Controllable Risk - A risk that you can reduce or eliminate by actions you take, Economic Risk - A risk that can result in financial loss, including personal risk , property risk, and liability risk, Insurance - A form of risk protection that exchanges the uncertainty of a possible large financial loss for a certain smaller payment, Insurable Risk - A risk that impacts a large number of people and the cost of possible losses can be predicted, Liability Risk - A risk that relates to harm or injury to other people or their property because of your actions, Non-economic Risk - Risks that may result in inconvenience or discomfort but do not have financial impact, Personal Risk - A risk that can result in personal losses such as loss of health or personal well-being, Property Risk - A risk that can lead to loss of personal or business property including money, vehicles, or buildings, Pure Risk - A risk that presents the chance of loss but no opportunity for gain, Risk - The possibility of incurring a loss, Speculative Risk - Risk that offers the chance to either lose or gain, Uncontrollable Risk Uncontrollable Risk Uncontrollable Risk - A risk that cannot be reduced by your actions, Uninsurable Risk - A risk that is not common or it is impossible to predict the amount of loss that could be suffered, Avoid - Dealing with risk by choosing not to complete the risky activity, Transfer - Dealing with risk by finding another business to complete the activity, Insure - Dealing with risk by purchasing insurance to pay for any losses, Assume - Dealing with risk by completing the risky activity with full responsibility, Insurer - A company that agrees to take on certain economic risks and to pay for losses if they occur, Insured - The person or business for which the insurer assumes the risk, Policyholder - The person or company buying the policy, Insurance Policy - A policy stating the conditions to which the insurance company and the policyholder have agreed, Premium - The amount a policyholder must pay for insurance coverage, Claim - A policyholder’s request for payment for a loss that the insurance policy covers, Liability Insurance - Protects against losses from injury to people or property resulting from the products, services, or actions of a business, Health Insurance - Provides protection against the high costs of individual health care, Disability Insurance - Provides payments to employees who are not able to work for an extended period due to serious illness or injury, Life Insurance - Pays the amount of the insurance policy to a named beneficiary upon the death of the insured, Commercial Property Insurance - Covers property losses resulting from fire, storms, accidents, theft, and vandalism, Vehicle Insurance - Covers damages to company vehicles and occupants resulting from accidents; Covers damage to the property of others, as well as medical costs for those injured if your employees cause an accident, Business Interruption Insurance - Provides compensation for ongoing business expenses that occur if a business has a temporary shutdown due to a covered hazard, Group Insurance - A large number of employees and their family members are covered under one policy, Property rights - The exclusive rights to possess and use property and its profits​, Bodily injury liability - Insurance that protects a driver from claims resulting from injuries or deaths for which the insured is at fault, Medical payments - Insurance that covers policyholders and family members if they are injured while riding in their car or another car, Uninsured motorist - Protection against hit-and-run drivers or drivers without insurance money to pay claims, Property damage liability - Insurance that protects a driver against claims if the insured’s car damages someone else’s property and the insured is at fault, Collision coverage - Insurance that protects a car owner against financial loss resulting from a collision with another car or object, Deductible - The amount the insured must pay before the insurance company pays a claim, Comprehensive coverage - Insurance that protects the insured against almost all damage losses except those causes from a collision or rollover, Hospital insurance - Insurance that usually pays most or all hospital charges if an illness or injury requires the insured to be hospitalized, Surgical insurance - Insurance that covers all or part of the surgeon’s fees for an operation, Regular medical insurance - Insurance that covers fees for nonsurgical care given in the doctor’s office, the patient's home, or a hospital, Major medical insurance - Protection against the high costs of serious illness or injuries, Coinsurance - The sharing of expenses by the policyholder and the insurance company, Comprehensive medical policy - A policy that combines the features of hospital, surgical, regular, and major medical insurance,

Chapter 14 Risk Management

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