Insurance risk

In conclusion, risk is probability times consequences which is the e.xpcctation value of the consequences. In analogy to insurance, risk is the premium paid by society for the use of a technology. 

This would check the credit rating, insurance risk, stability, etc. 

Fire is the major insurable risk to property on land. Each industry, trade or manufacturing process has its own fire problems. There are, in addition, causes of fire which are found in all occupancies (e.g. arson, smoking, and misuse of electricity). With such a wide field, it is only possible to touch lightly on the many important aspects of the subject. 

With this kind of financial products, the insurance industry tries to reach two goals. First, there is the need for extra capital and to spread risks beyond the insurance sector. Particularly, cat bonds are used to spread insurance risk in the financial sector. The second goal is to improve the accuracy and the resolution of hazard data and the likely impacts on climate change with the involvement of financial market forecast ability. 

Specialized risk consultants and even insurance risk offices can now offer a variety of software products or services to conduct mathematical consequence modeling of most hydrocarbon adverse events. The primarily advantage of these tools is that some estimate can be provided on the possible effects of an explosion or fire incident where previously these effects were rough guesses or unavailable Although these models are effective in providing estimate they still should be used with caution and consideration of other physical features that may alter the real incident outcome. 

Private insurance markets do not work well if there is adverse selection, moral hazard, or inadequate population-level information about the insured risks. 

Rupp s Insurance Risk Management Glossary. 2002. Chatsworth, CA NILS Publishing... 

Because safety is an element in all human endeavors, safety professionals perform their functions in a variety of contexts in both public and private sectors, often employing specialized knowledge and skills. Typical settings are manufacturing, insurance, risk management, health care,... 

An insured risk or liability. That which is insured, as specified in the insurance policy. CPR (Cardiopulmonary Resuscitation)... 

An assessment (i.e., life loss, property damage, business economic interruption, environmental impact, etc.) of both the probability and consequence of all hazards (e.g., explosion, fire, smoke exposure, toxic vapor releases, etc.) of an activity or condition, i.e., R = f P, C. In the insurance industry, risk refers to the person or thing insured. Risks can be reduced in four main ways Avoidance, Reduction, Retention, and Transfer. 

The type and extent of the intruder alarm installation, and therefore the cost, will depend upon many factors including the type and position of the building, the contents of the building, the insurance risk involved and the peace of mind offered by an alarm system to the owner or occupier of the building. 

Risk is a basic element of insurance. The Insurance Risk Management Institute defines risk as the insured or the property to which an insurance policy relates. It also recognizes risk as the uncertainty arising from the possible occurrence of given events. The latter definition is close to the meaning primarily used in safety and health. 

The bringing together of insurance (risk transfer) and loss control (risk reduction) was the final stage in the development of the new discipline of risk management. 

Underwriters Laboratories, Inc. A laboratory estabhshed by the National Board of Fire Underwriters which tests equipment, materials, and systems that may affect insurance risks, with special attention to fire dangers and other hazards to hfe. 

MichalskiT., 1999, Teoria ryzyka ubezpieczeniowego. Czf/c/[Insurance Risk Theory. Part I], Warsaw Wyzsza Szkola Ekonomiczno-Informatyczna. 

The recommendation was "people and businesses should arrange better protection for themselves against the financial consequences of disasters . According to the Committee, that means making threats that are presently uninsurable, insurable and by limiting the extent to which insurable risks are not insured or underinsured, for example by urging first-party insurance. 

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