Risk and Insurance Management Society

This consumer-oriented textbook addresses the principles of risk management without skimping on the discussion of insurance. It summarizes the nature of pure risk on the individual and on society and illustrates how insurance can be used to deal with the problems posed by such risk. Mirroring the diverse experience of its authors, the text is equally effective in presenting the principles of insurance theory and offering how-to advice to students. Throughout, the main emphasis is on the insurance product and the use of insurance within the risk management framework. The traditional fields of life insurance, health insurance, property and liability insurance, and social insurance are treated in terms of their relationship to the wide range of insurable risks to which the individual and the business firm are exposed.

This volume contains peer-reviewed papers and case studies derived from invited papers. The contributions address two key problems: (i) natural, technological and environmental risks, risk prevention and sustainable development; and (ii) science, risk and society. The papers provide an invaluable insight into, and archival record of the relationship between risk, science, and society in a world that has become more turbulent since the tragic events of 11 September 2001. The papers from scientists, policy makers, and practitioners cover the topics of risk, sustainability, science, and society and are of value for natural and social scientists, teachers, students, economists, and politicians. The book can also be read with profit by authorities responsible for public safety, risk management, and risk mitigation plans, and insurance companies.

Risk pool - Risk Pool is one of the forms of risk management mostly practiced by insurance companies. Under this system, insurance companies come together to form a pool, which can provide protection to insurance companies against catastrophe risks such as floods, earthquakes etc.

Insurance - Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of potential financial loss. Insurance is defined as the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a reasonable fee and duty of care.

Self insurance - Self insurance is a risk management method whereby an eligible risk is retained, but a calculated amount of money is set aside to compensate for the potential future loss. The amount is calculated using actuarial and insurance information and the law of large numbers so that the amount set aside (similar to an insurance premium) is enough to cover the future uncertain loss.

Financial risk management - Financial risk management is the practice of creating value in a firm by using financial instruments to manage exposure to risk. Similar to general risk management, financial risk management requires identifying the sources of risk, measuring risk, and plans to address them.

riskandinsurancemanagementsociety

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