...The Risk of Living in a Riverside Home Riverside, California is a playground for anthropologists studying risks. Being centered next to three major highways makes Riverside a corridor for freight businesses and poses as a convenient location for many other companies. Thinking about risks in Riverside led me to research the risks prevalent in low income homes and neighborhoods in Riverside. These neighborhoods are located toward the city center and/or near industrial zones. Low income properties provide sufficient risk analysis due to their age and condition which generally leads to neglect of the property. This can be contrasted against newer, higher income homes which are placed in areas secluded from the city center and away from industrial sites. Another reason why I chose to study low income homes and neighborhoods was due to the many risks that affect them outside of their vicinity. Pollution, social inequalities, traffic, and crime are examples of some environmental effects on these areas that contribute to them being labeled as “risky”. Exposing environmental and structural risks of low income areas can help explain disparities in society today. Incorporating books such as Flammable and Risk as well as other articles pertaining to risk, I attempt to enforce the idea of how the social construct of risk influences and upholds life in these homes and neighborhoods. Following social implications, I propose certain alternative methods of managing these risks. As a society,...
Words: 3729 - Pages: 15
...Safety is the state of being "safe" (from French sauf), the condition of being protected against physical, social, spiritual, financial, political, emotional, occupational, psychological, educational or other types or consequences of failure, damage, error, accidents, harm or any other event which could be considered non-desirable. Safety can also be defined to be the control of recognized hazards to achieve an acceptable level of risk. This can take the form of being protected from the event or from exposure to something that causes health or economical losses. It can include protection of people or of possessions. Meanings There are two slightly different meanings of safety. For example, home safety may indicate a building's ability to protect against external harm events (such as weather, home invasion, etc.), or may indicate that its internal installations (such as appliances, stairs, etc.) are safe (not dangerous or harmful) for its inhabitants. Discussions of safety often include mention of related terms. Security is such a term. With time the definitions between these two have often become interchanged, equated, and frequently appear juxtaposed in the same sentence. Readers unfortunately are left to conclude whether they comprise a redundancy. This confuses the uniqueness that should be reserved for each by itself. When seen as unique, as we intend here, each term will assume its rightful place in influencing and being influenced by the other. Safety is the condition of...
Words: 866 - Pages: 4
...From concern to consumption Influencing the purchase behavior of green consumers ndustrial pollution is widely blamed for many environmental problems. Awareness of such issues has risen dramatically over recent years. As a result, concern for the environment now occupies a prominent place in public consciousness. Most business organizations realize this and fully accept the need to conduct their affairs in a socially responsible manner. Environmental welfare is a major part of this obligation. Compliance is a must. I Opportunity knocks But demand for green solutions also presents firms with a rich source of opportunity. Smart operators will be alert to this. Developing products that benefit rather than harm the environment can prove a highly lucrative exercise. An ability to create such products is not sufficient though. Companies need to get the message across too. Knowledge about product eco-friendliness remains limited among many consumer groups, making it vital that firms and marketers provide information which is accurate and reliable. Anything short of this increases consumer skepticism and damages trust. The prospect of purchase would then seem a million miles away. Is product greenness enough to tempt the consumer? Invariably not. In fact, the environmental performance of their purchase is often way down the list of priorities. People still attach greater merit to such as value for money, quality and performance reliability. Few are prepared to compromise. There’s...
Words: 1148 - Pages: 5
...Department of Communication, Seoul National University, Republic of Korea c Department of Information Sociology, Soongsil University, Republic of Korea b a r t i c l e i n f o a b s t r a c t It is easy to trace and compile a record of individuals’ online activities, and cases of online privacy infringement (i.e., improper use of personal information) have been reported in advanced societies. Based on existing risk perception research, this study examines comparative optimism regarding online privacy infringement (i.e., users tend to believe privacy infringement is less likely to happen to oneself than to others) and its antecedents and consequences. Relying on large-scale online survey data in South Korea (N = 2028), this study finds: (1) comparative optimism is higher when the comparison targets are younger; (2) online knowledge and maternalistic personality traits increase comparative optimism mainly by influencing perceived risk to others, while prior experience of privacy infringement increases comparative optimism mainly by influencing perceived personal risk; and (3) comparative optimism is related to both greater adoption of privacy-protective behaviors and a higher level of support for government policies to restrict the use of online information. Theoretical and practical implications of the findings, along with potential limitations, are discussed. Ó 2013 Elsevier Ltd. All rights reserved. Article history: Available online 29 October 2013 Keywords:...
