《risk mgmt总结》由会员分享，可在线阅读，更多相关《risk mgmt总结（8页珍藏版）》请在金锄头文库上搜索。
1、Common definition of risk:1. The notion of an indeterminate outcome is implicit in all definitions of risk: The outcome must be in question. For risk to exist, there must be at least two possible outcomes. If we know for certain that a loss will occur, there is no risk.2. At least one of the possibl
2、e outcomes is undesirable. This may be a loss in the generally accepted sense in which something the individual possesses is lost, or it may be a gain smaller than the gain that was possible.Our Definition of Risk:Risk is a condition in which there is a possibility of an adverse deviation from a des
3、ired outcome that is expected or hoped for. (Probability: 0-1)The most widely held meaning of uncertainty refers to a state of mind characterized by doubt, based on a lack of knowledge about what will or will not happen in the future.The expected value of a loss in a given situation is the probabili
4、ty of that loss multiplied by the amount of the potential loss. If the amount at risk is $10 and the probability of loss is 0.10, the expected value of the loss is $1. If the amount at risk is $100 and the probability is 0.01, the expected value is also $1. (Degree of risk)A peril is a cause of a lo
5、ss. We speak of the peril of fire, windstorm, hail, or theft. Each of these is the cause of the loss that occurs. A hazard, on the other hand, is a condition that may create or increase the chance of a loss arising from a given peril. It is possible for something to be both a peril and a hazard. For
6、 instance, sickness is a peril causing economic loss, but it is also a hazard that increases the chance of loss from the peril of premature death.Three categories of Hazards:1. Physical hazard consists of those physical properties that increase the chance of loss from the various perils. Examples of
7、 physical hazards that increase the possibility of loss from the peril of fire are the type of construction, the location of the property, and the occupancy of the building.2. Moral hazard refers to the increase in the probability of loss that results from dishonest tendencies in the character of th
8、e insured person. More simply, it is the dishonest tendencies on the part of an insured that may induce that person to at- tempt to defraud the insurance company. A dis- honest person, in the hope of collecting from the insurance company, may intentionally cause a loss or may exaggerate the amount o
9、f a loss in an attempt to collect more than the amount to which he or she is entitled. Fraud is a significant problem for insurance companies and increases the cost of insurance.3. Morale hazard, not to be confused with moral hazard, acts to increase losses where insurance exists, not necessarily be
10、cause of dishonesty but because of a different attitude toward losses that will be paid by insurance. When people have purchased insurance, they may have a more careless attitude toward preventing losses or may have a different attitude toward the cost of restoring damage. Morale hazard is also refl
11、ected in the attitude of persons who are not insured. The tendency of physicians to provide more expensive levels of care when costs are covered by insurance is a part of the morale hazard. Similarly, the inclination of juries to make larger awards when the loss is covered by insurance, the so-calle
12、d deep-pocket syndrome(综合症), is another example of morale hazard. In short, morale hazard acts to increase the frequency and severity of losses when such losses are covered by insurance. 4. Legal hazard refers to the increase in the frequency and severity of loss that arises from legal doctrines ena
13、cted by legislatures and created by the courts. Jurisdictions in which legal doctrines favor a plaintiff represent a hazard to persons or organizations that are sued at tort. Although legal hazard is greatest in the field of legal liability, it also exists in the case of property exposures. In juris
14、dictions where building codes require that new buildings conform to statutory requirements, the destruction of a building that does not meet the requirements may force an owner to incur additional costs in reconstruction, thereby increasing the exposure to loss.Dynamic risks are those resulting from
15、 changes in the economy. Changes in the price level, consumer tastes, income and output, and technology may cause financial loss to members of the economy. These dynamic risks normally benefit society over the long run since they are the result of adjust- ments to misallocation of resources. Althoug
16、h these dynamic risks may affect a large number of individuals, they are generally considered less predictable than static risks since the former do not occur with any precise degree of regularity.Static risks （predictable）involve those losses that would occur even if there were no changes in the economy. If we could hold consumer tastes, output and income, and the level of technology constant, some individuals would still suffer financial loss. These losses arise from causes other tha
