what is pure risk This is a topic that many people are looking for. star-trek-voyager.net is a channel providing useful information about learning, life, digital marketing and online courses …. it will help you have an overview and solid multi-faceted knowledge . Today, star-trek-voyager.net would like to introduce to you PART 3- Introduction to insurance – PURE AND SPECULATIVE RISK. Following along are instructions in the video below:
“Everyone and welcome back to part three of my introduction to insurance. My name is is rebecca and i am your insurance lady now today. I m going to discuss elements of risk before we can talk about risk. We need to fully understand what risk is it s very simple.
But sometimes people make more out of it because it s a big reason. Why we get insurance. What is a risk a risk is simply a chance or possibility that a loss might occur now everyone takes risks some maybe more than others. But no matter.
What you do there is a chance or a possibility that a loss can occur take for example going on a nice little walk down the neighborhood now depending on what neighborhood. You re walking in the risk could have a different effect. But just by walking you have the potential of suffering a loss now i m not trying to scare anybody. But let s keep it real life israel.
There is a risk chance or possibility that you could get robbed. So of your goods. Just by walking down the street and sell for a loss. But it doesn t have to be that harsh you could be walking down the street trip on a crack or trip on a pothole and you can you re considered.
You know the injury is considered a loss as well anything could happen. And that s why you re taking a chance or a low or a possibility that a loss could occur you re taking a risk. Another risk that we take. And the reason.
We have auto insurance is because there s a chance or possibility that a loss could occur while driving our vehicles. Now we can get into an accident injure others or their property. So automobile insurance is designed to deal with these types of risks now there are two types of risk. We re going to talk about today.
We have your pure risk and we have your speculative risk. So i m going to talk about speculative risk right. Now. Because i want to get that out of the way insurance companies do not insure speculative risk.
So. When you are taking a risk. That is considered a specular speculative risk. There s the potential for gain profit or loss take for example gambling.
If you re at the blackjack table. You put 100 down in chips depending on the cards that are dealt. You could walk away with 200 or more or you can walk away with nothing now if you walk away with nothing now to be considered a loss. But if you walk away with 200 or more that d be considered a game.
So you re taking a speculative risk because you have a chance for your loss. But there is also a possibility for a game and insurance companies do not insure speculative risk. Because if we did then we d go out of business. And if i was insured for that type of risk then believe me i d be at the blackjack table.
All the time and i wouldn t have any worries now the next type of risk and most important to the insurance community is a pure risk with pure risk. There s only a possibility for a chance of loss. If you drive down the street in your geo metro. I highly doubt that you re doing this for the chancellor possibility that someone would hand you some keys to a brand new mercedes benz.
This is only a chance that there s a loss might occur the only thing that could probably end up happening. Is that your bumper would fall off the back. And then cause an accident with the driver and back of you and probably the driver and back of them and then in this case your insurance company would have to pay for your liabilities. If you have auto insurance.
So while driving vehicles. There s it s a peer risk okay. So that s it for today. The next lecture.
We are going to still talk about risk insurable risk and risk management. I do want to thank you for watching and learning again please send an. Email if you have any questions my email addresses insurance. Lady.
Pc at gmailcom. And my name is rebecca and i am your ” ..
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