Words: 5399 - Pages: 22
...KCA UNIVERSITY FACULTY OF COMMERCE CMS 200- INSURANCE AND RISK MANAGEMENT INSTRUCTORS: Joshua Nyangidi COURSE OBJECTIVE ►To introduce students to the concepts of risk and insurance. ►To equip students with the understanding of risk management and practice of insurance. 1: INTRODUCTION 1.1 Concept of risk 1.2 Types of risks 1.3 Response to risk 1.4 Perils and Hazards 2: RISK MANAGEMENT 2.0 Introduction 2.1 Risk Management 2.2 Nature of Risk Management 2.3 Principles of Risk Management 2.4 Risk Management Policy 2.5 Risk Management Strategies (tools) 2.6 Rules in Risk Management 2.7 Risk Management Process 2.8 Risk Management Problems 2.9 Risk Management Evaluation Techniques 3: INSURANCE 3.1 Historical development 3.2 Insurance mechanism 3.3 Requisites of insurability 3.4 Factors Limiting Insurability of Risks 3.5 Functions of insurance 3.6 Benefits of insurance 4: CLASSES OF INSURANCE 4.1 Life and Health 4.2 Liability 4.3 Property 4.4 Pensions 4.5 Transport 5: THE INSURANCE CONTRACT AND PRINCIPLES 5.1 Insurance contract 5.2 Insurable interest 5.3 Utmost good faith 5.4 Indemnity 5.5 Subrogation 5.6 Contribution 5.7 Proximate cause 6: INSURANCE PRACTICE 6.1 Proposal form 6.2 Policy document 6.3 Premiums 6.4 Renewals 6.5 Claims and disputes 6.6 Reinsurance 7: INSURANCE MARKETS 7.1 Buyers of Insurance 7.2 Intermediaries 7.3 Sellers and suppliers of Insurance 7.4 Problems of Marketing Insurance services. 7.5...
Words: 28656 - Pages: 115
...Introduction to Risk Management and Insurance, 10e (Dorfman/Cather) Chapter 1 Introduction to Enterprise Risk Management and Insurance 1) A Pure Risk is defined as: A) an event that offer no opportunity for financial gain B) the chance a loss will occur C) a diversifiable risk D) a contingency that increases the chance of a loss Answer: A Diff: 1 2) All the following are direct losses except: A) a car is stolen B) a house suffers flood damage C) an apartment must be rented after a house is destroyed by fire D) a business loses $100,000 in a law suit Answer: C Diff: 1 3) All the following are direct losses except: A) a house is burglarized B) a store loses $200,000 in sales because a fire closes it down for two weeks C) a corporation must pay $1 million in ransom when its CEO is kidnapped D) an delivery truck needs $15,000 in repairs after a collision Answer: B Diff: 1 4) Which of the following is not an example of a Catastrophic Loss Event? A) Hurricane Katrina B) Death of Michael Jackson C) September 11, 2001 terror attacks D) 2004 Tsunami in the Indian Ocean Answer: B Diff: 1 5) Which of the following is not a method of protection of risk? A) Group insurance plans B) Employee benefits C) Social insurance D) Humanitarian aid Answer: D Diff: 2 6) Defective electrical wiring that may lead to a fire is an example of a: A) pure risk B) non-diversifiable risk C) speculative risk D) physical hazard Answer: D Diff: 2 7) Risk Pooling...
Words: 3335 - Pages: 14
...uncertainty that was created, Lagerfield felt personal acquisition of wealth and comfort were not the keys that lead to taking a more realistic view of the future, but the ideology of risk management brought about the need to forgo the frivolous waste of resources. The evolution of risk management in its infancy stages derived from the environmental shift that occurred in response to those catastrophic events such as the Great Depression, Three Mile Island, and the devastation of technological failure noted during the launch and disintegration of the Challenger to name a few. Although the ladder that lead to a full paradigm shift in the way in which cause and effect were viewed; the need to gain a better understanding of appropriately managing risk became paramount. Dun and Renner (2008) believed “the strategies to manage risk typically include transferring the risk to another party, avoiding the risk, reducing the negative effect or probability of the risk, or even accepting some or all of the potential or actual consequences of a particular risk.” Prior to the 20th Centuries focus on identifying cause and effect of historically devastating events, the status quo of uncertainty remained. The most noted events of the 20th century that lead to the need for assessing, identifying, and prioritizing risk, allowed organizations to formulate guidelines and/or procedures to identify the root cause and adjust their practices in...
