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Risk

insurance, risk management

finlitgal
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Risk

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  1. Risk • www.lifethenfinance.com www.lifethenfinance.com

  2. What is risk ? • Risk is the possibility of loss or damage to something. • It’s important to lower your risk. • If you have a lot of speeding tickets you are considered high risk and will pay more than a low risk person who does not have speeding tickets www.lifethenfinance.com

  3. Effects of Reducing Risk: • If you make a point to always be punctual to work you will more than likely be punctual everywhere. Reducing your risk at work could means job security. • Ways to reduce your risk from unemployment is to continue your education through: • College • Professional development • Save money for emergencies • Be punctual and professional on the job. • All of this reduces your risk of unemployment. It also allows you to live to work and not work to live. www.lifethenfinance.com

  4. Effects of Reducing Risk: Cont… • To reduce your risk while driving they should: • Not talk or text while driving • Adhere to all rules of the road: • Don’t speed, cut people off, etc. • Be aware of being safe and reducing risk at all times. www.lifethenfinance.com

  5. Types of Risk: • Risk Avoidance: • To not become involved or eliminate yourself from a situation to avoid the risk. • Example: • Joel loves to ride his dirt bike. His friend Jack wants to ride at Pike’s Peak a very dangerous hill in their town. Joel tells Jack he’ll join him, but feels that it is a bad idea and at the night before he sends Jack a text to let him know he’s going to avoid the risk. • Risk Reduction: • To take measures to reduce your overall risk in a given situation. • Example: • Jenny got a flat tire in a bad area on her way home from work. Luckily, she has a spare tire and her brother taught her how to change a tire. She changed her tire in 15 minutes, rather than 3 hours waiting for a tow truck to come. www.lifethenfinance.com

  6. Types of Risk: Cont… • Risk Sharing: • To take measures to share your risk with another through insurance or risk transfer. • Example: • We were snowed in for almost two weeks and were unable to get out of our cabin. Fortunately, my mom had enough emergency supplies for a month so we didn’t have to worry. • Risk Retention: • To accept a given risk and prepare for it by budgeting. • Example: • I rented a beach cruiser for a three-day weekend trip to the beach but it was stolen. I didn’t get insurance because it was $25 per day and only had to pay $100 to replace the stolen bike. www.lifethenfinance.com

  7. Disaster: • Part of financial security is being prepared for disasters. • The federal government recommends having 72 hours of worth of supplies in case of a disaster; however it is best to have a minimum of 3 months worth of food, water and supplies. • It is important to remember that a disaster can be natural (something in nature) or caused by someone (an attack from another country). www.lifethenfinance.com

  8. Disaster: Cont… • While the government recommends having 72 hours worth of supplies on hand keep in mind the following: • It took 5 days to get aid to Hurricane Katrina victims in Louisiana. • It took about a week to get water to victims in Haiti. • While it is recommend having enough supplies for 72 hours, in a disaster you never know how much damage there can be and how difficult it may be to reach you. www.lifethenfinance.com

  9. Disaster Preparation According to FEMA: • 1 gallon of water per day per person. • It should be sealed and unbreakable containers. • A good supply of non-perishable canned foods • Non-electric can opener • A change of clothing, rain gear and sturdy shoes per person. • Blankets and sleeping bags • A first-aid kit • A battery powered radio • Flashlight • Batteries • Important documents: • Insurance policies • ID cards • Birth Certificates and Social Security Cards • Cash • Pertinent medical information • **It is important to know your escape route** www.lifethenfinance.com

  10. Federal Emergency Management Agency (FEMA) • On March 1, 2003, FEMA became part of the U.S. Department of Homeland Security (DHS). • Mission: • To support our citizens and first responders to ensure that as a nation we work together to build, sustain, and improve our capability to prepare for, protect against, respond to, recover from, and mitigate all hazards. www.lifethenfinance.com

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