For undergraduate courses in risk management and insurance. Redja’s Principles of Risk Management and Insurance provides an in-depth examination of major risk themes. Using rich and up-to-date content on the basic concepts of risk and insurance, and introductory and advanced topics in traditional and enterprise risk management, the text is relevant to a wide number of disciplines in the business realm. Fully updated and revised, the 14th Edition covers global topics ranging from natural disasters and terrorism, to domestic issues like the ever-evolving Affordable Care Act and healthcare reform. Principles sets itself apart by placing primary emphasis on insurance consumers and blends basic risk management and insurance principles with consumer considerations, allowing students to apply basic concepts to their own personal risk management and insurance programs.

Features

Flexible, self -contained chapters can be easily integrated into a wide variety of syllabi and cover the basic concepts of risk and insurance, introductory and advanced topics in traditional risk management and enterprise risk management, functional and financial operations of insurers, legal principles, life and health insurance, property and liability insurance, employee benefits, and social insurance. Chapter-Opening Learning Objectives give students a brief introduction to the main concepts in the reading. Chapter-Opening Examples provide hypothetical situations to help familiarise students with the topics that will be addressed in the chapter. Insight Boxes provide students with real-world application of the concepts discussed in the chapter. Website references present valuable internet resources for students to supplement their learning. Real-world examples of risk and insurance concepts make the content relevant and interesting to students

New to this edition

The latest revisions to the ISO Commercial Property form, the Commercial General Liability form, the Commercial Government and Crime forms, and the new Auto Dealers Coverage form. Discussion of the legalisation of medical marijuana and opiate overuse in workers’ compensation programs (Chapter 18). Current trends in employer-sponsored group health insurance,& including plans to contain higher healthcare costs and premiums (Chapter 16). The latest in-depth discussion of healthcare reform, including the broken healthcare delivery system in the US that led to enactment of the Affordable Care Act (ACA) (Chapter 15). The ACA and its impact on individual and group health insurance coverages shows students provisions that have a major financial impact on individuals, families, and employers (Chapters 15 and 16). The sequence of homeowners and auto insurance chapters as auto insurance (discussed first) is typically more relevant and engaging to students (versus homeowners’ insurance). Additionally, discussion of liability coverage in the Personal Auto Policy (now Chapter 20) logically follows the general discussion of the liability risk treated in the previous chapter (Chapter 19). Discussion of the basic concepts in cyber liability insurance, which covers the damages caused when a data holder fails to protect private information from being accessed by an unauthorised party. It is an increasingly important topic as computer hackers continue to access credit card records and other personal information from millions of customers (Chapter 26). Insight Boxes provide students with real-world application of the concepts discussed in the chapter.