Flashcards in Module 7 Deck (37):
1
Module 7 Overview
-Describe risks faced by individuals along three elements of a loss exposure
-Apply risk management process to individual risks
-Describe the problem in the --US healthcare system outlined by the "smart" pills reading
-Explain some of the ethical considerations involved with cognitive enhancements
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Lots of ways (categories of looking at risk at the individual level)
-Property (also have financial components, ex of overlap)
-Liability
-Life
-Health
-Financial
-Why categorize?
-R.M technique
- Categories are not mutually exclusive, and some of them overlap
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Loss exposure
- Any condition or situation that presents a possibility of loss, regardless of whether that loss actually occurs.
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Three Elements to a los exposure
-Asset exposed to loss
-Cause of loss
-Financial consequences of the loss
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Property
Asset exposed to loss
-Real Property
-Land, buildings, crops, etc
-Personal Property
-Your stuff: furniture, jewelry, art, autos, watercraft
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Property- Cause loss
-Fire, theft, windstorm, accidents, lost, pretty much anything you can think of
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Financial consequence
-Reduction in property value
- Increased expenses (ex car- going in the shop, car, Ubers when its broken)
- Lost income (Income that is generated by that property, ex car as uber and now u can use it)
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Liability
Asset exposed to loss
-Usually lose money or other financial assets
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Juries award what kinds of damages
General- Noneconomic damges (ex- backhurts, how much is that worth)
Special- Economic damages (ex- amount of damage to your vehicle, salary lost by not working for a 2 weeks)
Punitive damages- Punishment payments.
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Causes of Loss
Claim / Lawsuit
Civil law (Large amount of evidence, not free) vs Criminal Law (beyond reasonable doubt, OJ free)
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Causes of Loss Pt. 2
Tort, contract, statutory
Negligence (didn't properly secure air conditioner, falls out and hits someone off the head)
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Statutory
Violate a statute (speed limit)
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Contract
Violate terms of contract (destroy your apartment, lease)
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Tort
Can still be held liable even though it may not be your fault, no law or statue may apply. (Driving see kid in road swerve and hit other car)
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Financial Consequences
-Defense cost
-Monetary damages
(barfight, sued, hire lawyer, pay 5G)
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Specific types of liability
-Property owners
-Automobiles (misuse of car)
-Employer-employee
-Parents and children
-Animals
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Example of liability for property owners
Attractive nuisance.
-Pool
-According to FL law a pool is an attractive nuisance if a local kid wanders into your pool an drowns, you are held liable.
-Therefore a fence must be placed around and locked up in a heigh to reach place
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Life-Premature Death
***Death with financial responsibilities remaining
Asset exposed to loss
- Your life
Cause of loss
-Premature death:illnes, accident, etc
-Financial Consequences
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Financial Impact of Premature Death
If single/young financial tragedy is not as bad.
Wage earning adult:
-Married
-Single w Dependents (biggest risk)
-Single w no dependents (not that big)
Non-wage earning adult:
-Married
-Singles with dependents
-Single with no dependents
-Child (financial impact is not that big)
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Life: Long Life
Asset exposed to loss
-Your savings/ retirement/ wealth
-Cause of Loss
-Outliving how long you expected yourself to live
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Life- Long Life Pt. 2
Financial Consequences
-Income
-Expenses
-Which increase
-Which decrease
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How do you know ho much to save
-Retirement Calculator
- Social Security, benefits
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Health
Asset exposed to loss
-Your livelihood, health
Cause of Loss
-Poor care, bad genes, bad luck
Financial Consequences
-Ability to earn income may decrease, or cease
-Living expenses may continue/increase
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Financial (crisis)
Asset exposed to loss
-your wealth
Cause of Loss
-Health, disability, unemployment
Financial Consequences
-Inadequate savings
-Back to work, can't retire
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How do you manage these Individual Risk
Risk Management Process
-Determine Objectives
-Identify Risks
-Evaluate Risk
-Choose your alternatives
-Implement
-Review and Evaluate
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How to Apply Risk Management Process
Change throughout life
-Think about your objectives for your age group
20 (lowest risk)
30
40(grown up) Highest risk
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What are smart pills
Stimulant drugs such as Ritalin and adderall have been developed to manage ADHD
-Classified as Schedule II drugs by the DEA (same as cocaine)
-Illegal to take without a scrim
Have proven succesful in managing ADHD
Evidence suggest helps many people focus, and improves performance on some learning tasks
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Risks of Smart Pills
Insomnia, weight loss, decreased appetite, jitteriness
Increased risk of cardiovascular
Exacerbate depression, psychosis, anxiety
-1-in-400 in doctor managed patients
-Potentially addictive
-10 percent according to 2016 study
-Decreased performance over time
-Paranoia, aggression, irritability
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Reward
Improved preformance on learning and retaining information
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Who is using it
Prescription use doubled from 2007 to 2011.
-25-35 percent of college students have used Ritalin, adderall off-prescription
- 3-4 percent of population are ADHD, skewed toward younger children
Users are also more likely to smoke marijuana, skip class, and lower GPA
31
CNN article
Movie director, talks about this and how he uses it to grind.
talks about how some employers may expect employees to do these drugs and fulfill their potential
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Stats on the Smart Pill
The amount of ER visits for the drug has 4x in the past five years.
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They are dangerous
Case of Richard Fee, got addicted to adder all and killed himself
34
Points out problems in our healthcare system
Quick Diagnosis
Ability to manipulate/feign symptoms
quick to medicate
doctor shopping
35
Yes it's bad
Points out problems in our healthcare system
Quick Diagnosis
Ability to manipulate/feign symptoms
quick to medicate
doctor shopping
36
No it's not bad
Joshua Gowin
No diff than other stimulants
More sophisticated
they work so use them
37