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Risk Management

Unit 1

QuestionAnswer
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 insurer takes
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
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; 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 but no opportunity for gain
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 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 the weather
Workers compensation a government-regulated program that provides medical, income, and training benefits to employees who are injured on the job
Created by: calebroyal7
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