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unit 1
Risk Management
| Term | Definition |
|---|---|
| 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 possibly 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 of lost wages, and payment of benefits to dependents of employees who die from work-relate |
| 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 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 |
| Workers Compensation | a government-regulated program that provides medical, income, and training benefits to employees who are injured on the job |
| Insurable Risk | Risks in which the amount of loss can be predicted |
Created by:
nocamp01
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