RISK IN OUR DAILY LIFE
Sunday, September 23, 2007
Topic:
Risk in our daily life
General purpose:
To inform
Specific purposes:
To inform the audience about the risk and types of risk the audience could face in their daily life. It’s also to increase the awareness for important of transferring the risk to the other party when it can be transferable.
Central idea:
Risk is something that can’t be eliminate and always be apart of our daily life. In that case, the risks that may arise from our daily life routine that should be handle carefully in order to minimize the risk that arises. In dealing with the risk, there is few ways such as retention and transfer that can help people to deal and minimize and reduce it.
1.0) INTRODUCTION
1.1) Definitions of risk according to:
1.1.1) Microsoft Encrta2006: –
Chance of something going wrong. (Danger that injury, damage or lost will occur)
1.1.2) LONGMAN dictionary:-
Possibility of a bad result. (Possibility of something bad, unpleasant or dangerous may happened)
1.1.3) Risk Management Book by Emmett J. Vaughan:-
Conditions where there is possibility of an adverse deviation from a desire outcome that is expected or hopes for.
1.2) Rules in dealing with risk:
In dealing with risk, there are few rules that must be considered.
1.2.1) * Don’t risk more then you can afford to loose
If we could not bear the losses, we should transfer the risk to the other party that willing to bear it for us in order to minimize the losses.
1.2.2) * Consider the odd
We should consider the probability of the event to happen to us. If the probability is high, we should make avoidance toward the risk in order to eliminate the risk that happened.
1.2.3) * Don’t risk a lot for a little
We should no transfer the risk that can be retained to our self in order to reduce the money flow to an insurance company. For an example, if the risk is only will not cause us into bankruptcy, loss of life or disability, we should consider for not transfer it to another party.
1.3) Reason fro understanding risk:
There is a lot of reason for understanding risk, for an example, risk is something that can’t be eliminate and always be apart of our daily life. In that case, the risks that may arise from our daily life routine should be handle carefully in order to minimize the risk that arises. In dealing with the risk, there is few ways such as retention and transfer that can help people to deal and minimize and reduce it with the understanding of risk, we can be aware of all the thing around us that will lead to the losses of property, life or even a disability permanently or life-time disability cause by the risk that arise from human, nature or even economics.
2.0) Type of dealing with risk
2.1) risk retention
Risk retentions are defined as there is an availability of fund to replace if the event of loss happened to a person. (Risk Management Book by Emmett J. Vaughan)
The risk also can be retained in 2 conditions.
a) Intentional
Its mean that the risk is retained even when the person is aware of the undesired possible outcome.
As an example, if the person knows that he is facing a risk when ever they drive without wearing a seat belt while driving. If there is a case of accident, the person itself actually had already aware of the entire possible outcome that may arise from it. So his is risk retention by the person intentionally.
b) Unintentional
Its mean that the risk is retained without the person aware of the possibility that the desire outcome may happened.
For an example, a person who is using machinery without knowing that there may be a possibility of the outcome from the product is not as what he or she wants it to be. They actually retain the risk by them self without intentions of the undesired outcome that arise.
2.2) Risk transfer
Risk transfer is define as a risk that been transfer from one party to another party who is willing to bear the consequences.
In transferring the risk to another party, person will have to follow a certain rules that been stated by the transferred party and pay a certain amount of premium.
There are few types of insurance that commonly been offer to a person such as:
2.2.1) Health insurance
- For example in case of accidents and health insurance.
It is defined as insurances against loss by sickness or accidental bodily injury an the loss may be the loss of wages from disability caused by the accident or sickness or the loss that caused by payment for bills such as medical, hospital or doctor bills.
2.2.2) Life insurance
- This is type of insurance that may ease the third party of the person who buying and transfer the risk to the insurer. It is because if something happened for the person who bought the life insurance, the third party such as family, wife or son and daughter may claim compensation money in order to continue their life with the money the got from the insurance company. This is also important in case of
The person is the key person in family or even in a company. This is important in a family which there is only one who is the source for living.
2.2.3) Property and liability insurance
- This is an insurance that to secure the property such as house, land, cars and motorcycle. This is another type of insurance that a person must transfer since we could not bear or retain the possible risk or losses to our self. For an example are the damages from the human perils and by the legal factors.
This is few insurance agencies in MALAYSIA:
*Great Eastern Life Insurance
*MAA Insurance
*Alliance Insurance
*TAKAFUL Insurance
*TAHAN Insurance
3.0) CONCLUSION
Risk cannot be eliminated, but it can be reduce to a minimal by making a preparation or transfer it to another party.
Risk also can be cause by other factors such as human, nature or economic so that we should make a precaution in order to minimize the risks.
