A checklist for liability exposure is included in a subsequent chapter dealing with various checklists.
Personnel losses are caused by death, disability, retirement, resignation or unemployment.
Personnel loss exposures are different from personal loss exposures. A) Personal loss exposure is any condition or situation that presents the possibility of financial loss to an individual or family by such causes as death, sickness, injury or unemployment., B) Personnel loss exposure is any condition or situation that presents the position of a financial loss to a business because of death, disability, retirement or resignation of key employees
Three basic elements of any loss exposure comprise: Values exposed to loss, perils causing loss and financial consequences of loss.
Natural perils include perils of nature e.g. earthquake, soil erosion, flood, drought, etc.
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