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ASSIGNMENT
| WINTER | 2013 |
| PROGRAM | B.Com IS |
| SEMESTER | VI |
| SUBJECT CODE & NAME | BM0027-INSURANCE AND RISK MANAGEMENT |
| CREDIT | 4 |
| MAX. MARKS | 60 |
Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Eachquestion is followed by evaluation scheme.
Q. 1. What do you understand by Risk? Describe the relationship between uncertainty and risk. What do you understand by peril as well as hazard?
Answer: Risk implies future uncertainty about deviation from expected earnings or expected outcome. Risk measures the uncertainty that an investor is willing to take to realize a gain from an investment.
Risks are of different types and originate from different situations. We have liquidity risk, sovereign risk, insurance risk, business risk, default risk, etc. Various risks
Q.2 How you can classify risk? Describe the different types of risk.
Answer:
In the Risk Classification section of the Risk Structure work center, you can use the following features:
- Create and delete central risks and
Q.3what do you understand by risk management? Describe different aspects of risk management. Describe different characteristics of risk management.
Answer:Risk managementisthe process of identification, analysis and either acceptance or mitigation of uncertainty in investment decision-making. Essentially, risk management occurs anytime an investor or fund manager analyzes and attempts to quantify the potential for losses in an investment and then takes the appropriate action (or inaction) given their investment objectives and risk tolerance. Inadequate risk management can result in severe consequences for companies as well as individuals. For example, the recession that began in 2008 was largely caused by the loose credit risk management of financial firms.
Q.4 Describe the risk management process.
Answer:The process of identification, analysis and either acceptance or mitigation of uncertainty in investment decision-making. Essentially, risk management occurs anytime an investor or fund manager analyzes and attempts to quantify the potential for losses in an investment and then takes the appropriate action (or inaction) given their investment objectives and risk tolerance. Inadequate risk management can result in severe consequences for companies as well as individuals. For example, the recession that began in 2008 was largely caused by the loose credit risk management of financial firms.
Q.5 Describe the tools for risk management.
Answer:Risk management is a non-intuitive field of study, where the most simple of models consist of a probability multiplied by an impact. Understanding individual risks may be difficult as multiple probabilities can contribute to Risk total probability. Likewise, impacts may be measured in “units” of cost, time, events (for example, a catastrophe), market states, reputation, and other dimensions. This is further complicated by there being no straightforward
Q.6what do you understand by loss control? What are the potential benefits of loss control? Describe the potential costs of loss control.
Answer:loss control:-
A risk management technique that seeks to reduce the possibility that a loss will occur and/or reduce the severity of those that do occur. Also known as risk control or safety. Driver training programs are loss control programs that seek to reduce the likelihood of accidents occurring. Sprinkler systems are loss control devices that reduce the severity of loss by fire.
Dear students get fully solved assignments
Send your semester & Specialization name to our mail id :
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