1.The concept of Risk
风险的概念
Risk exists when there is uncertainty about the future.
风险之所以存在是因为对未来的不确定
An insurance risk means uncertainty about a financial loss.
财产风险意味着财务损失的不确定性
A hazard is a condition that may create or increase the chance of loss arising from a given peril.
危险因子是有可能造成或增加既定的危险事件带来的损失
A peril is a cause of loss e.g.fire,windstorm,hail or burglary.
危险事件是损失产生的原因,例如：火灾,风暴,冰雹,雷电
2.Distinguish between speculative risk and pure risk.
区分投机风险和自然风险
Speculative risk involves three possible outcomes:loss,gain,or no change.
投机风险包括三个可能的结果：损失,获利,持平
Pure risk involves no possibility of gain; either a loss occurs or no loss occurs
自然风险不含获利,只包含两种结果：损失发生和损失未发生
3.List several ways to manage financial risk.
列举几种财务风险管理的途径
Avoiding risk
避免风险
Controlling risk
控制风险
Accepting risk
接受风险
Transferring
转移风险
For example,when you purchase shares of stock,you are speculating that the value of the
例如,当你购买股票时,你期望该股票的价值上升,从而你能从中获得投资收益.同时,
stock will rise and that you will earn a profit on your investment.At the same time,you know
that the value of the stock could fall and that you could lose some or all of the money you
你也清楚该股票的价值可能会降低,因而导致你的股票可能会部分或全部损失.
invested.Finally,you know that the value of the stock could remain the same—you might not
还有一种情况是,该股票的价值没有上下浮动,你没有盈利,也没有损失.
lose money,but you might not make a profit.
An example of pure risk is the possibility that you may become disabled.If you are unable to
一个自然风险的典型例子是：你有可能变得残疾.如果你不能工作
work,you will experience a financial loss.If,on the other hand,you never become disabled,
你将遭受经济上的损失,反过来说,如果你没有残疾
then you will incur no loss from the risk.This possibility of financial loss without the possibility
那么你就没有遭受此风险带来的损失.这种经济上有可能遭受损失,却不可能获利-自然风险-是
of gain—pure risk—is the only kind of risk that can be insured.The purpose of insurance is to
唯一一种可以被保险的风险.保险的目的在于
compensate for financial loss,not to provide an opportunity for financial gain.
补偿由此带来的经济损失,而不是提供一种获利的机会.
An insurable interest exists when the policyowner is likely to benefit if the insured continues to
保险公司的可能的获利在于投保人有可能在投保期内没有发生意外或生命终止,而可能的损失在于投保人投保期内遭受到某种损失或者生命终止.
live and is likely to suffer some loss or detriment if the insured dies.