Actuarial Mathematic, Second Edition by Browers Gerber Hickman

By Browers Gerber Hickman

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Extra info for Actuarial Mathematic, Second Edition

Example text

3 Therefore, the word ‘hazard’ in the definition given by the British Standard, quoted above, is replaced by a more neutral word such as ‘event’ that may result in a positive or negative consequence. Etymologically, the origin of the English word ‘risk’; or ‘risque’ in French; and ‘rischio’ in Italian is uncertain. 4 Of course, the latter version cannot be right because if it were so, then a construction contract, which is known to be exposed to a large number of risks, would not be permitted under Islamic law.

Professionals involved in construction must realise that ignorance of the law is not only a handicap, but is also no defence. Therefore, a certain minimum basic knowledge of the laws governing the areas of their professional involvement is necessary. To start with, however, it is important to set out two propositions that are vital to this discussion. The first is that, in general terms, we are only dealing with civil wrong acts as distinct from those that are likely to be followed by criminal legal proceedings.

This simply does not make any sense nor can it be right. The Latin word ‘resecum’ meaning ‘danger’ or ‘rock’ may throw some light on the origin of the word ‘risk’, but the Chinese ‘wejji’ with the characters representing ‘opportunity’ and ‘danger’, is more illustrative of the concept of risk as it applies to the construction industry. This concept has evolved with these 2 An extract from British Standard BS 4778: Part 3; Availability, reliability and maintainability terms. 1 Guide to concepts and related definitions: 1991, Quality Vocabulary.

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