Studied by 2 people
Hazard
________ is anything that increases the likelihood of loss through peril.
Business owners
________ reduce risk by designing work areas to lower the chances of accidents or fire.
financial responsibility
Bearing ________ for the consequences of loss is called risk retention.
risk
While ________ is the chance of loss or injury, peril is anything that may possibly cause a loss.
insurance protection
With ________, no one person or business has to bear a loss alone.
hazardous activity
For a business, risk avoidance means refusing to engage in a particularly ________.
consequences of decisions
Avoiding risk involves thinking about the ________.
possibility of loss
A risk is the ________ or injury.
Insurance
________ provides a way to transfer a risk of loss to a(n) ________ company.
Uninsurable risk
________ is a risk that is unacceptable to insurance carriers because the likeli- hood of loss is too high.
Liability insurance
Conversely, ________ covers damages that you may have caused accidentally to someone else or to someones property.
Health insurance
________ provides money to pay medical bills in case of accident or sickness.
insurance protection
A premium is the price an insured person or business pays for ________ for a specified period of time.
Insurance
________ is paid protection against loss due to injury or property damage.
Uninsurable risk is a risk that is unacceptable to insurance carriers because the likeli
hood of loss is too high
A pure risk is the threat of a loss with no oppor
tunity for gain
It can be placed in three categories
personal risk, property risk, and liability risk
Over the past decade, computer
related crime has emerged as a significant new human risk to business
Note 
Flashcard (90)