Words: 1561 - Pages: 7
...Risk and Insurance in International Trade AMB 302 ACeL Amity University Risk refers to a situation where outcome are uncertain. In other words risk occurs whenever there is a variation in the actual outcome and expected value. In Business if there is a variation between the actual and the expected value, business suffers a loss, therefore the term risk is also used to describe the expected losses or the variation from the actual outcome. Course Objectives: The course aims at making the students conversant with risk of cross border business (Trade, Investments and Long Term Projects) and the techniques available for mitigating those risks. The role of Insurers and the products and services offered by them would be gone in detail to equip the students with decisions making tools. Learning Outcomes: At the end of the course, the student will be able to: understand the concept of risk in business management learn various techniques available to assess and mitigate those risks develop strategic alternatives evaluate different kinds of risks and their impact on different areas Table of Contents Course Objectives: ........................................................................................................................................ 2 Learning Outcomes: ...................................................................................................................................... 2 Chapter 1: Concept of Risk ................................
Words: 11816 - Pages: 48
...it safeguards our money and on the other, ensures its growth, thus providing us with complete financial well being. Life Insurance can be termed as an agreement between the policy owner and the insurer, where the insurer for a consideration agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness, critical illness or maturity of the policy. In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company, selling the insurance; an insured, or policyholder, is the person or entity buying the insurance policy. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated. Till date, only 20% of the total insurable population of India is covered under various life insurance scheme (*Source: Center for Insurance Training, Research and Development), the penetration rates of health and other non-life insurances in India is also well below the international level. These facts indicate the scope of immense growth potential of the insurance sector in India. At present there are 24 life insurance companies offering different products to suit the different needs of the customers. In India...
Words: 1831 - Pages: 8
...driven courses to spur economic growth and produce dynamic Managers and Leaders for Africa and the World. This module has been developed for use in the Management University of Africa ODEL Programme by Isabella Sile. She is a lecturer at the Management University of Africa, School of Management and Leadership. Ms. Sile is currently pursuing her PhD in Business Administration –Finance at The University of Nairobi. MODULE OVERVIEW. This module is developed for student taking the course unit “Risk and Insurance Management” in the Bachelor of Management and Leadership Programme. The module follows the outline given below. (Note: Assignments are issued separately) BMT 302 : RISK AND INSURANCE MANAGEMENT. Credit hours: 3 hrs 1.0 COURSE PURPOSE This course equips the learner with skills and knowledge in managing risk and insurance practice and its effects. 2.0 COURSE LEARNING OUTCOMES At the end of this course, the learner should be able to: 1. explain the meaning of risks in insurance; 2. distinguish between the different...
Words: 24831 - Pages: 100
...INTRODUCTION: This report has been prepared as a requirement of the insurance and risk management course. The report was based upon the overall insurance company’s problems and prospects in Bangladesh. . It can be defined as a co-operative device to spread the loss caused by a particular risk over a number of persons who are exposed to it and who agree to ensure themselves against that risk. It is a contract whereby the insurers, on receipt of a consideration known as premium, agree to indemnify the insured against losses arising out of certain specified unforeseen contingencies or perils insured against. It can play an important role in a country’s economy. It is an old form of financial practice of sharing risk, which was introduced in this area in mid-18 the Century. DEFINITION OF INSURANCE: In legal terms, insurance is a contract of uberrima fideism, i.e. a contract of utmost god faith. Here both the parties namely insurer (insurance company) and insured (policy holder) must be honest and disclose all material facts about the insurable interest. Here the insurance company undertakes to indemnify the insured against any loss in lieu of a small charge known as premium. Such as insurance policies except life insurance allows a policy-holder to transfer all risk to the insurance company in exchange of paying a certain amount of premium. INSURANCE IN BANGLADESH In Bangladesh, the Insurance business, after and early stage of dislocation, adventure and experimentation...
