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Stack #4722225

QuestionAnswer
TRM Loss Exposure Property, Net Income, Personnel, Liability
Property Loss exposure Ownership of financial or physical assets
#Ownership Interest Can have common type of interest "Future" like car loan or mortgage
# Secure Creditor The bank or leader when you take a loan for house/car They hold the title-they own it
#3 Buyers and seller interest Shipping products
#4Bailee Interest Interest in the bailee is a legal liability to return or cost to replace the property if something happens before returning it to bailor.
#5 Tennent Interest Continued use of interest
Net Income Loss Exposure If A firm suffers a primary loss, as a result suffers a secondary loss that results indirect expenses.
The Normal process of a firm is interrupted A decrease in revenue An increase in expenses Impacts your bottom-line net income
Personal Loss exposures Risk that organization will suffer losses due to key employee suffering a loss
Negligence and legal Liability Wealth losses from liability exposure Money loss for being sues Legal fees
Bad behavior or breaking a contract can lead to a lawsuit Bad behavior-Commonly classified as intentional Legal Liability- established when there was negligence or there was an actual or loss
What Constitutes Negligence Failure of a person to exercise the proper degree of care
Absolute/Strict Liability Established because accidents happen Situations with children/workers compensation
Measurement Issues usually easier to establish establishing the amount of damage is usually difficult
Property Losses Relatively simple to calculate
Bodily Injury Special Damages Medical expenses
General Damages Compensate for intangible losses Pain and suffering Mental anguish Very difficult to estimate and measure
Punitive Damages Amounts assessed as a form of punishment Gross negligence is involved Very difficult to estimate and measure
Defenses to liability Assumption of risk defense One recognizes the dangers involved in an activity Example- Attending a hockey game or sky diving
Comparative/ Contributory Negligence Plaintiff was partially to blame for what happened
RES IPSA Loquiter Presumption of negligence on part of defendant
Vicarious Liability One person becomes L.L for the negligent behavior of another Example: Employers are held responsible for the actions of their employees acting within the capacity as employees
Join and Several Liability Negligence of two or more parties contributes to the injury or damage SEARCH FOR DEEP POCKETS
Product Liability Manufactures of a faculty product that injuries someone or damages property may be held L.L Negligence
Premises Liability Owner or tenant may be held liable for damages if someone is injured If the property of other is damaged as a result of a condition in or arising out of the premises
Trespaser Someone comes without right and consent, only obligated to abstain from doing intentional harm
Social Guest/Invitee Been Invited for some purpose Costumer in store Must keep premises safe so no harm comes
Liquor Liability Business that manufacture, sell or serve alcohol
DRAM SHOP Laws Hold businesses liable if they over serve someone and they subsequently leave and injure someone. The rest have social hot liability when liable only resides with serving undersage
Silo approach Focus on mostly pure insurable Property/Liability pure risk
Financial Risk Inflation, Stock market, debt rating
Operational Risk Risk that arises out of business operation- Combo of pure and speculative risk Manufacturing products Supply Chain issues Service provider failures Product recall
TRM TRM has silo/departmentalized approach TRM focuses mainly on hazard type risk (FLood, fire, etc) Financial type risk handled by CFO
ERM ERM has integrated approach Occurs at enterprise level instead of individual departments CRO is in charge
Created by: user-2000400
 

 



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