principles of risk management and patient safety pdf

... 1Principles of Risk Management and Insurance, 12e (Rejda/McNamara) Chapter 2 Insurance and Risk 1) Which of the following is a characteristic of insurance? A) pooling of losses B) avoidance of ... Hedging reduces objective risk while insurance involves only risk reduction and not risk transfer D) Both insurance and hedging reduce risk but do not involve the transfer of risk Answer: B Question ... regarding insurance and hedging is true? A) Both insurance and hedging deal with pure risks B) Insurance reduces objective risk while hedging involves only risk transfer and not risk reduction C)

Ngày tải lên: 16/11/2017, 16:00

... 1 Risk in Our Society Trang 2Agenda • Meaning of Risk • Chance of Loss • Peril and Hazard • Basic Categories of Risk • Types of Pure Risk • Burden of Risk on Society • Methods of Handling Risk ... Risk Trang 3Meaning of Risk • Risk: Uncertainty concerning the occurrence of a loss • Objective Risk vs Subjective Risk – Objective risk is defined as the relative variation of actual loss from ... Enterprise Risk – Enterprise risk encompasses all major risks faced by a business firm, which include: pure risk, speculative risk, strategic risk, operational risk, and financial risk Trang 7Exhibit

Ngày tải lên: 10/01/2018, 15:16

... Trang 1Chapter 2Insurance and Risk Trang 2• Definition and Basic Characteristics of Insurance • Requirements of an Insurable Risk • Adverse Selection and Insurance • Insurance vs Gambling ... vs Hedging • Types of Insurance Benefits and Costs of Insurance to Society Trang 3Definition of Insurance• Insurance is the pooling of fortuitous losses by transfer of such risks to insurers, ... the occurrence of the loss Trang 5Requirements of an Insurable Risk• Large number of exposure units • Accidental and unintentional loss • Determinable and measurable loss covered and if so, how

Ngày tải lên: 10/01/2018, 15:16

... Introduction to Risk Management Copyright © 2008 Pearson Addison-Wesley All rights reserved Agenda • Meaning of Risk Management • Objectives of Risk Management • Steps in the Risk Management Process ... the Risk Management Process • Benefits of Risk Management • Personal Risk Management Copyright © 2008 Pearson Addison- 3-2 Meaning of Risk Management • Risk Management is a process that identifies ... New forms of risk management consider both pure and speculative loss exposures Copyright © 2008 Pearson Addison- 3-3 Objectives of Risk Management • Risk management has objectives before and after

Ngày tải lên: 10/01/2018, 15:16

... Financial risk management – Enterprise risk management Trang 4The Changing Scope of Risk Management • Financial Risk Management refers to the identification, analysis, and treatment of speculative ... Topics in Risk Management Trang 2• The Changing Scope of Risk Management • Insurance Market Dynamics • Loss Forecasting • Financial Analysis in Risk Management Decision Making • Other Risk Management ... treatment of speculative financial risks: – Commodity price risk is the risk of losing money if the price of a commodity changes – Interest rate risk is the risk of loss caused by adverse interest

Ngày tải lên: 10/01/2018, 15:16

... consists of: – Commercial banks – Savings and loan institutions – Credit unions – Life and health insurers – Property and casualty insurers – Mutual Funds – Securities brokers and dealers – Private and ... Types of Private Insurers • Size of the insurance market, 2004 – Life and health insurers: 1179 • These insurers sell life and health insurance products, annuities, mutual funds, pension plans, and ... financial products – Property and casualty insurers: 3300+ • These insurers sell property and casualty insurance and related lines, including marine coverages and surety and fidelity bonds Copyright © 2008 Pearson Addison­

Ngày tải lên: 10/01/2018, 15:16

... profitable book of business • A statement of underwriting policy establishes policies that are consistent with the company’s objectives, such as – Acceptable classes of business – Amounts of ... departments • An agent should be a competent professional with a high degree of technical knowledge in a particular area of insurance and who also places the needs of his or her clients first Copyright ... with a notice of loss • Next, the claim is investigated – A claims adjustor determines if a covered loss has occurred and the amount of the loss • The adjustor may require a proof of loss before

Ngày tải lên: 10/01/2018, 15:16

... Statements of Property and Casualty Insurers • The income and expense statement summarizes revenues and expenses paid over a specified period of time • The two principal sources of revenue ... Statements of Property and Casualty Insurers • The unearned premium reserve is a liability item that represents the unearned portion of gross premiums on all outstanding policies at the time of valuation ... agents, premium taxes, and general insurance expenses Trang 11Measuring the Performance of Property and Casualty Insurers • The loss ratio is the ratio of incurred losses and loss adjustment expenses

Ngày tải lên: 10/01/2018, 15:16

... certain risk-based capital standards • A risk-based capital (RBC) standard means that insurers must have a certain amount of capital, depending on the riskiness of their investments and insurance ... RBC depends on: – – – – Asset risk Underwriting risk Interest rate risk Business risk • A comparison of the company’s total adjusted capital to the amount of required risk-based capital determines ... Current Problems and Issues in Insurance Regulation • The principal methods of ensuring insolvency are: – Minimum capital and surplus requirements – Risk-based capital standards – Review of annual financial

Ngày tải lên: 10/01/2018, 15:17

... Fundamental Legal Principles Trang 2Agenda • Principle of Indemnity • Principle of Insurable Interest • Principle of Subrogation • Principle of Utmost Good Faith • Requirements of an Insurance ... insurance: at the time of the loss – Life insurance: only at inception of the policy Trang 7Principle of Subrogation Substitution of the insurer in place of the insured for the purpose of claiming indemnity ... warranties Trang 11Requirements of an Insurance Contract • To be legally enforceable, an insurance contract must meet four requirements: – Offer and acceptance of the terms of the contract – Consideration

