cannot be avoided Actions may often be taken to reduce the losses associated with them Known as loss control The firm or individual is still engaging in operations that give rise to particular risks Involves making | Types of Insurers and Marketing Systems Lecture No. 10 1 Objectives Overview of Private Insurance in the Financial Services Industry Types of Private Insurers Agents and Brokers Types of Marketing Systems Group Insurance Marketing 2 3 Risk Avoidance A conscious decision not to expose oneself or one’s firm to a particular risk Can be said to decrease one’s chance of loss to zero A doctor may decide to leave the practice of medicine rather than contend with the risk of malpractice liability losses Risk avoidance is common Particularly among those with a strong aversion to risk However, avoidance is not always feasible Or may not even be desirable if it is possible When risk is avoided, the potential benefits, as well as costs, are given up 4 Loss Control When particular risks cannot be avoided Actions may often be taken to reduce the losses associated with them Known as loss control The firm or individual is still engaging in operations that give rise to particular risks Involves making conscious decisions regarding the manner in which those activities will be conducted 5 Focus of Loss Control Some loss control measures are designed primarily to reduce loss frequency Called frequency reduction Some firms spend considerable funds in an effort to reduce the frequency of injuries to its workers Useful to consider the classic domino theory originally stated by H. W. Heinrich 6 Domino Theory Employee accidents can be viewed in light of the following steps Heredity and social environment, which cause persons to act a particular way Personal fault, which is the failure of individuals to respond appropriately in a given situation An unsafe act or the existence of a physical hazard Accident Injury Each step can be thought of as a domino that falls, which in turn causes the next domino to fall If any of the dominos prior to the final one are removed The injury will not occur Often argued that the emphasis of loss control should be on the third domino 7 Figure 5-1: Heinrich’s .

Không thể tạo bản xem trước, hãy bấm tải xuống
TỪ KHÓA LIÊN QUAN
TÀI LIỆU MỚI ĐĂNG
Đã phát hiện trình chặn quảng cáo AdBlock
Trang web này phụ thuộc vào doanh thu từ số lần hiển thị quảng cáo để tồn tại. Vui lòng tắt trình chặn quảng cáo của bạn hoặc tạm dừng tính năng chặn quảng cáo cho trang web này.