Unit 1 Assignment: Risk and Insurance (FIN201 Insurance & Risk Management)

Due Date: 11:59 pm EST Sunday of Unit 1 Points: 100 Overview: Students will compare the historical definition of risk, the traditional types of risks and loss exposure. Students will also assess the main terms and concepts of risk management and insurance. The Unit will provide a brief overview of insurance and its relationship to the risk management process. Instructions: Students will provide detailed responses to the following questions. Use of examples to demonstrate knowledge and application of each question is required:

1. What is the difference between a “Peril” and a “Hazard”. Define each term first, and then fully outline their differences.

2. Define physical hazard, moral hazard, attitudinal hazard, and legal hazard.

3. Explain the difference between pure risk and speculative risk. Your response should fully address which type of risk allows for better mitigation efforts.

4. What is enterprise risk management? Your response should fully address how enterprise risk management differs from traditional risk management.

5. Briefly explain each of the following risk-control techniques for managing risk:

a. Avoidance b. Loss prevention c. Loss reduction d. Duplication e. Separation f. Diversification

Requirements:

• One to Two pages (excluding cover page and references) • Submit a Word document in APA format. • At least two resources.

FIN401 – Insurance and Risk Management

Unit 1 Assignment – Risk and Insurance

Be sure to read the criteria below by which your work will be evaluated before you write and again after you write.

Evaluation Rubric for Assignment

CRITERIA Deficient Needs Improvement

Proficient Exemplary

0 – 38 points 39 – 51 points 52 – 64 points 65 points Content Does not cover

the assigned topic; assertions are not supported by evidence; paper is seriously lacking in content and detail.

Does not do an adequate job of covering the assigned topic; assertions are weakly supported by evidence.

Sufficient coverage of the topics; most assertions are supported by evidence.

Provides in- depth coverage of the topics, assertions are clearly supported by evidence.

0 – 5 points 6 – 7 points 8 – 9 points 10 points Resources No resources

were used as requested

Resources were used but not reliable ones

Not enough resources were used

Proper amount of resources were used

0 – 2 points 3 points 4 points 5 points Paper Length The assigned

did not meet the proper length

The assignment didn’t have enough length

The assignment almost met the paper length

The assignment had the proper length

0 – 11 points 12 – 15 points 16 – 19 points 20 points Clear and Professional Writing and APA Format

Errors impede professional presentation; guidelines not followed.

Significant erro rs that do not impede professional presentation.

Few errors that do not impede professional presentation.

Writing and format are clear, professional, APA compliant, and error free.