Ngày tải lên: 10/01/2018, 15:17

... contains name of the insured, location of property, period of protection, amount of insurance, premium and deductible information • Insurance contracts typically contain a page or section of definitions ... “All-risks” coverage has fewer gaps, and the burden of proof is placed on the insurer to deny a claim Trang 5Basic Parts of an Insurance Contract • Insurance contracts contain three major types of ... percentage of covered medical expenses in excess of the deductible – The purpose is to reduce premiums and prevent overutilization of policy benefits Trang 18Other-insurance Provisions• The purpose of

Ngày tải lên: 10/01/2018, 15:17

... Financial Impact of Premature Death on Different Types of Families • Amount of Life Insurance to Own • Types of Life Insurance Trang 3Premature Death • The death of a family head with outstanding unfulfilled ... guaranteed • Although the insurer bears the risk of excessive mortality and expenses, the policyholder bears the risk of poor investment results Trang 22Types of Whole Life Insurance • Universal Life ... the legal reserve and the face amount of coverage Trang 18Exhibit 11.3 Relationship Between the Net Amount at Risk and Legal Reserve (1980 CSO Mortality Table) Trang 19Types of Whole Life Insurance

Ngày tải lên: 10/01/2018, 15:17

... purchase additional amounts of life insurance at specified times in the future without evidence of insurability • The option guarantees the purchase of specified amounts of life insurance in the ... them accumulate at interest and withdraw later – Apply toward the purchase of paid-up whole life insurance under the paid-up additions option – Apply toward the purchase of term insurance Trang 12Nonforfeiture ... the guaranteed number of years of payments, the remaining payments are paid to a contingent beneficiary before receiving installment payments equal to the total amount of insurance placed under

Ngày tải lên: 10/01/2018, 15:17

... the Cost of Life Insurance • Rate of Return on Saving Component • Taxation of Life Insurance • Shopping for Life Insurance Trang 3Determining the Cost of Life Insurance • The cost of a life ... reduce misunderstanding of policy values by policyowners, and reduce deceptive sales practices by agents – A narrative summary describes the basic characteristics Trang 12Rate of Return on Saving ... rate of return earned on the savings component of a policy is an important consideration if you intend to invest over a long period of time • The Linton yield is the average annual rate of

Ngày tải lên: 10/01/2018, 15:17

... duration of a designated life or lives – The person who receives the payments is the annuitant • An annuity provides protection against the risk of excessive longevity • The fundamental purpose of ... expenses: – Investment management charge, for brokerage services – Administrative charge, for paperwork, etc. – Mortality and expense risk charge, to pay for • The mortality risk associated with ... in the growth of the stock market • A cap specifies the maximum percentage of gain that is credited to the contract – provides downside protection against the loss of principal and prior interest

Ngày tải lên: 10/01/2018, 15:17

... perform a certain number of activities of daily living (ADLs), or • The insured needs substantial supervision to be protected against threats to health and safety because of a severe cognitive impairment ... Factors affecting health care costs include: • Rising outpatient and inpatient costs • Rising cost of prescription drugs • Rising cost of physician services Trang 4Exhibit 15.1 Increases in Health ... perform the duties of any occupation for which the insured is reasonably fitted by education, training, and experience 3 Inability to perform the duties of any gainful occupation 4 Loss-of-income test,

Ngày tải lên: 10/01/2018, 15:17

... member regardless of the frequency or type of service provided Trang 17Managed Care Plans• There are several types of HMOs: – Under a staff model, physicians are employees of the HMO and are paid ... Trang 27Patients’ Bill of Rights• Federal legislation has been introduced that would protect the rights of patients in managed care plans • Proposals include, for example: – Allowing patients ... insurance pays the cost of hospital care, physicians’ and surgeons’ fees, and related medical expenses – Insurance is available through: • Commercial insurers • Blue Cross and Blue Shield Plans

Ngày tải lên: 10/01/2018, 15:17

... ranking of hazards, and guidelines for application of safety factors. Risk profile: A description of the food safety problem and its context. Risk profiling is the process of describing a food safety ... interaction between risk management and risk assessment, and between risk management and risk communication. In doing so it took note of the report of Page 23 Chairperson of the Codex Committee ... the risk assessment policy and aspects of the risk relevant to the choice of safety standards and management options. A typical risk profile might include the following: a brief description of...

Ngày tải lên: 21/02/2014, 12:20

... research associate at the EDHEC Risk and Asset Management Research Center, and a member of the editorial boards of The Journal of Bond Trading and Management and The Journal of Alternative Investments. ... Riccardo Rebonato Risk Management and Analysis vol. 1: Measuring and Modelling Financial Risk Carol Alexander (ed) Risk Management and Analysis vol. 2: New Markets and Products Carol Alexander (ed) Interest-Rate ... Member of the editorial board of The Journal of Bond Trading and Management, he is also an associate professor in the Department of Mathematics of the University of Evry Val d’Essonne and a lecturer...

Ngày tải lên: 29/03/2014, 13:20

... Underlying such failures is often a lack of understanding of some of the key principles of service marketing and management. Technological change affects many other types of services, too, from ... route and schedule (unlike a taxi), but passengers can choose when to ride and where to get on and off. By encouraging student discussion and debate, Susan's marketing professor is offering ... experience of Susan and her friends. The poor attitude and appearance of the employee at the dry cleaner compounded the problem of delays in cleaning Susan's suit and may lead to the loss of...

Ngày tải lên: 07/02/2013, 09:52