Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Risk Management
Glossary
| Term | Definition |
|---|---|
| Bounced check | check that is returned to a business by the bank because the customers checking account has insufficient funds to cover the check amount |
| Consumer credit | offered when a retail business allows its customers to buy merchandise now and pay for it later |
| Controllable risk | risk that can be reduced or possibly even avoided by actions the insured takes |
| FECA | law that provides benefits to employees who have suffered work related injuries or occupational diseases |
| Insurable Risks | risks in which the amount of loss can be predicted |
| Insurance | a payment made to an insurance company to cover the cost of uncontrollable events |
| Premium | payment that is made to an insurance company to cover the cost of insurance |
| Pure risk | insurable risk that is faced by a large number of people and the amount of the loss can be predicted |
| Risk Assessment | involves looking at all aspects of a business and determining the risks it faces |
| Risk Management | involves taking action to prevent or reduce the possibility of loss to a business |
| Shoplifting | act of knowingly taking items from a business without paying |
| Speculative Risk | risk which offers the insured the chance to gain as well as lose from the other event or activity |
| Trade Credit | offered when one business allows another business to buy now and pay later |
| Uncontrollable Risk | risk on which actions have no effect such as weather |
| Workers Compensation | a government regulated program that provides medical, income, and training benefits to employees who are injured on the job |
Created by:
coltonwetzler
Popular Business sets