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Using theory, evidence and real-world examples, evaluate the role and importance of insurance in managing risks.

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Assignment
Description
 
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
 

Additional
Information
 
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.
 
 
Assessment
Criteria
See below

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