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Risk Management

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Business
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Columbia Southern University
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Risk Management Presented by: Professor: Date: Definition of Insurance O It is a contract O An entity receives financial protection for any possible losses O The insurance companies collect monies from many companies, making compensation comfortable Types of Insurance O There are two basic types of insurance O They are whole life insurance and term life insurance O Whole life policy is held until the end of life of an individual or an entity O Term life is set to last after some time Insurance financially protects businesses against disasters such as fire Protecting Employees at on job O Employees are also exposed to a wide range of risks when they are at work O Employees may experience injuries from work-related duties O Insurance compensates these employees from such injuries O Medical insurance also makes sure that all employees have their medical expenses covered Essential Elements of a Valid Insurance Contract O Offer and acceptance O For an insurance contract to be valid, there must have been an offer and acceptance O Consideration O There must be something in return for the contract to be valid. The consideration must be real and legal Essential Elements of a Valid Insurance Contract O Legal Capacity O The two parties getting engaged in the contract must have the legal capacity O Purpose O There must be a clear purpose for the involvement in the contract Rene Thom-the developer of the catastrophe theory Utilization of catastrophe theory O An orga ...
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