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Insurance and risk transfer

Description

A-Levels 4. Risk Response Mind Map on Insurance and risk transfer, created by helen_woolford on 24/05/2013.
helen_woolford
Mind Map by helen_woolford, updated more than 1 year ago
helen_woolford
Created by helen_woolford almost 12 years ago
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Resource summary

Insurance and risk transfer
  1. Importance of insurance
    1. Risk response
      1. Risk financing (RF)
        1. Indemnity against loss
          1. Delay in obtaining settlement of claim
          2. Different types
            1. Conventional
              1. Contractual
                1. Captive
                  1. Pooling
                    1. Derivatives
                      1. Alternative RF
                        1. Single premium bonds
                        2. Types of insurance cover
                          1. Legal
                            1. Balance sheet/profit and loss protection
                              1. Compulsory
                                1. Public liability
                                2. Employees benefit/protection
                                  1. Life and health
                                    1. D&O insurance
                                    2. Business Premises
                                      1. Asset protection
                                        1. Motor
                                          1. Terroism
                                        2. Purchase of insurance
                                          1. 6Cs of buying insurance
                                            1. Cost
                                              1. Coverage
                                                1. Capacity
                                                  1. Capabilities
                                                    1. Claims
                                                      1. Compliance
                                                    2. Captive insurance
                                                      1. Org not involved in insurance
                                                        1. Parent
                                                          1. domiciles
                                                            1. Lower premiums
                                                              1. access to reinsurance markets
                                                                1. Greater risk awareness
                                                                  1. Greater cover
                                                                    1. Tax benefits
                                                                      1. Exposed to claims
                                                                        1. allocate captial
                                                                          1. losses on parents balance sheet
                                                                            1. Non admittance in other territories
                                                                              1. Admin cost, time & effort
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