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Unit : Risk Mgmt.
| Question | Answer |
|---|---|
| Bounced Check | returned to a business by the bank because the customer's checking account has insufficient funds |
| Consumer Credit | a business allows its customers to buy merchandise now and pay later |
| Controllable Risk | risk that can be reduced/avoided by actions the insurer takes |
| Federal Employees Comp. Act | provides benefits to employees injured/sick on the job. Pays medical expenses, lost wages, and dependents of employees. |
| Insurable Risk | the amount of loss can be predicted |
| Insurance | payment to insurance company covering cost of uncontrollable events |
| Premium | payment made to insurance company covering cost of insurance over a specific period of time |
| Pure Risk | insurable risk 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 its risks |
| Risk Management | preventing/reducing the possibility of loss to a business |
| Shoplifting | knowingly taking items from a business w/out paying |
| Speculative Risk | offers the insured the chance to gain as well as lose from the event/activity |
| Trade Credit | one business allows another to buy now pay later |
| Uncontrollable Risk | no actions can take effect to prevent risk |
| Worker's Comp. | Govt. Program providing medical, income, and training benefits to employees who are injured on the job. |
Created by:
dylandye
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