By Rodney Lester
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Extra info for Introduction to the Insurance Industry
Why is the distinction between “fundamental risk” and “particular risk” important? 4. Explain how pure risk has an adverse effect on economic activity. 5. List the four types of pure risk facing an individual or an organization and give an example of each. 6. ” What are the two principal ways in which the impact of risk may be felt by an individual or an organization? 7. Distinguish between “perils” and “hazards” and give two specific examples of each. 8. Briefly distinguish among the three categories into which hazards may be divided and give an example of each.
During the time required to rebuild the house, it is likely that the owner will incur additional expenses living somewhere else. This loss of use of the destroyed asset is an indirect, or consequential, loss. An even better example is the case of a business firm. When a firm’s facilities are destroyed, it loses the value of those facilities and the income that would have been earned through their use. Property risks, then, can involve two types of losses: (a) the loss of the property and (b) loss of use of the property resulting in lost income or additional expenses.
The disagreement is not about whether financial risks should be managed but whether they should be managed by the same person who manages the risks of fire, explosions, embezzlements, and legal liability. Nor is there disagreement about the necessity of someone managing the organization’s total risk portfolio. The dispute is over whether this overall management of enterprise risk should be done by the risk manager (perhaps by creating the position of chief risk officer, as some firms have done).