Page 183 - RISK Management IC 86

The Insurance Times

Changing social norms can impinge upon a firm's
operations in many ways, for e.g, attitudes to work,
pilferage, wage differences etc. Political changes
can bring more government intervention in the
employment, marketing, investment and other
policies, and in the extreme may lead to
nationalization or the expropriation of the property
without compensation.

So we see, that
(i) the occurrences of some events may result in either

gain or loss whereas most causes only loss.
(ii) some events are the result of human behavior

whereas some are beyond the control of human
beings.
(iii) In the cases caused as a result of human behavior,
sometimes the originator and the victim are the same
person.

Uncertainties fall under two broad categories. Those for
which the probability of occurrence is calculable either
on priori grounds or through statistical analysis of a
series of similar past events. The others are not
calculable either because they are unique events or their
occurrence do not follow any discernible pattern.

Website: www.bimabazaar.com Call: 033-22184184 / 40078428 184

Copyright@ The Insurance Times. 09883398055 / 09883380339