Insurance - Risk Management
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Insurance is a contractual arrangement between the policy owner (the insured) and the insurance company (insurer). The fee or premium is charged based on the probability of a particular event occurring.
Insurance Contracts Act 1984 (Cth)
Risk management:
- speculative risk, is where there is a possibility of loss or gain eg investments.
- pure risk results in either a loss or no loss eg. Property, Personal and Liability.
Two types of Insurance - General and Life.
Financial Ombudsman Service - http://www.fos.org.au
Financial Industry Complaints Service - http://www.fics.asn.au/
Insurance Ombudsman Service (IOS) - http://www.insuranceombudsman.com.au/