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443 Annals Am. Acad. Pol. & Soc. Sci. vii (1979)

handle is hein.cow/anamacp0443 and id is 1 raw text is: PREFACE Man's quest for economic security is eternal, but the presence of risk in society is a substantial impediment towards attainment of that goal. What is risk? Scholars and risk theoreticians who have rigorously studied its meaning cannot agree on a common definition. Some common definitions of risk include the following: 1. Risk is the uncertainty of loss. 2. Risk is the chance of loss. 3. Risk is the possibility that a sentient entity can incur a loss. 4. Risk is the probability of an outcome which is different from the one expected. 5. Risk is the variation of actual from expected loss. It is beyond the scope of this volume to evaluate each of the above defini- tions of risk. Careful analysis, however, reveals that underlying each concept of risk is the idea of potential harm or danger to the individual, to his family, or to his property. That is, certain forces and elements are present in society which, under the proper set of circumstances, can result in serious harm or possibly death to the individual, or loss to or destruction of his property. Moreover, certain new forces are emerging which have potentially severe consequences to society. In this volume we shall focus attention on the changing impact of certain risks on society and the changing responsibility for the treatment of both new and existing risks. More specifically, this volume analyzes the effects on society of changes in the nature and treatment of certain risks. The central thrust of the volume centers around the impact on society from shifts in the responsibility for the coverage of specified risks. Three major areas are emphasized: personal risks including premature death and old age, unemployment, poor health, occupational safety and health, and destitution or disability experienced by the victims of violent crimes; property and liability risks, including the automobile liability and no-fault automobile insurance, medical malprac- tice, products liability, natural disasters, and risks experienced by trans- national corporations; and finally, increasing responsibility by government for certain risks. This latter category includes the impact on society from expansion of the Social Security program, and consequences to society from increasing government responsibility in the areas of riots, nuclear energy, crop support and crop insurance programs, federal flood and crime insur- ance, and the flu vaccination program. Each author is a nationally recognized scholar in the area of risk and insurance or else is eminently qualified to write on the subject because of intensive research in the area. Robert I. Mehr first analyzes the effects on society from changes in the nature, treatment, and responsibility for the risks of premature death and old age. He points out that individual respon- sibility for the financial consequences of these risks is diminishing, and the role of government is dramatically increasing. In addition, he argues that the traditional methods for treating the risks of premature death and old age must be improved, and new insurance products are needed. In par- vii

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