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Risk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events. [1] The results of this process may be expressed in a quantitative or qualitative fashion. Risk assessment is an inherent part of a broader risk management strategy to help reduce any potential risk-related consequences. [1] [2]
And there’s always the chance you could be dealt a financial blow in the form of a special assessment. Often, special assessments come as a result of an emergency or a sudden unplanned cost ...
The risk is the probability of a loss tied to an asset. In FAIR, risk is defined as the “probable frequency and probable magnitude of future loss.” [5] FAIR further decomposes risk by breaking down different factors that make up probable frequency and probable loss that can be measured in a quantifiable number. These factors include: Threat ...
Single-loss expectancy (SLE) is the monetary value expected from the occurrence of a risk on an asset. It is related to risk management and risk assessment . Single-loss expectancy is mathematically expressed as:
Parametric insurance (also called index-based insurance) is a non-traditional insurance product that offers pre-specified payouts based upon a trigger event. [1] Trigger events depend on the nature of the parametric policy and can include environmental triggers such as wind speed and rainfall measurements, business-related triggers such as foot traffic, [2] and more.
Hazus is a geographic information system-based natural hazard analysis tool developed and freely distributed by the Federal Emergency Management Agency (FEMA).. In 1997 FEMA released its first edition of a commercial off-the-shelf loss and risk assessment software package built on GIS technology.
The 5% Value at Risk of a hypothetical profit-and-loss probability density function. Value at risk (VaR) is a measure of the risk of loss of investment/capital.It estimates how much a set of investments might lose (with a given probability), given normal market conditions, in a set time period such as a day.
Index-based insurance, also known as index-linked insurance, weather-index insurance or, simply, index insurance, is primarily used in agriculture.Because of the high cost of assessing losses, traditional insurance based on paying indemnities for actual losses incurred is usually not viable, particularly for smallholders in developing countries.