risk
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insurance, risk management - PowerPoint PPT PresentationTRANSCRIPT
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Risk
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What is risk ?
Risk is the possibility of loss or damage to something.
It’s important to lower your risk. If you have a lot of speeding tickets
you are considered high risk and will pay more than a low risk person who does not have speeding tickets
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Effects of Reducing Risk: If you make a point to always be punctual to
work you will more than likely be punctual everywhere. Reducing your risk at work could means job security.
Ways to reduce your risk from unemployment is to continue your education through:
College Professional development Save money for emergencies Be punctual and professional on the job.
All of this reduces your risk of unemployment. It also allows you to live to work and not work to live.
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Effects of Reducing Risk: Cont…
To reduce your risk while driving they should: Not talk or text while driving Adhere to all rules of the road: Don’t speed, cut people off, etc.
Be aware of being safe and reducing risk at all times.
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Types of Risk: Risk Avoidance: To not become involved or eliminate yourself from a situation
to avoid the risk. Example: Joel loves to ride his dirt bike. His friend Jack wants to ride at
Pike’s Peak a very dangerous hill in their town. Joel tells Jack he’ll join him, but feels that it is a bad idea and at the night before he sends Jack a text to let him know he’s going to avoid the risk.
Risk Reduction: To take measures to reduce your overall risk in a given
situation. Example: Jenny got a flat tire in a bad area on her way home from work.
Luckily, she has a spare tire and her brother taught her how to change a tire. She changed her tire in 15 minutes, rather than 3 hours waiting for a tow truck to come.
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Types of Risk: Cont… Risk Sharing: To take measures to share your risk with another through
insurance or risk transfer. Example: We were snowed in for almost two weeks and were unable to
get out of our cabin. Fortunately, my mom had enough emergency supplies for a month so we didn’t have to worry.
Risk Retention: To accept a given risk and prepare for it by budgeting. Example: I rented a beach cruiser for a three-day weekend trip to the
beach but it was stolen. I didn’t get insurance because it was $25 per day and only had to pay $100 to replace the stolen bike.
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Disaster: Part of financial security is being
prepared for disasters. The federal government recommends
having 72 hours of worth of supplies in case of a disaster; however it is best to have a minimum of 3 months worth of food, water and supplies.
It is important to remember that a disaster can be natural (something in nature) or caused by someone (an attack from another country).
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Disaster: Cont… While the government recommends
having 72 hours worth of supplies on hand keep in mind the following: It took 5 days to get aid to Hurricane
Katrina victims in Louisiana. It took about a week to get water to victims
in Haiti. While it is recommend having enough
supplies for 72 hours, in a disaster you never know how much damage there can be and how difficult it may be to reach you.
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Disaster Preparation According to FEMA: 1 gallon of water per day
per person. It should be sealed and
unbreakable containers. A good supply of non-
perishable canned foods Non-electric can opener A change of clothing,
rain gear and sturdy shoes per person.
Blankets and sleeping bags
A first-aid kit
A battery powered radio Flashlight Batteries Important documents: Insurance policies ID cards Birth Certificates and Social
Security Cards Cash Pertinent medical
information
**It is important to know your escape route**
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Federal Emergency Management Agency (FEMA) On March 1, 2003, FEMA became part of
the U.S. Department of Homeland Security (DHS).
Mission: To support our citizens and first
responders to ensure that as a nation we work together to build, sustain, and improve our capability to prepare for, protect against, respond to, recover from, and mitigate all hazards.
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