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Risk - PowerPoint PPT Presentation

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insurance, risk management

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  • www.lifethenfinance.com


What is risk
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


Effects of reducing risk
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.


Effects of reducing risk cont
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.


Types of risk
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.


Types of risk cont
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.



  • 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).


Disaster cont
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.


Disaster preparation according to fema
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**


Federal emergency management agency fema
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.