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Questions about risk management
Insurance and Risk Management Quizlet
Insurance and Risk Management Quizlet
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Actuarial Malpractice Actuaries are recognized for using mathematics in certain ways to estimate the financial obligations of a company. These approximations directly affect the company’s financial situation and outlook for the year. As any other professional occupation, standards must be followed to ensure the validity of the work being done. Risks of malpractice may arise if actuarial principles are not followed carefully. Actuarial malpractice has become a rising concern in holding actuaries liable for their work, where in previous years it was unheard of. For most professionals, designations must be acquired through a series of training and schooling. In the United States, actuarial candidates have the opportunity to be a part of the following organizations: the Society of Actuaries, the Casualty Actuarial Society, the Conference of Actuaries in Public Practice, and the American Academy of Actuaries. Each of these societies has specific requirements in the realm of passing exams and attaining work experience in the actuarial field. According to William Hager in The Emerging ...
“One of those obligations is that it must exercise a proper degree of care for its patients, and, to the extent that it fails in that care, it should be liable in damages as any other commercial firm would be
In Billy Wilder’s 1944 blockbuster hit Double Indemnity, a fast-talking insurance salesman named Walter Neff (Fred MacMurray) visits the home of the seductive Phyllis Dietrichson (Barbara Stanwyck) to renew the insurance policy on her husband’s automobiles. A romantic affair shortly ensues, and Walter is soon coerced by Phyllis into plotting a murder. Walter then comes up with an idea to receive double the amount Phyllis had previously intended, and they eventually deceive Mr. Dietrichson (Tom Powers) by making him sign a double indemnity insurance policy which in return states that the widow will receive full compensation on behalf of the bearer’s death. Mr. Dietrichson’s death is then made to look accidental; however, all does not go according to plan when Barton Keyes (Edward G. Robinson), a diligent insurance investigator conducts an examination of the case file. It is a tale of love and betrayal where Walter and Phyllis inevitably face the repercussions of their actions. The story transitions from the present to the past with the use of flashbacks. The voice of Walter Neff is used as a narrative style in the form of an office memorandum which is integrated throughout the film. The movie opens and ends with Walter as he tells the story of killing a man to Keyes through the Dictaphone. Billy Wilder uses money, a woman and the ability to cheat the system to denote Walter Neff’s motives to commit the perfect crime.
Upon further review of the evidence in the case, it was explained that Gordon fastened Cheyenne into the seat while she was asleep. This statement seems to eliminate any theory of infants negligence immediately since she was not the one to fasten the seat belt, in addition to her age barring recovery for infants negligence. When placing her into the vehicle he noted that the shoulder portion of the strap fell over her neck and head, allowing for a large amount of slack. Gordon’s direct statement indicates that he knew the seat belt was too large for Cheyenne, however he still placed her in the seat. It is unclear whether Gordon placed the strap behind Cheyenne’s back, or if some time during the ride Cheyenne placed the excess length of belt behind her own back. Since she
Medical malpractice has become a controversial social issue. From a doctor’s standpoint, decisions and preventative actions can alter the medical malpractice lawsuits filed against them. In order to protect their career and professional life medical malpractice insurance is available. Medical professional liability insurance, sometimes known as medical malpractice insurance, is one type of professional liability insurance. “Professional liability refers to liability that arises from a failure to use due care and the standard of care expected from a person in a particular profession, in this case a doctor, dentist, nurse, hospital or other health-related organization” (Brandenburg, 2014).
The actuarial approach is now been favoured to use for risk assessment.There is a push now towards evidenced-based practice as a more reliable means of risk assessment which has led to the development of risk assessment tools (Turner and Tummy 2008).Evidence-based practice is the conscientious, explicit, and judicious use of current best evidence in making decisions about the care of individual patients (Antonio Borghesi and Barbara Gaudenzi 2012). Risk assessment tools are a great way in which you can produce a document which a based on statistical probability. They aim to produce or estimate a risk from collected data and they attempt to predict a person risk based on that person's future behaviours when tasks in different situations (Kirby 2004).
