About This Chapter
Below is a sample breakdown of the Risk Management chapter into a 4-day school week. Based on the pace of your course, you may need to adapt the lesson plan to fit your needs.
|Day||Topics||Key Terms and Concepts Covered|
|Monday||External environmental changes drive the need for risk management||Environmental changes that have made risk management important|
|Tuesday||Ways to manage risk||Four ways of managing risk, insurable vs. uninsurable risk|
|Wednesday||Understanding insurance policies and risk management||Insurance policies, law of large numbers, rule of indemnity|
|Thursday||Insurance coverage for various types of risk||Insurance options to manage risk|
1. External Environmental Changes Drive the Need for Risk Management
Businesses operate in a dynamic world where the only thing for certain is that things will change. Change can bring both risk and reward. In this lesson, you'll learn how change in the business environment drives the need for risk management.
2. Ways to Manage Risk: Insurable and Uninsurable Risk
Risks abound in life and in business. However, most risks can be managed. In this lesson, you'll learn about ways to manage risks. You'll also learn the difference between insurable and uninsurable risks. A short quiz follows.
3. Understanding Insurance Policies and Risk Management
Obtaining insurance is one of the most common methods of risk management. In this lesson, you'll learn about insurance policies and some key concepts related to insurance. You'll also have a chance to take a short quiz.
4. Insurance Coverage for Various Types of Risk
Businesses operate in a world of risk. One of the best ways to manage risk is through insurance. In this lesson, you'll learn about the types of insurance coverage available to businesses to help them manage their risks.
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