Phabbyfundz
Active member
Management of the varied risks to which the business, firm or association might be subject. It includes analyzing all exposure to gauge the likelihood if loss and choosing options to better manage and minimize loss. This options typically includes reducing and eliminating the risks with safety measures, buying insurance and self insurance.
Risks retention groups are businesses that band together to self insure and form an organization which is chartered and licensed as an insurer in at least one state, to handle liability insurance. The need for insurance companies to be capitalized according to the inherent riskiness of the type of insurance they sell. Higher risk type insurance liability as opposed to property business, generally necessitate higher levels of capital in acquiring insurance polices.
Risks retention groups are businesses that band together to self insure and form an organization which is chartered and licensed as an insurer in at least one state, to handle liability insurance. The need for insurance companies to be capitalized according to the inherent riskiness of the type of insurance they sell. Higher risk type insurance liability as opposed to property business, generally necessitate higher levels of capital in acquiring insurance polices.