Risk & Insurance - Risk
14 important questions on Risk & Insurance - Risk
What is a risk?
Uncertain future event, impossible to determine if and/or when it may happen.
What are the 3 civil liability rules?
Liability for one’s proper actions: but equally liable in case of
neglect or carelesness
- Owner of keeper animal: Only liable when in custody
- Owner of a building: Liable for damage done when building collapses due tot bad maintenance etc.
Explain social security, compulsory insurance and private insurance:
- Social security is a national network for social care, e.g. In case of unemployment.
- Compulsory insurance serves to cover high risk activities, e.g. Motoring insurance.
- Private insurance is optional and is to diversify risks, e.g. Fire insurance, life insurance, healthcare insurance.
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Give some examples of life insurances:
- Wedding+ birth insurance without investment fund
- Life, wedding and birth insurance with investment fund
- Insurance capitalization bonds
- Pension funds
What are the commitments of the insurer of an insurance?
- Insurers are subject to autoregulation/ behavioural rules
- Done by the FSMA, National bank
What value will be idemnified by the insurer?
- Value “when new” e.g. car insurance for a car under 2 years old
- Value to rebuild e.g. fire insurance
- Current value or replacement value e.g. damaged pc
- Invoice value e.g. transport ins. for commercial goods - Real current value e.g. repair cost for a damaged car
What are the commitments of the insured party?
- Committed to provide all information related to the insurance
- Committed to notify the insurer of any changes
- Prevent damage as much as possible
- If damage is done, inform the insurer in due time
- If necessary, provide proof
What is the premium of an insurance?
It is a payment by the insured to the insurer and it is fixed or floating. It will be determined by:
-Earlier damage occurrence(s) = risk history
- Risk type
- Other elements like geography.
How will the insurer use the premiums?
1. Insurer collects premiums; pays out indemnities
2. Insurer invests surplus receipts
- Insurance companies = institutional investors
3. Objectives:
- Create value
- Maintain sufficient cash levels to pay out future indemnities
- Capital / return guarantee (Type 21)
- Create interesting ROI for customer / Return on investment (Type 23)
- Create a solid, robust investment portfolio
What is the general insurance policy?
- Cancellation period= 3 months
- It can be terminated: I fixed maturity: on maturity date, if insured party defaults on premium payments, if risk disappears or changes, termination by the insurer if the risk is increasing.
What are the 3 most used insurance cover types?
2. Personal protection: Financial consequence damage, physical damage
3. Liability protection: Provide protection for third party liability.
What types of personal risk management insurances are there at work?
- Professional liability insurance ( In the construction industry)
- Guaranteed income insurance: ideal for the self-employed!
What can you find in the insurance policy?
- Special conditions: Insurance taker, insured object, insured amount, premium, maturity date, other special conditions.
Also in insurance policy:
- Premium payments details
- Damage reporting details
- Damage settlements details
- Modification of termination contract
What are long tail risks?
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
