Using theory, evidence and real-world examples, evaluate the role and importance of insurance in managing risks.
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Assignment Description |
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You are required to write an essay of 1,750-words addressing the following topic. The topic of the assignment is: Using theory, evidence and real-world examples, evaluate the role and importance of insurance in managing risks. Your essay should utilise material taught in this module but must also go beyond these by incorporating relevant information from additional reading on the topic. For the latter, you will find numerous relevant readings by searching the Library databases; the Discover database will be particularly useful. Please note that you are required to write an essay (not a report). Unlike reports which are divided into several sections with headings and subheadings, essays are not usually divided into sections. Instead, essays flow as a continuous piece of writing (using appropriate paragraphs) that is not interrupted by headings/subheadings. However, essays also have an introduction, a main body, and a conclusion. For this essay, please use the following structure: Introduction – gives the motivation for the essay, some background information and briefly explains what the essay is going to cover;Main body – the main part of the essay must be divided into paragraphs (each tackling a specific aspect of the topic) but must flow as a continuous piece of writing;Conclusion – this summarises the main points and provides an overall evaluative conclusion (an ‘answer’) to the assignment task;Reference list – using the York St John Harvard Referencing system. To help you tackle this task, here are some things you may wish to consider: Use relevant theory to assess the role and importance of insurance in risk management. In this module, we will discuss several risk management techniques; you should evaluate, from a theoretical point of view, the role and importance of insurance compared to other techniques of managing risk.What are the strengths and weaknesses of insurance in relation to other techniques?Use many/different real-world examples of risks in supporting your arguments. Your essay should utilise material taught in this module and relevant information from your own additional reading on the topic.You are expected to engage with the empirical literature and the library databases (e.g. Discover) would be particularly useful. You can find many journal articles on the topic by searching the Library Databases. In reading these articles, you should try to figure out:what issue the article is investigating; how they went about it; what were the findings of the investigation (and then relate these to the assignment topic); and, how have the authors explained or justified their findings. Although you should refer to more than four empirical studies, I expect that four of these will be discussed in more detail in your essay (say a long paragraph on each study). Try to use empirical journal articles that focused on different types of risks (and different markets/industries/situations). In your discussion, you should try to integrate theoretical considerations with real world empirical evidence in answering the question. This will help you engage in an in-depth analysis and evaluation of the topic. Eight topics that can be talked about: (choose four or more to write) Review of insurance as a risk management techniqes. Advantages of insurance. Advantages of insurance in managing risk. Risk management techniqes. Evaluation of the use of insurance. The role of insurance Importance of insurance in mamaging risk. Comparison of risk techniqes. Learning outcomes： Identify the different types of risk faced by individuals and businesses and use this to synthesise an appropriate set of strategies for managing risk Demonstrate a critical understanding of the theoretical differences between risk and uncertainty |
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Additional Information |
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1. Please make use of appropriate academic sources (e.g. books and journal articles) and material discussed as part of this module. Do not rely on internet sites whose reliability is unknown. 2. Your work should conform to normal academic standards including clear structure and writing and the proper referencing of work using the York St John Harvard Referencing system. |
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Assessment Criteria |
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