Page 157 - RISK Management IC 86

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adequate or not depends on the policy chosen with respect
to the individual's risks and financials.

b) Risk and Insurance Manuals - There is no standard
formula for the preparation of risk and insurance manuals.
Still the manual should include sections on :
(i) The corporate risk philosophy, a statement of its aims
and policy regarding the handling of risks.
(ii) Responsibilities for the handling of risks, distinguishing
physical and financial control of risks.
(iii) The preparation of contingency plans for dealing with
major loss producing incidents.
(iv) The organisation's insurance policy and procedures
covering (a) attitudes to the purchase of insurance
protection. (b) risks that should not be insured. (c)
brief details of insurance coverage. (d) claims
notification and handling procedures.(e) the
information to be supplied to the risk management
department and (f) the employment of and
relationships with brokers.

c) Subjective Probability - Though sometimes probabilities
attached to possible outcomes from a decision are based
upon statistical observation, this is not always possible.

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