Unit 1: Insurance and Risk
Risk: Definitions
In investment management, risk refers to the uncertainty associated with the return an investmen...
Chance of Loss
The "chance of loss" is a fundamental way to define risk, especially in the context of investmen...
Peril and Hazard
In the context of risk, particularly in insurance and risk management, peril and hazard are dist...
Classification of Risk
Risks can be classified in various ways to better understand their nature, sources, and potentia...
Major Personal Risks and Commercial Risks
This section outlines the primary risks faced by individuals (personal risks) and businesses (co...
Burden of Risk on Economy and Society
Risk, both personal and commercial, imposes significant burdens on the economy and society as a ...
Insurance: Definition and Basic Characteristics
I. Definition of Insurance: Insurance is a financial mechanism that transfers the risk of a pote...
Law of Large Numbers and Characteristics of an Ideally Insurable Risk
I. Law of Large Numbers: Definition: The Law of Large Numbers (LLN) is a statistical principle...
Benefits and Costs of Insurance to Society
Insurance plays a significant role in modern society, providing numerous benefits but also incur...
Insurance: Kinds – Life and General Insurance
Insurance is broadly categorized into two main types: Life Insurance and General Insurance (also...