Risks
Akopọ
Before there was ever a policy, a premium or a claim, there was risk. Insurance is simply the tool human beings invented to tame it. So the whole subject rests on one prior question: what exactly is risk, and why does it trouble us enough to pay someone else to carry it? A trader who cannot sleep for fear of fire, a father wondering what becomes of his children if he dies, a town that dreads the next flood: each is living with risk, and each is a potential customer for insurance.
In this lesson you will pin down what risk means and how it differs from mere uncertainty, trace the real cost that risk imposes on individuals, businesses and the wider society, and learn to sort any risk into its proper family: pure or speculative, fundamental or particular, financial or not. Above all you will learn the test insurers apply before they will touch a risk at all, so that you can look at any situation and say, with reasons, whether it can be insured.
Awọn Afojusun
- Define risk and distinguish it from uncertainty
- Explain the effects of risk on individuals, businesses and society
- Classify risk as pure or speculative, fundamental or particular, and financial or non-financial
- State the characteristics that make a risk insurable
- Distinguish insurable from uninsurable risks using worked examples
Akọ̀wé Ẹ̀kọ́
Forúkọsílẹ̀ láti Tẹ̀síwájú
Ṣẹda àkọọlẹ ọfẹ kan láti wọlé sí gbogbo àwọn oríṣìíríṣìí ìkànsí ikẹ́kọ̀ọ́, àwọn ìbéèrè ìdánwò, àti láti tọpa ìlọsíwájú rẹ.
Ìdánwò Ẹ̀kọ́
Oriire fun ipari ẹkọ lori Risks. Ni bayi ti o ti ṣawari naa awọn imọran bọtini ati awọn imọran, o to akoko lati fi imọ rẹ si idanwo. Ẹka yii nfunni ni ọpọlọpọ awọn adaṣe awọn ibeere ti a ṣe lati fun oye rẹ lokun ati ṣe iranlọwọ fun ọ lati ṣe iwọn oye ohun elo naa.
Iwọ yoo pade adalu awọn iru ibeere, pẹlu awọn ibeere olumulo pupọ, awọn ibeere idahun kukuru, ati awọn ibeere iwe kikọ. Gbogbo ibeere kọọkan ni a ṣe pẹlu iṣaro lati ṣe ayẹwo awọn ẹya oriṣiriṣi ti imọ rẹ ati awọn ogbon ironu pataki.
Lo ise abala yii gege bi anfaani lati mu oye re lori koko-ọrọ naa lagbara ati lati ṣe idanimọ eyikeyi agbegbe ti o le nilo afikun ikẹkọ. Maṣe jẹ ki awọn italaya eyikeyi ti o ba pade da ọ lójú; dipo, wo wọn gẹgẹ bi awọn anfaani fun idagbasoke ati ilọsiwaju.
- Which of the following best distinguishes risk from uncertainty? A. Risk involves loss while uncertainty involves gain B. Risk can be measured from data while uncertainty cannot C. Risk affects individuals while uncertainty affects society D. Risk is insurable while uncertainty is always fundamental Answer: B
- Which of the following is a speculative risk? A. A warehouse destroyed by fire B. A car damaged in an accident C. Buying shares in the hope that their price rises D. Goods stolen from a shop Answer: C
- A flood that submerges an entire town and displaces thousands is best classified as a: A. Particular risk B. Speculative risk C. Financial risk only D. Fundamental risk Answer: D
- The condition that increases the likelihood or severity of a loss is called the: A. Peril B. Hazard C. Loss D. Probability Answer: B
- Which one of the following risks is NOT insurable? A. Fire damage to a factory B. Theft of a delivery van C. Money staked on a football bet D. Death of a breadwinner Answer: C
Forúkọsílẹ̀ láti Tẹ̀síwájú
Ṣẹda àkọọlẹ ọfẹ kan láti wọlé sí gbogbo àwọn oríṣìíríṣìí ìkànsí ikẹ́kọ̀ọ́, àwọn ìbéèrè ìdánwò, àti láti tọpa ìlọsíwájú rẹ.
Forúkọsílẹ̀ láti Tẹ̀síwájú
Ṣẹda àkọọlẹ ọfẹ kan láti wọlé sí gbogbo àwọn oríṣìíríṣìí ìkànsí ikẹ́kọ̀ọ́, àwọn ìbéèrè ìdánwò, àti láti tọpa ìlọsíwájú rẹ.
Awọn Iwe Itọsọna Ti a Gba Nimọran
Àwọn Ìbéèrè Tó Ti Kọjá
Ṣe o n ronu ohun ti awọn ibeere atijọ fun koko-ọrọ yii dabi? Eyi ni nọmba awọn ibeere nipa Risks lati awọn ọdun ti o kọja.
Ibeere 1 Ìròyìn
Read the case below carefully and answer the questions which follow.
UNFAVOURABLE BUSINESS ENVIRONMENT
Garola Kubusa Limited is a Manufacturer of packaging products and has been in operation for several years. The manufacturing industry has been experiencing Challenges and setbacks in recent times, the packaging sector seems to be the worst hit. The operating environment had not been conducive in the areas of power supply, fluctuating value of currency and inconsistent government policies. The plastic packaging sub-sector in which Garola Kubusa operates is not left out in these problems. The company gets its raw materials some of which are polypropylene and wax from a petrochemical plant located in Port Harbey, Rivers State from where they are transported by the company's trailers 'and at times by hired vehicles to the factory site in Asaba, Delta State. The company has not had it smooth due to losses arising from damage to plant and machinery, competition, fire, explosion, pilfering of company's finished products by the employees as well as embezzlement of funds. In severe cases, the company had to shut down for some months before repairs were carried out A good number of the company's customers had absconded with huge debts yet to be paid and left for other companies who are Garola Kubusa's competitors. The company is now considering various alternatives such as importation of raw materials, partly finished goods and finished products in order to restore customers' confidence and meet their demands and tastes while contracting out some of their manufacturing operations as Well to other companies operating in the sector.
(a) Identify and explain four classes of insurance that could help Garola Kubusa Limited in its business operations.
(b) Should Garola Kubusa Limited take insurance cover against losses arising from competition? Give reason for your answer.
(c) If the company resort to importation of its raw materials and finished products; recommend and explain the appropriate insurance cover to take to that effect.
Forúkọsílẹ̀ láti Tẹ̀síwájú
Ṣẹda àkọọlẹ ọfẹ kan láti wọlé sí gbogbo àwọn oríṣìíríṣìí ìkànsí ikẹ́kọ̀ọ́, àwọn ìbéèrè ìdánwò, àti láti tọpa ìlọsíwájú rẹ.