Risk in our daily life
General purpose:
To inform
Specific purposes:
To inform the audience about the risk and types of risk the audience could face in their daily life. It’s also to increase the awareness for important of transferring the risk to the other party when it can be transferable.
Central idea:
Risk is something that can’t be eliminate and always be apart of our daily life. In that case, the risks that may arise from our daily life routine that should be handle carefully in order to minimize the risk that arises. In dealing with the risk, there is few ways such as retention and transfer that can help people to deal and minimize and reduce it.
1.0) INTRODUCTION
1.1) Definitions of risk according to:
1.1.1) Microsoft Encrta2006: –
Chance of something going wrong. (Danger that injury, damage or lost will occur)
1.1.2) LONGMAN dictionary:-
Possibility of a bad result. (Possibility of something bad, unpleasant or dangerous may happened)
1.1.3) Risk Management Book by Emmett J. Vaughan:-
Conditions where there is possibility of an adverse deviation from a desire outcome that is expected or hopes for.
1.2) Rules in dealing with risk:
In dealing with risk, there are few rules that must be considered.
1.2.1) * Don’t risk more then you can afford to loose
If we could not bear the losses, we should transfer the risk to the other party that willing to bear it for us in order to minimize the losses.
1.2.2) * Consider the odd
We should consider the probability of the event to happen to us. If the probability is high, we should make avoidance toward the risk in order to eliminate the risk that happened.
1.2.3) * Don’t risk a lot for a little
We should no transfer the risk that can be retained to our self in order to reduce the money flow to an insurance company. For an example, if the risk is only will not cause us into bankruptcy, loss of life or disability, we should consider for not transfer it to another party.
1.3) Reason fro understanding risk:
There is a lot of reason for understanding risk, for an example, risk is something that can’t be eliminate and always be apart of our daily life. In that case, the risks that may arise from our daily life routine should be handle carefully in order to minimize the risk that arises. In dealing with the risk, there is few ways such as retention and transfer that can help people to deal and minimize and reduce it with the understanding of risk, we can be aware of all the thing around us that will lead to the losses of property, life or even a disability permanently or life-time disability cause by the risk that arise from human, nature or even economics.
2.0) Type of dealing with risk
2.1) risk retention
Risk retentions are defined as there is an availability of fund to replace if the event of loss happened to a person. (Risk Management Book by Emmett J. Vaughan)
The risk also can be retained in 2 conditions.
a) Intentional
Its mean that the risk is retained even when the person is aware of the undesired possible outcome.
As an example, if the person knows that he is facing a risk when ever they drive without wearing a seat belt while driving. If there is a case of accident, the person itself actually had already aware of the entire possible outcome that may arise from it. So his is risk retention by the person intentionally.
b) Unintentional
Its mean that the risk is retained without the person aware of the possibility that the desire outcome may happened.
For an example, a person who is using machinery without knowing that there may be a possibility of the outcome from the product is not as what he or she wants it to be. They actually retain the risk by them self without intentions of the undesired outcome that arise.
2.2) Risk transfer
Risk transfer is define as a risk that been transfer from one party to another party who is willing to bear the consequences.
In transferring the risk to another party, person will have to follow a certain rules that been stated by the transferred party and pay a certain amount of premium.
There are few types of insurance that commonly been offer to a person such as:
2.2.1) Health insurance
- For example in case of accidents and health insurance.
It is defined as insurances against loss by sickness or accidental bodily injury an the loss may be the loss of wages from disability caused by the accident or sickness or the loss that caused by payment for bills such as medical, hospital or doctor bills.
2.2.2) Life insurance
- This is type of insurance that may ease the third party of the person who buying and transfer the risk to the insurer. It is because if something happened for the person who bought the life insurance, the third party such as family, wife or son and daughter may claim compensation money in order to continue their life with the money the got from the insurance company. This is also important in case of
The person is the key person in family or even in a company. This is important in a family which there is only one who is the source for living.
2.2.3) Property and liability insurance
- This is an insurance that to secure the property such as house, land, cars and motorcycle. This is another type of insurance that a person must transfer since we could not bear or retain the possible risk or losses to our self. For an example are the damages from the human perils and by the legal factors.
This is few insurance agencies in MALAYSIA:
*Great Eastern Life Insurance
*MAA Insurance
*Alliance Insurance
*TAKAFUL Insurance
*TAHAN Insurance
3.0) CONCLUSION
Risk cannot be eliminated, but it can be reduce to a minimal by making a preparation or transfer it to another party.
Risk also can be cause by other factors such as human, nature or economic so that we should make a precaution in order to minimize the risks.
posted by Mr.BoBo at 10:42 PM, | 
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