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Topic 4 part 2

QuestionAnswer
Risk Financing Seeks funds to pay for losses Use external funds called transfers Use internal funds to pay for losses
Non-Insurance Risk Transfers of Finacing type Leases Tennant is responsible for a property losses while occupying the property
Hold Harmless agreement Someone contractually accept risk contractor doing a project for you Vendor performing a task
Retention A firm or individual engaging in rention assumes the finacial responsibility for losses that do occur Reain the exposure to loss Not buying insurance Insurecance with a deductible
Funded Retention A firm sets aside funds every period to pay for losses
Unfunded retention No separate fund to pay for loss Pay for losses as they occur form money you have or money you borrow
Active Retention Deliberate decision to practice retention
Passive Retention Retaining the exposure of loss, but you may be unaware
Two Ideal Characteristics Fairley predictable Medical plan for employees Long payout period
Advantages to self-insurance Flexibility Most insurance contracts are very standardized Avoid stat mandated benefit laws
No Loading Premium=Pure premium + Risk charge +loading (admin) No premium taxes No administrative expenses No marketing expenses
Time value of money Any credits/discounts are invested internally- probably produce a higher role Saving from any loss prevention/reduction goes directly into your pocket insteaf of through insureance company
Disadvantages to self-insurance Catastrophic loss possibility One large loss could wipe you out Tool usually reserved for larger organizations-Size matters
Created by: user-2000400
 

 



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