Risk Management and Insurance

5.02 I will understand risk management and Insurance.

Types of Risks:

Economic Risk- Result in financial loss.

Non Economic-May result in embarassment or inconvienence without financial impact.

Pure-Threat of loss without opportunity to gain.

Speculative-Offers the chance of gain or loss.

Controllable-Occurs when conditions can be controlled to lessen the chance of harm.

Transfer-Allowing someone else to assume the risk.

Insurable-Meets the criteria of an insurance company for coverage.



There are several different types of insurances that can be provided to you.

Worker's Comp

Workman's Compensation provides protection for employees who are injured on the job.

Health Insurance

Health insurance may be obtained through several different groups. The different Types would be, Hospital, surgical, regular,medical, comprehensive medical, dental, and vision.

Hospital-Covers most of the charges during your stay at the hospital.

Surgical-Covers the fee's for the surgeon.

Regular-Care given at the doctors office, or a hospital.

Comprehensive-Cobines all of them together.

Dental and Vision-Covers dental injures resulting accidents or for X-Rays, cleanings and fillings. Covers for frames or contact lenses and simple visits.