in recent times there has been a move towards holistic risk management, in response to natural disasters and events such as the september 11th, 2001 attacks. most risk professionals define “risk”, in terms of an expected deviation of an occurrence from what is expected. in this course you will learn the difference between ‘diversifiable’ and ‘nondiversifiable’ risks and terminology used by risk professionals, to refer to physical and intangible risks. measuring the frequency and severity of losses, is essential to creating a “risk map”. you will compare a risk map created for risk identification with one representing the current risk handling of an organization.
learning how to manage risk and having the right insurance measures in place will make it easier for you when things go wrong. this introduction to risk management course will introduce you to the subject of risk management where you will learn the essential terminology and categories of risk, as well as important risk management approaches and tools, so make sure to check it out and start learning how to control, prevent, and reduce losses that can result from risk. to successfully complete this certificate course and become an alison graduate, you need to achieve 80% or higher in each course assessment. your alison certificate is: ideal for sharing with potential employers – include it in your cv, professional social media profiles and job applications an indication of your commitment to continuously learn, upskill and achieve high results an incentive for you to continue empowering yourself through lifelong learning alison offers 3 types of certificates for completed certificate courses: digital certificate – a downloadable certificate in pdf format, immediately available to you when you complete your purchase certificate – a physical version of your officially branded and security-marked certificate, posted to you with free shipping framed certificate – a physical version of your officially branded and security-marked certificate in a stylish frame, posted to you with free shipping all certificates are available to purchase through the alison shop. if you decide not to purchase your alison certificate, you can still demonstrate your achievement by sharing your learner record or learner achievement verification, both of which are accessible from your dashboard.
that really introduced an element of uncertainty to us, for the types of resources and the risks our resources face. we also have to think about what the potential loss is to a family. so, for example, i’ll use some common examples we can think about, lets say that we’re concerned about the, the injury happening to us from riding a motorcycle. we can ask them to deal with the financial loss of a particular event occurring for us on our behalf. how likely does this happen in general to people, and ergo, what’s the likelihood that it happens to me. and as a result, we may be liable, for damages done to that individual. and if it’s low severity it means that if it happens, the loss is not going to be too substantial for us. so, in that case, that’s where we want to engage in transferring the risk to an individual, or to an insurance company, is more the point,. a hazard on the other had, is a condition that increases the likelihood of a loss occurring. so, illness, for example, can be both a direct cause of loss and increase the chances that more loss occurs.
so, this for example, could be a lot of people working in the same type of job. so, some level of measurability for what the loss is, and we could say the loss of a life is priceless, or immeasurable. so the first thing is that for a contract to be valid with respect to insurance. and say that these items are insured in the event of a fire, because those items are illegal to be selling in the first place. a few other types of things too, and one of the reasons why we know that insurance benefits, if you think back to our discussion on taxes, insurance payouts are not taxable, and that’s because insurance payouts are only up to the amount of a loss. they refer to that as the right of subrogation, of course. and this is the case for things that might be artwork. we said before that insurance is really about risk sharing, as opposed to really just risk transfer and the sharing of that comes in several forms. so, in other words, what percentage of the loss or what dollar amount of the loss are we promising to take on before the insurance company has anything. we’ll be focusing next on the different types of insurance policies that are out there, and learning more about how we make choices for each one of those.
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