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![Page 1: Understanding Insurance and Risk Management Theodore A. (Ted) Feitshans Extension Associate Professor Department of Agricultural & Resource Economics North.](https://reader037.fdocuments.us/reader037/viewer/2022110402/56649e2e5503460f94b1ddc3/html5/thumbnails/1.jpg)
Understanding Insurance and Risk Management
Theodore A. (Ted) Feitshans
Extension Associate Professor
Department of Agricultural & Resource Economics
North Carolina State University
919-515-5195 [email protected]
January 18, 2012
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DISCLAIMER
Information provided is for educational purposes only; nothing herein constitutes the provision of legal advice or
services, and no attorney-client relationship is formed.
E-mail correspondence to and from this address ([email protected]) may be subject to the North Carolina Public Records Law and may be disclosed, if
permitted by law, to third parties. All e-mail to and from this address will be archived for a minimum period of 10 years.
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Liability
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Where does liability come from?
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Contracts
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IPRs
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Torts
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Strict Liability in Tort
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IntentionalTorts
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Quasi- IntentionalTorts
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NegligentTorts
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Duty
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Duty to a Trespasser
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Duty to an Invitee
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Modification of Duty by Statute
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Breachof
Duty
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ProximateCause
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Actual Damages
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ContributoryNegligence
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Waivers
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Choice of Business Entity
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Independent Contractors
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Employment
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Managing Risk Intelligently
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The Risk Management Model
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Risk identification
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Risk Evaluation
• Low-Severity, Low-Frequency
• High-Severity, Low-Frequency
• Low-Severity, High-Frequency
• High-Severity, High-Frequency
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Risk Treatment
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Selection&
Implementation
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ProgramMonitoring
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WhatIs
Insurance?
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Let’s talk terminology…
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Premium
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Rider
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Policy
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EVENT
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CLAIM
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Adjuster
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Policy holder
Insured
Third-party beneficiary
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Agent/Broker
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Insurable Interest
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Underwriter
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Actuary
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Reinsurer
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Insurance NeedsDisability
HealthLife: owner & key employees
Property/CasualtyLiability
Motor vehicleBusiness interruption
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Motor Vehicle
Issues
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Managing Your
Insurance
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Read Your Policy!
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Ask Questions!
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Ask more questions!
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Promptly notify your agent of claims!
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Communicate with your insurance agent!
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Use the resources that your insurance agent provides
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Insurance Pays the Costs of Defense
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CONCLUSION
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N.C. Department of Insurance
For assistance in finding authorized insurance services in North Carolina:
– N.C. Department of Insurance http://www.ncdoi.com/
For assistance finding insurance, regularly licensed companies and surplus lines:
– MAP (919) 733-9811 or (800) 546-5664
For help with unauthorized insurance:– 1-800-546-5664 Consumer services– (919) 733-7487 Agent services
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