Words: 2893 - Pages: 12
...APPENDIX D: Risk Management Procedure – Template Table of Contents Risk Management Procedure 1 Template 1 Table of Contents 2 Introduction 3 Definitions 3 Objectives of Risk Management 4 Benefits of Risk Management 4 Roles and responsibilities 5 Risk Management Governance Structure 5 Relationship with other processes 7 Key Process Steps 8 One: Communicate and Consult 9 Two: Establish the Context 10 Three: Identify Risks 11 Four: Analyse Risks 12 Five: Evaluate Risks 13 Six: Treat Risks 14 Seven: Monitor and Review 15 Risk Reporting 18 Risk Management Reporting Responsibilities 18 Risk Escalation 19 Risk Reports and Recipients 19 Review and Approval 20 Access to Risk Management Reporting Framework 20 References 20 Appendix: Risk Control Likelihood Consequence Rating 18 Control Effectiveness Rating Criteria 18 Likelihood Rating Criteria 18 Consequence Rating Scale 18 Appendix: Risk assessment templates and heat map 18 Risk Assessment Template 18 Risk Assessment Treatment Plan Template 18 Appendix: Risk Reporting – potential risk reports 1 Templates (Examples) 18 Risk Profile 18 Risk Treatment Actions Status – Detailed 18 Assurance Coverage of Key Risks 19 Risk Management Annual Activity Schedule and Improvement Initiatives 20 New and Emerging Threats and Opportunities 21 Detailed Risk Register 21 Introduction The role of this risk management procedure is to provide staff with guidance in how to apply consistent...
Words: 4595 - Pages: 19
...GENERAL INSURANCE 'Looks to the future with confidence and optimism' 1. Brief the history of General Insurance. In India General Insurance business started, Marine Insurance started on the later part of the 17th century. Before nationalization in 1947 we have 147 insurance companies, foreign and Indian both. But during there nationalization, in 1973 we have 107 companies that merge into four companies, i.e. taken over by Government. General Insurance Corporation of India (GIC) was set up in 1973 as a holding company, with four subsidiary operating companies- National Insurance co. Ltd., New India Assurance Co. Ltd., New India Assurance Co. Ltd., oriental Insurance co. Ltd. and United India Insurance Co. Ltd., with a clear cut mission as set out in the Act. 2. What is the overall scenario in the insurance market in India after nationalisation? GIC and its subsidiaries function through a vast country - wide network of around 4100 offices spread across the length and breadth of the country, GIC has taken the benefit of insurance to almost every district, across hilly terrain and often inaccessible areas of the country. The customer- interface is made easy through a network of agents, development officers and employees at Branch, Divisional and Regional offices as well as at the corporate level. The GIC and its subsidiaries have a workforce of approximately 86,000 in 1973 tainted at various levels through in house training institutions. Now the total number of employees...
Words: 31197 - Pages: 125
...Select one external communication posted in Module Three and assess it for the legal, compliance, and brand implications to the stakeholders. In your initial post, summarize your assessment of the external communication. Outline what legal aspects must be considered with the communication, what compliance issues need to be addressed, and how the brand could be affected. Ensure that you clearly identify the original communication you assessed. Review at least one external communication analysis, and argue or defend your classmate’s position regarding the communication he or she reviewed. Explain any additional recommendations you would make to improve the effectiveness of that communication. A: Summary: A communication strategy involves the formulation of a desired position for the organization in terms of how it wants to be seen by its different stakeholder groups. The content of a communication strategy is influenced by the process by which it is formed and by the different individuals and layers in the organization who have had a stake in it (Cornelissen, 2014). When an incident arises that has the possibility of attracting public or media attention, it is important for an organization to be prepared in regards to their stance regarding the issue. For the purposes of this exercise, an example will be referenced regarding a press release from Whole Foods Market. This combination style external communication is a well-written example of an informative as well as a persuasive...
Words: 3972 - Pages: 16
...INTRO Entrepreneurship is the “process of creating something different with value by devoting the necessary time and effort, assuming the accompanying financial and social risks, and receiving the resulting rewards or monetary and (/or) personal satisfaction” (Hisrich, 1990). This definition is sufficiently broad encompassing the many paths an entrepreneur may take, be it Schumpeterian profit maximisation or the social entrepreneurial desire to create social wealth (Zahra, 2009). The aim of this essay is to analyse some of the personal traits academics believe to be common to established entrepreneurs, in turn discussing how these strengths and weaknesses are applicable to myself. STRENGTH 1: “Innovativeness with the ability to combine resources effectively” Kirzner’s (2008) view of the entrepreneur is that they are “not creators, merely alert” to opportunities which arise around them. This somewhat contradicts the Schumpeter (ian) (1961) ideology that the entrepreneur is a “heroic… daring… captain of industry”. Forming a hybrid between these views, Casson (1982), states that the “entrepreneurs task (is) to discover and exploit opportunities… where products or services can be sold at a greater cost than their cost of production”. Combining the views of Kirzner and Casson describes the entrepreneur as someone who can spot a solution to a problem by using an existing product in a different application to that which it was originally designed. During my studies of engineering...
Words: 2251 - Pages: 10
