There are some risks can be avoided, and there are some risks that can not be avoided. Examples of these risks can be avoided is the risk of accident or theft risk. While examples of risks that can not be avoided is the risk of death.
Effects of risks often cause substantial losses. Whether the loss of the psychological side, as well as losses from the financial side. If your home suffered fire, then you will experience financial losses of the magnitude equivalent to the value of your home when the fire occurred. Therefore, it is important for you to anticipate any risks that might happen to you.
Not Necessarily Insurance
Hearing the word anticipation of risk, your mind may be directly carried over into the term "insurance". In the science of financial planning, the purpose of insurance is to protect (protect) you from financial losses that may arise from the occurrence of a risk. For example, you may not be able to avoid the risk of injury to yourself, but you can protect yourself from financial loss which may arise from the accident.
Are all risks that could happen to you need to be insured? The answer is no. For example, you often wear shoes that have lost the possibility to be stolen. But what so you will insure your shoes? It is probable that not. Why? This is because if you lose your shoes, your losses may not amount to much.
Another case when you experience a fire house, the financial losses that may arise could be huge. That's why you need to take fire insurance for your home.
Options to anticipate such risks, referred to Risk Management. For convenience, I refer to this as risk aversion. In this article, I will show you how you can anticipate the risks that could happen to you.
Various Options
Financial losses can occur when you experience death, accident, illness, or if your property is lost or damaged. Sometimes, financial losses can also occur if you experience any lawsuits from third parties, such as when you hit someone else to get hurt and you are required to replace all the costs of treatment.
Now, what options are available for you to anticipate the risk? We just assume you are required by your boss (or anyone) to bring a package with the use of vehicles, from city A to city B. However, the state of the busy street makes you at risk runs the risk of accidents. Therefore, there are a number of options for you to anticipate these risks:
1. Avoiding Risk. You can avoid the risk of accident. The trick, do not drive. But the consequences, your package will not be sent.
2. Facing Risk. You can drive and take the package as usual without the need to be careful, and you accept the consequences if the risk of an accident does occur
3. . Reduce Risk. You are driving and bring the package, but be careful in driving. Thus, the risk of accidents can be reduced.
4. Dividing risk. The package should you take it split into two with your friends. He brought some of the package in different vehicles, so do you.
5. Risk Transfer. You ask your friend who brought the whole package.
Well, now we try to practice the theory of risk aversion. We suppose you want to buy a house, but like most other houses, the house you want to buy a fire risk. To anticipate, then the options available to you are:
1. Renting it, do not buy (avoiding risk).
2. Buying a home, and face only the risk, where you hoping for a fire risk does not have to happen (at risk).
3. Provide a fire extinguisher in your home (reducing risk).
4. Give up some losses on the other hand if your house had a fire (for risk).
5. Submit the entire loss on the other hand if your house had a fire (risk transfer).
The fourth and fifth option above that is what we are familiar with insurance. That is, insurance can be a party that you serahi loss if you have a risk.
Decide
Once you know what options are available for you to anticipate the risks, then your next step is to write the risks of what might happen to you, and what options would you use to anticipate them. Below are the steps:
1. Know your risk
2. Evaluation of consequences if the risk occurred.
3. Make a decision about what options would you use to anticipate such risks
For example, risks that may happen to you is death, accident, sickness, accident on the vehicle, accident on the car, layoffs, and can not work. Therefore, the steps are:
2. Evaluation result: The cost of family life that you leave behind will not be paid.
3. Make a decision:
1. Risk Avoidance: In this case it is impossible to avoid the risk of death.
2. Facing Risk: It might, with the consequence that the cost of family life will not be paid
3. Reducing Risk: Risk of death can not be reduced
4. For risk: Submit a partial financing of your family life on the other hand when you die
5. Risk transfer: Submit a total financing of your family life on the other hand when you die.
It's up to you, whichever decision would be taken.
Once you make a decision for a risk, then repeat this step for subsequent risk (such as accidents). And so on. So now you already have a program for your family's risk aversion.
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