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Unit : Risk Mgmt.

QuestionAnswer
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