Definitions
What is Risk ?
Business risks fall into 3 Classes of general insurance, personal lines, commercial lines and....
What is Special Risks ?
The major financial objection for an organization after a loss
What is survival ?
The possibility of either a financial loss or a financial gain, such as purchasing shares, or betting on horses.
What is Speculative Risk?
A house sustains heavy damage from a cooking fire, and a vistor slips on ice that the property owner neglected to clear. These are examples of?
What is a Peril?
After a loss it is important to consider the employees and the communality at large. Insurers have to ensure that the community is restored after a loss event. Some organizations may decide to keep as many employees on the payroll as possible despite a major loss affecting a building and equipment
What is Social Responsibility
A contract in which on party, the insurer for monetary consideration agree to reimburse another, the insured for the loss or the liability for a loss based on a defined subject caused by specified hazards or perils
A cause that in natural and continuous sequence unbroken by any new and independent cause, provides, an event and without which the event would not have happened
What is Proximate cause?
This may not have been as big as a priority before the loss, but it is still important to focus on keeping earning stable
What is Sustained Growth?
A Hazard arising from the character, interest, habits and the lack of integrity of the insured or persons concerned.
What is a Moral Hazzard
What are Physical Hazards ?