Risk Management: Managing Life Cycle Risks - Revised
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There are three main classes of risks associated with the human life cycle: premature death, longevity and well-being. In this course you will be introduced to the factors that affect life risk, for example: age, health, financial status and environment. The handling of life risks is strongly correlated with key macroeconomic parameters such as: national savings, interest rates, the growth of the economy and demographic developments. Technological changes also influence political and social life.
You will examine the issues surrounding premature death and loss - primarily loss of income streams through mortality and how this affects others (family, employers etc). In addition, you will examine the financial and risk management aspects of old age and retirement planning. You will identify cost-reduction methods and health costs focused over a lifetime.
Risk is part of our daily lives and businesses. Learning how to manage risk and having the right insurance measures in place will make it easier for you when things go wrong. This Managing Life Cycle Risks course will help you identify and explore potential risks in managing factors that affect life risk (age, health, employment, financial status and the environment), so make sure to check it out and start learning how to control, prevent, and reduce losses that can result from risk.Start Course Now
After completing this course you will be able to:
- Outline the various ways mortality risk can cause loss.
- Explain the use of mortality tables and life expectancy tables, in assessing the probability of premature death.
- Elucidate the risks associated with living past retirement age.
- Discuss health risks, global health statistics and medical costs as part of life cycle risk.
- Summarize the difference in benefits between early and late retirees.
- List the benefits that are applicable to survivors of deceased insured workers.
- Discuss how social security has moved from fully funded to pay-as-you-go.
- Explain why extended life expectancy and lower birth rates causes a funding burden.
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