Page 5 - Insurance Surveyors Book Ebook IC S01

Survey And Loss Assessment IC-S01

those that are impossible assigned a value of 0 and those that are inevitable

assigned a value of 1..

'Zero' indicates state of intrinsic impossibility &

'One' indicates state of absolute certainty

 Insurers generally use the word 'Risk' in two distinctive meanings viz.

as the subject-matter of insurance or

different types of perils such as Fire, Flood etc..

Risk Possibilities

Risk is created by

 Activities : Commercial; Constructional; Financial; Manufacturing Professional;

 Relationship to People or Property

 Laws & Regulations

 Environmental, Physical, Social, Political Situation.

 Risks result in injury or loss for a number of reasons and often in combination

-

i. Lack of awareness i.e failure to recognise possibility or circumstances of

Risk,

ii. Lack of capability i.e. lack of knowledge /skill/ competence,

iii. Lack of motivation i.e. indifference or refusal to deal with a risk problem.

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