March 2016
Intermediate to advanced
700 pages
144h 54m
English
Content preview from Principles of Risk Management and Insurance, 13th Edition
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Two Applications: The Risks of Fire and Unemployment
You will understand more clearly the requirements of an insurable risk if you can apply these requirements to a specific risk. For example, consider the risk of fire to a private dwelling. This risk can be privately insured because the requirements of an insurable risk are generally fulfilled (see Exhibit 2.1).
Exhibit 2.1Fire as an Insurable Risk
Requirements |
Does the risk of fire satisfy the requirements? |
|---|---|
1. Large number of exposure units |
Yes. Numerous exposure units are present. |
2. Accidental and unintentional loss |
Yes. With the exception of arson, most fire losses are accidental and unintentional. |
3. Determinable and measurable loss |
Yes. If there is disagreement over the amount ... |
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