RMI-2302 Lecture Notes - Lecture 7: Punitive Damages, Personal Property
24 Feb 2017
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Risk management for individuals: loss exposures. Any condition or situation that presents a possibility of loss, regardless of whether that loss actually occurs: three elements to a loss exposure. Your stuff: furniture, jewelry, etc: cause of loss. Fire, theft, windstorm, accidents, loss: financial consequences. General, specific, punitive damages: cause of loss. Specific types of liability: property owners, automobiles, employer-employee, parents and children, animals. Life- premature death: asset exposed to loss. Financial impact of premature death: wage earning adult: Single with no dependents: non-wage earning adult: Outliving assets, expenses > income for too long: financial consequences. Your health, livelihood: cause of loss. Poor care, poor genes, bad luck, injury: financial consequences. Ability to earn income may decrease, or cease. Evaluate same exposure categories as premature death. Health, disability, unemployment, poor planning: financial consequences. Identify risks: evaluate risks, choose your alternatives. What are the risks: change throughout life e. g. premature death. (cid:1006)0"s- not many people relying on you/your income.
