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Understanding Insurance and Risk Management

Understanding Insurance and Risk Management. Theodore A. (Ted) Feitshans Extension Associate Professor Department of Agricultural & Resource Economics North Carolina State University 919-515-5195 ted_feitshans@ncsu.edu January 18, 2012.

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Understanding Insurance and Risk Management

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  1. Understanding Insurance and Risk Management Theodore A. (Ted) Feitshans Extension Associate Professor Department of Agricultural & Resource Economics North Carolina State University 919-515-5195 ted_feitshans@ncsu.edu January 18, 2012

  2. DISCLAIMERInformation provided is for educational purposes only; nothing herein constitutes the provision of legal advice or services, and no attorney-client relationship is formed. E-mail correspondence to and from this address (ted_feitshans@ncsu.edu) may be subject to the North Carolina Public Records Law and may be disclosed, if permitted by law, to third parties. All e-mail to and from this address will be archived for a minimum period of 10 years.

  3. Liability

  4. Where does liability come from?

  5. Contracts

  6. IPRs

  7. Torts

  8. Strict Liability in Tort

  9. IntentionalTorts

  10. Quasi- IntentionalTorts

  11. NegligentTorts

  12. Duty

  13. Duty to a Trespasser

  14. Duty to an Invitee

  15. Modification of Duty by Statute

  16. BreachofDuty

  17. ProximateCause

  18. Actual Damages

  19. ContributoryNegligence

  20. Waivers

  21. Choice of Business Entity

  22. Independent Contractors

  23. Employment

  24. Managing Risk Intelligently

  25. The Risk Management Model

  26. Risk identification

  27. Low-Severity, Low-Frequency High-Severity, Low-Frequency Low-Severity, High-Frequency High-Severity, High-Frequency Risk Evaluation

  28. Risk Treatment

  29. Selection&Implementation

  30. ProgramMonitoring

  31. WhatIsInsurance?

  32. Let’s talk terminology…

  33. Premium

  34. Rider

  35. Policy

  36. EVENT

  37. CLAIM

  38. Adjuster

  39. Policy holderInsuredThird-party beneficiary

  40. Agent/Broker

  41. Insurable Interest

  42. Underwriter

  43. Actuary

  44. Reinsurer

  45. Insurance NeedsDisabilityHealth Life: owner & key employeesProperty/CasualtyLiabilityMotor vehicleBusiness interruption

  46. Motor VehicleIssues

  47. Managing Your Insurance

  48. Read Your Policy!

  49. Ask Questions!

  50. Ask more questions!

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