ASC172 Principle Of Risk Management And Insurance Assignment Sample UiTM Malaysia
The ASC172 Principle of Risk Management and Insurance is a framework for risk identification, assessment, and response designed to ensure the safety and well-being of an organization’s employees. The principle states that risk should be identified, assessed, and managed in a way that protects the health, safety, and welfare of workers.
When it comes to workplace safety, there are two key aspects to consider: protecting workers from physical harm and protecting them from harm caused by their work environment. For example, employers need to take steps to protect their workers from injuries caused by accidents on the job, but they also need to protect them from dangerous working conditions like exposure to toxic chemicals.
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The ASC172 Principle of Risk Management and Insurance is a guideline for how to identify, assess, and manage risks in the workplace. It is based on the premise that all workers have a right to a safe and healthy work environment.
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The unit will explore the principle of risk management and insurance in-depth, with a focus on understanding how these concepts are applied to day-to-day business operations. We’ll also assess various ethical issues related to this area that arise within organizations across all industries!
We are discussing some activities. These are:
Assignment Activity 1: Explain the concept of risk and insurance.
Risk is the potential for an undesirable event to occur. Insurance is a contract between two parties in which one party agrees to indemnify the other against losses arising from a particular risk. In return, the insured party pays a premium to the insurer.
Insurance protects individuals and businesses against losses arising from risks that are too large for them to bear on their own. For example, if you owned a small business and your premises were destroyed in a fire, you would not have the financial resources to rebuild your business. However, if you had insurance, you would be able to make a claim against your policy and receive money to help you rebuild your business.
Insurance also protects individuals against financial losses arising from unexpected events such as accidents, illnesses, and natural disasters. For example, if you were injured in a car accident, you could claim your insurance policy to cover your medical expenses.
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Assignment Activity 2: Analyze the features and principles of life insurance, general insurance, annuity contract, and Takaful.
When you’re planning for your financial future, it’s important to understand the different types of insurance and how they can work for you. In this sample, we’ll take a look at four of the most common types of insurance – life insurance, general insurance, annuity contract, and Takaful (Islamic insurers).
Life insurance is a contract between an individual and an insurance company. The individual pays premiums to the insurer, and in exchange, the insurer agrees to pay a death benefit to the individual’s beneficiaries in the event of his or her death. Life insurance can be used to help family members cover expenses such as mortgage payments, living expenses, or educational costs in the event of the policyholder’s death.
General insurance is a type of insurance that covers losses arising from risks that are not specifically related to life. Common types of general insurance include homeowner’s insurance, automobile insurance, and business insurance. General insurance can be used to protect individuals and businesses against financial losses arising from events such as fires, theft, and accidents.
An annuity is a contract between an individual and an insurance company. The individual pays premiums to the insurer, and in exchange, the insurer agrees to make periodic payments to the individual for a specified period. Annuities can be used to help individuals secure a stream of income during retirement.
Takaful is a type of Islamic insurance. It is based on the principle of cooperative risk-sharing. Under a Takaful arrangement, participants make contributions to a pool of funds that is used to pay claims arising from events such as death, illness, or accidents. Takaful can be used to help individuals and families cover the costs of unexpected events.
Assignment Activity 3: Demonstrate the types of products in the insurance industry.
There are many different types of insurance products available on the market today. Here is a brief overview of some of the most common types of insurance:
- Health Insurance: This type of insurance helps to cover the costs of medical care, including hospital stays, surgeries, and other medical expenses.
- Life Insurance: This type of insurance provides financial protection in the event of your death. It can help your loved ones cover expenses such as funeral costs, outstanding debts, and other financial obligations.
- Disability Insurance: This type of insurance provides financial protection if you are unable to work due to an injury or illness. It can help you cover expenses such as medical bills, lost wages, and other living expenses.
- Long-Term Care Insurance: This type of insurance helps to cover the costs of long-term care, such as nursing home care, home health care, and other personal care services. It is important to choose a policy that meets your specific needs and budget.
- Homeowners Insurance: This type of insurance helps to protect your home and possessions in the event of damage or theft. It can also help to cover the costs of repairs or replacement.
- Auto Insurance: This type of insurance helps to protect you and your vehicle in the event of an accident. It can also help to cover the costs of repairs or replacement.
- Business Insurance: This type of insurance helps to protect your business from financial losses arising from events such as fires, theft, and accidents.
- General Liability Insurance: This type of insurance helps to protect individuals and businesses from financial losses arising from events such as accidents, injuries, and property damage.
- Workers’ Compensation Insurance: This type of insurance helps to protect employees from financial losses arising from workplace accidents or injuries. It can also help to cover the costs of medical care and other related expenses.
- Wedding Insurance: This type of insurance helps to protect you from financial losses arising from events such as cancellations, damage, and injuries.
- Travel Insurance: This type of insurance helps to protect you from financial losses arising from events such as lost luggage, cancellations, and accidents.
- Pet Insurance: This type of insurance helps to cover the costs of medical care for your pet in the event of an accident or illness. It can also help to cover the costs of boarding or grooming.
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