In this present day and age, medical care is taken for granted and is losing its integrity as the boundaries between Doctor and Patient is becoming dimmer. With the rapid advancement in the science and medical field, there came hundreds of new machines and procedures that are being incorporated into new forms of efficient and safe treatments; however, with these new advancements, the patients would then need to be informed of the risks and benefits of the procedure before they are to undergo any type of treatment. Subsequently, this can cause the patient to feel uncomfortable with some of the procedures that the doctor may suggest due to the side effects and risks that were stated which would then limit the doctor on the type of care he/she
Malpractice is defined as improper, illegal, or negligent behavior that falls below the professional minimum standard of care or service for a patient or a client, when injury or loss has been suffered by patient or client.(Merriam-Webster) Malpractice happens when you turn a blind eye to the wrongdoing in a healthcare setting, also known as omission. Omission is when you fail at doing something that you have a legal obligation to do.(Merriam-Webster) Malpractice essentially has four parts, duty, breach, damages, and causation. (“The 4 Elements of Medical Malpractice”) Duty, what you owe the patient, as a healthcare professional. Breach, what is owed to the patient when they are breached by the responsible party. Damages,
Explain the issue or dilemma using information from the readings in the book and other sources.
When evaluating medical malpractice, this can be performed by any healthcare professional. It is easy to classify this to be misdiagnosis, delayed diagnosis, delayed treatment, even not taking the time to evaluate a patient properly. When practicing medicine it is important that all measures be taken when a patient is showing signs of infection or having any adverse reaction to medication. In the case study below this is a prime example of the importance of checking patient progression.
did owe a duty of care to Mrs. Donoghue, in that it was up to them to...
Negligence, as defined in Pearson’s Business Law in Canada, is an unintentional careless act or omission that causes injury to another. Negligence consists of four parts, of which the plaintiff has to prove to be able to have a successful lawsuit and potentially obtain compensation. First there is a duty of care: Who is one responsible for? Secondly there is breach of standard of care: What did the defendant do that was careless? Thirdly there is causation: Did the alleged careless act actually cause the harm? Fourthly there is damage: Did the plaintiff suffer a compensable type of harm as a result of the alleged negligent act? Therefore, the cause of action for Helen Happy’s lawsuit will be negligence, and she will be suing the warden of the Peace River Correctional Centre, attributable to vicarious liability. As well as, there will be a partial defense (shared blame) between the warden and the two employees, Ike Inkster and Melvin Melrose; whom where driving the standard Correction’s van.
The liability for negligent misstatement may arise from pure economic loss. According to Steele (2010), ‘Economic losses will be regarded as “pure” if they do not flow from any personal injury to the claimant nor from physical damage to his or her property’. The boundaries between “pure” economic loss and the loss which is “consequential” from damage were established by the Court
Insurance is summarized as a means of protection from a financial loss which is an extremely important component in our society today. The concept of insurance can be dated as far back as 1681 and has been constantly changing ever since. There are many different types of insurance that people know about and are very common in the United States including car, life, health, renters, and home insurance. On top of those policies, there are new objects or actions that are not covered and must have new policies developed specifically for them. This research is very helpful because I intend on becoming an actuary.
Insurance business in Ireland is carried on principally by registered friendly societies, which deal in life assurance and are governed by the Friendly Societies Acts 1909-1989. Both statutes attempt to provide some supervision by the state so as to safeguard the interest of policy holders. Insurance companies must hold a licence, maintain a bond with the High court and make annual returns.
“Part super-hero. Part fortune-teller. Part trusted advisor (“Be an Actuary.”).” An actuary is all this, they are crucial apart of the world of business. Actuaries work in both the public and private sectors of business. They are manly in the administrative part of the work place. They are in every large corporation and in even some of the smaller companies. Actuaries are most often in insurance companies and large corporations; though they are even in so financial planning businesses (“Be an Actuary.”). They are also the people that run financial calculations for both individuals and businesses (Hezzelwood). With being such an important part of business actuarial science is a very good field to go into. Forbes has ranked actuarial science as the best job in 2013 (Smith). Actuarial science is constantly ranked one of the top jobs to have in America (“Be an Actuary.”). There are many things that factor into making actuarial science the best job in America.