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  • Chap 3

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    Muhammad Hafizuddin Mohd Amin
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    I. The document discusses different types of risks from safety, health, and insurance perspectives. It defines significant risks as likely to cause harm and uncertain risks as having an unknown level of exposure. II. From an insurance viewpoint, it categorizes risks as pure risks that only involve losses, speculative risks that can involve gains or losses, and fundamental risks caused by uncontrollable external events. III. Financial risks are measurable in monetary terms, while non-financial risks cannot be easily quantified, such as discomfort.

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    I. The document discusses different types of risks from safety, health, and insurance perspectives. It defines significant risks as likely to cause harm and uncertain risks as having an unknown level of exposure. II. From an insurance viewpoint, it categorizes risks as pure risks that only involve losses, speculative risks that can involve gains or losses, and fundamental risks caused by uncontrollable external events. III. Financial risks are measurable in monetary terms, while non-financial risks cannot be easily quantified, such as discomfort.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    3 views1 page

    Chap 3

    Uploaded by

    Muhammad Hafizuddin Mohd Amin
    I. The document discusses different types of risks from safety, health, and insurance perspectives. It defines significant risks as likely to cause harm and uncertain risks as having an unknown level of exposure. II. From an insurance viewpoint, it categorizes risks as pure risks that only involve losses, speculative risks that can involve gains or losses, and fundamental risks caused by uncontrollable external events. III. Financial risks are measurable in monetary terms, while non-financial risks cannot be easily quantified, such as discomfort.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    Types of Risks:

    Safety & Health Management Perspectives:-

    I. Significant Risks-likely to adversely affect

    II. Not significant risk-highly unlikely

    III. Uncertain risk-uncertainty about the degree of exposure

    Risk Management (insurance perspectives)


     Risk management perspective, risk I. Pure risk & speculative
    is the uncertainty of whether or not - (pure) means losses of breakeven of accidents are not
    a loss may occur as a result of an met.
    - Speculative (gain and loss)
    unexpected even.
    II. Fundamental or particular risk
     The uncertainty of loss ranges from -caused by external factor beyond the control of man, and
    loss of life, fire, damage of theft or Chapter 4 its effects. E.g: War, natural disaster, inflation.
    property and accidents. -Particular risk- its origin in an individual events and its
    Risk impact felt locally. E.g. theft of property, boiler explodes.
    III. Financial and non-financial risk
    Management - (Financial risk) the outcome can be measured in
    monetary term. e.g., property damage
    - (Non-financial) measurement is not possible e.g.
    buying a new car may be uncomfortable.

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