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Risk Management

Unit 1

TermDefinition
Bounced Check Check that is returned to a business by the bank because the customer's 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 possible even avoided by actions the insured takes.
Federal Employees' Compensation Act(FECA) Law that provides benefits to employees who have suffered work related injuries or occupational diseases; benefits include payment of medical expenses, compensation for lost wages, and payment of benefits to dependents of employees w ho die from work rela
Insurable Risks Risks in which the amount of loss can be predicted.
Insurance A payment made to an insurance company to cover the costs of uncontrollable events.
Premium Payment that is made to an insurance company to cover the cost of insurance; price paid to Cover a specified risk for a specific period of time.
Pure Risk Insurable Risk that is faced by a large number of people and the amount of the loss can be predicted; presents the chance of loss by no opportunity for gain.
Risk Assesment Involves looking at all aspects of a business and determining the risks it faces.
Risk Managemnent 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 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.
Worker's Compensation A government-regulated Program that provides medical, income, and training benefits to employees who are injured on the job.
Created by: isai003
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