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Chapter 1

Describe two elements of risk. Uncertainty of outcomes - Risk involes uncertainty about the type of outcome, the timing of outcome, or both the type and timing of outcome.Possibility of a negative outcome
Describe the difference between possibility and probability. Possibility means that an outcome or event may or may not occur. It does not quantify risk but only verifies that risk is present.Probability, the likelihood that an outcome or event will occur, quantifies risk.
Explain how understanding various outcome probabilities can aid an organization in its risk management efforts. An organization can focus its risk management efforts on risk that can be appropriately managed. The organization can also use probabilities to decide which activities to undertake and which risk management techniques to use.
List three elements necessary to describe a loss exposure. 1. An asset exposed to loss2. Cause of loss(peril)3. Financial consequences of that loss
Identify types of assets that could be loss exposures for the following entities.a. Organization's assetsb. Individual's assets a. Property, investments, money that is owed to the organization, cash, intangible assets, and human resources.b. Property, investments, money that is owed to the organization, cash, professional qualifications, a unique skill set, and valuable experien
Describe the four classifications of hazards. 1. Moral hazard - conditions that increase the frequency and or severity of loss resulting from dishonest acts2. Morale hazard - careless or indifferent behavior3. Physical hazard - icy sidewalk4. Legal hazard
Identify three factor that affect the financial consequences of a loss Type of loss exposureCause of lossLoss frequency and severity
Created by: 100000317708511